The opening balance qualification of ATHC and incompleteness of HDB’s explaination

The Financial Statement (FS) for AHTC for FY2017 was presented to Parliament. The last of the legacy audit issues, the opening balance qualification, is finally removed after 7 years.

This qualification prompted HDB to issue a swift reminder to AHTC that all was not over yet, within 24 hours after KPMG reported that all audit points in AHTC were resolved in Feb 2018. Now that it is removed, HDB did not say anything about it but instead highlighted that AHTC is the only town council with a qualified financial statement, giving an incomplete explanation to boot.

So what is the story behind this opening balance qualification which was recorded in the financial statements of AHTC for the past 7 years?

After WP won Aljunied GRC in GE2011, the outgoing PAP-run Aljunied Town Council (ATC) appointed an interim auditor, Mazars LLP (Mazars), to audit the 4-month handover period of 1 Apr 2011 to 31 Jul 2011. ATC was previously audited by Foo Kon Tan Grant Thornton LLP (FKT) prior to GE2011. Mazars gave the 4-month FS an unqualified opinion.

When WP took control of ATC on 1 Aug 2011, FKT was reappointed as auditor for the newly constituted AHTC for continuity reason. FKT qualified WP’s first year of managing a GRC with 4 audit points, one of which was on the ‘opening balance’.

FKT said they were not allowed access to Mazars’ audit papers for the handover period and “were also not able to obtain the supporting accounting documents from the previous managing agent of ATC prior to reconstitution”. Thus, FKT said it cannot determine whether the accounts and FS for the period were fairly stated.

FKT qualified this point again in FY2012 with no mention of the 4-month handover period. Subsequent auditors picked this up as a full year qualification and qualified AHTC on this point every year until now.

Was FKT really not allowed to review the work papers of Mazars in 2012?

When AGO was directed to audit AHTC (aka AHPETC) in 2014, it found that FKT could not show any documentary evidence it was not allowed access to the audit work papers of Mazars. FKT said it made an attempt on 16 Oct 2012 to contact Mazars, but did not receive a response or do any follow up as well. Mazars, on the other hand, told AGO it did not receive FKT’s letter. See extract of the AGO report attached.

I had asked AGO and KPMG how is this audit point the fault of WP-run AHTC? FKT was the auditor BEFORE and AFTER the unqualified 4-month handover period, of which the PAP-appointed CPG was still the MA.

I wonder how these people at FKT sleep at night? I can only say, shame on them!

 

*Facebook post by Png Eng Huat.

 

 

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13 Responses to “The opening balance qualification of ATHC and incompleteness of HDB’s explaination”

  • rukidding:

    You see,…there is so many ways to “report” on any matters or issues.

    It can be “half truth”,…it can be “selected points”…etc..

    If I want to make you “Look BAD”,…I therefore only report all the bad things about you.

    If I want to make myself ,look Good,…I only tell you about all those “Good things” I had done .

    So,…if you read and rely on “shit Times”,..you get “shit info fed into you”…”shits ( Bad thing ) ” of others,…and “shit (massaged info) of good things by them”.

    The problem is that these days there are such things as “alternative news”….which those “shitty fellows” can’t control and don’t like.

    That is why they always says its “noise”.

    And now,….thy say its “Fake News” ( most of th time) ???

    If you remain “Daft”…than of course you keep “ating their shits” !

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  • All eyes r watching:

    All Singaporeans eyes r watching not on how AHTC kept its acct as all now r confident that no fishy things r going on n only inexperience is the real reason But on how pap n its lhy’s so called compliancy but Singaporeans call it polanpa. bootlicking, brownnosing fart worming ball carrying bullying the opposition. The more the biws n plps gt more arrogant n irrational all for crediting their points for rewards the more Singaoreans see the futility of having greedy hungry aggressive n arrogant scimbags in the govt n the greater urgency to put the thrust on a new govt as history shows new govt are all very dedicated n humble towards serving the People while the disposed old ruling party will have time to reflect their stupidity n traitorous behaviour . If however they still r what they have then they reach the end of the road n whatever the legacy left by the self centred nepotic family will be a terrible evil record in Singapore history which will serve painful reminder to oir young who understanding the evil will now back on track to strive what they do best academically or otherwise. Knowledge cannot be robbed except with polanpaing an eveil trait of all in power but having no confidence unless they breed polanpa n eroding the fibre of the society. Check n balances r only possible with near equal opposition strength. Dedication humility n integrity not big gab n empty big promises r essential for governance. PAP is definitely too well fed until they become garbage n society scums
    So plps still have time to salvate themselves to learn once again to value their dignity n their brains given to them not to po others’0 lanpas but to do well in what they r suppose to do in the profession with dignity, integrity, humility n honesty. This is what professional cs or professionalism mean not polanpa for profits. The famous Qing Dynasty supreme polanpa, He Sen who has his head removrd finally n the wealth he accumulate thru polanpaing n bullying the unfortunates though more than the national assets has to be returned for its original purpose. If that is the , why with giben iq, one needs to stooped so pathrtically to po others lanpa to gain favour while being accomplish to the scums who gets million times more with your shield n doing what they bid in evils. So not only citizens should wake up n do the nrcessary but all plps should rethink to redeem from their past unnecessary self betrayal.
    To those in academic be it ry class or postgraduate schools, if u stoop to plping then time to leave unless to redeem n teach the young notjust knowledge n info but more importantly integrity, , humility, dignity n honesty in thier various profession. Act like homo sapiens n not someone else slave n polanpa.

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  • patriot of TUMASIK:

    Are you Kidding??? they ASHAME of themselves???

    They collect MILLIONS LEEgaly and you ask them to be ashamed???

    “SHAME” the art of KNOWING and DOING it LEEgally

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  • LIONS:

    FKT partners?
    Who are they?
    Any PBM,BBM or grassLOOTers ?

    Dare hazard thats the case.

    AUDITING HAS BECOME A DUBIOUS business.
    Good only at zero-ing on the vulnerable to please the piwerful,eh?

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  • Becoming Too Obvious!:

    Singaporeans know wat is happening.

    Voters are waiting to vent their frustration at the next GE.

    They can up GST, they can sabo AHTC but they can’t bluff the Voters all the time.

    Thanks for the SG Bonus, however, it will not alter our deciaion to vote you out!

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  • WP Good:

    7 years…. WP has proven to be the best and most experience qualified party to take over the governing.

    Yes, no doubt, more to learn by them, but its better than letting the country goes into destruction and dealing with uncaring and insincere people around. At least no meddling with things like MiloIndianCumMalay – straight off, no trust.

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  • AnotherOneBitesTheDust:

    How many more is LHL fixing to slay? Latest , The Singapore Herald.
    Slay one , another 2 arises.
    LHL & his PAP should grow some thick skin.
    Why so sensitive..
    Unless he’s afraid someone’s gonna stumble on their secret closet where all his skeletons will come tumbling out?
    Yeah.

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  • Ang More Kio:

    Wonder how is Ang More Kio TC doing?

    No vision no sound?

    Too good to show or very shameful to show?

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  • LIONS:

    @WP Good:
    December 17, 2018 at 4:04 pm (Quote)

    7 years…. WP has proven to be the best and most experience qualified party to take over the governing.
    ===========================================================================
    but WP needs the support of the other oppo sgs to do that.
    PAP simply has too much resources compared to any of the oppo or even the aggregate of all oppo at the moment.

    why not join hands as brothers and sisters and STAND AS ONE SINGAPOREANS!!!

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  • All political parties sine pap:

    After followong what n how PAP n its plps (remembering LHY/LWL compliance joint statement) endless attempts trying to fix n get rid of WP off the political scene which they still like sheepskin claded hyena trying to hookwink the long ondoctrination blinded Singaporeans that thry r doing to dave from , one could only conclude that even the wrong of the pre WP acct is now the fault of WP. The ome lesson ariding from the hanging lamb head n sell puppy meat persecution operation is that when the pap, booted out of the constituency, hands over whatever constituency materials, the party which booted pap out must engage relevant professionals nore importantly include a papplp, make sure that the papplp cosigned the handover documents including all the comments from the professionals to prevent the same g happening again. Of course if pap is totally kicked out, no such caution needs tsking becos what follows will be like what Mahathir did to Najib n the QA sessions will be totally reversed. Seriously many Singaporeans hope that fellow countrymen now see thru the agenda of PAP wrapped up in self n to replace Singaporeans with foreign scums which they think can be better controoled n easier to hookwink as they r hungry, greedy n aggressive in the e of towards Singaporeans while full of gratitude sufficient to succumbed tp be the traitors plps.
    Today ST devotef few pages to Beojing honouring but seriously it is plain humiliation
    LKY has dumped into Soochoe billions n ppulverisd the rock wwhichhas long been an icon of a local bank until it has the founder nephew at its helm to do not in its inerest but bbiddong the firmly adhered lp. Besides who would not award piece of wood in return for billions of dollars n free on for hhundr of thousand of their m primary to rad whom they ccanuse to plant them all over the world n for breeding ssucceedig generation of imbercoles who would doible up at the slightest praise. The award will remind of theagenda of the ingrates n their betrayal to Singapore n her people.

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  • DIRTY POLITICS:

    PAP has planted agents in every organistion to carry out their dirty politics.

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  • Mature Ejaculations:

    I was in a lift at PNG Eng Just ward. I asked a elderly resident how his performance. The elderly gave a unfavorable expression and said the Lau Low was more interactive with residents.

    Just saying what I heard on the ground.

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  • The Other Hard Truths:

    All political parties sine pap:
    After followong what n how PAP n its plps (remembering LHY/LWL compliance joint statement) endless attempts trying to fix n get rid of WP off the political scene which they still like sheepskin claded hyena trying to hookwink the long ondoctrination blinded Singaporeans that thry r doing to dave from , one could only conclude that even the wrong of the pre WP acct is now the fault of WP. The ome lesson ariding from the hanging lamb head n sell puppy meat persecution operation is that when the pap, booted out of the constituency, hands over whatever constituency materials, the party which booted pap out must engage relevant professionals nore importantly include a papplp, make sure that the papplp cosigned the handover documents including all the comments from the professionals to prevent the same g happening again. Of course if pap is totally kicked out, no such caution needs tsking becos what follows will be like what Mahathir did to Najib n the QA sessions will be totally reversed. Seriously many Singaporeans hope that fellow countrymen now see thru the agenda of PAP wrapped up in self n to replace Singaporeans with foreign scums which they think can be better controoled n easier to hookwink as they r hungry, greedy n aggressive in the e of towards Singaporeans while full of gratitude sufficient to succumbed tp be the traitors plps.
    Today ST devotef few pages to Beojing honouring but seriously it is plain humiliation
    LKY has dumped into Soochoe billions n ppulverisd the rock wwhichhas long been an icon of a local bank until it has the founder nephew at its helm to do not in its inerest but bbiddong the firmly adhered lp. Besides who would not award piece of wood in return for billions of dollars n free on for hhundr of thousand of their m primary to rad whom they ccanuse to plant them all over the world n for breeding ssucceedig generation of imbercoles who would doible up at the slightest praise. The award will remind of theagenda of the ingrates n their betrayal to Singapore n her people.

    Aiyohh, friend, can you please break up your comments into 3 or 4 smaller paragraphs. It is nearly impossible to read such a big mono-block; as a result your useful comments would have gone to waste. Thanks

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