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KE firms cooking books as per an E&Y survey
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hisah
#1 Posted : Monday, May 27, 2013 6:20:58 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
http://www.theeastafrica...40/-/ji0al/-/index.html

Quote:


The company accounts you rely on to make
investment decisions about Kenyan firms
could be false, an Ernst & Young survey says.

The Ernst and Young findings, governance experts
said, are raising questions over the ability of local
boards, regulators and auditors to police
management and pick up “cooked” financial
figures.



Citigroup's KE banks report last year raised a storm.

Let the stone throwing debate begin smile
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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hisah
#2 Posted : Monday, May 27, 2013 6:28:32 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Serious enterprise corruption or fraud takes out both the fraudulent firm as well as the audit firm.

Enron and Worldcom case studies are very interesting if one is keen on rewriting history disregarding the mainstream media reporting.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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MoneyMonger
#3 Posted : Monday, May 27, 2013 8:27:00 AM
Rank: Member

Joined: 4/25/2012
Posts: 110
hisah wrote:
Serious enterprise corruption or fraud takes out both the fraudulent firm as well as the audit firm.

Enron and Worldcom case studies are very interesting if one is keen on rewriting history disregarding the mainstream media reporting.


Very sad, I did no take the CITI group report too seriously since there was some tinge of conflict of interest. 53 managers in the 100 firms surveyed believed their firms overstated their performance... that rate is high. I would fry the audit firms on this, too.
There is nothing as dangerous as an Idea, when there is only one Idea
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maka
#4 Posted : Monday, May 27, 2013 8:48:17 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
MoneyMonger wrote:
hisah wrote:
Serious enterprise corruption or fraud takes out both the fraudulent firm as well as the audit firm.

Enron and Worldcom case studies are very interesting if one is keen on rewriting history disregarding the mainstream media reporting.


Very sad, I did no take the CITI group report too seriously since there was some tinge of conflict of interest. 53 managers in the 100 firms surveyed believed their firms overstated their performance... that rate is high. I would fry the audit firms on this, too.

Its very obvious...av ever brought it up before and I was told I don't know what am saying...
possunt quia posse videntur
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dunkang
#5 Posted : Monday, May 27, 2013 9:04:24 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
MoneyMonger wrote:
hisah wrote:
Serious enterprise corruption or fraud takes out both the fraudulent firm as well as the audit firm.

Enron and Worldcom case studies are very interesting if one is keen on rewriting history disregarding the mainstream media reporting.


Very sad, I did no take the CITI group report too seriously since there was some tinge of conflict of interest. 53 managers in the 100 firms surveyed believed their firms overstated their performance... that rate is high. I would fry the audit firms on this, too.

Now this is a HOGWASH survey.

I too have been suspecting this but NEVER had evidence. This survey is about how some CEOs feel/believe, but not actual/factual figures. Am not swallowing this bait until they show me firm abc ltd and xyz bank lied in Q1,2,3,4 etc.

BUY FEAR. SELL NEWS.
Receive with simplicity everything that happens to you.” ― Rashi

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mwekez@ji
#6 Posted : Monday, May 27, 2013 9:48:19 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Anybody with a copy of the said Ernst & Young’s 2013 Europe, Middle East, India and Africa Fraud Survey, “Navigating Today’s Complex Business Risks”, please share on wazua@googlegroups.com cc 2mwekezaji@gmail.com

Would want to see the details the report and what is said of the other regions
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mwekez@ji
#7 Posted : Monday, May 27, 2013 10:03:50 AM
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Joined: 5/31/2011
Posts: 5,121
... i find the picture picked by the media house to be absurd. we know excellent results do not necessarily have to be cooked!!!

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Museveni
#8 Posted : Monday, May 27, 2013 10:03:58 AM
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Joined: 8/16/2012
Posts: 661
mwekez@ji wrote:
Anybody with a copy of the said Ernst & Young’s 2013 Europe, Middle East, India and Africa Fraud Survey, “Navigating Today’s Complex Business Risks”, please share on wazua@googlegroups.com cc 2mwekezaji@gmail.com

Would want to see the details the report and what is said of the other regions


Here is the PDF:

2013 EMEIA Fraud Survey: Navigating today’s complex business risks
Live and learn; and don’t forget, nothing ventured, nothing gained.
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mwekez@ji
#9 Posted : Monday, May 27, 2013 10:09:29 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Museveni wrote:
mwekez@ji wrote:
Anybody with a copy of the said Ernst & Young’s 2013 Europe, Middle East, India and Africa Fraud Survey, “Navigating Today’s Complex Business Risks”, please share on wazua@googlegroups.com cc 2mwekezaji@gmail.com

Would want to see the details the report and what is said of the other regions


Here is the PDF:

2013 EMEIA Fraud Survey: Navigating today’s complex business risks


Asante @Museveni. Lemmi dig the details in this 25 page report
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mwekez@ji
#10 Posted : Tuesday, May 28, 2013 5:39:54 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
#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%
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