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+--- Thread: Here comes KPMG..!!! (Hey You Too????) (/showthread.php?tid=110)
Here comes KPMG..!!! (Hey You Too????) - TheOne - 06-05-2003
Hi Fellows, read the following news and enjoy the 3rd Act of play written by "Big Five". I must say KPMG masters are quite cleverer than others.
"June 04, 2003 - U.S. District Judge Stewart Dalzell has approved a $125 million settlement by KPMG to settle allegations that the Big Four firm's audits of the Rite Aid corporation misled investors.
The settlement was agreed to in March 2003, but was delayed because a shareholder in the suit argued that legal fees were too high - as much as $2,500 per hour. The law firms that filed the class action case will receive over $31 million for their work on the case."
(I can't understand why people agree to pay penalties if they havn't don anything fishy or wrong??)
With every day passing, it's becoming more and more clear that we need a "New Professional & Governance Order" for economic and financial sector if we wish to LIVE....
Read... what KPMG said
"KPMG has argued that it is difficult for any auditor to uncover discrepancies in a company's financial statements if its top executives are intentionally trying to manipulate the books. The firm has denied any wrongdoing but indicated that it settled the case "for practical business reasons."
(I haven't read such stupid argument in my whole professional life... If anybody else have, please let me know. Anyhow, if we accept above argument to be just and reasonable then why the hell after all we need auditor? Why shouldn't there be a "Self Assessment Scheme for Audit Reports" too????)
In my opinion this stupid argument alone was a sufficient reason to penalise KPMG.... Any opinion you folks???
Edited by - TheOne on Jun 04 2003 115259 PM
- haroon - 06-05-2003
You are absolutley Right
The comments apart from being funny are quite stupidly conceived
hahahahahaha
- TheOne - 06-05-2003
One thing more about arguments of KPMG... such arguments are not "situation or case driven" rather they are product of a certain state of mind where "power" (of any sort) makes people disorientated about their righteousness...
See the remarks of Donald Rumsfeld about whereabouts of weapons of mass destruction in Iraq (published in current issue of Newsweek. He said..."It's hard to find things in a country that's determined not to have you find them. We'll just take our time and we'll go about that business"
Surprise..surprise..surprise... KPMG's argument seems to be a simple translation of what Donald Rumsfeld said...I can't decide who borrowed this argument from whom? However it's clear that such arguments can only be expected from the person or organisation who's caught red-handed doing something wrong but is shameless enough to accept the truth...
- TheOne - 06-06-2003
It seems that DTT would be the [next] hero of the 4th Act of this play..... They are proving themselves to be more dumb than they "look"??!!!.....
Can't they see what's happening to E&Y for the deeds of their consultancy services?? If DTT merges its consultancy into it, then surely it's the "Beginning of their End"!!!
(At least in pakistan, It's been already discussed not only at this forum but in various textile mills offices [who went into Public in mid 90s] that their consultancy services were {and probably are still...} always located in "Grey Area"....). If however, it happens and "DTT" Flag Ship in Pakistan also try to do the same ***t here, would ICAP allow it?
Edited by - TheOne on Jun 05 2003 110933 PM
- Paki - 06-06-2003
yeah, this statement could well serve as the last nail in the coffin of the profession, it totally eliminates the need of an audit, since it cant do its purpose.
hmm, I thought EnY had sold their consultancy wing to Cap Gemini and that's pretty old... pls. correct if I'm wrong
ICAP vs. DTT,, interesting!!!!!
but isnt SEC realy acting like 'white house in war against terror'??
Me rulz
- TheOne - 06-07-2003
1)you are informed but not "updated"..... try to be...
2)Saying 'interesing' shows your curiousity but no knowledge...
3)Lastly, let the SEC (usa)go into hell and let them do whatever they think fit for their system & country... question is "What should we do???" "what are we doing??"
In the past our own chartered firms have proven to be "Financial Weapons of Mass Destruction" for our own country.... what they did with co-operative financing in Punjab?... what they did with investment companies in Karachi?... what they did with NDFC or BEL??? Are you blind, deaf or dumb not to sense it all??? If there's none of the case with you then you perfectly stand for a score above 100% (go and read percentage game in "general Discussion" forum)...
Afterall in commonly understood language I should say that "Jo Koi ICAP Ka Mama Lagta Ho... Mujh Se Baat Kare"
My next post would be "Financial Weapons of Mass Destruction in Pakistan"... will/can you stop it???
- Cricketer - 06-07-2003
<BLOCKQUOTE id=quote><font size=1 face="Verdana" id=quote>quote<hr height=1 noshade id=quote>
ICAP vs. DTT,, interesting!!!!!
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana" size=2 id=quote>
I say quite the contrary ... this is a fight ICAP will always lose, infact the fight will never even start!!
A certain MYA is one of the biggest players in the ICAP junta. Nobody can even think of going up against him.
- TheOne - 06-07-2003
There's an old punjabi saying..."Chore Uchakka Chaudhary Te Ghundi Rann Pardhaan"... it's been in practice in almost all walks of our lives... I don't say to what extent it applies in our professional life... it's anybody'd guess!!!
Happy engagement Cricketer!!!.. (Shadi Ke Ghaat Kab Utro Ge??)
- Munda Pakistani - 06-10-2003
asalaam o alaikum to all!
THE ONE, tum kya cheez ho, tum ne her ghunte main aik chawal maarnee hotee hai, tum na koi kaam ki baat kerte ho! aur na koi seedha jawab dete ho!
ooper se tum mame bane hue ho! her topic per apni Chawal se nawaazte ho!
I think u r a psychy case (a person having some Mental disorder). ho sakta hai iss main tumhara qasoor na ho! bachpun main tumhare saath kuch aisa hua ho jis ki waja se tum iss site per uss cheez ka badla le rahe ho.
I have studied almost all topics magar tum wakhree shae' he ho
Could u plz. let us live without u!!!!!!!!
Ae Munda Pakistani Ae
- TheOne - 06-11-2003
Parrot Reloaded...??? in "Gemeral Discussion"..!!!
- smraza - 07-07-2003
Dear Munda Pakistani,
u should not pass comments like this, as we are accountants and we belong to a respectable professional institute, if 'theone' has made any 'chawal' then u should point out what he said and u should reply to that with ur grounds otherwise people will be suspicious about ur mentality, so please dont mind, and try to avoid such remarks in future,
Raza
S.M.R.