AHTC resolves audit issues, declares new financial system fully operational

AHTC resolves audit issues, declares new financial system fully operational

Aljunied-Hougang Town Council (Photo: Ngau Kai Yan)
SINGAPORE: The Aljunied-Hougang Town Council (AHTC) said on Thursday (Feb 15) that it has resolved all its outstanding audit issues and ended its engagement with auditors KPMG, concluding a two-year long clean-up of its accounting system and internal controls.
The Workers' Party-run town council appointed KPMG as its accountants in 2016 after the Supreme Court ordered AHTC to nominate a Big Four accounting firm to fix lapses the Auditor-General's Office had flagged in a special audit.The Workers' Party said in a Facebook post that AHTC submitted to the Housing and Development Board (HDB) the 23rd and final monthly report issued by KPMG on Thursday.In the report, KPMG confirmed it is "reasonably satisfied that AHTC is compliant with section 35(c) of the Town Council Act" and that all audit points and control-related matters identified earlier have been resolved.Issues flagged previously include incorrect computation of required transfers to the Sinking Fund and incomplete disclosure of transactions with related parties in the financial statements.
The town council also had to undertake various measures to remedy the lapses, such as to strengthen the capabilities of its finance department and to replace its accounting system.
sum of S$33 million which it claims was wrongfully paid out to FMSS/FMSI, subject to the relevant defendants showing which payments were lawful. "The Pasir Ris-Punggol Town Council (PRPTC) is also seeking compensation for the monies that are due to Punggol East," said HDB. It added that it will continue to monitor the developments related to AHTC's and PRPTC's recovery actions against the defendants. 
Source: CNA/ra/aa