Wazua
»
Investor
»
Stocks
»
KE firms cooking books as per an E&Y survey
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  $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
|
|
|
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!
|
|
|
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
|
|
|
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
|
|
|
Rank: Elder Joined: 6/2/2011 Posts: 4,818 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
|
|
|
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.comWould want to see the details the report and what is said of the other regions
|
|
|
Rank: Chief 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!!! 
|
|
|
Rank: Member Joined: 8/16/2012 Posts: 660
|
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.comWould 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 risksLive and learn; and don’t forget, nothing ventured, nothing gained.
|
|
|
Rank: Chief Joined: 5/31/2011 Posts: 5,121
|
Asante @Museveni. Lemmi dig the details in this 25 page report
|
|
|
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%
|
|
|
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!
|
|
|
Rank: Elder Joined: 6/20/2007 Posts: 2,037 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. .
|
|
|
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
|
|
|
Rank: Veteran Joined: 11/11/2006 Posts: 972 Location: Home
|
2 years later, same story. http://www.businessdailyafrica....26/-/pxj91j/-/index.htmlQuote: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.
|
|
|
Wazua
»
Investor
»
Stocks
»
KE firms cooking books as per an E&Y survey
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|