₦airaland Forum

naijababe:
^ U don't. You are a figment of Seun's imagination created as a droid to post on NL  

Katsumoto:
Winning the European Champions League is no benchmark for measuring football success. So Gary Neville, Jamie Carragher, Nicky Butt, etc are all greater than Pele and Maradona because they won the ECL? ECL is an European competition. The WC is a better benchmark.

Messi may surpass most records by the time he retires but he actually HAS to do it first before you can compare him to the greats. As it is now, the following are still ahead of Messi - 1) Pele 2) Maradona 3) Zidane 4) Original Ronaldo

Even if Messi is able to get close to Zidane, Maradona, and Ronaldo, its almost impossible to catch Pele

1. Pele scored a total of 1,283 first-class goals, including 77 for Brazil in 92 games
2. He won three World Cups, two World Club Championships
3. At 17, Pele became the youngest ever winner of a World Cup. He also scored twice in the final against home side Sweden.
4. When Pele retired, J.B. Pinheiro, the Brazilian ambassador to the United Nations, said: "Pele played football for 22 years, and in that time he did more to promote world friendship and fraternity than any other ambassador anywhere".
5. In 1967, a 48-hour ceasefire was declared in Nigeria so that Federal and Rebel troops could watch Pele play on a visit to the war-torn nation.
6. On the 19th November 1969, Pele scored his 1000th career goal. Hundreds raced onto the pitch to mob the Brazilian star and it took over thirty minutes for the game to resume.
7. When Pele played for the New York Cosmos so many of his opponents wanted to swap shirts with him that the club had to give each of their opponents a shirt after every match. "Pele was the main attraction," says Gordon Bradley, one of the club's coaches at the time. "Sometimes we had to take 25 or 30 shirts with us to a match - otherwise, we'd never have got out of the stadium alive."
8. The Queen of England broke protocol to shake Pele
9. The Shah of Iran waited for 6 hours at Heathrow to meet Pele
10. "How do you spell Pelé?" the Times of London once declared. "G-O-D".
11. In 2000, Pelé was named second in the BBC's "Sportsman of the Century" award. Boxing legend Muhammad Ali came first.
12. Tarcisio Burgnich, Italian defender who marked Pelé in the 1970 World Cup Finals said afterwards: "I told myself before the game, he's made of skin and bones just like everyone else — but I was wrong."
13. Cristiano Ronaldo said: "Pele is the greatest player in football history, and there will only be one Pele".
14. England World Cup-winning captain Bobby Moore on Pele: “The most complete player I've ever seen.”
15. He was voted athlete of the century by the International Olympic Committee (IOC) in 1999.
16. Pele scored 92 hat-tricks, and scored four goals on 31 occasions, five on six occasions, and once scored eight
17. He holds the record for the most number of goals scored for the national team, which is a record that has stood for almost 40 years.

lysaa:
wahala dey o

so whats with the blue twain?

Donchy:
Go to http://donclicksblog.tk for more info

Mai Suya:

*resignedly*

as we are wont to say, ''we dey campe. . .''   

zstranger:
Yes, I meant that I am yet to see a real atheists of Nigerian descent besides Tai Solarin. And even Tai Solarin[b] isnt an atheist per se[/b].

The[b] burden is on you[/b] to tell me why you are an atheist, not on me to prove to you why YOU ARE NOT.

You have to tell me why you think you are an atheist.

eccentric:
@lagerwhenindoubt :Trying to save souls? Is there a secular hell for all believers? I thought that was vice- versa. If atheists are now envagelizing then shouldn't they start a church or perhaps there should be a thread in NL for atheists.

Dis Guy:
you guys dropping number need to be a bit more professional, you are acting no different from all these Forex guys on Nairaland

You should have a company name or registered business

monkeyleg:
If the NLC does not protest this, then they are as useless as the lawmakers. Nigerians should not have to accept this, it is plain wrong

For some companies US$4 million, the amount allegedly embezzled by a financial controller at global IT services firm Wipro, is very significant. But it’s not that large for the Indian giant, which had revenues of US$4.4 billion and profits of US$732 million in the first nine months of 2009. “The company’s internal investigation concluded that, while the matter should be taken seriously, the amounts embezzled were not material from a financial reporting perspective given the size of the company and the scale of its operations,” Wipro told its shareholders last month.

True enough, but the damage to the company’s reputation and credibility is surely far greater. Among Wipro’s wide range of services is consulting and advisory on financial management, including treasury and cash management and risk management. The company also prides itself on its CMM 5 Level status – that’s the highest level in the Capability Maturity Model developed by Carnegie Mellon University, indicating that Wipro’s processes are at their optimum. People can be forgiven for wondering: Is this a case of physician, heal thyself?

Other companies should not gloat, however. If a CMM Level 5 enterprise like Wipro can be hit by fraud, how much more vulnerable are those with no such certification? Wherever there is money, unfortunately, fraud is always a possibility. There are lessons to be learned from what happened at Wipro, both on how the embezzlement was made possible and the way the company is handling the matter.

Anatomy of a Fraud
The man at the centre of this storm is a chartered accountant whose dead body was found near a railway track in Bangalore in December, a few weeks after the embezzlement came to light. According to Wipro, this “junior member of the company’s controllership team” was discovered to have been transferring company money to his personal account from November 2006 until last year. The company has not revealed exactly how much was siphoned off, but media reports say the total is in the region of Rs20 crore, or US$4 million.

“Our investigations have revealed that only this employee was involved, and nobody else in the team had any clue,” Suresh Senapaty, Wipro’s CFO, told the Economic Times. “We have recovered more than half of the amount.” The company is now “undertaking actions with respect to stricter adherence to processes,” he added. “We have to be more alert in monitoring, and we need to tighten the processes for ensuring an early warning system and make it tougher.”

In its statement to shareholders, Wipro said it had “put into place additional initiatives to help ensure Wipro’s financial controls and financial reporting remain unassailable by anyone within and outside the company.” Changes have been made to “certain key positions in the controllership team,” said the company, because their association with the late employee has “created a conflict of interest for them.” Internal and external advisors are also reviewing and enhancing internal controls and procedures.

The internal report has not been made public, but the media has been quoting unidentified Wipro officials who requested anonymity. “The employee stole the password from a colleague and used it to transfer money to his and his family members’ personal accounts,” one of them told the Economic Times. The newspaper said the transfers ranged from 100,000 rupees (US$2,174) to 1.2 million rupees (US$26,088) at a time, which are not insignificant amounts. If true, they should have raised red flags within the company and the bank, which presumably has anti-money laundering policies in place.

IN A TYPICAL fraud, an employee, vendor, or customer profits from his or her misdeeds. This case involves a financial reporting fraud where the operating results were misstated in the income statement. The fraud had gone on for nearly a year; although all the symptoms were visible, no one did anything about it -- until the internal auditors performed a typical audit of food and beverage inventories.

* Discovery

As usual, the audit of food and beverage inventories began shortly before year end. The auditors performed and recorded the inventory counts and followed with blind test counts, agreeing their counts to the accountants' and ultimately to the perpetual inventory records. Everything looked fine -- until they made a comparison to the general ledger balance.

Food inventory normally totaled around $400,000, about what the perpetual records showed. The general ledger balance was nearly $1 million more than the perpetual records. The food and beverage controller explained that the difference had to be the result of overpayments by the accounts payable department and that investigation was needed. The financial controller, previously unaware of the problem, supported the food and beverage controller's position.

* Investigation

Professionally skeptical, the auditors called in audit management, who determined that inventory balances had been steadily increasing since January. Fearing that cost of sales could be inadvertently understated, the audit manager determined that cost of sales was 39 percent, well within industry standards. Cost of sales was always 39 percent, exactly as budgeted, winter, spring, summer, fall.

The food and beverage controller explained the consistent cost of sales by pointing to the accounts payable overpayment problem. He provided copies of his monthly analyses used to compute cost of sales. He said he didn't know which suppliers were overpaid or by how much, so he recorded a fixed amount until he could research the problem. But it was now mid-December, and time for research was running out.

The auditors tested one month's payments in the general ledger and could find no indications of overpayments to vendors. The auditors interviewed the accountant responsible for preparing the cost of sales analysis each month. He provided his analyses, which showed cost of sales averaging 44 percent, not 39 percent. Also, cost allocations were lower by $100,000 per month. The accountant knew of the differences between his figures and the food and beverage controller's but did nothing about it because he had been told the differences were caused by overpayments.

The internal audit manager was alarmed to learn that the financial controller had made an eleventh-hour unsupported adjustment to the November general ledger, transferring more than $800,000 from the food inventory account to a prepaid asset account. This was followed in December by a similar transfer of $400,000. A questionable $1.2 million resided in a prepaid asset account, and it was now time to close the books. The controllers were anxious to put the matter behind them. They had already reported preliminary income to the parent company.

Working around the clock, the internal auditors gathered enough proof to demonstrate that there was no factual evidence of overpayments. When confronted, the food and beverage controller admitted that he was coerced by the food and beverage director to record cost of sales at no more than 39 percent, the amount budgeted. By the end of the year he had convinced himself that there really were overpayments. The financial controller acknowledged that he failed to follow up on the strange increase in the inventory balance.

* The Result

The company had no choice but to take an unexpected last-minute hit to the income statement for $1.2 million in unrecorded cost of sales. This further depressed the company's already disappointing operating results. Year-end bonuses were less than anticipated. The food and beverage controller and financial controller were fired. The food and beverage director was fired for reasons unrelated to the fraud.

Within four months after the identification of the problem, real food costs had been reduced to less than 39 percent. If the food and beverage director had accepted the data originally and taken appropriate corrective action to cut waste in the kitchens and restaurants, nearly $1 million in expenses could have been avoided.

The symptoms of fraud are often obvious to anyone who cares to look. In this case the food inventory carrying value increased steadily to four times normal, and performance (constant cost of sales at 39 percent) was too good to be believed. But you have to want to see the problem.

It is tempting for auditors to document explanations provided and move on. Perpetrators will always have a reason. Auditors should verify and test explanations provided. Follow-through leads to a real understanding and eventually to the truth -- and sometimes to fraud.

Problems grow until they cannot be ignored. Refusing to admit there was a problem cost everyone in this case.

Deep Sight:
@ Lagerwhenindoubt. . . re: inception. . . is it not more a journey into the layers of the mind. . . rather than a spiritually impacting movie. . .?

JeSoul:
Have heard of it but haven't seen it. I'm always intrigued to hear of movies that move ppl like that . . . I will put it on my list. Any other movies that have impacted like that?