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16-02-2014, 10:20 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
Ms Lim then challenged MND, “Accordingly, any allegation of impropriety is utterly rejected. Nevertheless, as indicated previously, any authority or anyone believing there was wrongdoing should report the matter to the Corrupt Practices Investigation Bureau with whom the TC will fully co-operate.”
With regard to MND’s highlighting the auditors’ observations that project management fees to a related party had not been separately disclosed in the accounts, Ms Lim said that it is a standard practice for TCs which engage MAs, including PAP TCs, to include project management as part of the MA services awarded.
“As far as we know, TC financial statements do not specify separate reporting for project management fees paid, as these are reported as construction costs for the project or Sinking Fund expenditure. In any event, AHPETC submits quarterly returns to MND on any new contracts awarded to MAs. We are thus puzzled by the auditors’ observation as to why this leads to a qualification of the accounts, but more puzzled by why MND sees this as an issue,” she added.
Ms Lim then threw the ball back at MND, “At this point, we continue to fine-tune the town management accounting systems as we operate live on a daily basis. As MND has expressed its concerns over our accounts, we seek its assistance in resolving the issues raised by our auditor, by helping us verify and confirm the various opening figures handed over from the former Aljunied TC. We also welcome any audit by MND which it deems necessary.”
- http://www.tremeritus.com/2014/02/15...ures-from-you/ (http://www.tremeritus.com/2014/02/15/ahpetc-to-mnd-we-need-figures-from-you/)
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?175076-Sylvia-to-Cheap-Shot-Cow-Get-MND-to-audit-us&goto=newpost).
Ms Lim then challenged MND, “Accordingly, any allegation of impropriety is utterly rejected. Nevertheless, as indicated previously, any authority or anyone believing there was wrongdoing should report the matter to the Corrupt Practices Investigation Bureau with whom the TC will fully co-operate.”
With regard to MND’s highlighting the auditors’ observations that project management fees to a related party had not been separately disclosed in the accounts, Ms Lim said that it is a standard practice for TCs which engage MAs, including PAP TCs, to include project management as part of the MA services awarded.
“As far as we know, TC financial statements do not specify separate reporting for project management fees paid, as these are reported as construction costs for the project or Sinking Fund expenditure. In any event, AHPETC submits quarterly returns to MND on any new contracts awarded to MAs. We are thus puzzled by the auditors’ observation as to why this leads to a qualification of the accounts, but more puzzled by why MND sees this as an issue,” she added.
Ms Lim then threw the ball back at MND, “At this point, we continue to fine-tune the town management accounting systems as we operate live on a daily basis. As MND has expressed its concerns over our accounts, we seek its assistance in resolving the issues raised by our auditor, by helping us verify and confirm the various opening figures handed over from the former Aljunied TC. We also welcome any audit by MND which it deems necessary.”
- http://www.tremeritus.com/2014/02/15...ures-from-you/ (http://www.tremeritus.com/2014/02/15/ahpetc-to-mnd-we-need-figures-from-you/)
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?175076-Sylvia-to-Cheap-Shot-Cow-Get-MND-to-audit-us&goto=newpost).