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CWI audited financials
2018-2019 is the one needed.
In reply to camos
So soon?
In reply to FuzzyWuzzy
I know its too early, but there seem to be no disagreement with earlier years figures, that would be the useful period.
In reply to Courtesy
This tells the tale that CWI accounting or Management presented these numbers to the Audit Firm.
Since CWI gave the Accounting firm such numbers, CWI is responsible for assurances should this audit be presented to anyone who shows an interest in such Entity. The Audit is seeking to be indemnified from any liability.
Auditors Responsibilities for the Audit of the Financial Statements
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The audit is stating they did a limited amount of checking based on the numbers given to perform according to accounting principles that CWI dictated.
NO bank would accept this audit in North America, it would be classified as a limited audit or non-audited Statement.
I would not present such to any lending Institution, it can lead to fraud charges should errors or mistakes be found,
during a Bank Audit of said entity.
In reply to sgtdjones
So you are saying this does not meet GAAP principles?
My only interest in this is the loan. What procedure is used to access this loan...and any write offs.
Jamaica is sitting pretty.
In reply to sgtdjones
was wondering if they had a line of credit, as it seems they have cash flow problems at the moment, that may explain they are not having one ,or one that is inadequate.
In reply to Courtesy
NO, and never will.
I cannot present such to any of My Bankers as an audited statement in North America.
It is a useless document classified as NON Audited.
CWI gave an accounting firm these numbers and allowed them to check the entries of such as given, most likely no Bank statements or reconciliations.
The Audit Firm was not mandated to do anything else since they sought to be indemnified if it is used for any Economic purpose.
In reply to sgtdjones
I cannot present such to any of My Bankers as an audited statement in North America.
It is a useless document classified as NON Audited.
CWI gave an accounting firm these numbers and allowed them to check the entries of such as given, most likely no Bank statements or reconciliations.
The Audit Firm was not mandated to do anything else since they sought to be indemnified if it is used for any Economic purpose.
No comment.
In reply to camos
A line of Credit is to prevent cash flow problems.
It takes care of the low cash flows during meagre months.
It is obvious with US 40 million dollar Budget, few Banks would want to deal with such an entity, presenting such statements.
With this statement presented to any Bank, can lead to fraud charges if errors and not accurate numbers given to any accounting Firm are found.
In reply to sgtdjones
So this is like CWI asking KPMG to double check their work, just to make sure the could add and subtract correctly.
In reply to Courtesy
I wouldn't look at the numbers on such statements
They would not be classified as accurate and the financial
position of such an entity be questioned, by any MBA student
at any Bank in North America..
In reply to WI_cricfan
You gats it .
That is correct .
In reply to sgtdjones
They would not be classified as accurate and the financial
position of such an entity be questioned, by any MBA student
at any Bank in North America..
So you're saying that under the new banking regulations demanded by the US and OECD from our local banks in the new dispensation, this would not have passed that the smell test?
In reply to Courtesy
Nope, it would be like Stanford Bank.
We know what happened to such entity.
Courtesy, I cant present such as an Audited Financial Statement to my VP's of the Major Banks in Canada.
I would be thrown out of their offices.
In reply to sgtdjones
We know what happened to such entity.
Courtesy, I cant present such as an Audited Financial Statement to my VP's of the Major Banks in Canada.
I would be thrown out of their offices.
That's why there is a disclaimer from the auditing firm. The auditing firms attempts to meet a particular auditing standard and verify what is presented to them and don't necessarily vouch for the accuracy of what's presented to them for auditing.
But anyway, the CWI presented the financials...we asked for them and they obliged....we can glean a couple of things from it. I am happy they provided the audit reports.
In reply to sgtdjones
position of such an entity be questioned, by any MBA student
at any Bank in North America..
can't judge them on American standard, that is part of the reason they incorporated where they are..and they still could get money but at a higher rate,from like a hedge fund or an investment bank.
In reply to camos
I would give them money at a high-interest rate based on a guarantee from the ICC. Only then.
They did such at one time with Butterfield Bank, the interest
rate was very high, based on inept management.I deal with this Bank on wealth management.
Butterfield Bank also offers consumer lending, corporate banking and wealth management services from its Reid Street offices in Hamilton. Butterfield is Bermudas exclusive provider of credit cards through which customers can earn AAdvantage miles and Avios for travel on American Airlines and British Airways.
Butterfield Banks international network includes offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the UK. Butterfield is a public company with shares listed on the Bermuda Stock Exchange.
They are a bunch of inexperience Board members at CWI.
Just think they are getting 128 million US dollars this year from the ICC with no one to be held accountable?
In reply to Courtesy
These amounts are interest free, unsecured and without any fixed terms of repayment.
I'll wait to see the write offs in 2018/19. But these loan disbursements appear to bear a direct relationship to loyalty.
Barbados is sitting pretty.
I only read the Auditors statements and stopped.
Didn't get to what you stated above. as noted not worth the paper it is written on.
In reply to sgtdjones
they know what they doing, you think a thief that scatter things all over the place do know what he is doing, they throwing off the dog!
In reply to camos
In reply to sgtdjones
Wait when Cameron takes CWI to the stock market.
Can anyone who is tearing apart the Auditor's Report, post a typical auditor's report by an american auditor? This audit report (KPMG) resembles a typical report issued for any Jamaican company. I have read where American audit companies have colluded with their clients to deceive, but I do not recall reading of any well known auditor in my territory doing same. However, I do know that banks have more stringent requirements when it come to their auditing.
In reply to jelfew
Independent Auditors Report
To the Shareholders of ######## .
We have audited the accompanying consolidated financial statements of ^^^^^^^^ and its
subsidiaries, which comprise the consolidated balance sheets as at December 31, 2017 and
December 31, 2016, and the consolidated statements of income, comprehensive income, changes in equity
and cash flows for the years then ended, and the related notes, which comprise a summary of significant
accounting policies and other explanatory information.
Management is responsible for the fair presentation of these consolidated financial
statements in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management determines is necessary to
enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
Auditors responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those
standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the consolidated financial statements. The procedures selected depend on the auditors judgment,
including the assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entitys internal control.
An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a
basis for our audit opinion.
PricewaterhouseCoopers LLP
PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada, M5J 0B2
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of #######@ and its subsidiaries as at December 31, 2017 and December 31, 2016, and
their financial performance and their cash flows for the years then ended in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board.
(Signed) PricewaterhouseCoopers LLP
Chartered Professional Accountants, Licensed Public Accountants
This is for a public Company that I am a shareholder.
In reply to sgtdjones
You are quite wrong....this is the new standard long form report used by all big 6 firms.
In reply to doublecentury
I just copied and pasted what was submitted to the
Relevant Authorities in Canada, for a Public Company.
Note what the auditors stated.In our opinion
They have different notations depending on the 4 different types of Audits.
I am not a rookie in this field. Educate me?
Look, see how men does embarass themselves when they ain't know anything.
I've worked with auditing firms before, even one of the big names. Sgtdjones, relax, what KPMG stated in their auditors report is the norm and doesn't discredit any work done on the auditing.
KPMG would have still had to carry out materiality tests, test internal audit procedures, validate transactions etc.
All an audit does, is to guarantee the shareholders that there is no material or alarming evidence of fraud, it does not guarantee that there is "absolutely" no fraud. The only how anyone can promise that, is that they have to look through every living piece of financial transaction!!
All major companies have their own management and accounts team that presents the information to the auditing firm, and they will come in and check to see if the banking records have been reconciled, check for invoices for some payments and other things. The job of an auditor is not to go through all your financial transactions and put together a statement. Management is responsible for keeping their own accounting, producing a statement, and the auditors come and do their checks. That's how it work with all the big firms.
So yes, that's why they will leave disclaimers in their note. Doing reports based on IFRS standards is a norm. It's even more stricter in information presentation than GAAP!!
In reply to sgtdjones
Relevant Authorities in Canada, for a Public Company.
Note what the auditors stated.In our opinion
They have different notations depending on the 4 different types of Audits.
I am not a rookie in this field. Educate me?
Notes will vary between auditors, but they are all basically saying the samething.
In reply to jen
How can you audit something that is presented to you by company auditors? Look at some of the biggest Corporations that had as you claim carried out materiality tests, test internal audit procedures, validate transactions etc.and still end up with ENRON and others?
Tell me why are there 4 different types of Audits?
They dont say the samething.You are wrong.
The one that is truly audited will state the following:
In our opinion
This is what the Bankers want to read and see, not the standard document that indemnifies the Audit.
They want to see an opinion from Auditors.
In reply to sgtdjones
And didn't you see this
Opinion
We have audited the financial statements of Cricket West Indies Inc. (the
Company), which comprise the statement of financial position as at September 30,
2017, the statements of comprehensive income, changes in shareholders equity
and cash flows for the year then ended, and notes, comprising significant accounting
policies and other explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material
respects, the financial position of the Company as at September 30, 2017, and its
financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRS).
In reply to jen
We have audited the financial statements of Cricket West Indies Inc. (the
Company), which comprise the statement of financial position as at September 30,
2017, the statements of comprehensive income, changes in shareholders equity
and cash flows for the year then ended, and notes, comprising significant accounting
policies and other explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material
respects, the financial position of the Company as at September 30, 2017, and its
financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRS).
You have a comprehension problem, since you worked for the big Entities can you explain what type of Audit was done, please read the notes by the Auditors.
Did you see a poster asked if one can post what an audited
statement reads like in North America.
I posted one and a shareholder in this entity.
CWI didn't have such.
Isn't that a boiler plate statement from the auditors? I am not sure what sgtdjones going off on.
This is the problem of people sitting up in NA making highfalutin statements about things happening on the ground. I have learnt to assume very a little about how things should or shouldn't be by using where I am as a context to extrapolate on what is happening in the Caribbean.
In reply to carl0002
Cut out the crap, there are 4 types of Audits.
We have standard auditing procedures in 4 formats.
Can you tell me which one CWI has?
Have you not seen Public Companies caught and then have to
modify statements with losses ENRON etc comes to mind
Didn't Stanford Bank in The Caribbean have audits done?
What standard did they use?
In reply to sgtdjones
I certainly have no idea what Audit CWI have. Not sure how useful that info is anyway
The mistake to not make is to think that US and Caribbean is identical environment where every law and principle in the NA is applicable to the Caribbean context.
You have restatements, prior period adjustments of financial statements all the time. Happens more frequent than you are suggesting. And not all are indicators that some shenanigans going on and almost anything will go if you include it in the notes to the financial statements.
In reply to carl0002
Correck is right!!
In reply to sgtdjones
This is all I need to see, to know that you know nothing about what an Audit is, and/or how it is carried out. Stop embarassing yourself anymore.... please!!
An Audit is not you going through all the financial paper trail, and coming up with your own financial statements. That's the work of book keepers and accountants. An Auditor's job is to look at information that's already there, and check it's legitimacy.
Here is the definition from ACCA - "External auditors review the financial statements of commercial and non-profit organisations". ACCA grants license for Chartered Accountants
In reply to jen
Bro you have time. I know two CA's who post here and dem not touching this thread so far.....
In reply to jen
that is forensic accounting,where you suspect a crime has been committed .
In reply to jen
Why you insist on spoiling the fun. Just sit back and enjoy the show! Sometimes you may jump in just a bit so that they expose themselves more but dont try to shut it down. Its fun.
In reply to camos
That's correct that why I wouldn't respond to his comments.
An audit you go thru designated paper trails that accountants prepare. The Auditors look at various areas that they investigate.
He is talking about bank reconciliation and trial balance.
In reply to JOJO
Why you insist on spoiling the fun. Just sit back and enjoy the show! Sometimes you may jump in just a bit so that they expose themselves more but dont try to shut it down. Its fun.
I will ask again how many types of audits have you both done? I am speaking as an owner of Corporations
some are public that I control.
I view Jen as clueless since he is chatting about bank reconciliations and trial balance.
I am quite aware of what I am talking about since I have been in such positions for over a decade plus.
In reply to Kay
You are like bravos always knows someone, but know little yourself. Notice why I ignore your rass on most occasions.
In reply to sgtdjones
You still very comical. Ensure the bank accounts reconcile is always one of the checks that auditors do. As I said, stop embarrassing yourself. How can you audit statements without verifying that the bank accounts in the clients book doesn't reconcile with the bank statements? Please, just stop....
So, as an auditor, you'll see bank balance of 2 million, but wouldn't check to see if it reconciles with my bankers statement Every fraudster needs you as their auditor
In reply to jen
Now if you know so much, Auditors go thru Bank reconciliations and trial balance to look for errors or fraud.
They will look at what the company prepares and they have certain models that they check to confirm such results.
Now as you noted they don't check such, how can they come up with an opinion?
This is what an Audit seeks, the Auditors opinion.
If an Auditor/s doesn't check how can an auditor/s give an opinion?
Educate us?
In reply to jen
Idiot, I am not an auditor, as I noted but you are too stupid to recognize what I stated above?
Go back and read ...you may get a better understanding.
In reply to jen
I now wonder what type of audits you have done.
I have seen Bank reconciliations and trial balance not agree dummy, when fraud has been committed and the books were not corrected as yet.
You sound like a small business owner and little comprehension of what you are talking about.
I am too old now to remember everything I learned about accounting. My recollection is that auditors are to give an opinion on financial reports prepared and presented to them by their clients. Th audit entails testing and limited checking, of the clients financial records, so that they can form an opinion on the financial reports prepared and presented to them by the client. The scope of work they prepare to do this depends on how much they trust the checks and balances their clients exercise in their day to day financial operation.
THE AUDITOR IS NOT REQUIRED TO PREPARE THE FINANCIAL REPORT THEY AUDIT. It is prepared and presented to them by the client. The client cannot (or should not ) dictate to the auditor what and how to do their audit. even though the client pays.The auditor's staff goes to the client place of business, spends as long as they think is necessary to check/test the financial records as they think fit to form an opinion. THEY ALWAYS, WITHOUT FAIL CHECK THE BANK RECORDS OF THE CLIENT. Bank statements, bank reconciliations, bank balances etc. If they find something fishy, they can give adverse reports. Minor mistakes or fraud are not likely to have any MATERIAL EFFECT on the financial report. Where they find shortcomings in the client's financial operations, they will make a report to management to rectify them. On their next audit, they check to see if these shortcomings have been rectified.
If they discover anything that materially affect the financial report they previously reported on, adjustments are made in the current report.
Auditors do not certify that the financial report is free from mistakes or fraud, hence the statement to protect them, if those are subsequently discovered. However, they can be held accountable, if it is material or should normally have been discovered during their audit.
NOTE. THE ACCOUNTING FIRM THAT DOES THE AUDITING CAN ALSO PREPARE THE FINANCIAL REPORT FOR THE CLIENT. However, that is not auditing, that is accounting and paid for separately.. That report is going to be audited by another team or audit firm.
Banks will always want to see audited financial reports of business they lend money to. They also will request special reports for their own purposes.
A bank will always want to see annual audited reports prepared in the manner done by CWI, in accordance with international standards. . Does anyone see any material difference between the UK and USA audit reports? What would be the basis of discrediting the CWI audited reports? Anyway, it does not necessariy mean that
something could not be wrong.
In reply to jelfew
Bingo .
Thats what I am trying to explain to the posters here.
Spot on
You have sound knowledge of Accounting and its practices.
You speak volumes and not as some of the above posters.
Congratulations.
I posted the info you requested on the last page about a Public Corporation in Canada. What the Auditors noted.
In reply to jelfew
If I presented that CWI report to my Bankers in Canada the Big three, I would be thrown out off the Bank.
I showed it today to a VP, and she just shook her head, asked if I was involved with this entity and replied ..Gawd NO.
In reply to sgtdjones
Who told you anything about bank reconciliations always agree? Didn't I say auditors will check if the bank accounts are reconciled. Which auditor going to audit accounts and the bank accounts doesn't reconcile?
In reply to carl0002
The mistake to not make is to think that US and Caribbean is identical environment where every law and principle in the NA is applicable to the Caribbean context.
If one has difficulty meeting its budget, it tells a tale.
On such occassions, Bank help is sought.
CWI stated it had to ask employees for help by delaying their remunerations until its cash flow improved.
Now, what does that say, Banks don't trust your financial statement and have little confidence in the Management team?
In reply to jen
I can sense you are a small business owner somewhere in the Caribbean. A big fish in a small pond.
Try such in the North American markets, where sharks roam.
Then we go chat.
In reply to sgtdjones
They will look at what the company prepares and they have certain models that they check to confirm such results.
Weren't you the one that said how can an Audit be conducted on information given by the company? Now you are saying that they will go through bank reconciliations? So who prepares these bank reconciliations, not the clients? Boss, yo confusing yoself.
This is what an Audit seeks, the Auditors opinion.
If an Auditor/s doesn't check how can an auditor/s give an opinion?
Didn't I say its the job of an Auditor to go through the information presented, and check for the legitimacy of it? That's why I then said they'll check if the bank accounts reconcile etc.
In reply to sgtdjones
You said this
Jelfew said this
Bingo .
Thats what I am trying to explain to the posters here.
Then you said this
First you say how can you audit something that is presented to you by a company, then you gone and agree with Jelfew in that Auditors give opinion on reports presented to them by the client
Man that's two totally different statement. By the way, jelfew is correct. You agreeing to him now says what you said prior was all incorrect. You have switched sides now.
It's not the job of an Auditor to prepare financial statements. They can do it if requested, meaning you don't have to physically give them a statement. But they will definitely need at least a trial balance or something to start working from to see a list of accounts maintained.
Allyuh still on this?
Read the damn audits. Btw the 2017/18 audit says CWI will prepare a 2018-23 Strategic plan. I am asking CWI to post their current strategic plan.
In reply to sgtdjones
You also said this, but yet in one of your posts, you now claim that Auditors go through bank reconciliations lol lol
Boss, don't be silly, Auditors always check to verify that banks reconcile, and they will ask you for your trial balance for the audit period (or balance sheet & income statement)
In reply to jen
An auditor will verify any document prepared by the entity staff.
They have various models they run to be sure of accuracy, and it depends on the type of Audit.
What reputable Firm audited ENRON, Stanford Bank.
ENRON audited statement was given to the SEC and Wall Street plus the NY stock exchange.
The US Treasury had to bail out banks to the tune of 400 Billion, they all had amazing audited statements on the
mortgage and Loan fiasco.
The Auditors all looked at these entities prepared statements, the taxpayers footed the Bill.
Since then Auditing firms are asking to be indemnified
should such occur and they not catch it.
In reply to Courtesy
Read the damn audits. Btw the 2017/18 audit says the company has prepared a 2018-23 Strategic plan. I am asking CWI to post their latest strategic plan.
I tort dem gats one two decades ago.
This way we languish at the bottom of the barrel.
In reply to sgtdjones
I have been asking for the latest plan to be made public incessantly here and other forums. While we get an idea of the financial strength of CWI in the audits it is the strategic plan which allows one to make a thorough assessment or appraisal of mgt and policy implementation.
Btw, CWI was in the black in 2017-2018 and new accounting policies will be effected from January 2019.
Bump!!
Who stopped the fun?
In reply to Kay
Idiots like you can add any knowledge to the thread.
In reply to sgtdjones
Looks like you regressing to your investor handle with more ignorance and lies? Please stay outta audit conversation, aite?
In reply to WestDem
What take you so long to see this thread Mr accountant, was waiting for your take.
In reply to camos
Needed to see the seargant expose his fake badge... I always believe in the saying... give a man enough rope so he can bang himself
In reply to Courtesy
Leave jen alone. He got SgtdJones ,AKA socaFighter, feet to the fire.
In reply to WestDem
Fack you turned up finally. De man seh he own a corporation now
be careful
In reply to WestDem
Show me where I am wrong....
I posted stuff that auditing Firm have done with
private and public Firms that I have been involved
with.
cussbud you make a broad statement without proof.
I await.
In reply to TheTrail
Rather than copycat other with the crap, you post above
Can you provide proof of the above statements?
In reply to jen
That's what i got from this thread too....i'm confused as all hell now
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