CAD and CPIB should go for big fish in NKF and ACCS etc

• robertteh

  21 Dec 05, 17:23

  The crime busters should put in more resources to prevent big fishes from cheating with creative accounting and abuses of power as found in recent cases like the NKF, ACCS, CitiRaya, CAO, F&N, SIA, NTUC, etc etc and not waste their time on catching mostly small stream fishes.
  
  Foreign Investments placed out from GLCs, GIC, Temasek involving billions should similarly receive their close attention. They should report to a third-party independent panel where ministers are the de-facto decision makers or CEOs in running of such companies.
• yappiegummie

  21 Dec 05, 22:04

  Originally posted by robertteh:

  The crime busters should put in more resources to prevent big fishes from cheating with creative accounting and abuses of power as found in recent cases like the NKF, ACCS, CitiRaya, CAO, F&N, SIA, NTUC, etc etc and not waste their time on catching mostly small stream fishes.
  
  Foreign Investments placed out from GLCs, GIC, Temasek involving billions should similarly receive their close attention. They should report to a third-party independent panel where ministers are the de-facto decision makers or CEOs in running of such companies.

  Just target at all the Non Profit Organisations, that will keep them busy for the next few years. Most of the NPO in Singapore have accounting issues.
• robertteh

  21 Dec 05, 22:30

  Originally posted by yappiegummie:

  Just target at all the Non Profit Organisations, that will keep them busy for the next few years. Most of the NPO in Singapore have accounting issues.

  Two categories of non-profit organization should be targetted to protect the public funds. (1) Charity organizations (2) Non-charity non-profit organizations.
• ndmmxiaomayi

  21 Dec 05, 22:37

  As long as there is greed, there will be corruption. It's just how they do it. For NKF, it is their very creative accounting practices.
  
  Plus, I don't think it is just NKF's accounting practices. PwC accounting practices need to be looked at. They have been auditing for NKF for two years yet never discover anything that is seriously wrong until KPMG audited it. And KPMG took a much lesser time to discover the errors and the creative accounting practices.