[kictanet] Auditor: ICT authority is technically insolvent

[S.M. Muraya]

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-insolvent/539546-4142544-fso1g3z/index.html

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 at 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 at 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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-- 
SMM

*"Better a patient person than a warrior, one with self-control than one
who takes a city." Prov 16:32*
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