LKT was brushed aside in parliament in 2008 when he raised PA accounting issues

[Confuseous]

The nomenclature used in the Singapore Standard on Auditing SSA 700 “The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements” and SSA 701 “Modifications to the Independent Auditor’s Report” deals with the auditor’s responsibility to form an opinion on financial statements, using a section with headings ranked in order of severity such as:


Unqualified Opinion
The auditor “concludes that the financial statements give a true and fair view or are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.”
Emphasis of matter (EOM)
This is to "highlight a matter affecting the financial statements which is included in a note to the financial statements that more extensively discusses the matter. The addition of such an emphasis of matter paragraph does not affect the auditor's opinion.”
Qualified Opinion*
This is expressed when the "auditor concludes that an unqualified opinion cannot be expressed but that the effect of any disagreement with management, or limitation on scope is not so material and pervasive as to require an adverse opinion or a disclaimer of opinion.”
Disclaimer of Opinion*
It is expressed when the "possible effect of a limitation on scope is so material and pervasive that the auditor has not been able to obtain sufficient appropriate audit evidence and accordingly is unable to express an opinion on the financial statements."
Adverse Opinion*
It is expressed when the "effect of a disagreement is so material and pervasive to the financial statements that the auditor concludes that a qualification of the report is not adequate to disclose the misleading or incomplete nature of the financial statements.”

* - with or without EOM (Emphasis of Matter)

It has now surfaced, and confirmed by the People's Association (PA) this morning ("PA responds to online reports on its accounts"), that the PA accounts for 2008 through 2011 have been slapped it with an "Adverse Opinion" by auditors, year after unrepentant year. That's auditor lingo saying that PA financial statements do not present the true state of affairs of the Association. Specifically, the financial position of the 1,803 (as at 31 March 2011) grass-roots organisations (GROs) under its purview are not consolidated, and no audited financial information of the entities under its control are available.

Apparently Workers' Party chief Low Thia Khiang did raise a red flag in 2008, but the blinkered eyes of Parliament decided it "was fully responded to." Nevertheless, their spokesman is now responding with a confessional,

- http://singaporedesk.blogspot.sg/2014/02/follow-money.html

 

[enterprise2]

Auditor 'adverse' comments for PA and WP r two different things!! Just like Yaw SL scandal and Palmer r two different things!! One standard for Opps and one for establishment !!

 

[wMulew]

Dumbfuck opposition digging history 2011. What happened in 2012 and 2013?

 

[I_Hate_Pappies]

Dumbfuck opposition digging history 2011. What happened in 2012 and 2013?

Hey! Fuck your Mother Phua Chee Bye! How did that happen in the first place?

 

[tanwahp]

Dumbfuck opposition digging history 2011. What happened in 2012 and 2013?

In all 3 years, WP hit home (Aljunied, Hougang, Punggol East).

 

[xingguy]

Source: The Straits Times (SingaPolitics)

PA responds to online reports on its accounts
Posted on Feb 21, 2014 7:00 AM Updated: Feb 21, 2014 7:05 AM
By Andrea Ong

The People’s Association (PA) on Thursday night responded to reports that independent auditors had raised concerns about its financial statements for four years, after stories about this began to circulate online.

It acknowledged that auditors had submitted an “adverse opinion” on its accounts from 2008 to 2011 because the financial statements of grassroots organisations under its charge were not included.

It said the matter had been raised in Parliament in 2008 and it had explained then its view that the funds in those accounts belonged to the grassroots organisations, which were operationally self-funding.

An “adverse opinion” is the most negative among the four types of audit opinions.

In its statement, the PA also said that government grants and the cost of staff support were fully accounted for in its statements.

In their auditors’ report to the PA for the years 2008 to 2011, KPMG and PricewaterhouseCoopers said they had submitted adverse opinions because the exclusion of the grassroots organisations’ statements was not in compliance with the Statutory Board Financial Reporting Standards.

The PA is a statutory board under the Ministry of Culture, Community and Youth and receives more than $300 million in government grants each year.

In its reply to The Straits Times, the PA stressed that the auditors had given an adverse opinion “for one reason – not including the accounts of its grassroots organisations in the PA’s accounts”.

The auditors had said in their reports that PA’s accounting and other records had been properly kept, in accordance with the law, the PA spokesman said, adding: “Government grants and the cost of staff support are fully accounted for in PA’s financial statements.”

In its statement, the PA also noted that Workers’ Party chief Low Thia Khiang had raised the issue of the PA’s financial reports in Parliament in 2008, and “was fully responded to”.

“PA’s view then was that the funds in these accounts belong to grassroots organisations, which are operationally self-funding.

“Further, all GROs are subject to proper procurement procedures, financial controls and good corporate governance practices,” the PA spokesman said.

The PA has nevertheless since taken steps to consolidate all grassroots accounts into its financial statements, to be in full compliance with the financial reporting standards for statutory boards. “PA is on track to present a fully consolidated accounts for FY 2013,” the spokesman said.

A report on the PA accounts was published on the sociopolitical website TR Emeritus yesterday.

A check by The Straits Times of the PA’s annual and auditors’ reports confirmed that the auditors had submitted an adverse opinion for four years.

In its report on the PA’s accounts for FY2010/2011, KPMG said the financial statements for a total of 1,803 GROs were not consolidated in the PA’s report.

---

 

[Jlokta]

Dumbfuck opposition digging history 2011. What happened in 2012 and 2013?

Not even close compared to the dumbfuck 超级白, what the fuck happened after LHL took over in 2004.

 

[Jlokta]

In all 3 years, WP hit home (Aljunied, Hougang, Punggol East).

I hope WP gets more after the next election.

Its only then when there's chance for the country to return to SINGAPORE.

 

[ginfreely]

Oh so PAP gave themselves 5 years to solve "adverse opinion" problem, only including the Grassroot organisation accounts in 2013 after 4 years of adverse opinion due to non inclusion. So no hurry for WP then, they have at least 5 years leeway!

 

[Annunaki]

Year in year out play the same fucking political game...can PAP come up with something new?

 

[batman1]

Dumbfuck opposition digging history 2011. What happened in 2012 and 2013?

Knnccb!!!!!!!!!!

 

[Stompiss]

Dumbfuck opposition digging history 2011. What happened in 2012 and 2013?

If no fire no smoke, don't you understand simple theory? By the way Lew, how's your IB job in Hardware Zone?

 

[xingguy]

One of the issues that MND had with AHPETC was it did not properly disclose related party transactions.

Excerpt from MND Press Statement:

(b) the auditors had not been able to determine the completeness of the related party disclosures in AHPETC as the TC had not made available to the auditors details of project management service fees paid to a related party. (Related party transactions refer to transactions where the TC’s key management personnel have a personal financial interest.)

The government is practicing double standard when PA is exempted by Ministry of Finance from disclosure of related party transactions.

In PA's 2005/06 financial report, auditor (Pricewaterhouse) stated that the Ministry of Finance (MOF) exempted PA from the requirement of Related Party Transactions disclosures.

---

 

[steffychun]

Never easy being in opposition in Singapore compared to the UK.

 

[tanwahtiu]

never did they (PAP) think they will be opposition party one day.

But it will and already begin since 1984. They already saw the future when there wasn't voters at their election rallies except their own one-arm bandits. All they can convinced themselves is voters can watch them on TV, fat hope.

In 1989, old farkard changed to GRC, unrighteous election system which add another 20 years of their unauthorized ruling the country and fuck up Singapore. This GRC imbalanced system will back fired themselves in 2016 with massive shift to oppositions.

人算不如天算

Never easy being in opposition in Singapore compared to the UK.

 

[streetsmart73]

Hey! Fuck your Mother Phua Chee Bye! How did that happen in the first place?

cherry-picking 101 mah

 

[tanwahp]

cherry-picking 101 mah

Picking of the PAP's cherries and savouring them.

 

[TracyTan866]

The nomenclature used in the Singapore Standard on Auditing SSA 700 “The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements” and SSA 701 “Modifications to the Independent Auditor’s Report” deals with the auditor’s responsibility to form an opinion on financial statements, using a section with headings ranked in order of severity such as:


Unqualified Opinion
The auditor “concludes that the financial statements give a true and fair view or are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.”
Emphasis of matter (EOM)
This is to "highlight a matter affecting the financial statements which is included in a note to the financial statements that more extensively discusses the matter. The addition of such an emphasis of matter paragraph does not affect the auditor's opinion.”
Qualified Opinion*
This is expressed when the "auditor concludes that an unqualified opinion cannot be expressed but that the effect of any disagreement with management, or limitation on scope is not so material and pervasive as to require an adverse opinion or a disclaimer of opinion.”
Disclaimer of Opinion*
It is expressed when the "possible effect of a limitation on scope is so material and pervasive that the auditor has not been able to obtain sufficient appropriate audit evidence and accordingly is unable to express an opinion on the financial statements."
Adverse Opinion*
It is expressed when the "effect of a disagreement is so material and pervasive to the financial statements that the auditor concludes that a qualification of the report is not adequate to disclose the misleading or incomplete nature of the financial statements.”

* - with or without EOM (Emphasis of Matter)

It has now surfaced, and confirmed by the People's Association (PA) this morning ("PA responds to online reports on its accounts"), that the PA accounts for 2008 through 2011 have been slapped it with an "Adverse Opinion" by auditors, year after unrepentant year. That's auditor lingo saying that PA financial statements do not present the true state of affairs of the Association. Specifically, the financial position of the 1,803 (as at 31 March 2011) grass-roots organisations (GROs) under its purview are not consolidated, and no audited financial information of the entities under its control are available.

Apparently Workers' Party chief Low Thia Khiang did raise a red flag in 2008, but the blinkered eyes of Parliament decided it "was fully responded to." Nevertheless, their spokesman is now responding with a confessional,

- http://singaporedesk.blogspot.sg/2014/02/follow-money.html

CST, JBY, LTK are true sons of SG