The great thing out of this is going to be that we will have a company that is run professionally by obvious professional people with very good reputations to uphold,
For example Mark Bouris a man who would not slip a few extra bucks into his pocket because he understands that at some stage he could be held accountable and the end cost would not be worth what he has lost.
Now just a brief look at JF’s statement.
Almost a job interview answer! What do I bring to the company?
A fixed fee for general accounting services including day to day bookkeeping including accounts payable and banking. I might be a little thick but I’m pretty sure you don’t have a staff member in each TZL and subsidiary office doing the books and the banking (not much of that really anyway is there). And a fixed fee for a contractor for a year guess you would have been in the best place to work out the right fee for that job AND APPROVE IT!
“Dunbar provides a significant cost saving for the company in that the outsourcing of these services is at a significantly cheaper rate than it would be done in house.”
OK Mr. Falconer. If you say so you’re signing the checks.
The rates charged by Dunbar are significantly lower than market fees for external “ARMS-LENGTH” accounting services of the kind provided by Dunbar.
OK Mr. Falconer. If you say so you’re signing the checks.
HANG ON was it put out to tender or did the board just decide you’re the best rather give you some money.
SO WHO CHECKS THE INVOICES FROM DUNBAR oh that’s right it’s you.
So who made the decision to go with Dunbar over the other firms that submitted tenders to manage the books AT ARMS-LENGTH? Were there any tenders? Was it put out to tender? Or did you and a couple of other guys just decide that it would be better off kept in the family?
Who is overseeing the accounting? And making sure that everything is done above board? With INDEPENDENT MOTIVES to the firm that is financially gaining from OUR COMPPANY?
OK Mr. Falconer. If you say so you’re signing the checks.
From Wikipedia
Creative accounting and earnings management are euphemisms referring to accounting practices that may follow the letter of the rules of standard accounting practices, but certainly deviate from the spirit of those rules. They are characterized by excessive complication and the use of novel ways of characterizing income, assets, or liabilities and the intent to influence readers towards the interpretations desired by the authors. The terms "innovative" or "aggressive" are also sometimes used.
The term as generally understood refers to systematic misrepresentation of the true income and assets of corporations or other organizations. "Creative accounting" is at the root of a number of accounting scandals, and many proposals for accounting reform - usually centering on an updated analysis of capital and factors of production that would correctly reflect how value is added.
Newspaper and television journalists have hypothesized that the stock market downturn of 2002 was precipitated by reports of accounting irregularities
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