icpas' position on the role of auditors

what icpas said is very simple. their job is to give a view as to whether the accounts are done according to whatever system. and if they said, after the audit, they believed that the accounts were done in a proper manner, any discovery of fraud or misrepresentation later is not their problem. they are not accountable even after expressing their opinion that it is ok when it is not ok. can all companies send me their accounts for audit. i charge only half price.

i am going to give singapore a new year gift

khoo swee chiow has given singapore a christmas gift, another guinness world record. i also intend to give one record to singapore. i will spend one month inside my hdb flat. i think nobody has done that since hdb flats only exist in singapore. so it must be a new record. but if other people have stayed longer inside a cubicle, i will increase the number of days by one week to beat the record. all i need now is a sponsor who will give me $1 million. singapore's name will be carved in the guinness book of world record again. i think this is the next easiest way of getting some money other than organising a charity show.

sgx must shame errant brokers

this is reported by a goh eng yeow in the straits times today. the sin of the remisier is to key in big orders that he had no intention to fill but to withdraw minutes later. and goh eng yeow wants sgx to name the culprit. would sgx be fair and shame all the big funds and brokers who executed similar fake entries and other misdeeds to mislead or create a false market? or would the stick be applicable to the small boys? he also said the practice is rampant as he was a dealer himself. would he like to tell the public what he knew, without prejudice and tell on what his broking house did? would he also reveal to the public whether he wrote this article on his own initiative?

nkf, 3 years reserve more than enough

nkf is not a financial institution. it is not there to raise fund to keep in the kitty. the funds are to be used for the patients it is supposed to help. 3 years of reserve is more than sufficient. the public are generous and will donate whenever there is a need. with such a fat reserve, for the time being nkf shall only raise enough to cover operating expenses. and nkf shall not have wild ambition to build another 2 or 10 hospitals and tell the public it needs more money. it shall operate the charity within its means. now i can understand why everyone is trying to build more and bigger charities. if that is the case, all the hospitals shall be taken over by the charities and let the charities run all the medical services. they can even run all the public services...and ask the public to donate for it.

how to rob an organisation lawfully

just a couple of years back they appointed this guy to be the chairman of the new york stock exchange. america is a country that works under the rule of law. so we can expect everyone to work within the legal framework. but these people at the board have their own ideas. new york stock exchange is a public company, bo cheng hu. they are the main trustees and can do what they want with the money in the exchange. so how to dip into the coffer and share the loot? and to do it legally? they appointed a chairman and approved to pay him us$200 million a year or about s$360 million. simply put, s$30 million a month of s$1 million a day for 360 days a year. who in his right mind would think or accept such nonsense? probably the board and the ceo agreed to share $30 million each from the payout, at the expense of the sleeping shareholders. fortunately in america the rule of law is operated to the last word, and the us$200 million must be approved by an agm. and the shareholders voted against it and booted out the chairman before they pay him all the money the board wanted to pay him. and the board is working within the law, all legitimate. there is no corruption!