‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec - Politics (4)

‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec - Politics (4) - Nairaland

Nairaland Forum › Nairaland General › Politics › ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec (26620 Views)

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Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by solomonx1(m): 2:32pm On Apr 29, 2015

what is missing?

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by deletrue: 2:34pm On Apr 29, 2015

omenka:
If one called you a mighty mor¤n, that would be an insult to mor¤ns around the world. You aren't worth being called one. The same Sanusi that defended Jonathan during the subsidy uprising eventually wanted to "spoil" the name of the administration because he's an "Hausa" man. When he supported Jonathan I bet he was an Ijaw or Igbo man.

Tufiakwa.

You guys that tend to bring ethnicity and religion into every single thing we discuss here are worst than terrorists in ISIS.

Very disgusting oaf.

You nor under the hausas even though you are one. When the four governors left PDP, the plan was executed because of the fact that all their terms expired 2011, hence they took the decision to leave GEJ. If they were first term governors, that decision could have been taken. An hausa man is the worst man you can work with. Sanusi could not have told the world that $20m, $12m, $50m is missing if Sanusi's term is not near completion. All these worries ranging from Chibogu girls and others from every corners are all evil plans aimed at frustrating GEJ. Because of that dead president elect who is not as strong as an Okro tree. Who be Buhari? Bloody vegetable president elect. If una like pad him, wear him many shirts abi agbada, if you people like continue to deceive people with enlarged photos.Buhari is just a dead wood. Period.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by baybeeboi: 2:37pm On Apr 29, 2015

idris4r83:
dont you understand simple english? PwC that conducted the forensic report said their result is implausible and you are still saying there's no money lost. Which kain school u attend sef?

you know I really hate it when Almajiris quote me

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by liquidsnake: 3:00pm On Apr 29, 2015

This is absolutely remarkable. For a renowned international audit firm like PWC to come out and say that its audit report should not be relied upon is a serious matter. It is against the ethics of the profession to make and release an audit report that is sub standard, notwithstanding it not being statutory. If an audit firm can not carry out its work due to lack of access to information and documents, it must state so and qualify that report. In a forensic and investigation report, it should not make definite statements because it has no access to the necessary information to support those definite statements. This should be second nature to PWC.

IMHO, either the firm has been threatened by powers-that-be, or an enormous quantity of 'ego' has changed ownership. After all, them too be human beans, abi?

Why did PWC wait till now to discredit its report?
Why did PWC not take the necessary due diligence to carry out the audit?
Did it use unqualified staff for such an important task?

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by Nobody: 3:16pm On Apr 29, 2015

liquidsnake:
This is absolutely remarkable. For a renowned international audit firm like PWC to come out and say that its audit report should not be relied upon is a serious matter. It is against the ethics of the profession to make and release an audit report that is sub standard, notwithstanding it not being statutory. If an audit firm can not carry out its work due to lack of access to information and documents, it must state so and qualify that report. In a forensic and investigation report, it should not make definite statements because it has no access to the necessary information to support those definite statements. This should be second nature to PWC.

IMHO, either the firm has been threatened by powers-that-be, or an enormous quantity of 'ego' has changed ownership. After all, them too be human beans, abi?

Why did PWC wait till now to discredit its report?
Why did PWC not take the necessary due diligence to carry out the audit?
Did it use unqualified staff for such an important task?

i wanna assume you know the terrains of audit, but seems you really don't know the difference between a statutory audit and an Investigative report/forensic audit

You do not qualify the latter. A disclaimer is rightly in place, since they weren't given full access. Of course if this was a statutory audit, the report would have definitely been qualified.

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Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by MrSunesis(m): 3:19pm On Apr 29, 2015

dotna:
Ah, they are playing with our intelligent

They are actually raping our intelligence.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by liquidsnake: 3:51pm On Apr 29, 2015

masonkz:
i wanna assume you know the terrains of audit, but seems you really don't know the difference between a statutory audit and an Investigative report/forensic audit

You do not qualify the latter. A disclaimer is rightly in place, since they weren't given full access. Of course if this was a statutory audit, the report would have definitely been qualified.

Hahaha. It seems you stop at the end of the bolded statement and quickly post to point out my error, despite I started the next statement with ''In a forensic and investigation...''

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by omokab: 3:54pm On Apr 29, 2015

This is one of those things affecting africans,ability to read and understand.in the first place,are you people saying $1.48 billion is not something to talk about?If at all the money is not up to the$20 billion sanusi was talking about,why are you people happy that is not up to 20 billion dollars?secondly,if you have read very well you will understand that the auditing firm was trying to shift blame of no able to conduct proper investigation of fraud to lack of giving them opportunity to have access to all book of account, bank statement and not able to conduct direct investigation with npdc.The auding firm knows the implication of what they have done that is why they are saying that they did not form an independent opinion on the report.But it can't be known to everybody except the accountant and lawyers.The auditor can say " except for"it has a meaning to the report but that does not say that the auditing firm should submit the report.If Nigeria auding standards,national accounting standards board,Ican and international auditing satnadards cash them the own will be worst than Erron saga.That is why they instantly cry out that they did not form an independent opinion on the report.That is it is not reliable.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by Nobody: 4:07pm On Apr 29, 2015

liquidsnake:
Hahaha. It seems you stop at the end of the bolded statement and quickly post to point out my error, despite I started the next statement with ''In a forensic and investigation...''

Then what, exactly was the need for your post? undecided

Have you even read the full report?

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by TS2(m): 4:10pm On Apr 29, 2015

What PWc has simply said is that, "Now that we know and are sure that a proper probe is going to be conducted by President Buhari, please our report requesting for US$1.48bn should not be relied upon. By the time everything comes out and you realise that was is really missing is US$40bn, please note that we were not given access to many of the information we requested for." .

Thats how auditors behave. If you dont say anything and you settle them undergee nobody will know. But when they smell trouble they find a way out.[size=20pt][/size]

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by light004: 4:19pm On Apr 29, 2015

kennygee:
Una see?

When SLS was singing this song, GEJ said if $20bn was missing, America would know.

That money is even over $20bn.

Did America know?

The best thing is to bring an external Audit firm and strip the NDPC of what ever is their reason for not opening their books.

Stupidity truly has no cure and you really need to help yourself. I could write a volume to explain the intricacies but it won't change anything. You have limited your understanding and needs to free your mind.

$20billion can't be missing in such a short period of time without serious negative impact on the Economy. No sensible person will take a CBN governor seriously considering his access to reliable information to come up with different figures at various instances on the same issue. It's a shame and more shameful are the gullible ones that help him to repeat his lies like you. please educate yourself

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by egobetatoday: 4:28pm On Apr 29, 2015

the missing 20billion dollar and Sanusi Lamido sanusi's allleged misappropriation should be probed side by side.

while i am glad that Diezani will soon be brought to book, i cant say such for Sanusi's case because just like Price Water House cooprr did, the report will not indite Sanusi even if he is guilty.

well thats Nigeria for u, criminals in the opposition party are found and judged will those in the ruling party would NEVER be found guilty.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by idris4r83(m): 4:31pm On Apr 29, 2015*

baybeeboi:
you know I really hate it when Almajiris quote me

Lolz! Kettle calling pot black. An insan'e dullar'd calling an intellectual an almjiri. Simple English u don't understand, u r calling somebody almajiri. Na your father b almajiri

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by vivaciousvivi(f): 5:20pm On Apr 29, 2015

kennygee:
Una see?

When SLS was singing this song, GEJ said if $20bn was missing, America would know.

That money is even over $20bn.

Did America know?

The best thing is to bring an external Audit firm and strip the NDPC of what ever is their reason for not opening their books.

I can assure you that just before that happens, the finance and Accounts Departments would mysteriosly be gutted in flames. Its happened before, it would happen again.
PWC did the smartest thing, absolve themselves from a political matter by using the Disclaimer caveat....which was expected.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by nairaman66(m): 5:26pm On Apr 29, 2015

SergeAlain:
Dont mind them my brother GMB will find it.

In deed his ability or inability to find it will become a key appraisal point for his administration. If he fails to find it, it is either Sanusi is a liar (and should be made to pay for the false alarm) or GMB has found it and is pretending not to have found it so they can share it. In which case he is just as 'corrupt' as the people he replaced.

If he does find it and can prove in a court of law that it has been found, the persons found to have embezzled it should go to jail.

Fair enough

Viola!!

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by timoney(m): 5:30pm On Apr 29, 2015

ShowYourCertificate:
There was no missing 20 billion dollars. I wonder why people are just too dumb to realise this. Sanusi and Obasanjo joined the APC and tried every means, including lying, to bring Jonathan down.

. Just wait till GMB fully gets into power. All PDP looters ar afraid. And mind u GEJ is down already so Who won?

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by NobleG1(m): 6:55pm On Apr 29, 2015*

PriceWaterHouseCooper is a reputable multinational firm. It knows what it does.

I guess it found out that many trails of the missing money were deliberately destroyed to disrupt any investigative audits.

That's why it made it clear that the result of its audit can't be trusted because it is not conclusive. For example, it wasn't able to have access to some relevant agencies like NPDC, the upstream petroleum industry subsidiary of the NNPC.

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Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by PStacks(m): 6:58pm On Apr 29, 2015

That is to tell you jonathan government was and is so corrupt that the govt had to induce PWC to compromi§e on generally acceptable standards of auditing, just to sÇore a simple point that ThÉy Audited Sanusi's claim and it cÀme false hopÍng PDP wÓuld still be in power and the matter swept undÉr the carpet,

But as the tory doÑ change Now, buhari ÞhÉ IÑ-Çorruptible is around, Everybody is already confessing their sins, so much so PWC is coming out to say she was bought with a price by the Jonathan administration and compromised..

Its a Pity PWC has soiled her name this Bad.

The truth of the matter is, Buhari must hold people accountable..

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by Nobody: 7:29pm On Apr 29, 2015

wakacome:
According to pdp bible,pdp chapter 17 verses 1,2,3
and 4
Verse1 "thou shall forget or ignore missing funds since 20billion dollars is not missing...

Verse2 "you are allowed to steal and go scotfree as long as the missing funds is not up to 20billion dollars"

Verse3 "stealing is not corruption"

Verse4 "under GEJ's government stealing will turn into a lucrative industry"...

Do PDP have bible?.... If it were Quran U use to play with like this, hausa would have send Boko Boys to hunt U down but becos Christians r humans and Christianity is religion of Liberty that's Y u r behaving like ram.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by Daykoozy(m): 8:43pm On Apr 29, 2015

Another forensic result will bring forth the truth. Not having enough information to properly conduct the audit is a clear indication of foul play.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by naijafresh: 9:01pm On Apr 29, 2015

We need to understand that PwC were working to the tune of their paymasters who were so so deep in the sh1t they were literally sh1tting themselves.

The heavily doctored report still shows what we suspected all along, there is serious foul play going on with the nation's income stream and this is just the tip of the iceberg.

Will people now believe and appreciate where the 'trillions' spent on the just concluded elections came from?

Nigeria obviously earns a lot more money than is shown in the books, my guestimate is probably 40% more to be conservative but some might even say less than 50% of the nation's income from crude is remitted to the national coffers.

Billionaires were created every year the last administration was in power while simultaneously millions were been pushed into poverty

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by Nobody: 9:56pm On Apr 29, 2015

sisnowee:
Do PDP have bible?.... If it were Quran U use to play with like this, hausa would have send Boko Boys to hunt U down but becos Christians r humans and Christianity is religion of Liberty that's Y u r behaving like ram.

Wetin dem dey talk wetin dis one dey talk??you miss road??

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by Nobody: 9:57pm On Apr 29, 2015

jerryunit48:
Bross in every administration money will miss including Baba 's oncoming administration

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by otokx(m): 10:01pm On Apr 29, 2015

okoloikenna:
This country tire me even the so called reputable pricewater has been bought over if not how can a world class auditing firm say such crab after uve filled in ur report. The same way power sector probe was closed.

Well the only joy I have is dat in 30 days time nigeria will become free of corruption like ( Denmark Luxembourg China and co )

Baba we believe u and we pray Almighty God will direct ur footstep

Sai baba
Sai Buhari

PWC ought to be sent out of Nigeria for this shoddy job.

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by naijafresh: 12:13am On Apr 30, 2015

Why is everyone blaming PwC?

They did they best job they could with what they were given considering the circumstances and notwithstanding the pressure on them from the government and other individuals with a vested interest in the outcome.

However you wish to read the report, the NNPC is a law unto itself and there are serious issues of corruption, impunity and lack of accountability.
All this could not happen without the knowledge of the incumbent leaders

Re: ‘Missing’ $20billion Oil Money: Our Audit Report Not Reliable — Pricewaterhousec by dopedude(m): 9:04am On Apr 30, 2015

LUKINGUY:
Obasanjo and Sanusi Owns PwC and instigated NNPC and Jonathan that sum funds was still missing. Hate and Partisan has becloud and mentality to believe corruption is normal. If you re found wanting in the scandals of the missing $20b you would be located and arrested.

This is the dumbest statement I've ever heard in my life...how can you say Obasanjo owns pwc...There are many illiterate in this country oooo.....chai

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