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CHC TrialChurch & Missions

CHC Trial: Audit Manager For CHC & Xtron Takes The Stand

By The City News Team February 5, 2014March 7, 2014
By The City News Team February 5, 2014March 7, 2014

Baker Tilly audit manager confirms that a risk committee meeting was held to discuss issues pertaining to CHC and Xtron’s audits.

CHC_Trial_Foong_Ai_Fang

CN PHOTO: Michael Chan.

Were the concerns about the use of CHC’s building fund, and other matters pertaining to the building fund, given due attention by Baker Tilly auditors?

When former Baker Tilly managing partner Foong Daw Ching took the stand during the second tranche of the trial, he testified that the concerns were such that a risk committee meeting had been convened.

However, when engagement partner Tiang Yii gave evidence last month, she told the court that it was merely an “informal meeting” as the audit field work had not yet started.

Today in court, Baker Tilly audit manager Foong Ai Fang, confirmed that a risk committee meeting had indeed been held, in order that the risk factors could be properly assessed. Foong, who has just recovered from a bout of dengue, took the stand this morning as the prosecution’s 14th and final witness of fact.

As the audit manager for CHC and Xtron’s audits, reporting to three different engagement partners including Tiang and Sim, Foong’s testimony today revealed how Baker Tilly conducted its audit processes for these two clients.

Asked how she would update each new engagement partner on audit issues that needed to be highlighted, Foong told the court that it would either be done verbally or through documentation in audit working papers.

More than once, deputy public prosecutor Tan Kiat Pheng asked why the audit papers for Xtron’s financial year 2007 were only signed off in June 2009 when the field work had been completed in March 2008. Foong explained that this was due to the amended bond subscription agreement which added a convertible feature to the Xtron bonds, and these bonds had to undergo valuation.

Tan also asked why the then-managing partner Foong Daw Ching was copied on certain emails although he was not the engagement partner for either CHC or Xtron. Foong replied that it was because he had received the bond subscription agreements and she had wanted to keep him in the loop on any corresponding discussions.

However, she confirmed that at the end of the day, it was Tiang Yii who made the decisions on critical issues such as leaving out the disclosure about the usage of CHC’s building fund for rental purposes in the final audit papers.

Defense will commence cross-examination tomorrow at 9.30am.

中文报道 – CHC审讯:CHC与思创审计经理出庭作证

AMACBaker TillyCADCHCChew Eng HanCity Harvest ChurchEdwin TongFoong Ai FangFoong Daw ChingInvestigation OfficerJohn LamKevin HanMarvis ChionhSerina WeeSim Guan SengTan Ye PengTiang YiiTrialXtron
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