Should PAP Town Council accounts be audited ?

[Avantas]

An independent auditor should be roped in to audit their accounts to determine if there is any mismanagement.

Who is in charge of making the investment decisions ? Is he or she or they a financial expert ? Or did the Town Councils simply appoint a fund manager to manage the funds without doing any prior research on their own ? Are there any guidelines in place to decide which type of investment products are allowed ? Are the Town Councils aware that they are buying a high risk complicated financial product ?

Vote in the poll here:

http://wayangparty.com/2008/11/18/s...g-funds-are-managed-by-the-pap-town-councils/

 

[2lanu]

Everyone would be audit except the white scum account. The late President Ong Teng Cheong is a good example.

 

[tomoko]

The Wayang Party is getting better and better

 

[myfoot123]

Who is in charge of making the investment decisions ? Is he or she or they a financial expert ? Or did the Town Councils simply appoint a fund manager to manage the funds without doing any prior research on their own ? [/url]

Do you know that the jobscope of a Finance Manager in TC is vey very junior and narrow as compared to an accounts clerk or assistant of a private company. I doubt the FM has the intelligent to invest or manage the macro aspect of accounting job without their HEAD telling them what to do.

 

[sherrry]

Audit the town councils only? I say audit everything that has the people's sweat & blood $ in it. If they wanna operate the company like a company, and since there being involvement of public funds, then they should also be audited like any other public listed companies!

 

[Brightkid]

The other question that need an answer is why there is a huge surplus, based on the $16M being just 'couple of percentage', do TC need to charge so high monthly fees to the residents ?

Are there cases of poor people (PAP said there are no poor people ? ) being kicked out of their home for not paying rent or conservancy fees ? $16M can do LOTS & LOTS of help for the people !!!

Guess it is the same for our 'country's reserve' which no one actually knows what is left ?

 

[sherrry]

The other question that need an answer is why there is a huge surplus, based on the $16M being just 'couple of percentage', do TC need to charge so high monthly fees to the residents ?

Are there cases of poor people (PAP said there are no poor people ? ) being kicked out of their home for not paying rent or conservancy fees ? $16M can do LOTS & LOTS of help for the people !!!

Guess it is the same for our 'country's reserve' which no one actually knows what is left ?

And also needless for the lame annual "### star charity shows"

 

[Ah Guan]

I would question their incentive for investing.

TCs are non-profit orgs. Why should they take any risk since, technically, no one benefits from investing..?

Unless someone on the TC's side earns commissions from selling these investments .........

 

[masgnoeL]

Should PAP Town Council accounts be audited ?

YES.

More than that, for the 2 town councils that invested, the auditor must check who made the decision and more importantly, check who are the Relationship Managers that sold these toxic funds to the decision maker of the town council. The auditor should check if there is any inappropriate dealing.

There will be more revelations this way and this is the way to audit to check for any inducement or enticement, I should say so. Agree?

 

[Einfield]

Relationship Managers most likely Brother in law.
After that he buy sharkfin dinner with the commission.

 

[Naka_Timo]

Yes, it should be audited, or else take our money like tat go invest and get nothing bad....

 

[Dan Now]

Audited ?

I say asked for the MPs to be sacked first for losing millions. Go for their jagular.

Dan

 

[DerekLeung]

Year end time to bring all PAP grass roots leaders to overseas holiday trips again !

Win,lose and still no make money ! Nevermind send them overseas !