Quotable quotes 2 - Mysterious bank accounts

“The 2 accounts disclosed to ROS are project account and administrative account. These must not be confused with bank accounts. Under project account we can have as many bank accounts as we want. There is nothing mysterious about it.” (John SF Ho)

Would you believe that the above is written by a qualified accountant?

Of course one may have many bank accounts under a project account but each one of the bank accounts should be accounted for. 

All bank accounts balances should be in the financial statements filed with ROS.

They must all be audited.

What is mysterious is that the few Past Presidents had hidden it from the Board of Directors and members of the club for more than 10 years.

What is mysterious is that none of the past presidents who knew about the bank accounts answered my email to all members asking if there was any bank account other than the two extended to the BOD at the monthly meetings.