Originally posted by PSV58
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Curious as to what you think they should have found or is this more of an 'everything goes to shit so blame the auditors' sort of thing? I work for an audit firm but not KPMG. Genuine question btw. -
Feck all to do with FIFA.Originally posted by Fuzzy Logic View Post
In general, say several key figures in a company had unvouched expenses of several million a year, would a tax auditor want to know where this cash was going in case revenue ask the same ? or is there a cutoff ?
edit: there was a very good AMA over on boards last week, a merchant navy officer, he was explaining how the captain had several hundred dollars for every port, to ease the load and onload etc. Stuff like that.Last edited by oleras; 28-05-15, 22:15.This too shall pass.Comment
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An audit works on a materiality level where the level is calculated based on the nature of a company e.g. profit driven or balance sheet driven. So in the case of FIFA it would be either revenue (likely given it is meant to be a non-profit company) or profit. The % of revenue can vary depending on some factors such as risk but say 5%. This means that any individual line item below 5% of revenue does not require the auditors to look at. So amounts may not have been sufficiently large enough to trigger some detailed testing, or the amounts were paid in a fashion which appeared in line with the normal course of business e.g. a soccer school for underprivileged kids in Honduras getting funding which then pays another company for services provided which in turn pays 'consultants' to run the school etc etc. As the auditors can prove the existence of the school and would expect FIFA to pay expenses such as these, it appears above board and the expenses are siphoned off downstream where KPMG has no visibility.Originally posted by oleras View Post
And as for a 'tax audit', only the revenue commissioners or their equivalent in other countries like the HMRC perform actual tax and revenue audits. These are forensic accounting in nature and far more detailed than any normal audit is.
Auditors such as KPMG would prepare the tax calculation based on the information they have and not much else. Again, if there is no evidence to uncover anything untowards then this will not highlight any fraud. Auditors generally find fraud where amounts are being directly siphoned off or fictitious expenses are being created outside the normal course of business. I would think FIFA were paying 'genuine' expenses to what appeared to reasonable recipients.
And to finish off, unvouched expenses would be one of the key areas to test for fraud as it is the most likely place for fraud to occur so I would be amazed if KPMG had not trawled through anything like that.Last edited by Fuzzy Logic; 28-05-15, 23:21.Comment
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..."We're not f*cking Burundi" - Big PhilComment
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..."We're not f*cking Burundi" - Big PhilComment
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Don't companies choose their own auditors?X can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $Comment
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Game of sheep would be fun. Especially the answers bit.Comment
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Yup. But for companies the size of FIFA, there are only 4 real choices.Originally posted by Lord Sir Business View PostComment
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I think so, isnt that why there is a debacle/mass board resignation with an irish ambulance charity at the minute.Originally posted by Lord Sir Business View PostThis too shall pass.Comment
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I forgot to add that of course you are a founding member and key supporter of the Eurovision sweep.Originally posted by Hitchhiker's Guide To... View PostX can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $Comment
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Or pass the time with this...show your workOriginally posted by CHD View Post
A warden oversees an empty prison with 100 cells, all closed. Bored one day, he walks through the prison and opens every cell. Then he walks through it again and closes the even-numbered cells. On the third trip he stops at every third cell and closes the door if it’s open or opens it if it’s closed. And so on: On the nth trip he stops at every nth cell, closing an open door or opening a closed one. At the end of the 100th trip, which doors are open?airport, lolComment
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Originally posted by eamonhonda View PostSPOILERNo beast so fierce but knows some touch of pity, but I know none, therefore am no beast.Comment
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Public sector for yaX can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $Comment
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Kilcoole I believe. All sound cunts nobody locked upOriginally posted by CHD View Postairport, lolComment
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Plenty of muppets in Kilcoole m8. All them foreigners from Dublin taking our land.Originally posted by eamonhonda View PostComment
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There's a fella across from me wearing a romones t-shirt accept it says "Bromones". Where do ye reckon he rates on the banterometer?airport, lolComment
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Hmm, On the IPB Bantz scale it's probably somewhere between yourself and Dobby m8.
#BantzComment
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"hey ho let's Bro" on the back. Promoted imo.Originally posted by CHD View Postairport, lolComment
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I'd cringe reading that. Airport peoples? Travelling? Yank?Originally posted by eamonhonda View PostComment
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Airport travelling cunt aye. Possible yank couldn't be sureOriginally posted by CHD View Postairport, lolComment
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Find a yank and thank them for something USA did for bantz.Originally posted by eamonhonda View PostComment
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Do you reckon we have made enough posts to keep 5star happy?Comment
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Cell #1 is open anyway. There must be a pattern, will be done in 10. (y)Originally posted by eamonhonda View PostGo big or go homeless.Comment
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I some quiz questions I failed miserably at.
What sport using a ball has the largest playing field? - golf is a course and not a field
Name 3 of the 5 players Maradona rounded for that goal.
Rugby Union, what word follows Warrington to complete their name
Can't remember the rest but I did shite, got 1 of the 5 players though.Go big or go homeless.Comment
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Have passed Ballynahinch Castle a few times now and keep meaning to stop in but haven't got round to it yet.Originally posted by thechamp87 View Post
GF's Dad owns a place out at Ervallagh Harbour. The view from the patio/sitting room is off the chart. It's a majestic place and fast becoming my 'happy place'
Presume you've done the whole Roundstone/Gurteen Bay/Dogs Bay walks? It's pure bliss out there even if it's blustery.
Last July, we were there for a few days and headed out to the islands. Below is the sands on the beach, sure ya could be in Thailand!
There really is something about the west of Ireland. I mean, I'm a city boy through and through but without wanting to sound like a Hotspuresque new age Buddhist veggie, there really is something special, almost spiritual about the west of Ireland
SPOILERComment
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Pretty sure I had it years ago too but completely forgot, felt like a fool not knowing and we went throughOriginally posted by eamonhonda View PostSPOILER
We lost by 1 question though, I'm gonna blame you for not coming now m8. Twas a good quizGo big or go homeless.Comment
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Quizzes are good craic. I'll accept responsibility for failingOriginally posted by mdoug View Postairport, lolComment
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Re your pics.Originally posted by CHD View Post
By Dave, I assume you meant black dave. That was tough as I had never met the man and has no idea what he looked like. I got thinking, and wondered if his name was meant in an ironic sense and that he was not black
. So maybe his real name was not Dave also *mindblown*. So did I know any white men that were called Dave who weren't Dave, and immediately thought of Rodney from OFAH... So low and behold I give you
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For the second one, this was the easiest. For this I was on a 1/2 say trip to a rainforest preservation park and came a cross this little chap. Rainforest was cool and we'll worth a visit.
SPOILER
For the last one. The poutine and coke. I looked at the menu when in Vancouver and saw pics of poutine and thought it looked fuckin disgusting and so refused to order it to eat. Anyhow after a few magical fanastic days in Vancouver, place is brilliant and I fell in love with it.
We did take one day trip to Victoria island as gf was desperate to go. bad mistake, victoria is a cancerous boil on the rectum of a parasite that feed on the dungbeetle that feed on elephant dung. Place is horrible and I couldn't get out fast enough. I will speak no more of it and strongly advise people to avoid it like the plague.
On the last day while at the airport the gf vanished and came back with this by pure random chance...
SPOILER
All in all Vancouver is a brilliant way to spend a long weekend and highly recommend... Just don't go to Victoria.
P.S.. DP, fully agree with your list, we did most of them and was all good. I swapped Capello for Gouse mountain as it looked great and wasnt disappointed.Last edited by pokerhand; 29-05-15, 02:24.No beast so fierce but knows some touch of pity, but I know none, therefore am no beast.Comment
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X can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $Comment
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Class Pokerhand m8
DC is daycrew lottie m8 ykyComment
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I arrived late to the round and thought you just had to name one and got the first on the list and was delighted saying I got it right.Originally posted by wicklowp View Post
As for the answer
SPOILERGo big or go homeless.Comment
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X can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $Comment
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2nd guess. You know yourself?airport, lolComment
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Genuine answer, I just have an impression of the like of KPMG and Ernst and young as rubbetstamping operations for financial companies, they just seem to pop up a lot where dodgy stuff was going on eg Anglo and irish nationwide. They seem to just be there to sign off and lend a veneer of credibility to whoever is paying them. Sort of like most bodies who give out awards to Irish resterauntsOriginally posted by Fuzzy Logic View PostComment
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They pop up a lot because they are the biggest ShirleyOriginally posted by PSV58 View Postairport, lolComment
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Originally posted by Fuzzy LogicI think the thing is the way audit firms work has changed over the years. It used to be the case that audit firms came to their work with some sense of creating value for the client and performing useful exercises such as testing the underlying quality of the data upon which the accounts were based and the like.Originally posted by PSV58 View Post
However in recent years its seems to me that focus of the big 4 has changed. There no longer appears to be a goal of creating value for the client or indeed the investors who to greater or lesser degrees rely on the quality of the audit. The focus now for my money is on (a) protecting the partners from any liability and (b)Generating billable hours as economically as possible without impinging on (a).
The consequences of this seem to be
1. The majority of base audit work being performed by audit juniors who have almost no understanding of how large financial concerns actually work - as opposed to the theoretical stuff they were still learning in college a month ago.
2. Partners and audit directors focusing the work performed in (1) on validating the arithmetic performed by the client as opposed to substantiating it.
3 Risk based audits as opposed to data audits - this is a sensible idea except that the majority of the work is still done by the wet behind the ears crew from (1) so they aren't in a position to find anything which might be a moderately concealed / not completely obvious wrong item.
4 The apparent interpretation of risk based audit as referring to the risk of damage to the asset base of the accounting firm partners as opposed to that of the clients shareholders.
For my money the big audit firms have ceased to create value for shareholders or indeed the public at large. Consider for example when is the last time you heard of a large public concern getting a qualified audit or indeed having the auditors refuse to sign the accounts? If this isn't something that ever happens then from an investors point of view what is the point in paying for the audit service?Last edited by Western_Sean; 29-05-15, 07:15.Comment
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I have it on good authority that a monkey in cash to a certain reviewer guarantees favourable comment.Originally posted by PSV58 View Post"We are not Europeans. Those people on the continent are freaks."Comment
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Having being audited many times, this is 100% true. You can always use the threat of moving audit firm to get dodgy shit (we had some interesting proprietorial 'mark to model' stuff back in the day that essentially said whatever the modeller felt like) through the audit if you really need to but generally the junior staff don't understand and the seniors don't want to know.Originally posted by Western_Sean View Post
Everyone's a winner baby!"We are not Europeans. Those people on the continent are freaks."Comment
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Seems I've no Banty pants lolzzzzzzzzz
This clip is highly amusing imo. love the line about the Swiss
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Props to Broadsheet.ie for the big heart
Mr 1.25%
And KPMG stuck in the middle of itLast edited by Guest; 29-05-15, 08:34.Comment
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Why is/was IBRC still offering/extending loans?
Could/should it not be aiming to wind itself up asap? And so DOB should have been forced to raise the amount through a loan from another company to repay IBRC instead of extending it?
Or have I completely misunderstood what's going on at IBRC?Comment
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It feels pretty damn cool to come in to work and see emails thanking us for a great product from the Chairman of the Joint Chiefs, Commandant of the Marine Corps, the white house, SOUTHCOM etc along with how many more they want to order, that it is now standardised equipment among senior generals. Meanwhile the Irish government have bought one thing off us after decades of operation, that's more of a win
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In general you'd have to say fair dues to Catherine Murphy but I didn't quite follow this bit...
Would 7.5% be a normal business interest rate, or was she just gilding the lily a wee bit?I understand that Mr O’Brien was enjoying a rate of approximately 1.25% when IBRC could, and arguably should, have been charging 7.5%.Comment
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Depends on whether the loan was secured or not, 7.5% would be cheap for unsecured moneyOriginally posted by ArmaniJeans View PostComment
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