Vote Oppositions - To See The Books You Want To

See

If we really seriously want to see the books of CPF, GIC,
Temasek Holdings etc. , then the last resort is to vote for
the oppositions. The PAP will not show you the details,
instead if you make a wrong calculation, you will end up
receiving a letter of demand.

So, what can we do? The only way is to change the
government. Only after changing the government, the PAP
will have to hand over the books and the accounts to the
new government. However, with 40% support, it is still a
distance away for the Big change. Those who are seriously
wanting to know the accounts and the books must work
harder and ask more citizens to support the oppositions
and vote out the PAP.

Voters, not politicians or the Courts, make the laws
through parliament. Laws must reflect the majority as
politicians are only temporary elected to lead the country.
The PAP cabinet can be removed if citizens vote them out.


Voters make and decide the laws?
(picture taken from Today, 24 May 2014)


So, the coming election slogan will be:

To see the CPF books, vote out the PAP.
or in short PAP out CPF in

In fact, not only we will see the CPF books, we will also see
the HDB books whether there are subsidies or not, and
also the medicare book, population book and many others.

Opening and closing balances

If the Aljunied Town Council is still under the
management of the PAP, we will not know the problem of
the opening and closing balances there. We certainly will
not know the AIM problem. Below is the first item of the
independent auditor's disclaimers in the Annual Report of
the town council :


Opening balances? #1

There is no clear certainty on the opening balances. The
auditor said we were unable to obtain sufficient,
appropriate audit evidence............ we were also unable to
determine if the opening balances ..........

What are opening balances? These are balances carried
forward from the previous closing balance. So, the closing
balances from the previous accounting period brought
down to become the opening balances of the the current
accounting period. In double entry system, these previous
closing balances should be equal to current opening
balances.

If these two balances are unable to obtain sufficient, audit
evidence and unable to determine, the auditors will have
to state it in the auditors' report as shown above.

But why do the closing and opening balances differ from
each other? The auditors don't know and as outsiders, we
also don't know. The only certainty is these two
supposedly equal balances are now not equal. If the
management of town council never changes hand, we will
not know about this certainty.

Information gap

In a media release on 14 February 2014, The Workers'
Party explained the situation as follows:

[We do understand the auditors plight, as there were
information gaps that existed at the handover after the
General Election 2011 which to date are still not filled. At
FY 2011, the auditors had tried to request information
from former auditors, unsuccessfully. Repeated attempts
by the Town Council (TC) to obtain information from the
former Managing Agent (MA) and government
authorities, such as asking MND / the Housing and
Development Board regarding $1.12 million which the
PAP-run Aljunied TC had recorded as receivables from
the Citizens Consultative Committees (CCCs) for Town
Improvement Projects, did not yield answers. Attempts
in FY 2012 to get the information were also unsuccessful.
Unless those agencies with the required information
furnish them to the TC, it is likely that information gaps
will remain and the accounts will continue to be qualified
every year. In this regard, we note that MND could well
be the best party to assist the TC to resolve some of the
key information gaps. ] #2

There is an information gap resulting to the opening
balances problem.

Town council management is a small business as
compared to CPF, GIC and Temasek. Will we expect more
information gap when there is a change of government?


Three possible scenarios for CPF Books

Hence, at least 3 scenarios may happen if we vote out the
PAP.

1. The PAP is right.
There is no information gap. The closing balances of the
old government equal to the opening balances of the new
government. The books are clean and all accounts are
properly maintained and there is no disclaimers from
independent auditors.

2. The PAP is wrong.
There is information gap like the auditors' disclaimer in
the Aljunied Town Council. In this case, an estimated
opening balances have to open so that the accounting and
(qualified with disclaimer) auditing work can carry out.

The new government may need to issue bonds or get loans
from IMF, World Bank or Asian Development Bank if our
cash balances are not sufficient to carry out the daily
operations. For the Aljunied Town Council case, there are
money in the bank, so the daily operation is per normal
and the town management needs not need to raise extra
fund to support its operation. Otherwise, Aljunied
residents will have to pay more fees even though they have
made no faults at all.

The certainty is we know there is an information gap.
There is a certain difference between opening and closing
balances.

3. A delay of 52 man-years
This is the worst scenario and will create the biggest
uncertainty in Singapore. We cannot rule out this
possibility. When the late President Ong Teng Cheong
asked to see the books, the answer from the PAP was:

[that the Accountant-General had informed him it would
take 52 man-years to provide him with a list of the
Government's physical assets;] #3

The account books need 52 man-year to calculate and new
opening balances will then show up. What happen to CPF
members, reserve, foreign exchange, etc in the mean time?
This will create the biggest uncertainty in Singapore and
will bring political crisis to the new government and
Singaporeans. This potential political crisis is so different
from the so-called political warning from government
scholars and academics.

However, if we want to see the truth, the books of
accounts, we have to vote out the PAP to see the real
picture. There is a price to pay for knowing the truth.

#1
http://www.ahpetc.sg/wp-content/uploads/2014/02/Annual-Report-2012-2013.pdf

#2
http://www.ahpetc.sg/media-release-14-feb-2014/

#3
http://en.wikipedia.org/wiki/Powers_of_the_President_of_Singapore#Differences_between_Government_
and_first_directly_elected_President