Have you read the latest true-life Horror
If you haven't, you really should. It's a 43-page story about how things can go horribly wrong at a public institution when the people-in-charge don't care about public monies and simply do as they please.
But be warned: The contents are shocking and graphically explicit about what shoddy accounting practices have been used to manage public monies. It may cause nightmares, especially if you are a AHTC resident, an accountant, a Singapore Citizen or a business-owner.
Here's the original download - absolutely free of charge.
AHTC Website: KPMG's Aljunied-Hougang Town Council Report on Progress (20 July 2016)
Backup source: https://drive.google.com/open?id=0B-Vd2Rny_eXLRVlGRk93amNzaEE
If you don't quite have the time to read the report, here are some excellent TLDR choices.
Workers' Party In Review (Recommended)
Pic: Singapore Matters
".... For as long as anyone can remember, the accounts at Workers' Party-run town council has been in a mess. But now we discover that it is in fact in a much bigger mess that we thought based on the latest KPMG report.
AND YET, Pritam Singh is still NOW telling people that his town council will award the contract for a new Town Council Accounting System "shortly".
Can you imagine that?! They still have not put in place a credible accounting system!! They didn't get down to work after the special audit by AGO?
Where is their accountability and sense of responsibility? And honesty?
"PERVASIVE" was the word KPMG used to describe the lapses.
In addition to the 115 control failures identified by the special audit carried out by AGO, KPMG has identified another 70 control failures!
And KPMG concluded that unless its town councillors and senior management “set the right tone at the top”, and clearly define the standard of competence and accountability it expects from employees, the lapses could not be fully remedied.
It starts with the leadership at the top. .... "
Continue reading here : The Damning Report from KPMG: 4th Progress Report
Channel News Asia
"... In its July report, KPMG said it uncovered "pervasive" control failures, "cutting across the key areas of governance, financial control, financial reporting, procurement and records management over the course of five years. It added that the control failures show "a failure in the control environment".
An organisation's control environment is the "foundation for all other components of internal control, providing discipline and structure", the accounting firm said.
In its assessment, KPMG found that AHTC's control environment failed in six areas - communication and enforcement of integrity and ethical values; commitment to competence; participation by Town Councillors; management philosophy and operating style; assignment of authority and responsibility; as well as human resource policies and practices. ..."
Continue reading here: KPMG findings on AHTC lapses of 'grave concern': HDB
Goh Meng Seng
(Ex-WP member, former NSP Gen-Sec, Founder and Gen-Sec of People's Power Party)
(DTCL: Obviously I'm not a fan of GMS. I disagree with many of his opinions. But this is just too good not to share.)
"I have been consistent in my view with regards to all these TC saga. Anybody with a simple understanding of running even a small business would realize that something is really wrong with WP's management of the TC right from the start.
Not that I agree with the current system set up by PAP which made Members of Parliament who are supposed to be law makers or legislators to become mere Estate Managers, but still, such fatal revelations of gross incompetency and lack of management philosophy of Checks and Balances are extremely damaging.
WP will destroy us all if KPMG ever found any dubious financial transactions. Opposition will go into another long winter... much longer than before if that happened.
We just need people who truly believe in Democracy which requires the fundamentals of Checks and Balances based on Separation of Powers to come forward and rebuild opposition. Not some opportunistic charlatans who only pay lip service to Democracy, Checks and Balances but in practice, inherently and in essence manage their own entities with the lack of all these fundamentals." via Facebook post (Jul 24 @ 3.31pm)
GMS received a lot of flak for his post. To his credit, he didn't shrink back or change his position. Instead he soundly rebutted his critics.
"For those who think or feel that I am being harsh on WP, let me put this straight once and for all.
What have been revealed by KPMG is a SERIOUS problem with WP's TC financial management. In fact, it is bordering potential FRAUDULENT financial practice that could open to abuses and criminal siphoning of funds out from the TC without proper checks and balances.
The utilization of "DUMMY CODES" for those "suppliers" or "contractors" receiving payment without proper records of who they are, is the most serious problem of financial mismanagement that will subject to untraceable payment for whatever purposes. This practice could end up with money being illegally siphoned out without a trace and record!
No respectable company would allow that to happen, lest a sizable "commercial" entity like a TC. It would be totally irresponsible to allow such practices to be carried out especially when public money and funds are involved. For any well run company, all payments made must have who were paid for what purpose clearly stated on payment vouchers with signatures of approving officer and recorded properly into the system.
I bet NONE of us would allow PAP to get away with this if they were to have such similar practice for any GLCs or even a small statutory boards.
It is pretty obvious to me that at this level of revelation, WP is at least guilty of dereliction of public duty in running the TC in such manner.
The situation may get even worse if any of such payments are found to be really fraudulent.
I am not that optimistic about the ultimate outcome if they are really going to do forensic audit on the whole thing..." via Facebook post (July 24 @ 11.16pm)
The million-dollar question on every one's mind is probably "... will these "lapses" and "incompetent" accounting practices be serious enough to trigger off criminal investigations against the parties involved?"
One thing's for sure - this is not the end of it yet.
As the KPMG continue their audits, its likely that more embarrassing skeletons and perhaps even potentially illegal transactions may be be exposed.
But don't just take our word for it.
Read KPMG latest report for yourself. Ask your friends who are in the Finance sector or managing a business to have a read and explain horrors that are contained in those damning 40 odd pages.
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