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CMC MOTORS Boardroom Wars
Rank: Elder Joined: 7/23/2008 Posts: 3,017
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The implication of Deloitte looks to me to be more of an attempt to side step the major problems CMC is facing. They are referring to management accounts of march and December. External auditors take no part in preparation of these. The company year end is 30 September, I think business daily should really engage someone who understands business practises to write on their behalf. Copy pasting a report word for word is not reporting, let alone investigative journalism as the writer claims he is doing. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Obi 1 Kanobi wrote:The implication of Deloitte looks to me to be more of an attempt to side step the major problems CMC is facing.
Its either you work at Delloite or an auditor with similar behaviours to Delloite. How on earth can a sold car appear in the 'stock list' and in the 'sold list'. i.e. there was exaggeration here. From my Wanjiku's point of understanding, my wife paid for sukuma wiki ya 20/- from mama mboga kiosk, then i appear in the house with Matumbo, and order my wife not to cook Kales in my house. Then, during mama mboga's after sales audits, the ordered mboga is again counted as stock, yet 20/- has been credited by my wife! Mama Mboga's 'End of year results' are announced with my wife's sukuma wiki and 20/-. What will happen when my Pesa ya matumbo gets depleted. Where will mama mboga get 20/-, Right's Issue or go bankrupt! Disclaimer: The reader is advised to understand since the author is 'a wanjiku'! Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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dunkang wrote:Obi 1 Kanobi wrote:The implication of Deloitte looks to me to be more of an attempt to side step the major problems CMC is facing.
Its either you work at Delloite or an auditor with similar behaviours to Delloite. How on earth can a sold car appear in the 'stock list' and in the 'sold list'. i.e. there was exaggeration here. From my Wanjiku's point of understanding, my wife paid for sukuma wiki ya 20/- from mama mboga kiosk, then i appear in the house with Matumbo, and order my wife not to cook Kales in my house. Then, during mama mboga's after sales audits, the ordered mboga is again counted as stock, yet 20/- has been credited by my wife! Mama Mboga's 'End of year results' are announced with my wife's sukuma wiki and 20/-. What will happen when my Pesa ya matumbo gets depleted. Where will mama mboga get 20/-, Right's Issue or go bankrupt! Disclaimer: The reader is advised to understand since the author is 'a wanjiku'! You deliberately missed the second part where i wrote that common sense should prevail on the BD writer to differentiate between the half year unaudited results (30 March) which BD has been extensively dwelling on and the company year end of 30 September. The audit report is made as at a specific time. Au sio. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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dunkang wrote:Obi 1 Kanobi wrote:The implication of Deloitte looks to me to be more of an attempt to side step the major problems CMC is facing.
Its either you work at Delloite or an auditor with similar behaviours to Delloite. How on earth can a sold car appear in the 'stock list' and in the 'sold list'. i.e. there was exaggeration here. From my Wanjiku's point of understanding, my wife paid for sukuma wiki ya 20/- from mama mboga kiosk, then i appear in the house with Matumbo, and order my wife not to cook Kales in my house. Then, during mama mboga's after sales audits, the ordered mboga is again counted as stock, yet 20/- has been credited by my wife! Mama Mboga's 'End of year results' are announced with my wife's sukuma wiki and 20/-. What will happen when my Pesa ya matumbo gets depleted. Where will mama mboga get 20/-, Right's Issue or go bankrupt! Disclaimer: The reader is advised to understand since the author is 'a wanjiku'! What happens when your wife pays for the kales but does not collect them? Aren't they still part of mama mboga's stock?
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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Unaudited Results means they are, well, unaudited so the auditor has not audited them. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Investors must learn that the custodians of their investments are the directors they appoint and not auditors appointed by the directors. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Rank: Member Joined: 2/25/2010 Posts: 158
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Reminds me of a book i am currently reading; 'the smartest guys in the room' about the enron scandals. these guys would negotiate a sale of some of thier companies just to make their accounts look good for the year end. afew months down the line after they had announced 'palatable' results, they would go back to the persons to whom they had sold the subsidiary or such and buy it back at a higher price. one of the companies which was always buying thier subsidiaries under this scheme was owned by one of their directors and he used to milk enron dry in these deals. is it not time that we shareholders held the directors of the public companies accountable for these kind of deals, file cases in court for the damages done to your investments? just a suggestion from a wanjiku Keeping it all in the family
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Seeing CMC everyday on media (online papers) is now such a bore show. Can a producer just collect all the info and release a sequel... That should make a more an interesting show. The producer can also research & compare parallels with worldcom, enron, tyco, arthur andersen, lehman, GFC etc to spice things up. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 7/12/2010 Posts: 201
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CMC article & Muthoka Pix
The Standard used the wrong picture of Muthoka in their 'explosive; feature of CMC.
Thats not the Muthoka involved in the scandals.
Wataona
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Rank: Elder Joined: 11/15/2011 Posts: 4,518
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Quote:The Standard used the wrong picture of Muthoka in their 'explosive; feature of CMC.
Thats not the Muthoka involved in the scandals.
Wataona link? "The true measure of a man is how he treats someone who can do him absolutely no good.
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Rank: Member Joined: 7/7/2008 Posts: 34
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chiaroscuro wrote:dunkang wrote:Obi 1 Kanobi wrote:The implication of Deloitte looks to me to be more of an attempt to side step the major problems CMC is facing.
Its either you work at Delloite or an auditor with similar behaviours to Delloite. How on earth can a sold car appear in the 'stock list' and in the 'sold list'. i.e. there was exaggeration here. From my Wanjiku's point of understanding, my wife paid for sukuma wiki ya 20/- from mama mboga kiosk, then i appear in the house with Matumbo, and order my wife not to cook Kales in my house. Then, during mama mboga's after sales audits, the ordered mboga is again counted as stock, yet 20/- has been credited by my wife! Mama Mboga's 'End of year results' are announced with my wife's sukuma wiki and 20/-. What will happen when my Pesa ya matumbo gets depleted. Where will mama mboga get 20/-, Right's Issue or go bankrupt! Disclaimer: The reader is advised to understand since the author is 'a wanjiku'! What happens when your wife pays for the kales but does not collect them? Aren't they still part of mama mboga's stock? @chiaroscuro Stock held on behalf of third parties is separately identified and accounted for this should be credited and removed from the company's stock in this case mama Mboga is a third party.
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Rank: Member Joined: 7/7/2008 Posts: 34
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synergia wrote:chiaroscuro wrote:dunkang wrote:Obi 1 Kanobi wrote:The implication of Deloitte looks to me to be more of an attempt to side step the major problems CMC is facing.
Its either you work at Delloite or an auditor with similar behaviours to Delloite. How on earth can a sold car appear in the 'stock list' and in the 'sold list'. i.e. there was exaggeration here. From my Wanjiku's point of understanding, my wife paid for sukuma wiki ya 20/- from mama mboga kiosk, then i appear in the house with Matumbo, and order my wife not to cook Kales in my house. Then, during mama mboga's after sales audits, the ordered mboga is again counted as stock, yet 20/- has been credited by my wife! Mama Mboga's 'End of year results' are announced with my wife's sukuma wiki and 20/-. What will happen when my Pesa ya matumbo gets depleted. Where will mama mboga get 20/-, Right's Issue or go bankrupt! Disclaimer: The reader is advised to understand since the author is 'a wanjiku'! What happens when your wife pays for the kales but does not collect them? Aren't they still part of mama mboga's stock? @chiaroscuro Stock held on behalf of third parties is separately identified and accounted for this should be credited and removed from the company's stock in this case the wife (sorry about that)is a third party.
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Rank: Member Joined: 4/30/2010 Posts: 241
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dunkang wrote:
Should this audit be extended to paka and express?
Hapa ndio kuna time bomb!! ukiona choo kwa ndoto usiingie, ni mtego!
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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synergia wrote:chiaroscuro wrote:dunkang wrote:Obi 1 Kanobi wrote:The implication of Deloitte looks to me to be more of an attempt to side step the major problems CMC is facing.
Its either you work at Delloite or an auditor with similar behaviours to Delloite. How on earth can a sold car appear in the 'stock list' and in the 'sold list'. i.e. there was exaggeration here. From my Wanjiku's point of understanding, my wife paid for sukuma wiki ya 20/- from mama mboga kiosk, then i appear in the house with Matumbo, and order my wife not to cook Kales in my house. Then, during mama mboga's after sales audits, the ordered mboga is again counted as stock, yet 20/- has been credited by my wife! Mama Mboga's 'End of year results' are announced with my wife's sukuma wiki and 20/-. What will happen when my Pesa ya matumbo gets depleted. Where will mama mboga get 20/-, Right's Issue or go bankrupt! Disclaimer: The reader is advised to understand since the author is 'a wanjiku'! What happens when your wife pays for the kales but does not collect them? Aren't they still part of mama mboga's stock? @chiaroscuro Stock held on behalf of third parties is separately identified and accounted for this should be credited and removed from the company's stock in this case mama Mboga is a third party. LIABILITIES: Advance payments for uncollected goods?
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Now CMC ex-directorsuing PwC, what next. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Hahahahahaha..what a joke..A CROOK (RINGERA) has been appointed as a head to hear submissions on CMC deals. http://www.businessdaily...86/-/21j9b5/-/index.html
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Rank: Elder Joined: 11/15/2011 Posts: 4,518
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closure x3 "The true measure of a man is how he treats someone who can do him absolutely no good.
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Its time you avoid CMC products COMPLETELY! This is just a SHAM! Forster named as top beneficiary of jersey accounts http://www.businessdaily...4/-/16y717z/-/index.html Receive with simplicity everything that happens to you.” ― Rashi
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