Mr Tharman noted that the Auditor-General's Office (AGO) has given an unmodified audit opinion of the Government's financial statements, meaning the accounts of all Government agencies are reliable and public funds are accounted for.
In contrast, the special audit by the AGO of the AHPETC, shows that its "entire system of accounts is a problem", he said.
Quoting the AGO report on AHPETC's finances, Mr Tharman said there can
be no assurance that the town council's "accounts are accurate and
reliable or that public funds are properly spent, accounted for and
managed".
"This is not just a matter of poor accounting procedures. It arose because there are so many weaknesses and omissions in the AHPETC accounts that its own auditors and the AGO were not able to determine if monies in the account have been safeguarded and how they have been used. That is the heart of the matter: The entire system of accounts. There is no remotely similar problem in Government," he said.
Mr Tharman added: "If I can put it simply, the whole house of AHPETC finances is unsafe, if you look at what the AGO findings say. Both the AHPETC auditor and AGO could not certify the AHPETC house as structurally safe, structurally sound. Apart from it being unsafe and unsound there are also many individual defects and problems."
He said in comparison, the Government agencies audited by the AGO "do not have unsafe houses".
"The house is safe and there is no question whether public monies are fully accounted for. There are some repairs needed to the house in specific areas but everyone can be confident that the house is safe and there is also full visibility. The curtains aren't drawn. There's full visibility. This is the fundamental difference."
No public agency has a problem that is remotely close to AHPeTC, Finance Minister Tharman Shanmugaratnam pointed out.
The Auditor-General's Office (AGO) has given an UNMODIFIED AUDIT OPINION of the Government's financial statements. This means the accounts of all Government agencies are reliable and public funds are accounted for.
In contrast, the problem at AHPeTC is not just a matter of accounting procedures. The entire accounting system is a problem.
The entire house of AHPeTC finances is structurally unsafe and unsound. Apart from this, it also has many individual problems and defects.
There is no assurance that monies is properly spent, accounted for and managed. There is no assurance that its financial statements are accurate or reliable.
Amazingly Syvlia Lim did not seem to understand the gravity of the situation at AHPeTC. After 4 years, AHPeTC is effectively bankrupt.
Source: CNA
"This is not just a matter of poor accounting procedures. It arose because there are so many weaknesses and omissions in the AHPETC accounts that its own auditors and the AGO were not able to determine if monies in the account have been safeguarded and how they have been used. That is the heart of the matter: The entire system of accounts. There is no remotely similar problem in Government," he said.
Mr Tharman added: "If I can put it simply, the whole house of AHPETC finances is unsafe, if you look at what the AGO findings say. Both the AHPETC auditor and AGO could not certify the AHPETC house as structurally safe, structurally sound. Apart from it being unsafe and unsound there are also many individual defects and problems."
He said in comparison, the Government agencies audited by the AGO "do not have unsafe houses".
"The house is safe and there is no question whether public monies are fully accounted for. There are some repairs needed to the house in specific areas but everyone can be confident that the house is safe and there is also full visibility. The curtains aren't drawn. There's full visibility. This is the fundamental difference."
No public agency has a problem that is remotely close to AHPeTC, Finance Minister Tharman Shanmugaratnam pointed out.
The Auditor-General's Office (AGO) has given an UNMODIFIED AUDIT OPINION of the Government's financial statements. This means the accounts of all Government agencies are reliable and public funds are accounted for.
In contrast, the problem at AHPeTC is not just a matter of accounting procedures. The entire accounting system is a problem.
The entire house of AHPeTC finances is structurally unsafe and unsound. Apart from this, it also has many individual problems and defects.
There is no assurance that monies is properly spent, accounted for and managed. There is no assurance that its financial statements are accurate or reliable.
Amazingly Syvlia Lim did not seem to understand the gravity of the situation at AHPeTC. After 4 years, AHPeTC is effectively bankrupt.
Finance Minister highlighted some of the serious issues and said they
are not something to be whitewashed. When the house is structurally
unsafe, one doesn't just put a new coat of paint on the front wall. The
foundation needs to be put in place.
WP is either very incompetent and that explains why Sylvia Lim can't seem to see the severity of the situation, or they are very dishonest and keep trying to hide the truth from Singaporeans.
Either way, they are not a desirable party.
WP is either very incompetent and that explains why Sylvia Lim can't seem to see the severity of the situation, or they are very dishonest and keep trying to hide the truth from Singaporeans.
Either way, they are not a desirable party.
Source: CNA
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