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CMC MOTORS Boardroom Wars
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Obi 1 Kanobi
#241 Posted : Friday, March 16, 2012 4:07:35 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
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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dunkang
#242 Posted : Friday, March 16, 2012 4:25:19 PM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
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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Obi 1 Kanobi
#243 Posted : Friday, March 16, 2012 5:29:01 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
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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chiaroscuro
#244 Posted : Saturday, March 17, 2012 10:34:34 PM
Rank: Veteran

Joined: 2/2/2012
Posts: 1,134
Location: Nairobi
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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FUNKY
#245 Posted : Monday, March 19, 2012 8:56:17 AM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
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VituVingiSana
#246 Posted : Monday, March 19, 2012 9:37:41 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
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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Obi 1 Kanobi
#247 Posted : Monday, March 19, 2012 4:54:21 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
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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FUNKY
#248 Posted : Monday, March 19, 2012 5:13:43 PM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
Deloitte blames CMC BOSSES for Audit woes

http://www.businessdaily...56/-/up8skq/-/index.html
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anika66
#249 Posted : Monday, March 19, 2012 10:43:54 PM
Rank: Member

Joined: 2/25/2010
Posts: 158
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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hisah
#250 Posted : Tuesday, March 20, 2012 8:23:01 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
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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  | | Edit by user: Tuesday, March 20, 2012 8:26 AM | Reason: Not specified
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