Auditor: ICT authority is technically insolvent
Ngigi
My point exactly.
Assets and liabilities are usually about a For-Profit company. Doesn’t the ICT Authority have a larger calling than to subject it to the same principles as a company? What I expect from the auditor is this:-
1. The Authority was allocated X amount of money in this financial year for X activities.
2. The Authority’s mandate was X and based on the funds allocated it was able to achieve X.
3. The inability to execute its mandate wa due to X.
4. Funds allocated to the Authority were misused or were re-allocated to this.
You get my drift.
We need to elevate ourselves beyond this pedestrian thinking that such an important body is audited based on its assets and liabilities. This is a country for crying out loud not Bidco or even Safaricom.
Ali Hussein
Principal
AHK & Associates
+254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: ke.linkedin.com/in/alihkassim
\”We are what we repeatedly do. Excellence, therefore, is not an act but a habit.\” ~ Aristotle
Sent from my iPad
> On 22 Oct 2018, at 11:08 AM, Ngigi Waithaka via kictanet <[email protected]> wrote:
>
> Ali,
>
> This…
>
> \”The auditor, in a report tabled in the National Assembly last week, said the agency\’s liabilities of Sh1.6 billion exceed its Sh386 million assets…\”
>
> What a difference a couple of years makes 🙁
>
> Rgds
>
>> On Mon, Oct 22, 2018 at 10:44 AM, Admin CampusCiti via kictanet <[email protected]> wrote:
>> I’m curious to understand this insolvency conclusion.
>>
>> Just picked up this explanation of insolvency from Wikipedia.
>>
>> Insolvency is the state of being unable to pay the money owed, by a person or company, on time; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
>>
>> Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty.
>>
>> Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy.
>>
>> A company that is balance-sheet insolvent may still have enough cash to pay its next bill on time. However, most laws will not let the company pay that bill unless it will directly help all their creditors. For example, an insolvent farmer may be allowed to hire people to help harvest the crop, because not harvesting and selling the crop would be even worse for his creditors.
>>
>> I suggest that we don’t consume news that is shallow and half baked. This is a critical government agency and sensationalism does no one any favors. The editors have a fiduciary responsibility to expound and give us an in-depth expose of what the auditor’s report actually says and an interpretation of what it means.
>>
>> My two cents.
>>
>> Ali Hussein
>>
>> +254 0713 601113
>>
>> Twitter: @AliHKassim
>> Skype: abu-jomo
>> LinkedIn: ke.linkedin.com/in/alihkassim
>> Blog: www.alyhussein.com
>>
>> \”Discovery consists in seeing what everyone else has seen and thinking what no one else has thought\”. ~ Albert Szent-Györgyi
>>
>> Sent from my iPad
>>
>>> On 22 Oct 2018, at 8:07 AM, S.M. Muraya via kictanet <[email protected]> wrote:
>>>
>>> Priorities, priorities, priorities..
>>>
>>> Auditor: ICT authority is technically insolvent
>>>
>>> www.nation.co.ke/news/Auditor–ICT-authority-is-technically-insolvent/1056-4816222-1ob4pwz/index.html
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>>
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>
>
>
> —
> Regards,
>
> Waithaka Ngigi
> Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building
> T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000
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>
> KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people\’s times and bandwidth, share knowledge, don\’t flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
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