Category Archives: External and Internal Auditing

2016 Auditor-General’s Report; All government ministries should have an internal audit team; 2021 Report;

Posted on August 10, 2016 by tankoktim

======== . Has it started in all ministries? I wrote on 8th Augusts 2016. I shall wait. == ======== Forum: Iras’ upfront checks to uncover fraudulent claims complemented by audits and investigations PUBLISHED 7 HOURS AGO on 22nd Jan 2022 … Continue reading →

Posted in Business & Finance, External and Internal Auditing, Government, Politics | Tagged , , | Leave a comment

Trolley barcode system could help deter irresponsible use – but make theft of a trolley a criminal offence under the law.

Posted on August 8, 2016 by tankoktim

============== . Become a criminal offence, and police report will be made? How are you going to trace the culprit with the police report if there is no registration of the person in the first place? ========== No other solution? … Continue reading →

Posted in Business & Finance, Cost of Living & Retirement Adequacy, Environment Control, Protect Nature, External and Internal Auditing, Food & Drinks; hawker centres; foodcourts;, Hawker Food -Top Favourites, IT. AI, and Computerisation; Robots; Space Technology; Astral Particle Information System, Productivity, Social issues, Socialistic Policies | Tagged , , | Leave a comment

AGO Report – Time to have full internal audit team in each ministry and statutory boards..

Posted on August 5, 2016 by tankoktim

“AGO report: From lax enforcement to overpayment” in ST on 27th July 2016. . I believe many Singaporeans and I have found it disturbing to read the Report. In the private sector, all PLCs are required by law to have … Continue reading →

Posted in External and Internal Auditing, Government, Politics, Socialistic Policies | Tagged , , | Leave a comment

Charitable foundations; Public donations; “Make clear how IPCs and charities must handle public-donated funds”and have it accounted for; Money held in trust in IPCs [and in Clan associations?], the money should go to local charities when an IPC is dissolved;

Posted on November 6, 2015 by tankoktim

  ======= . Make clear how charities must handle funds . Published Nov 5, 2015 in ST Forum Online  [please see JPG format below]. . Singapore’s Charities Act and Societies Act deal with the management of public donations or funds (“Sound … Continue reading →

Posted in Business & Finance, Corruption, Cost of Living & Retirement Adequacy, External and Internal Auditing, Fate, Destiny, Accidents & Coincidence, Religions and Faiths, Social issues, Socialistic Policies, Spiritual First - then mental then physical, The Govt listened and implemented my ideas and feedback | Tagged , , , , | Leave a comment

MAS and CAD on financial crimes; Why need to amend/revise the Companies’ Act to ensure real independence of directors of PLCs? Directors of Raffles Education Corporation have been arrested; ======= In the political arena: Is it OMO at the helm? Who are the yes-man ministers, lacking independence?

Posted on October 22, 2015 by tankoktim

============ . Man who paid for Tharman’s presidential campaign posters was arrested by CAD 30 August 2023 by yeeloon in gutsy.asia   SINGAPORE: After three presidential candidates successfully submitted their nomination papers on 22 August, they been actively campaigning before … Continue reading →

Posted in Business & Finance, Corruption, Education; What is Complete Whole Person Education?, External and Internal Auditing, Government, International Politics, Super Power Politics; Trade and Tariffs Friction;, Lee Kuan Yew's Legacy [His life 1923-2015], Politics, Productivity, Socialistic Policies | Tagged , | Leave a comment

Money held in trust; HDB town councils, grassroot organisations, Govt depts, statutory boards, PA – lapses & conflicts of interest over payments; in PLCs; WP’s AHTC case – Appeal Judgement by the Apex Court ;

Posted on July 24, 2015 by tankoktim

. ======== . Apex court finds WP’s Sylvia Lim, Low Thia Khiang liable for control failures in AHTC, but not Pritam. The ruling is the latest development in the civil suit involving $33.7 million of improper payments made by AHTC … Continue reading →

Posted in Business & Finance, Corruption, Education; What is Complete Whole Person Education?, External and Internal Auditing, Government, HDB Public Housing; affordability; EIP policy; and resale prices;, Politics, Socialistic Policies | Tagged , , , , , | 1 Comment

Fight fraud with six levels of authentication

Posted on January 3, 2015 by tankoktim

Fight fraud with six levels of authentication [pls see JPEG format below]. ——– The original text of my letter to BT Singapore 22 Nov 2014 I refer to “In audits, if something feels wrong, it probably is” in BT on … Continue reading →

Posted in Business & Finance, Corruption, External and Internal Auditing | Tagged , , , , , , , , , , , | Leave a comment

Amend legislation to ensure board independence soon; Independence of directors – to protect interest of the public investing in PLCs; Use of residential address as company registered office address;

Posted on December 30, 2014 by tankoktim

========== . . Forum: Acra working on ways to check unauthorised use of residential address as company office PUBLISHED SEP 4, 2021, 3:00 AM SGT in ST Forum. We thank Ms Long Meiyin for her letter, “Business owner used my … Continue reading →

Posted in Business & Finance, External and Internal Auditing | Tagged , , , , , , , , , , | Leave a comment

The yes-man in politics, government, businesses, religions, etc; Who is an independent director, and not a yes-man? Who wants a director that is a thorn, a pain in the neck? Recently, directors of a PLC have been arrested; there are consequences and risks in lending one self as a director of PLCs;

Posted on November 18, 2014 by tankoktim

============ . Yes men and women are good not bad so long as they do not harbour selfish and egoistical desires, and self-centred and self-benefitting intentions and ambitions.   The opposite is altruistic aims and wishes working to help others … Continue reading →

Posted in Business & Finance, External and Internal Auditing | Tagged , | Leave a comment

External auditing – Apply 5-year rule on top listed firms

Posted on July 7, 2014 by tankoktim

Apply 5-year rule on top listed firms: ====== ======== Quarterly forecasting questions: =========

Posted in Business & Finance, External and Internal Auditing | Tagged , , , | Leave a comment

Commercial Crimes – Sub-prime crisis – Let’s act to prevent another Enron; Corruption at international level – and in overseas operations;

Posted on July 7, 2014 by tankoktim

================ . Commercial Crimes, Financial Crisis, Sub-Prime Loans, etc    Let’s act to prevent another Enron: ============= . Need to tighten controls to prevent rogue-trader losses: ========== . US financial crisis holds lessons for Singapore: ======= . Did the money … Continue reading →

Posted in Business & Finance, Corruption, External and Internal Auditing, HDB Public Housing; affordability; EIP policy; and resale prices;, Inward investments and incentives; overseas Investments - should more be invested overseas or locally by Sovereign Wealth Fund? Maintain stable supply chains and security? | Tagged , , | Leave a comment

“Cvy” account of law firm with two-key solution is the answer at last; What is ‘Cvy’? This procedure ensures client’s deposit money held in escrow with law firms is safe. Also, Companies Act needs changes to prevent fraud;

Posted on July 5, 2014 by tankoktim

======= Shared with Public If there is, I believe someone has pocketed it…who? . ======= . Forum: Do funds held in escrow account for property transactions earn interest? PUBLISHED6 HOURS AGO on 17th June 2021 in ST Forum FACEBOOKWHATSAPPTWITTER In … Continue reading →

Posted in Business & Finance, Corruption, External and Internal Auditing, HDB Public Housing; affordability; EIP policy; and resale prices;, Properties | Tagged , , , , , , , , , , , | Leave a comment

Public companies should be audited by independent committee

Posted on July 5, 2014 by tankoktim

When integrity’s absent… Public companies should be audited by independent committee ====== ===== On making accountants play a key role:   ==============

Posted in Business & Finance, Corruption, External and Internal Auditing | Tagged , | Leave a comment

External and Internal auditors need updated tools to do their job effectively, credibly;

Posted on July 3, 2014 by tankoktim

================ . Auditors….two types, the external and the internal auditors…   What are the roles as EAs and IAs?   Only PLCs are required by law to have internal auditors.   External auditors appear once a year, and by sending … Continue reading →

Posted in Business & Finance, External and Internal Auditing | Tagged , , | Leave a comment

The FTX collapse; Crypto Currency, CC; FTX Exchange for CC has collapsed; Temasek wrote off their investment of US$275m in FTX; Is CC, the end of ATMs? Cashless society with one card; On-line shopping a threat to the bricks-and-mortar businesses; Cashless society using the Quick Response [QR] code; Why some retailers only accept cash payment? Enact laws on cash disclosures? Living and travelling on borrowed money; pay back with future inflated money; US uses quantitative easing, QE; printing money when money is not enough;

Posted on May 11, 2014 by tankoktim

. ================== . The cashless society.. a one card system. No card you cannot move around in society. You will become history. When? . =============. . It is all about money. Cash only. Some retail shops accept only cash, and … Continue reading →

Posted in Business & Finance, Corruption, Economy; Perfect Economic Storm? When?, External and Internal Auditing, Inward investments and incentives; overseas Investments - should more be invested overseas or locally by Sovereign Wealth Fund? Maintain stable supply chains and security?, IT. AI, and Computerisation; Robots; Space Technology; Astral Particle Information System | Leave a comment

Is internal audit losing value?

Posted on April 29, 2014 by tankoktim

“Is internal audit losing value” [BT 22 April, 2014, see copy below]. Only public-listed companies, not the private companies, are required by law under the Companies Act to have internal auditors. Section 201B of the Companies Act defines the main … Continue reading →

Posted in Business & Finance, External and Internal Auditing | Tagged , , , | Leave a comment

Corruption – Sowing seed of corruption [my letter in 1978], and what I wrote to the 7th Parliament of Singapore; former Minister of Transport S. Iswaran – in court; CPIB investigation on S. Iswaran and Ong Beng Seng – both arrested by CPIB on 11th July 2023, and out on bail, passport seized;

Posted on September 5, 2013 by tankoktim

================ . PAP will take political hit from Iswaran case, but leadership transition will go ahead as planned: Lawrence Wong Deputy Prime Minister Lawrence Wong also said that the People’s Action Party’s stance against corruption was non-negotiable. Deputy Prime Minister … Continue reading →

Posted in Business & Finance, Corruption, Education; What is Complete Whole Person Education?, External and Internal Auditing, Government | Tagged , , | Leave a comment