12/06/2005

Accounting body wants more transparency

the institute of certified public accountants of singapore, icpas, wanted stricter guidelines for charities. uh, is this the real problem? all sizable organisations, including nkf are audited by internal or external auditors. and quite often it is the auditing that is at fault. then what happens to the auditors? nothing. absolutely nothing. what is really needed is accountability. anyone who is tasked to do a job as a professional must be held responsible if he fails to do a decent job. negligence is no excuse. the directors, the management, the auditors, are all accountable and must be brought to task. there is no point in having stricter rules and more rules if there is no will to enforce it, to execute it and to take wrong doers to task. lets start with the directors, management and of course, the auditors. the auditors are paid to audit and report any shortcomings. if they did not do a good job, they shall not be allowed to walk away quietly.

7 comments:

Anonymous said...

Hi Redbean
This is a real sad case of cover-up. Just goes to show what mischief can go on behind closed doors. When you are in the position of power you can magic figures that will blind all those unsuspecting souls who have contributed faithfully. How long has this been going on, I wonder??

Transparency is the issue here. If you do not have transparency, the general public can only take the words of those in power to be the gospel truth.

The same goes for everything!!

redbean said...

hi anonymous,

read my new topic on god? ideally the chairman of the board or the patron should be like god, above all the nitty gritties and the meddling of human beings. then god no need to take sides and can tell whoever that it is not right. but when everyone is personally involved, then objectivity is blurred.

the other point is that when people have money flowing out of their ears and nose, they lost the value of money. $600k is peanuts. so paying a ceo that kind of money is peanuts. no sense of proportion. probably they would want to pay him more as they all regard him as able and deserving.

just a little more education does not make a person wise or smarter. power and money are very intoxicating and one gets drunk quite easily.

redbean said...

the most frightening thing is that none of them could see any wrong.

Anonymous said...

Hi Redbean, to admit wrong one must be humble. Few rich people are humble, especially the ones with high powered backings.

$600K peanut? I have just worked out, that if a person earns $1200pm and works for 42 years, he would have earned approximately just one peanut.

The general trend in Singapore has always been to accumulate more and more. The more you have the more you will want.

I read somewhere, someone wise said, "be not afraid, for if you are, there will never be enough". I think these wise words have fallen on death ears of Singaporeans!!

redbean said...

i like to refer this as the 5th stage of maslow's needs hierarchy. many in singapore have gone pass the 4th stage of self actualisation.

the 5th stage is the road to no return. it is the stage of self delusion. one can do no wrong.

Anonymous said...

I don't know about you, but I feel that most people on this rich island of your are like zombies.

I have always advise my friends here that they should stop and smell the roses. Most do not know how to relax and enjoy the beauty all around. Most are moving too fast to even see the roses, let alone smell them.

Pity, life is too short to be totalling consumed by wealth acquisition. I think those Singaporeans who are totally consumed by money making will never appreciate the quieter and more serene way of life.

redbean said...

that is quite true.know of this guy, took advantage of whatever regulations to make that extra dollar. and he is very cash rich. but he doesn't care about what he wears, eat or look. he even put all his little nitnacks into a plastic bag and tied it to his belt. he cycles to work in a worn out bicycle....

but he is very happy counting his money. what roses? not his interest. no time for that.