mnd ahpetc

Workers’ Party-run  Aljunied-Hougang-Punggol East Town Council (AHPETC) had earlier submitted the town council audited reports of Financial Year 12/13 to Ministry of National Development (MND) on Tuesday (30 Jun).

The deadline for the town council to submit the report was set during the parliamentary debate held in February this year over the reports by Attorney General’s Office on the town council.

On 1 July, media reported on MND’s statement in regards to the submission of reports by AHPETC.

MND said it will study the financial statements and reports, but noted that AHPETC’s FY13/14 financial statements are still qualified, with disclaimers of opinion.

Apart from that, MND also made several comments on AHPETC which the town council took issues with.

In response, AHPETC issued a statement this evening to state their response towards the comments by MND as earlier reported by mainstream media.

Late Filing of Accounts by ten months

MND: After “repeated reminders and a delay of 10 months”, AHPETC has finally submitted its Financial Year (FY) 2013 audited financial statements and reports.

AHPETC: This is an old issue previously explained inside and outside of Parliament, and in the TC Chairman’s Message in the Annual Report. AHPETC had to focus its resources on the audit by the Auditor-General’s Office (AGO) from March 2014 to January 2015. The town council also had difficulties securing an auditor till late 2014, which was approved by MND in December 2014.

The town council is currently working on completing the audit of FY 14/15.

Third Consecutive Year of Qualified Accounts from Independent Auditors

MND: This is the third straight year that AHPETC has received qualified statements from its independent auditors. It highlighted that Audit Alliance LLP, newly appointed as independent auditors by AHPETC, had flagged eight areas of concern in the town council, including non-compliance with legal and regulatory requirements.

AHPETC: The town council said that there has been significant progress has been made on clearing past disclaimers. The town council also expects future audit reports of AHPETC to continue to contain qualifications relating to specific items especially handover opening balances, which remain unresolved even with the assistance of AGO, despite 10 months of extensive work.

Related Party Transactions

MND:  The auditors found that there was no segregation of duty between the person certifying invoices from FM Solution and Services (FMSS) for Managing Agent services, and the person approving related payment vouchers. AHPETC’s deputy general manager, who is a shareholder and director of FMSS, certified 12 invoices received from FMSS for Managing Agent services totalling S$2.1 million, and approved the related payment vouchers. The total value of related party transactions increased to S$8.5 million in FY13, from S$6.8 million in FY12.

The auditor also found that in the case of three tenders called, the Managing Agent failed to declare whether the specifications gave preference to any particular tenderer.

There was also no documentation on whether the tender specifications were approved by the Tenders and Contracts Committee of the town council.

AHPETC: This is an old issue on which AHPETC has made progress. In any event, any concerns will be completely removed after 15 July 2015 when the current Managing Agent contract expires and AHPETC is directly managed.

Annual Operating Surplus / Deficit

MND: AHPETC’s financial position has “consistently deteriorated” between FY2011 and FY2013, even though it received full Government grants from MND in those three years.

“AHPETC’s latest financial statements and reports reinforce MND’s existing concern about the TC’s state of financial affairs,”

AHPETC: The annual operating deficit for FY 12/13 was restated in response to the findings of the AGO audit. The adjustments included corrections as well as provisions made for impairment.

In FY 13/14, the operating deficit increased substantially as a result of higher operating expenses. Increases in revenue from service and conservancy charges due to the inclusion of Punggol East SMC with effect from May 2013 were more than offset by increases in conservancy/cleaning, lift maintenance, and utilities, amongst others.

The town council believes that the trend in changes in AHPETC’s financial position and results of operations will become clearer following the audit FY 14/15.

Compliance with the Town Councils Act

MND: AHPETC had not complied with the Town Councils Act and Financial Rules in areas.

MND said, “AHPETC went from an annual operating surplus of S$1.1 million in FY2011 to a deficit of S$1.53 million in FY2012 and a larger deficit of S$2.01 million in FY2013. The TC had previously understated its annual operating deficit in FY2012 by half,”

“AHPETC had an accumulated deficit of S$1.42 million in FY2013, compared to a small accumulated surplus of S$853,000 in FY2012. The TC had previously overstated its accumulated surplus in FY2012 as S$1.84 million.”

AHPETC: Pointed to the report on qualified opinion in the financial report, which the auditors have stated;

  • the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Town Council during the financial year are, in all material respects, in accordance with the provisions of the Act; and
  • proper accounting and other records have been kept, including records of all assets of the Town Council whether purchased, donated or otherwise.

qualified opinion


The full Annual Report for AHPETC’s FY 13/14 can be found here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

Singapore Conversations – Asking the wrong questions, looking the wrong places?

By Dan Lim – Can any real change come out from the…

Veteran architect Tay Kheng Soon’s criticism letter on Tengah development to Straits Times ignored

Earlier today, Adjunct Professor at the Department of Architect at the National…

经济师下调对我国全年经济增长预测至0.6巴仙

新加坡金融管理局,在上月13日向27位经济学家和分析师发出问卷,咨询他们对新加坡经济前景的看法。 其中23位经济师给予当局反馈,在该局今日公布的经济师调查报告(Survey of Professional Forecasters),他们预测我国今年全年经济仅增长0.6巴仙,低于三个月前预测的2.1巴仙。 而在三月份,他们提供的预测为2.5巴仙。报告中指今年第二季国内生产总值增长不如预期。至于经济师预测,今年第三度年比增长达到0.3巴仙。 这也和上月贸工部下调对今年国内生产总值(GDP)经济成长预测,至“0.0至1.0巴仙”之间,不谋而合。 中美紧张局势仍是参与民调的经济师首要关注的议题,也有超过一半的经济师,关注中国因外部不确定因素和国内金融市场不稳定的风险。 不过,他们看好我国GDP在2020年将回升至1.6巴仙。对来年新加坡经济成长的预估平均在1至1.9巴仙。但是,比起前一次民调的2至2.4巴仙来得低。 对于盈利的不确定性产生的上行风险,有70.6巴仙经济师认为贸易紧张减缓居首,不过有鉴于当前局势似乎不太可能,经济师的预测已下调至61.1巴仙。 但对于新加坡和其他地区可能落实经济刺激政策的上行风险,则调高至44.4巴仙;以及舒缓经济情况的措施也达到33.3巴仙。

警方对辣玉莎贴文给予严重警告 惟不对网红“夏雪”采取行动

因两年前评论城市丰收教会判决,工人党盛港集选区议员辣玉莎在本届大选竞选期间,被举报言论涉种族主义,结果被警方调查。 警方今日(17日)发表声明,指出经过调查,辣玉莎在2018年2月2日和今年5月17日发表的网络评论,“有意挑起不同族群间敌意”,抵触触刑事法典第298A(a)条文。 而有关评论城市丰收教会判决的贴文,也因藐视法庭而抵触司法维护法令(Administration of Justice(Protection)Act)。 警方称经过于总检察署商讨后,决定给予辣玉莎严厉警告。 针对城市丰收教会判决,辣玉莎曾批评新加坡无情监禁少数群体、骚扰清真寺领袖,但容许涉贪教会领袖逍遥法外。同时,在社媒也评论新加坡执法机构,涉歧视公民,指富有华人和白人有不同待遇。 然而,在选举期间,遭民众举报涉族群言论的并不仅是辣玉莎一人。本地网红“下雪”也同样被人“翻旧账”,十年前的推特(Twitter)贴文,也被人举报而被警方调查。 事实上,当辣玉莎在选举期间卷入族群言论风波,原名郑彦彦的“下雪”。还曾在社交媒体Instagram抨击辣玉莎的言论,是指控大部分华人在法律上会选边站,也似乎意指本地执法机构由华人掌控。她质问辣玉莎是否适合成为候选人: 郑彦彦被一名网民Vignesh Sankar Iyer,找到她在2010年发布于Twitter的推文,指她的言论也涉嫌种族歧视,向警方报案。…