Its all in the numbers 10 June 09

Its all in the numbers 10 June 09 - FRIDAY | BUSINESS DAILY...

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FRIDAY,JULY 10, 2009 | BUSINESS DAILY I the edge: It’s all in the numbers YOUR FREE COPY Friday, 10th July, 2009
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II BUSINESS DAILY | FRIDAY, JULY 10, 2009 the edge: It’s all in the numbers The majority of audits, especially those done in Kenya, are just not up to international standards. − Jim McFie, Strathmore, PageIV Let us begin by approximating an audit to a very intimate medical examination being carried out by a lab assistant. − Joe Gichuki, PKF, PageVIII In a downturn, ine�ciencies become unmasked. Or, as Warren Bu�ett likes to say, ‘When the tide rolls out, you can see who’s been swimming naked.’ − John Kiarie & Nikhil Hira, Deloitte EA, PageIX The ability to exercise judgement based on ethics will be the one constant that will ensure finance professionals maintain that integrity and successfully navigate complexity and ethical dilemmas . John Nyakahuma, ACCA, PageXIII Although strategy precedes funds, the latter is key as it greatly determines whether the plan will work out or not Caesar Mwangi, Sasini, PageXV South Africa probes largest corporate fraud case in its history South Africa financial and law enforcement agencies are investigating a suspected corporate fraud case, worth up to $1.2 billion. What could be South Africa’s biggest corporate fraud was allegedly masterminded by South African businessman Barry Tennenbaum, one of the founders of pharmaceuticals firm Adcock Ingram. The Investigator Specialized Services Group said Tennenbaum persuaded investors to plough money into a pharmaceutical ingredient import business and faked purchase orders from firms including Africa’s biggest generic drug maker, Aspen. 150 years for architect of Wall Street’s ‘most brazen investment fraud’ Bernard L. Madoff, a force in Wall Street trading for nearly 50 years, was sentenced to 150 years in prison − the maximum penalty the judge could give him for “extraordinarily evil” crimes in Wall Street’s biggest and most brazen investment fraud. Fleeced investors in the courtroom cheered and applauded as the judge handed down the penalty. The former non-executive chairman of the Nasdaq stock market pleaded guilty to 11 charges including securities fraud, money laundering and perjury, which cost investors more than $50 billion. Asia Media CEO resigns over fraud claims Cui Jianping, founder and CEO of Asia Media Company Limited, the first Chinese company listed on the Tokyo Stock Exchange, has resigned after taking the blame for embezzling company funds. AMCL announced on its Japanese- language website that Jiang had used a deposit of Beijing Kuanshi Network Technology Company, a subsidiary of AMCL, to sponsor a bank loan for Beijing Haitun Technology Company which he previously managed. In addition, he used part of the funds to pay off his personal debt.
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