AGO gives clean opinion on FY2024/25 accounts

Audit checks surfaced 132 observations, of which 25 were considered significant lapses.

The Auditor-General’s Office (AGO) has given an unmodified audit opinion on the Government’s financial statements for FY2024/25, as well as those of several statutory boards, government-owned companies and other accounts.

In its latest annual report released on Tuesday, the AGO said that whilst the financial statements were reliable, audit checks surfaced 132 observations, of which 25 were considered significant lapses. These issues spanned procurement, revenue management, operations, grants administration, and IT controls.

Amongst the findings, the report highlighted procurement weaknesses at agencies such as the Maritime and Port Authority of Singapore (MPA), National Environment Agency (NEA), and the Singapore Economic Development Board (EDB).

In some cases, errors in tender evaluation could have altered contract awards worth millions of dollars.

Revenue lapses were also flagged. The Ministry of Foreign Affairs (MFA) failed to account for $1.02m in visa fees collected by Honorary Consuls, whilst MPA collected over $115m in fees and concessions that were not prescribed in law.

Operational lapses included the Ministry of Education’s (MOE) weak oversight of withdrawals from Post-Secondary Education Accounts, and the Insolvency and Public Trustee’s Office (IPTO) investing $14.25m in liquidation funds without consent.

The AGO also raised concerns over IT system controls, noting that the Ministry of Manpower (MOM) had inadequate oversight of privileged accounts in its Work Pass system.

In a thematic audit of research and development grants managed by A*STAR and the National Research Foundation, the AGO said governance processes were generally sound but pointed to gaps in approving deviations, monitoring progress, and managing conflicts of interest.

Whilst the AGO acknowledged good practices such as independent grant management units and dashboard tracking, it emphasised that public agencies must tighten procurement oversight, ensure all revenue is properly accounted for under law, and uphold the integrity of records.

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