Tag Archives: Audits

Audit and Review, Deloitte

U N N E R V I N G ● N E W S

“If Deloitte was caught with one such brazenly egregious case, just what else is there that goes unreported, and undiscovered when it comes to corporate “books”, not only in Brazil but also in the US.”

### zerohedge.com Dec 5, 2016 9:43 PM
Auditor Deloitte Fined A Record $8 Million For Massive Fraud
By Tyler Durden
Remember when auditors were, by their very definition, supposed to be the embodiment of credibility, trustworthiness and moral fibre? The Brazilian arm of Big Four auditing giant, Deloitte, forgot these simple prerequisites and as a result the US auditing watchdog fined the firm a record $8 million for what amounts to massive fraud: falsifying audit reports, altering documents and providing false testimony during an investigation that unearthed what it described as its “most serious” finding of misconduct.
The US Public Company Accounting Oversight Board, or PCAOB, also penalised or barred 12 former partners, including a national practice director, and auditors of the Brazil-based Deloitte Touche Tohmatsu Auditores Independentes.
The Deloitte Brazil case is the first time the PCAOB has “charged a member of the Big Four auditing firms with fraud and for failing to co-operate with an investigation” according to the FT [Financial Times]. Worse, unlike banks which resolve similar cases without admitting or denying guilt, in settling, Deloitte Brazil admitted it had violated quality control standards and failed to co-operate with the auditing board’s inspection and subsequent investigation.
“This is the most serious misconduct we’ve uncovered. It’s cover-up after cover-up after cover-up,” Claudius Modesti, director of enforcement at the PCAOB, said. “As an investor you’re expecting that the audit was done properly and sufficiently and that wasn’t the case here.”
Not only was that not the case, but the details read like straight out of a fictional account of third-world crime.
Read more

deloitte-svg

Deloitte Touche Tohmatsu Ltd, commonly referred to as Deloitte, is a UK-incorporated multinational professional services firm with operational headquarters in New York City in the United States.
Deloitte is one of the “Big Four” accounting firms and the largest professional services network in the world by revenue and number of professionals. Deloitte provides audit, tax, consulting, enterprise risk and financial advisory services with more than 244,400 professionals globally. In FY 2016, the company earned a record $36.8 billion USD in revenues. As of 2016, Deloitte is the 6th-largest privately owned organisation in the United States.

The Big Four:
● PricewaterhouseCoopers (PwC), largest accounting firm in terms of revenue.
● Deloitte Touche Tohmatsu (Deloitte)
● Ernst & Young (E&Y)
● Klynveld Peat Marwick Goerdeler (KPMG)

OTAGO RUGBY & RACING ASIDE

Remember the old chestnut…. The connection between TTCF (The Trusts Community Foundation Ltd; formerly, The Trusts Charitable Foundation Inc) —and Deloitte.

“TTCF engaged Deloitte when they desperately needed an ‘independent’ audit so as to put the Department of Internal Affairs (DIA) and Audit NZ off the scent. Unfortunately, even though Deloitte uncovered approximately $40k per month in mis-spent funds, TTCF ensured that was left out of the report because after all they were paying the Deloitte bill.”

Related Post and Comments:
2.6.15 Queen’s Birthday honours to rogues #TTCF #ORFU #PokieRorts
11.3.15 DIA —poor job as gambling regulator
2.2.15 Operation Chestnut: DIA, SFO fluffing round the edges #TTCF #ORFU
11.1.15 Southern complainants: IPCA won’t ensure upfront investigation…
14.12.14 DIA regulates what? Not white collar crime, not with govt looking on!
5.8.14 Gambling Commission shuts down racing’s Bluegrass pokie trust
3.2.14 DIA signed up Intralot amid concerns about bribery and corruption
31.12.13 Martin Legge: Operation Chestnut [DIA’s PR exercise]
30.12.13 DIA insights: Pokie rorts, money-go-rounds, names
11.10.13 New Zealand: Pokie trusts same everywhere #pokierorts
10.10.13 Whistleblowers’ message heard ??! #OtagoRacingClub #pokierorts
1.8.13 Politicians keeping DIA/SFO quiet on ORFU and TTCF #pokierorts
31.3.13 DIA and Office of the Auditor General stuff up bigtime #pokierorts
21.2.13 DIA, SFO investigation #pokierorts
11.11.12 Department of Internal Affairs #pokierorts #coverup #TTCF
25.7.12 Martin Legge backgrounds TTCF (pokie trust) and Portage and Waitakere Licensing Trusts #DIA

█ For more, enter the terms *pokies*, *pokie rorts*, *ttcf*, *orfu* or *dia* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

*Image: Deloitte via Wikimedia Commons

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University calling Property Services

The University of Otago has expensive real estate and facilities at Dunedin, substantial numbers of heritage and modern buildings, tracts of housing, halls of residence and colleges, a space programme and a campus master plan. The university always has some sort of building and construction work going on most of the time.

The Property Services Division, headed by Barry MacKay (pictured), states its raison d’être as:

Barry MacKay - Director Property Services Division, University of Otago“We create, develop and maintain the Otago campuses in a way that inspires and supports excellence in all that experience them. We’re proud to support the ongoing academic mission of New Zealand’s first university by providing the best facilities, services and physical environment in which staff, students and the general public can learn, teach, live and play. From overseeing the design and construction of award-winning buildings, fixing broken light bulbs, booking office space, cutting the grass and trimming hedges, we’re the highly-trained men and women who help keep the five University of Otago campuses humming.”
http://www.otago.ac.nz/propertyservices/index.html

Despite the amazing upbeat veneer of professionalism and competence….

Imagine the university’s shrill consternation over an ‘outstanding’ Code Compliance Certificate (CCC) —for work to Aquinas Hall in 2008.

Just this week the university started contacting members of the local building fraternity…. confusing particular builds and industry players, with SO MUCH BLAMING and, decidedly, no track of its own on which relevant project or missing CCC….

Turns out, the Stage 2 Aquinas job had been project managed by the university. Property Services should’ve called Property Services.

Too many light bulbs need to be changed. Not enough energy, Mr MacKay, put into your project management systems.

█ A code compliance certificate is a formal statement issued under section 95 of the Act, that building work carried out under a building consent complies with that building consent.

Code compliance certificates – Ministry of Business …
http://www.building.govt.nz/bofficials-code-compliance-cert

Related Posts and Comments:
28.3.15 University of Otago landscaping
24.7.13 University: Leith flood protection scheme and landscaping
● 31.5.13 University of Otago development plans [see latest comments]

Posted by Elizabeth Kerr

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Cr Vandervis on DCC project budgets

Received.
Sat, 16 May 2015 at 11:39 p.m.

via Malcolm Dixon’s Facebook page [link to Build Dunedin]
https://www.facebook.com /malcolm.dixon.528/posts/10152926652873106

[screenshot]
Facebook - Lee Vandervis on DCC projects (via Malcolm Dixon link to Build Dunedin)

Related Posts and Comments:
7.5.15 DCC Draft LTP 2015/16-2024/25 —public submissions online
28.3.15 DCC Draft LTP 2015/16 to 2024/25 —CONSULTATION OPEN
25.3.15 DCC Long Term Plan: Green-dyed chickens home to roost
14.1.15 DCC Draft Long Term Plan: more inanity from Cull’s crew pending

█ For more about DCC and Cr Lee Vandervis, enter *vandervis* in the search box at right.

Posted by Elizabeth Kerr

30 Comments

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DCC Draft LTP 2015/16-2024/25 —public submissions online

PUBLIC FEEDBACK

You are able to search by submitter or subject/topic and view the details of the submission received by the Dunedin City Council to the DRAFT Long Term Plan 2015/16-2024/25.

The submissions are listed in alphabetical order of surname first.

█ Go to: http://www.dunedin.govt.nz/your-council/draft-long-term-plan-2015-2016/public-submissions

Related Posts and Comments:
28.3.15 DCC Draft LTP 2015/16 to 2024/25 —CONSULTATION OPEN
25.3.15 DCC Long Term Plan: Green-dyed chickens home to roost
14.1.15 DCC Draft Long Term Plan: more inanity from Cull’s crew pending

111 Comments

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DCC Draft Long Term Plan 2015/16 to 2024/25 —CONSULTATION OPEN

DCC Building a great small city Draft LTP 2015-16 to 2024-25 (1)

There is no SMALL CITY in this image.
Guess we haven’t started building yet. When we do it will take consolidated council debt to way over the existing +$600M which, of course, Mayor Liability Cull is already bleakly and ‘creatively’ responsible for.

Dunedin City Council – Media Release
Long Term Plan Consultation Document Unveiled

This item was published on 27 Mar 2015

‘Building a Great Small City’, the consultation document for the DCC’s Long Term Plan (LTP) 2015/16 – 2024/25, has been released.

Mayor of Dunedin Dave Cull says the LTP is designed to enable the Council to examine the bigger picture and set a strategic direction for the city covering the whole range of DCC activities. Now priorities have been proposed, the Council wants to hear from residents.

The consultation document is now available at http://www.dunedin.govt.nz/ltp
Public consultation on the LTP opens on Saturday (today) and closes at 5pm on 28 April. People are encouraged to provide their feedback early and, if possible, use the online form.

A snapshot of what is proposed, presented in a map fold newsletter, will be delivered to every Dunedin household. Once consultation has started, there will be further information on the DCC website and copies of the LTP consultation document will be available at DCC facilities such as libraries and the Customer Services Agency in the Civic Centre. There will also be public workshops and LTP stands in public places and at events, with the opportunity for face-to-face discussion with Councillors. These will be held around the wider city during the consultation period.

For the first time, comments on the DCC Facebook page and tweets to @DnCityCouncil using #LTP will also be considered as feedback.

█ 28.3.15 ODT: Council accepts social media feedback

Mr Cull says, “The LTP allows us to look at the aspirations outlined in our strategy documents and how we should prioritise these over the next 10 years. This means the LTP needs to balance our financial goals, such as debt reduction, and our desire to develop Dunedin to make it a more attractive place to live and do business. Our Financial Strategy imposes a 3% rate increase limit unless there are exceptional circumstances. This is in line with the average 3% ‘cost of living’ increases faced by local government. Under current proposals, an overall 3.8% rate increase is proposed for 2015/16. The exceptional circumstances are that, in addition to our usual inflationary pressures, we have had to provide an extra $1.5 million for the Forsyth Barr Stadium and budget for losing $4.5 million of dividend from Dunedin City Holdings Limited, which owns companies on the DCC’s behalf. We have absorbed some of those costs, but cannot absorb them all. We also need to balance rate limits against a range of new proposals in the LTP which the Council believes are worth investing in. We need public input on these, plus feedback on several other projects that have been included as unfunded items, such as new aquatic facilities for Mosgiel and lighting for the University of Otago Oval.”

Amendments to the Local Government Act have changed the way LTPs are developed and consulted on with the community. Past long term plans have involved first producing a full draft plan which was then put out for public consultation and feedback. Under the new system the DCC is required to produce this consultation document which sets out the issues the city is facing and the options for managing them. Key issues include putting the Stadium on a more achievable financial footing, tackling the city’s ageing infrastructure and addressing low economic growth.

The consultation period will be followed by hearings and deliberations in May and a final LTP will be adopted by the Council in June.

A range of supporting documents and an online submission form will be available at http://www.dunedin.govt.nz/ltp from 7am on Saturday (today).

Contact Dave Cull Mayor of Dunedin on 477 4000. DCC Link

Related Posts and Comments:
25.3.15 DCC Long Term Plan: Green-dyed chickens home to roost
24.3.15 Noble property subdivision —DELTA
23.3.15 Noble property subdivision: “Denials suggest that we have not learned.”
12.3.15 Snaky Stedman —not answering … questions ratepayers must ask
4.3.15 DCC internal audits
20.2.15 Audit NZ making up for previous huge inadequacies over DCC books ?
21.1.15 Dunedin City Council to set rates WAY ABOVE….
14.1.15 DCC Draft Long Term Plan: more inanity from Cull’s crew pending
18.12.14 DCC: Deloitte report released on Citifleet #whitewash
21.11.14 Stadium Review: Mayor Cull exposed
19.11.14 Forsyth Barr Stadium Review
3.11.14 DCC: What happened to $20 million cash on hand? #LGOIMA
31.10.14 Whaleoil on “dodgy ratbag local body politicians” —just like ours at DCC
28.5.14 DCC: Audit and risk subcommittee
31.3.14 Audit services to (paying) local bodies #FAIL ● AuditNZ … LynProvost
26.2.14 DCC: New audit and risk subcommittee a little too late !!

Posted by Elizabeth Kerr

*Image source: DCC

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DCC Long Term Plan: Green-dyed chickens home to roost

Updated post Wed, 25 Mar 2015 at 12:49 p.m.

Cute little chicken over green natural background.[todayifoundout.com]

With a self-imposed aim to keep rates rises to no more than 3%, the council still needed to find millions of dollars in savings each year for the next decade.

### ODT Online Wed, 25 Mar 2015
Council accused of being in denial over long-term plan
By Chris Morris
Councillors say the Dunedin City Council is in “denial” over the need to raise rates, or cut services, to plug a $68 million budget shortfall over the next decade. The claims came amid warnings from Crs Aaron Hawkins and Jinty MacTavish yesterday, as councillors met to sign off on a public consultation document summarising the council’s long-term plan.
Read more

Quelle surprise…. it’s not like these latest mumblings from Councillors on DCC budgets and projections is “News!” to the Dunedin ratepayers and residents who closely follow Council fortunes.

What IS news is the “greenie sustainables” of Greater Dunedin have finally woken up!

Is there a political split forming in Greater Dunedin? – when indeed, historically, we’ve been told by the ‘loose connection with incorporated society’ that its members have no shared policy, that their elected representatives are free to (think) and vote independently…. with some cohesion, nevertheless.

Well might Cr Lee Vandervis provide a standing ovation to Cr Aaron Hawkins’ voicing of major concerns. It was incumbent on Cr Jinty MacTavish, practically and politically… to agree with her Green Party confederate.
Interesting times. Wait for the YouTube video.

Dunedin City Council Extraordinary Meeting 24 March 2015 at 12 noon
Council Chamber, Municipal Chambers

Agenda – Council – 24/03/2015 (PDF, 28.3 KB)
Extraordinary Meeting

Agenda Item 4
ADOPTION OF DRAFT LONG TERM PLAN 2015/16 – 2024/25 SUPPORTING DOCUMENTS AND CONSULTATION DOCUMENT
Report from the General Manager Services and Development (Simon Pickford). Refer to pages 4.1 – 4.8.
Supporting documents and consultation document circulated separately and are also available on the Dunedin City Council website.
Reports and recommendations contained in this agenda are not to be considered as Council policy until adopted.

Report – Council – 24/03/2015 (PDF, 176.8 KB)
Adoption of Draft Long Term Plan 2015/16 – 2024/25 Supporting Documents and Consultation Document

Report – Council – 24/03/2015 (PDF, 2.8 MB)
Adoption of Draft Long Term Plan 2015/16 – 2024/25 Supporting Documents and Consultation Document
Attachment 7 – Dunedin City Council Draft Long Term Plan Consultation document for adoption 24 March 2015

Report – Council – 24/03/2015 (PDF, 2.4 MB)
Adoption of Draft Long Term Plan 2015/16 – 2024/25 Supporting Documents and Consultation Document
Draft Infrastructure Strategy for adoption 24 March 2015 (replaces previously issued document)

Related Posts and Comments:
12.3.15 Snaky Stedman —not answering … questions ratepayers must ask
4.3.15 DCC internal audits
20.2.15 Audit NZ making up for previous huge inadequacies over DCC books ?
21.1.15 Dunedin City Council to set rates WAY ABOVE….
21.11.14 Stadium Review: Mayor Cull exposed
19.11.14 Forsyth Barr Stadium Review
31.10.14 Whaleoil on “dodgy ratbag local body politicians” —just like ours at DCC
28.5.14 DCC: Audit and risk subcommittee
31.3.14 Audit services to (paying) local bodies #FAIL ● AuditNZ … LynProvost
26.2.14 DCC: New audit and risk subcommittee a little too late !!

Posted by Elizabeth Kerr

42 Comments

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DCC internal audits

audit bad news toon-1682 [glasbergen.com] 1

### ODT Online Wed, 4 Mar 2015
Council plans sweeping internal audit
By Chris Morris
An outside company will be paid to pry into every corner of the Dunedin City Council in the wake of the Citifleet fraud. The move came as members of the council’s audit and risk subcommittee yesterday endorsed two new policies designed to better protect the organisation from fraud.
Read more

### ODT Online Tue, 3 Mar 2015
Look at audit, disposal policies
By Chris Morris
The Dunedin City Council is continuing to close the gaps in its defences in the wake of the $1.5 million Citifleet fraud. Councillors at today’s audit and risk subcommittee meeting will consider a new internal audit policy, and an updated asset disposal and write-off policy, which aimed to better protect the organisation against fraud.
Read more

The Council’s audit and risk subcommittee:
Susie Johnstone (Chairperson), Janet Copeland, Councillors Chris Staynes, Richard Thomson, Hilary Calvert and Mayor Dave Cull (Ex-Officio Member)

Agenda – Audit – 03/03/2015 (PDF, 105.3 KB)

Report – Audit – 03/03/2015 (PDF, 164.7 KB)
Audit and Risk Subcommittee Work Plan

Report – Audit – 03/03/2015 (PDF, 63.2 KB)
Governance/Financial Policies

Report – Audit – 03/03/2015 (PDF, 363.9 KB)
Updated Internal Audit Policy (Draft)

Report – Audit – 03/03/2015 (PDF, 216.7 KB)
Updated Asset Disposal and Write-off Policy and Procedures

Report – Audit – 03/03/2015 (PDF, 1.7 MB)
Significance and Engagement Policy

Report – Audit – 03/03/2015 (PDF, 38.1 KB)
Long Term Plan Update

audit keep calm [pinimg.com] 1

Posted by Elizabeth Kerr

*Images: glasbergen.com – bad news toon-1682; pinimg.com – keep calm

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