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KE firms cooking books as per an E&Y survey

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hisah		#11 Posted : Tuesday, May 28, 2013 5:45:50 PM
Rank: Chief Joined: 8/4/2010 Posts: 8,977		Creative accounting is bullish powder for the markets until the confessions begin... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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young		#12 Posted : Tuesday, May 28, 2013 5:54:11 PM
Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria		mwekez@ji wrote: #Noted >>> the "book cooking according to EY" happens everywhere and and many countries scored worse than kenya. To pick a few: >Nigeria - 68% >Spain - 61% >Russia - 61% >India - 54% >Kenya - 53% >Austria - 51% >Saudi Arabia - 48% >Greece - 46% Nigeria banking sector up to 2009 was 89% not 68% now it is 21%. Give it another 10 years it will get back to 90%. The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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mwekez@ji		#13 Posted : Tuesday, May 28, 2013 6:14:58 PM
Rank: Chief Joined: 5/31/2011 Posts: 5,121		young wrote: mwekez@ji wrote: #Noted >>> the "book cooking according to EY" happens everywhere and and many countries scored worse than kenya. To pick a few: >Nigeria - 68% >Spain - 61% >Russia - 61% >India - 54% >Kenya - 53% >Austria - 51% >Saudi Arabia - 48% >Greece - 46% Nigeria banking sector up to 2009 was 89% not 68% now it is 21%. Give it another 10 years it will get back to 90%. @young, am refering to Ernst & Young’s 2013 Europe, Middle East, India and Africa Fraud Survey, “Navigating Today’s Complex Business Risks”. In the report, 103 executives in Nigeria were asked whether Companies in the country often report their financial performance as better than it is ("cooked books") and 68% said it happens. You may see page 22, Table 2 on "cooking books" in the EY report. link >>> http://www.ey.com/Publication/v...mplex_business_risks.pdf ... Pls elaborate your point above. i havent understood it
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holycow		#14 Posted : Tuesday, June 09, 2015 11:12:17 AM
Rank: Veteran Joined: 11/11/2006 Posts: 972 Location: Home		2 years later, same story. http://www.businessdailyafrica....26/-/pxj91j/-/index.html Quote: IN SUMMARY 23 per cent of Kenyan managers believe irregular adjustment of financial statements is prevalent in their firms, according to a study by Ernst and Young (E&Y). Financial reports manipulation is mainly driven by pressure to meet ambitious targets in an increasingly competitive environment. 41 per cent of Kenyan managers believe that most companies report financial performances that are better than the actual figures.
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