Minister for National Development (MND) has announced that Aljunied-Hougang Town Council (AHTC) has submitted its financial statements on 24 February 2017 and accompanying documents over the subsequent week, adding that it was six months after MND’s submission deadline of 31 August 2016.
MND stated that AHTC had earlier written to MND on 12 August 2016, requesting a time extension to submit its FY2015 financial statements as it still had outstanding issues to resolve with its auditor.
Over the next few months, MND corresponded with AHTC to obtain a timeframe for the completion of its FY2015 audit. According to the ministry, the Town Council was not able to give a firm reply on the timeline for its submission, nor the exact reasons for the delays.
MND stated that it is reviewing the submissions but notes that this is the fifth year that AHTC’s financial statements have been qualified by the Town Council’s external auditor. It further noted that, as with AHTC’s financial statements for FY2014, the auditor flagged several instances of non-compliances with the Town Councils Act and Town Councils Financial Rules.
MND said that it also notes several issues with the submitted financial statements and is in the process of seeking clarifications from AHTC. Upon receiving AHTC’s clarifications, MND will present the finalised financial statements to Parliament.
In response to the press statement released by the Ministry, AHTC stressed that it has communicated the reasons for the late submission of the FY2015 financial statements to MND.
In its press release, Mr Pritam Singh stated that AHTC recently called a public tender for internal auditor services to the Town Council with a view to ensuring compliance with the Town Councils Act and Town Councils Financial Rules on an ongoing basis.
“This tender did not receive any submissions from any accounting firm in Singapore. AHTC will call the second tender in due course,” the release said.
AHTC noted that it will publicise the financial statements for FY2015 on its website for public consumption after it has addressed the issues raised by MND in its email to the Town Council dated 9 March 2017.
Subscribe
Login
0 Comments
