Auditor: ICT authority is technically insolvent
Priorities, priorities, priorities.. Auditor: ICT authority is technically insolvent https://www.nation.co.ke/news/Auditor--ICT-authority-is-technically-insolven...
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: http://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 <kictanet@lists.kictanet.or.ke> wrote:
Priorities, priorities, priorities..
Auditor: ICT authority is technically insolvent
https://www.nation.co.ke/news/Auditor--ICT-authority-is-technically-insolven... _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
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 < kictanet@lists.kictanet.or.ke> 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: http://ke.linkedin.com/in/alihkassim <http://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 < kictanet@lists.kictanet.or.ke> wrote:
Priorities, priorities, priorities..
Auditor: ICT authority is technically insolvent
https://www.nation.co.ke/news/Auditor--ICT-authority-is- technically-insolvent/1056-4816222-1ob4pwz/index.html
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
-- *Regards,* *Wait**haka 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 www.at.co.ke
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: http://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 <kictanet@lists.kictanet.or.ke> 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 <kictanet@lists.kictanet.or.ke> 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: http://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 <kictanet@lists.kictanet.or.ke> wrote:
Priorities, priorities, priorities..
Auditor: ICT authority is technically insolvent
https://www.nation.co.ke/news/Auditor--ICT-authority-is-technically-insolven... _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
-- 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 www.at.co.ke _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/info%40alyhussein.com
The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
Ali About priorities (not accounting semantics:) (i) Is the audit report available yet @ www.parliament.go.ke or at www.oagkenya.go.ke? (ii) Was the Digital Literacy program device (procurement/loot) driven or data driven? (iii) Is the Kenya ICT Authority provoking all levels, arms and departments of govt to provide (access to) information? About semantics (not priorities to make Information available to the public :) https://www.businessdailyafrica.com/news/Sh4-4bn-loss-leaves-KWS-technically... Wikipedia notes.. https://en.wikipedia.org/wiki/Insolvency It has been suggested that the speaker or writer should either say technical insolvency or actual insolvency in order to always be clear - where technical insolvency is a synonym for balance sheet insolvency, which means that its liabilities are greater than its assets, and actual insolvency is a synonym for the first definition of insolvency ("Insolvency is the inability of a debtor to pay their debt."). Has go.ke been paying it's LOCAL suppliers on time? On Mon, Oct 22, 2018 at 10:44 AM Admin CampusCiti <info@campusciti.com> 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: http://ke.linkedin.com/in/alihkassim <http://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 < kictanet@lists.kictanet.or.ke> wrote:
Priorities, priorities, priorities..
Auditor: ICT authority is technically insolvent
https://www.nation.co.ke/news/Auditor--ICT-authority-is-technically-insolven...
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
-- SMM *"Better a patient person than a warrior, one with self-control than one who takes a city." Prov 16:32*
Yup. Those too Muraya. Let us elevate our consciousness by asking the hard and right questions. Regards *Ali Hussein* *Principal* *AHK & Associates* Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim> 13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya. Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Mon, Oct 22, 2018 at 2:19 PM S.M. Muraya via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Ali
About priorities (not accounting semantics:)
(i) Is the audit report available yet @ www.parliament.go.ke or at www.oagkenya.go.ke? (ii) Was the Digital Literacy program device (procurement/loot) driven or data driven? (iii) Is the Kenya ICT Authority provoking all levels, arms and departments of govt to provide (access to) information?
About semantics (not priorities to make Information available to the public :)
https://www.businessdailyafrica.com/news/Sh4-4bn-loss-leaves-KWS-technically...
Wikipedia notes.. https://en.wikipedia.org/wiki/Insolvency
It has been suggested that the speaker or writer should either say technical insolvency or actual insolvency in order to always be clear - where technical insolvency is a synonym for balance sheet insolvency, which means that its liabilities are greater than its assets, and actual insolvency is a synonym for the first definition of insolvency ("Insolvency is the inability of a debtor to pay their debt.").
Has go.ke been paying it's LOCAL suppliers on time?
On Mon, Oct 22, 2018 at 10:44 AM Admin CampusCiti <info@campusciti.com> 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: http://ke.linkedin.com/in/alihkassim <http://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 < kictanet@lists.kictanet.or.ke> wrote:
Priorities, priorities, priorities..
Auditor: ICT authority is technically insolvent
https://www.nation.co.ke/news/Auditor--ICT-authority-is-technically-insolven...
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
-- SMM
*"Better a patient person than a warrior, one with self-control than one who takes a city." Prov 16:32* _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/info%40alyhussein.com
The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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.
participants (4)
-
Admin CampusCiti -
Ali Hussein -
Ngigi Waithaka -
S.M. Muraya