₦airaland Forum

dutchjongen:
What about PWC being complicit in the fraud at Petrobas Brazil national oil company similar to NNPC
http://fuelfix.com/blog/2015/03/31/petrobras-investors-claim-pwc-ignored-red-flags-of-fraud/

manny4life:
How can they be complicit? Did PwC partake in any form of fraud? It's a mere allegation by the way and PwC spokeswoman stated that they are not aware of the revised lawsuit.

manny4life:
How can they be complicit? Did PwC partake in any form of fraud? It's a mere allegation by the way and PwC spokeswoman stated that they are not aware of the revised lawsuit.

LFJ:
Please stop making auditors look like special human beings. Their job is one of the most difficult one, as auditor, the more you look the less u see. For the fact that PwC audited the account does not make it free from error. You audit what they give to you that is the reason while auditors define their scopes and limitations.

manny4life:


What are you on about? What part of my post suggested otherwise per what you've written?

I never said they are special human beings; however, There's no excuse for error...PERIOD If a billion $$$ company pays PwC between $15-25million to audit their books, they have a responsibility to make sure whatever their scope of work is should be error free... They are not the only ones with a difficult job.

dutchjongen:
Why did'nt they discover the fraud which by estimates is close to $ 200 billion dollars. I guess we should'nt blame the auditors of Enron who did'nt discover the fraud that led to one of the largest collapse of a fortune 500 company.

barcanista:
Since winning the March 28 election, Buhari and his party has been moving from places to places issuing threats and deceiving themselves. He started with "I never promised to Bring Back Chibok Girls", then moved to "I am not a magician" then to " I never promised to end BH in two months" and now "I will probe NNPC" I laugh.

Buhari should check the meaning of "Audit". It seems he doesn't know who Princewater House is. He assume that the world reputable audit firm will soil their brand for whatever. The best Buhari and APC can do is to recommission another audit firm to re-audit the report- that will mean at extra cost.

Rather than Buhari to fashiion out "How" he will fulfil his promises, he is more concerned with media threat.

Let me remind Buhari that we have all his promises documented and we shall follow it to the letter. The PTDF and Transcorp must be probed along with NNPC, not forgeting the allegations against ALL APC Chiefs.

May God spare our lives

manny4life:
Please, the case of Enron is totally different: please read the case of Enron again. The company was indicted because they "willingly" participated in the fraud. That's totally different from they missed an item or even overlooked it.

dutchjongen:
They will pay for their incompetence and the court will award heavy damages against them,lots of pension funds invested in Petrobas which is now at stake. PWC will have to pay for their oversight

manny4life:
Granted that was an oversight issue, yes they will pay but they are not responsible to any outside party but to the company itself. They have not and did not engage in any illegal or fraudulent activity like AA did, at least not that we know of. Right now, it's mere accusation. Even computers make errors, let alone humans. It's for the court to determine the level of damage done as a lack of oversight on their part, like I said, this is not the case of Enron. I think PwC's involvement is but a speculation. They wouldn't want to soil their hard earned reputation.

dutchjongen:
That is why they are being sued,they are paid million to certify the financial statements reflect a fair and true financial picture. Yet they could'nt find a decade long $200 billion dollar fraud. Brazilians are equally as corrupt as Nigerians

manny4life:


What are you on about? What part of my post suggested otherwise per what you've written?

I never said they are special human beings; however, There's no excuse for error...PERIOD If a billion $$$ company pays PwC between $15-25million to audit their books, they have a responsibility to make sure whatever their scope of work is should be error free... They are not the only ones with a difficult job.

dutchjongen:
What is your take on their audit of NNPC? I know the report has'nt been made public yet

manny4life:
Granted that was an oversight issue, yes they will pay but they are not responsible to any outside party but to the company itself. They have not and did not engage in any illegal or fraudulent activity like AA did, at least not that we know of. Right now, it's mere accusation. Even computers make errors, let alone humans. It's for the court to determine the level of damage done as a lack of oversight on their part, like I said, this is not the case of Enron. I think PwC's involvement is but a speculation. They wouldn't want to soil their hard earned reputation.

manny4life:
Honestly, I don't know but I know there's a monumental fraud in NNPC. Keep in mind, they may be limited to auditing within a period say from 2010 to 2014 or whatever... Do you honestly believe they will discover any fraudulent activity pre the period of audit?

LFJ:
I repeat, auditors are not magicians. They audit based on the information you give to them, so if they audit based on inaccurate information given to them their is no way there can be a perfect audit. Not their fault, because they audit based on information given to them. That is why auditors tell you that in the event of additional information especially if it is material there will be re-audit.

Therefore, if there is additional information that precede their audit they can be call upon to do the re-audit or I decided to get another auditor to do it again. Stop given the impression that any audit by PwC cannot be questioned.

manny4life:
Honestly, I don't know but I know there's a monumental fraud in NNPC. Keep in mind, they may be limited to auditing within a period say from 2010 to 2014 or whatever... Do you honestly believe they will discover any fraudulent activity pre the period of audit?

torkaka:
. . . . . . . . . .your total lack of intelligence, or should I say; your limited knowledge of affairs keeps bringing you out as an attention seeking empty vessel . . . . . . . . . . .pricewater audited NNPC, and so what? . . . . . . . . . .have you ever heard of AURTHUR ANDERSEN? . . . . . .do you know the ENRON story? . . . . . . . . . . .have you heard of ERNST & YOUNG? . . . . . . . . .do you know of their SINO-FOREST CORP affair in Canada? . . . . . . . . . . . .what about the KPMG/XEROX scandal? . . . . . . . . . .what of the AIG/PRICEWATER 'certified inaccurate financial statements' scandal? . . . . . . . .do you know about the issue that led to PRICEWATER agreeing to pay the investors of TYCO INTERNATIONAL $225m?

. . . . . .I have told you before and I will tell you again, stop meddling into matters too complicated for you!!

PointB:
@op,
The semi-illiterate must probe and jail; that's what he promised. Surely, it won't be fair if he fails to clean up the Augean stable called Nigeria. Probes he promised, probes he must delivers!

torkaka:
. . . . . read up about pricewaterhouse coopers and tyco international

dutchjongen:
The time period to investigate might have been limited,but they will definetly find something,NNPC is the symbol of fraud and corruption right from when it was established,it has been a slush funds for whoever rules. It was why Obasanjo refused to appoint a Petroleum Minister for 8 years when he was in power he did as he pleased with NNPC funds which is seen as an alternative to CBN were funds can't be traced.
A forensic audit will have to be undertaken by Buhari to get to the root of the matter and Mohammed Sanusi will be more than willing to help provide the sensitive documents. Did you notice Buhari decided to make this decision few days after Emir Mohammed Sanusi visited him.

manny4life:
Okay, you win but did you read PwC's defense?

manny4life:
Okay, I give up. Why do you keep alluding to statements I never made? What part of my post suggested that PwC cannot be questioned?

Unfortunately, audit don't come cheap, it's not a marketplace where if you don't like an item, you return it and buy another. The time it takes to store records; move the records in boxes; make available electronic records and hardware available and when necessary; make time necessary for physical interview and investigation; the hectic months that it takes and and most billion $$$ companies rely on this information to timely file their statement with the regulatory agencies which certifies their financial health, and which they may rely to secure funding and what not, doesn't warrant a "re-audit".

Dude, I have no idea what you're on about...Please stop saying what I haven't said... Biko

PassingShot:
What problems do you have with the threats?

Or are you involved in one looting or the other?

Opinedecandid:
He does not need to be involved in any looting to remind the retired General why those Nigerians who voted him did so, because I didn't vote him.

The old man is just talking too much. It is empty vessels that make most deafening noise.

Let him end the talk and work the work!

dutchjongen:
Why are you calling him a semi-illiterate?He is an Alumni of the prestigious US War College Pennslyvania and studied Strategy and Administration. Please apply to the college and see if they will admit you.

PointB:
Alumni is of a college he was nominated to attend on the basis of non-existent qualification? Alumni indeed!!

dutchjongen:
You can say whatever you want he went to the college got his diploma and is listed on their website.Whether he was nominated or not does'nt change the fact about his.
You can cry if you like to relieve your frustration

Basildvalour:
Anyway, I do not see them as mere threats.

Baba will "actionalize" them