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Originally posted by Fuzzy Logic View PostCurious 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.
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.
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Originally posted by oleras View PostFeck all to do with FIFA.
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.
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.
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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 $
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Originally posted by Hitchhiker's Guide To... View PostHaven't shipped anyone anything for Eurovision yet, but haven't been on.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 $
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Originally posted by CHD View PostGame of sheep would be fun. Especially the answers bit.
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, lol
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Originally posted by eamonhonda View PostOr pass the time with this...show your work
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?SPOILERnone, they are all closed?No beast so fierce but knows some touch of pity, but I know none, therefore am no beast.
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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 $
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Originally posted by eamonhonda View PostOr pass the time with this...show your work
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?Go big or go homeless.
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Originally posted by eamonhonda View PostOr pass the time with this...show your work
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?
SPOILERAlright so when you get to #2 and #3 you will be closing it but when you get to 4 you will be opening it because you closed it when you did all the even numbers. #6 you will be closing because you visited it at the start and then again when you did the #2's and the #3's ones. I went as far as 10 and got 1-4-9 as open cells so I'm just gonna presume tis squares so 1-4-9-16-25-36-49-64-81-100-121-144-169-etc up to 1000Go big or go homeless.
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Originally posted by mdoug View PostThink it's done
SPOILERAlright so when you get to #2 and #3 you will be closing it but when you get to 4 you will be opening it because you closed it when you did all the even numbers. #6 you will be closing because you visited it at the start and then again when you did the #2's and the #3's ones. I went as far as 10 and got 1-4-9 as open cells so I'm just gonna presume tis squares so 1-4-9-16-25-36-49-64-81-100-121-144-169-etc up to 1000SPOILERThere's only 100 cells dougy but yeah all the squaresairport, lol
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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.
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Originally posted by thechamp87 View PostYeah used to spend a lot of time there in the summers when I was younger in Ballyconneely so a few of us have rented a place on Airbnb in Roundstone for the weekend. Weatherwise hopefully get out for a couple of swims and hike a couple of the pins at some stage and we're playing golf on Saturday afternoon so a decent weekend ahead. And sure if it's raining I'm sure we'll fill the days somehow between O'Dowd's/Vaughsn's/King's/Ryan's/whatever is still there.
I think we'll pull into Ballynahinch Castle for a bite in the bar tomorrow on the way. Beautiful spot too.
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
SPOILER
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Originally posted by mdoug View PostI 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.SPOILERpolo for first one, technically I'm cheating as I had it in a quiz before. Fuck knows the other twoairport, lol
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Originally posted by eamonhonda View PostSPOILERpolo for first one, technically I'm cheating as I had it in a quiz before. Fuck knows the other twoSPOILERbaseball, american footie(my pick of the 3) and gaa pitch. I need to look up which wins.
We lost by 1 question though, I'm gonna blame you for not coming now m8. Twas a good quizGo big or go homeless.
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Originally posted by mdoug View PostPretty sure I had it years ago too but completely forgot, felt like a fool not knowing and we went throughSPOILERbaseball, american footie(my pick of the 3) and gaa pitch. I need to look up which wins.
We lost by 1 question though, I'm gonna blame you for not coming now m8. Twas a good quizairport, lol
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Originally posted by mdoug View PostI 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.SPOILERReid, Fenwick, Butcher and Shilton? can't think of a fifthEven a stopped clock is right twice a day.
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Originally posted by CHD View PostThese better be my pics I asked for.
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
SPOILER
Now I realise he look nothing like Rodney, but Canada can do strange things to a man and make them appear more rugged looking.
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...
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This was totally unexpected as had no idea she was getting this. We shared this between us and it was actually fabulous, went down easy and was tasty. The coke perfectly complimented it and I give the meal a 4.5 out of 5.
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.
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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 $
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Originally posted by wicklowp View PostSPOILERReid, Fenwick, Butcher and Shilton? can't think of a fifth
As for the answer
SPOILERShilton didn't count as they must have phrased it defenders/outfield players, mb. The 2 remaining are below whenever you give up
SPOILERPeter Beardsley and Steve HodgeGo big or go homeless.
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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 $
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Guest
Originally posted by Fuzzy Logic View PostCurious 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.
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Originally posted by PSV58 View PostGenuine 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 resterauntsairport, lol
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Originally posted by Fuzzy LogicCurious 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.Originally posted by PSV58 View PostGenuine 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 resteraunts
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.
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Guest
Originally posted by Western_Sean View PostI 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.
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 Guest; 29-05-15, 07:39.
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Originally posted by PSV58 View PostGenuine 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 resteraunts"We are not Europeans. Those people on the continent are freaks."
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Originally posted by Western_Sean View PostThe 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.
Everyone's a winner baby!"We are not Europeans. Those people on the continent are freaks."
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Guest
Last edited by Guest; 29-05-15, 08:34.
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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...
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%.
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Originally posted by ArmaniJeans View PostIn general you'd have to say fair dues to Catherine Murphy but I didn't quite follow this 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%.
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