Soca Warriors Online Discussion Forum
Sports => Football => Topic started by: sub1 on June 18, 2008, 06:54:04 PM
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In my musings one thing stays on my mind. Why is Jack constantly shouting out the name KPMG? Hmm for credibility I suppose. But how can a reputable firm like KPMG be so tardy in producing the accounts for the TTFF?..Are they awaiting bills and receipts that Jack is unable to produce ala Wim's salary etc? Unable to produce these documents is he deathly afraid to stick in any old receipt that could make him end up like his compere Bas, facing a possible prison term for falsifying records? He knows fully well that Manning and co. have a whole slip cordon waiting for him to edge. And they waiting with baseball mitts too.
This could be far fetched but Jack never impressed me as the kind to pass up millions for the sake of a little accounting.
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A nex' important thread to stimulate our minds. FPATT or some other posters, say something please about KPMG please. Thanks.
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I waitin 2 here from KPMG dat they get d books. Dat go b a start
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as David Ephraim says
"I watching with baited breath...."
we all know that Jackula is THE Master Illusionist within FIFA
dis is going to be his BEST TRICK yet.....watch out people
OR
he may just not come to the present Govt. for any money which is why he would need that Audit........simple......matter fix
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Accountin 101 how 2 cook d books is part of d course. How u think Enron and dem ting was possible
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Accountants will always offer you ways to reduce your tax liability and use Generally Accepted Accounting Principles (GAAPs) to create a different view on the stability of a company.
I always recall that in the 1950s McDonalds were trying to create their hamburger chain, but their turnover was too small to borrow against. One of their directors (Sonneheim, I think his name was) used GAAPS to develop the franchise model they now use. McD's bottom line increased by something amazing like 1000% literally overnight!
However, it is completely different about creating legal accounts. They have to see bank accounts. They have to see the sourc of any funds. They have to see proof of how the money was spent.
Didn't Hunt say TTFF received $80 million since 2006 from govt? I presume that was included in the $173 million that the govt declared, but I'm sure some came after the $173 million. We know TTFF didn't get charged a stadium fee for the WC matches. They also received money from FIFA and CONCACAF.
So KPMG have proof of all of this income, but may not have proof of how it was received by TTFF. Remember, Jack has been accused of having match fees paid directly to him. How would that be accounted for. Jack has also said he has spent personal money on coaches fees etc and remortgaged a property? How would that be accounted?
Finally, Jack is not part of TTFF, so technically, anything he has done has nothing to do with KPMG. This could be the problem KPMG have got. If they have proof of money being spent in excess of money received, where did it come from?
It must be a complete mess. But they cannot submit accounts until their client has signed them off!
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Finally, Jack is not part of TTFF, so technically, anything he has done has nothing to do with KPMG.
He claims that when it's convenient, but he is a member of the TTFF 14 member executive by being appointed by the officers. He was also the chairman of the 2006 LOC which took in sponsorship money. As well as now the chaiman of the 2010 LOC.
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I know this maybe far fetched, but what about lighting a fire under KPMG. Start writing editorial about them and they posibbly being in bed with JW. Start asking questions of them on the radio stations. Unl;ike JW I doubt they will think that bad publicity is better than no publicity.
Since J give them the book why are they taking so long to get the accounting verified?
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Yep just like when u have strike action and u block other companies dey do business with so somebody post KMPG email and letter d writing begin
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Accountin 101 how 2 cook d books is part of d course. How u think Enron and dem ting was possible
Yea, but where the ENRON chiefs now? Either dead or in jail. So go on Jack Try yuh ting! Ah waiting with bated breath to see the handcuffs!
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Yep dey dead and in jail so wit creative accountin u go b found out if somebody lookin. D ? who besides we on this MB lookin
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The delay may not necessarily mean that KPMG is cooking the books. KPMG could still be awaiting outstanding information from TTFF in order to finish their audit. KPMG could also be awaiting final payment before the furnish the signed audited statements (similarly to the arbitrator in England who wouldn't release his findings until the TTFF share of the fee was paid by the players).
Also, a KPMG signed audit doesn't necessarily mean that the books weren't cooked. If yuh "cook yuh books properly" the auditor isn't bound to find evidence. The type of audit they're likely having done is basically a double-check of your books to make sure no mistakes were made and that all entries are backed up. This is different from say a tax audit, which will look into the legalities of the monies you've earned and what was done with it.
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Auditing firms are SELDOM late with their audits. As a matter of fact i dare say they are NEVER late. MOST tmes, they have already done their audit, and handed it to the TTFF and now the TTFF is sticking.
I spoke to a padner of mine at PKF and they USED to handle the TTFF auditing. he advised me that i should look at the following
1. Obviously the Date on the Audit.
2. The Date on the Auditor's report as we as the Audit it self.
It is illegal to tamper with any of those, an I think KPMG should take it VERy seriously if this is done as credibility is on the line.
So lets see whats going on.
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The delay may not necessarily mean that KPMG is cooking the books. KPMG could still be awaiting outstanding information from TTFF in order to finish their audit. KPMG could also be awaiting final payment before the furnish the signed audited statements (similarly to the arbitrator in England who wouldn't release his findings until the TTFF share of the fee was paid by the players).
Also, a KPMG signed audit doesn't necessarily mean that the books weren't cooked. If yuh "cook yuh books properly" the auditor isn't bound to find evidence. The type of audit they're likely having done is basically a double-check of your books to make sure no mistakes were made and that all entries are backed up. This is different from say a tax audit, which will look into the legalities of the monies you've earned and what was done with it.
And you very correct. Auditor are usually NOT is a position to cook books, the TTFF will cook the books before hand.. Auditors basically report findings.. Hence the reason why we have to look carefully at the actual audit report.
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Dey doh cook d books but dey give u d ingredients.
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Some interesting posts above on the accounting. O'connorg an' co. keep us posted please.
FPATT, Shaka and company please update us as this is a vital opening into Jackula's Pandora's box. It's all about the trail of the money. I repeat, it's all about the trail of the money....
http://en.wikipedia.org/wiki/KPMG
http://www.kpmg.com/Global/Pages/default.aspx
Is there a deadline by which KPMG has to report to satisfy the arbitration ruling?
Is there still a gag order on the Warriors now that the ruling was made?
How was KPMG selected? Fair and square? No meddling? Is KPMG controlled in anyway by the mafia in Switzerland? They are big firm.
What steps have been made in the auditing process and is there anything inappropriate to report so far?
Which journalist in T&T is paying attention to this story?
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NONEEEEEEEEEEEEEEEEEEEEE. Lisana might give we a lil update now and then but d media clueles
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http://www.youtube.com/v/YX8rX07fNEU
http://www.youtube.com/watch?v=YX8rX07fNEU
http://www.youtube.com/v/MFyrv_LR2qo
http://www.youtube.com/watch?v=MFyrv_LR2qo
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Alyuh know what Auditing is???
Auditors provide reasonable assuarance that the financial statements are in accordance with GAAP. The key words are REASONABLE ASSURANCE.
Also, auditors have a level of misstatement that is allowed
e.g If a firm dealing with 10 million in revenue, the auditor may have his threshold at 50 000 to 75 000. If the mistatements fall between or under that figure, he not going to press management of the company about it, unless the auditor real anal.
KPMG is one of the big 4 accounting firms... yuh really feel dealing with up TTFF is going to dirty their name???
Because the TTFF have no shareholders or likely investors, is not like the TTFF going to press the auditors for the Audit report.
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i eh kno nuh
play allya fitball as best as allya can fellas