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:p What on earth was her boss doing:ohmy: obviously no review of the balance sheet:sneaky: |
Re: Clive Peeters Fraud
This is what happens when you promote people beyond their level of incompetence.
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Re: Clive Peeters Fraud
Originally Posted by JOE2010
(Post 7853002)
This is what happens when you promote people beyond their level of incompetence.
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? |
Re: Clive Peeters Fraud
Originally Posted by Geelong Gent
(Post 7856804)
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? 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). |
Re: Clive Peeters Fraud
Originally Posted by JOE2010
(Post 7857030)
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). |
Re: Clive Peeters Fraud
Originally Posted by Geelong Gent
(Post 7856804)
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? 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?? |
Re: Clive Peeters Fraud
Originally Posted by NikiL
(Post 7873463)
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?? They are all doing the fudging:rofl: |
Re: Clive Peeters Fraud
Originally Posted by Geelong Gent
(Post 7879987)
:rofl::rofl: |
Re: Clive Peeters Fraud
Originally Posted by Geelong Gent
(Post 7879987)
I would be surprised if some one does not lose their job. |
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 |
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