Clive Peeters Fraud

Old Aug 17th 2009, 11:26 pm
  #1  
Has left the building
Thread Starter
 
Geelong Gent's Avatar
 
Joined: Mar 2007
Posts: 4,079
Geelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond repute
Default Clive Peeters Fraud

http://business.theage.com.au/busine...0817-enqy.html

It just gets worse and worse for them. They now can't sack her cause she owns the company

What on earth was her boss doing obviously no review of the balance sheet
Geelong Gent is offline  
Old Aug 18th 2009, 10:37 am
  #2  
Forum Regular
 
Joined: Mar 2009
Location: Scarborough Beach, Perth
Posts: 243
JOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really nice
Default Re: Clive Peeters Fraud

This is what happens when you promote people beyond their level of incompetence.
JOE2010 is offline  
Old Aug 19th 2009, 12:47 pm
  #3  
Has left the building
Thread Starter
 
Geelong Gent's Avatar
 
Joined: Mar 2007
Posts: 4,079
Geelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond repute
Default Re: Clive Peeters Fraud

Originally Posted by JOE2010
This is what happens when you promote people beyond their level of incompetence.
competence

I just can't fathom how an organisation can be so lacking in internal controls to let this happen.

The wider question is how many other large Australian firms are going to come up with these surprises, with not so advantageous getout results. How long before another NAB $50 million black hole appears.

If any of the other senior finance team were CPA or other member of a professional body what are the implications on their memberships?
Geelong Gent is offline  
Old Aug 19th 2009, 2:36 pm
  #4  
Forum Regular
 
Joined: Mar 2009
Location: Scarborough Beach, Perth
Posts: 243
JOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really nice
Default Re: Clive Peeters Fraud

Originally Posted by Geelong Gent
competence

I just can't fathom how an organisation can be so lacking in internal controls to let this happen.

The wider question is how many other large Australian firms are going to come up with these surprises, with not so advantageous getout results. How long before another NAB $50 million black hole appears.

If any of the other senior finance team were CPA or other member of a professional body what are the implications on their memberships?
That quote is accurate - it is called the Peter Principle(In a hierarchy every employee tends to rise to his level of incompetence)

I am not surprised at all by this fraud. Most SME's have senior positions held based on loyalty as opposed to meritocracy. I once undertook a temp assignment where the FC was just a senior bookkeeper(without any formal qualifications in accounting) - for an organization with a turnover of 70M - 100M. It was usual to pick up cheques being paid twice(and for such an org. using quickbooks where an invoice can be deleted without audit trail).
JOE2010 is offline  
Old Aug 19th 2009, 8:48 pm
  #5  
Has left the building
Thread Starter
 
Geelong Gent's Avatar
 
Joined: Mar 2007
Posts: 4,079
Geelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond repute
Default Re: Clive Peeters Fraud

Originally Posted by JOE2010
That quote is accurate - it is called the Peter Principle(In a hierarchy every employee tends to rise to his level of incompetence)

I am not surprised at all by this fraud. Most SME's have senior positions held based on loyalty as opposed to meritocracy. I once undertook a temp assignment where the FC was just a senior bookkeeper(without any formal qualifications in accounting) - for an organization with a turnover of 70M - 100M. It was usual to pick up cheques being paid twice(and for such an org. using quickbooks where an invoice can be deleted without audit trail).
It makes you cringe doesn't it
Geelong Gent is offline  
Old Aug 25th 2009, 11:41 am
  #6  
BE Forum Addict
 
NikiL's Avatar
 
Joined: Sep 2007
Location: Ferny Grove
Posts: 1,496
NikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond repute
Default Re: Clive Peeters Fraud

Originally Posted by Geelong Gent
competence

I just can't fathom how an organisation can be so lacking in internal controls to let this happen.

The wider question is how many other large Australian firms are going to come up with these surprises, with not so advantageous getout results. How long before another NAB $50 million black hole appears.

If any of the other senior finance team were CPA or other member of a professional body what are the implications on their memberships?
Internal controls must have been completely alien to them, no segregation of duties, no nothing.

How the hell did the lack of controls get through audit????

And as for transactions being deleted - I expressed, shall we say, horror, when I discovered it was normal practice and everyone was astounded.

Does anyone over here other than the imports create audit trails??
NikiL is offline  
Old Aug 27th 2009, 2:06 pm
  #7  
Has left the building
Thread Starter
 
Geelong Gent's Avatar
 
Joined: Mar 2007
Posts: 4,079
Geelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond reputeGeelong Gent has a reputation beyond repute
Default Re: Clive Peeters Fraud

Originally Posted by NikiL
Internal controls must have been completely alien to them, no segregation of duties, no nothing.

How the hell did the lack of controls get through audit????

And as for transactions being deleted - I expressed, shall we say, horror, when I discovered it was normal practice and everyone was astounded.

Does anyone over here other than the imports create audit trails??
http://www.nzherald.co.nz/business/n...ectid=10593517

They are all doing the fudging
Geelong Gent is offline  
Old Aug 27th 2009, 9:43 pm
  #8  
BE Forum Addict
 
NikiL's Avatar
 
Joined: Sep 2007
Location: Ferny Grove
Posts: 1,496
NikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond reputeNikiL has a reputation beyond repute
Default Re: Clive Peeters Fraud

Originally Posted by Geelong Gent
OMFG!


NikiL is offline  
Old Aug 30th 2009, 4:51 am
  #9  
Forum Regular
 
Joined: Mar 2009
Location: Scarborough Beach, Perth
Posts: 243
JOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really niceJOE2010 is just really nice
Default Re: Clive Peeters Fraud

Originally Posted by Geelong Gent
Seems the further down you go, the more things get worse!!!!!

I would be surprised if some one does not lose their job.
JOE2010 is offline  
Old Sep 24th 2009, 9:14 pm
  #10  
Just Joined
 
Crazystars's Avatar
 
Joined: Sep 2009
Location: USA
Posts: 2
Crazystars is an unknown quantity at this point
Default Aug 30th 2009 4 51 am

IT was my first time taking the PCAT

did anyone feel the AUG 09 pcat was unusually easier than the rest of them?

or did you feel the level of difficulty were about the same for pcats in the past for those who have taken the PCAT more than once
Crazystars is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.