Promotion of Accounting Reform as the most effective Pathway to a Fairer Safer and more Prosperous Society. Comment and Support from all quarters is Sought to straighten out NZ's problem
If you have not already done so visit our Home Page for the latest in drama, intrigue, but sorry to say, top level treachery, on the New Zealand accounting scene.
Well another year rolls on to an end. Or drags probably if one is the victim of bad accounting. Last year we wrote a pantomime so that accountants could suitably mark the year's closing. But all the indoor rehearsals and performances that would have gone on will not have made the most of the start of the NZ summer and all the daylight which has been saved.
So this year end we thought we will try and arrange a raft of outdoor activities to allow accountants to review the year as well as let their hair down a little.
Well cycling might not suit everybody but next up it is a case of roll up, roll up, one and all to go on the fabulous incredible SPACETABLE. Well how exiting can you get! It creaks though and there has been a terrible crash with badly injured adventurers falling victim to the IRD's penalties regime. But that tends to be the nature of adventure we guess. But accountants will see other possibilities for this fantango. You can stay off the table and keep your feet safely on terrafirma and bag up the commissions. Then when the bag is full (or perhaps a little before) it is off for a junket tour of Sydney. How is that for a great time. Only a big 4 firm could think it up.
We thought we would see connections from this table to the taxation committee of the ICANZ but not so, good news. The former MP Anabel Young seems to be no longer with the institute either. We saw her on TV exploring icebergs. They creak a lot but are quite wholesome, near pure white. Ms Young was probably not a hollow woman, she went out with the earlier Boag regime, which was linked with Fay Richwhite as is Mr Garty. And a new accountant is about to enter parliament we see. She could be rather hollow but we hope she will soon solidify.
There seems to be a clash between the Gavigan faction and the Shareholders Assn over how to proceed with the Feltex shareholder fight back. Either party could be a decoy fighter. Is it better for a director or directors to be taking the action or a liquidator? It depends who holds the office perhaps. And how much cash they have access to comes into it. Its a pity to see cash used fighting each other. Perhaps the Assn could explain the advantages a liquidator has more clearly.
Please Contact Us if you are a shareholder who agrees that such an investigation should be a priority. There are provisions in the Act allowing shareholders to get information. Commercial sensitivity should not apply now.
The Securities Commission of course claims to have investigated everything to do with the Feltex collapse and found nothing untoward. But the Commission is becoming recognised as being one big joke. It is a direct Government appointed membership which wishes to keep itself that way. It looks after the Government's short term interests by continuing to say that everything in the market is A OK. The only exception it sees is an incredible number of people who apparently subscribe to scam investments in remote crime ridden countries. Of course when such people are approached they do not say "I was just paying my illicit drugs bill so that more supplies can come in", they rather say "I was just taking advantage of this very good investment with a great rate of return - oh heck don't tell me - I am still sure the proceeds will turn up soon". The Securities Commission does not see the need to declare members conflicts of interests like any other organisation. There is no need for public scrutiny of such great individuals. It works by quorums apparently, then everybody takes responsibility for the findings of the quorum. Members with conflicts of interest are never on the relevant quorum by definition it seems and of course members are always keen to dob in fellow members so that they can expect similar treatment of themselves. We think the Commission's theme tune is "It was just one of those things".
The scandalous Audit Cert of the 1990 BNZ annual accounts - Take a Look from Here And then learn about the Securities Commission here who reported on the affair.
We also background the role of the Institute of Chartered Accountants of NZ in ignoring the affair. It might go back 10 years but many players still maintain high office, collectivly protecting themselves at the expense of others.
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Structure and Operation of an alternative Accounting Organisation designed to shun dishonesty.