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Uchumi CEO & CFO fired.......
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d>  unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya
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Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others .
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Rank: Elder Joined: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831
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enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . Ernst &Young Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. Life is short. Live passionately.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Poor Ciano, i wish he left after the turn around. Anyway he will survive, this is Kenya. I remember his many talks in good governance, leadership and management, compliance kumbe  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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sparkly wrote:enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. This is not interesting at all.... "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya
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murchr wrote:sparkly wrote:enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. This is not interesting at all.... These are the same big guys doing auditing for banks sio? So could be true that one of big banks is terribly cooking books and they don't want to burst them because of financial ripple effects such action can cause if they do. Who else can we trust if these auditors are crooks.As I say always SHAFTING CONTINUES ......
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Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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enyands wrote:murchr wrote:sparkly wrote:enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. This is not interesting at all.... These are the same big guys doing auditing for banks sio? So could be true that one of big banks is terribly cooking books and they don't want to burst them because of financial ripple effects such action can cause if they do. Who else can we trust if these auditors are crooks.As I say always SHAFTING CONTINUES ...... i believe there will come a time when you can't cook anymore since you cant pay taxes,dividends etc based on non existence figures "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 12/4/2009 Posts: 10,804 Location: NAIROBI
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The bank is one that has had a CEO who has overstayed his tenure at the institution. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: New-farer Joined: 10/19/2015 Posts: 21 Location: Everywhere
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We need to know what really happened. If its about the valuation gains then its not cooking books, but rather just a financial sleight of hand that any investor should be able to pick up.
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