KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 2PB i
NewslineThe Professional Journal of KASNEB Issue No. 2 April - June 2013
KASNEB
KASNEB
BIOMETRICS
April - June 2013 KASNEB Newsline, Issue No. 2 1
Contents
KASNEB
Editor HonorarisPius M. Nduatih
Editorial TeamStaff members of KASNEB
Circulation Office
KASNEB Towers Hospital Road, Upper HillP.O. Box 41362 - 00100
Nairobi - KenyaTel: 254(020) 2712640 / 2712828
Cellphone: 0722-201214/0734-600624Fax: 254(020) 2712915
E-mail: [email protected]: www.kasneb.or.ke
KASNEB Newsline is the professional students journal of KASNEB.
The views expressed in this journal are those of the respective authors and do not necessarily reflect those of KASNEB.
The Editor welcomes contributions from readers especially students and trainers in accountancy, finance, management, administration, ICT and cognate subjects.
The Editor reserves the right to edit articles for the purposes of clarity and brevity.
Trainers and students are free to photocopy materials contained in this journal for purposes of learning without seeking prior consent from KASNEB.
Reproduction is allowed without charge as long as prior consent is sought and the source acknowledged.
Correspondence should be addressed to:
The EditorKASNEB Newsline
Marketing and Corporate AffairsUnit
P.O. Box 41362 - 00100NAIROBI.
NewslineKASNEBEditorialPage 2
Business intelligencePage 10
BiometricsPage 3
Integrated accountsPage 32
The fuel of academic excellence Page 38
PictorialPage 44
KASNEB updatesPage 43
Credit Reference BureausPage 19
Prize winnersPage 53
Financial Accounting
Cos
t Acc
ount
ing
Editorial
Editor HonorarisPius M. Nduatih
Security of persons and information ranks high among the challenges that
countries and organisations continue to grapple with. As efforts to address this
challenge continue to gather momentum, focus is quickly shifting to information
technology to provide a panacea. In this connection, one of the technology
frontiers being explored is the use of biometrics.
Biometrics has been basically defined as the use of digital technology to verify
a person's identity based on physical and biological traits. It is envisaged that
this technology will revolutionalise access control to facilities and information
and hopefully tackle the inherent security challenges head-on.
In an effort to keep our readers in tune with emerging issues in information
technology, this edition of the KASNEB Newsline features a lead article
on biometrics. The writer sheds light on this cutting-edge technology and
summarises the main benefits expected to be derived by countries and
organisations from its adoption.
The second article focusses on the role of business intelligence in propelling
organisational growth. The writer spotlights the components of a business
intelligence road map and explores the various applications of this concept in
an organisational set-up.
With the profession of credit management steadily entrenching itself in industry,
it is important that emerging developments associated with it are tracked. In light
of this, we feature as the third article a write-up on credit reference bureaus,
with particular emphasis on the legal framework governing their operations and
their role in fuelling economic growth.
Other articles featured in this edition are on integrated accounting and the
requirements for excellence in professional examinations.
These articles have been carefully selected to suit the diverse readership base
of the journal.
Enjoy your reading.
April - June 2013 KASNEB Newsline, Issue No. 2 3
BiometricsAn emerging technology on security
Ernest Madara
Lecturer in IT,
KCA University
Definition of biometrics
Biometrics is defined as the science of using digital technology to verify a person’s identity based on physical and biological traits such as fingerprints and unique eye features. It can provide a high level of security while eliminating the need to remember multiple passwords and personal identification numbers (PINs).
Table 1. Comparison between biometrics and passwords
Source: http://www.ibm.com
Common biometric characteristics can be classified into physiological and behavioural biometrics.
Biometrics PasswordsInternal representation Features (Constant size
features vs. variable size features from signal)
Hash of the password string
Size Usually about 100 bytes or more
Typically 6-8 alphanumeric characters
Data input Constant varying Always the same
Match algorithm Inexact, fuzzy, never 100% Exact 100%
Non-repudiation Yes (mostly) No
Revocability No Yes (easily)
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 24 5
Biometrics
Table 2: Classification of biometric modalities
Physiological Behavioural
Fingerprint, face, iris, retina, voice, vein pattern, palmprint, hand geometry, DNA, facial, thermograms, body odour, fingernail bed, brainwave pattern, biodynamic signature, utoacoustic emissions, ear shape, skin spectrography
Handwritten signature, keystroke dynamics, gait, handgrip dynamics, mouse dynamics, lips dynamics
Table 3 : Strengths and weaknesses of biometric modalities
Biometric Strengths Weaknesses Suitable application
Finger verification Very stable over time Uniqueness
Potential user resistanceRequires user training
Information System (IS) access controlWork station access controlPhysical access controlAutomated teller machines (ATMs)Automotive access
Hand geometry
Small templateLow failure to enrollUnaffected by skin condition
Size of devicePhysical contact required\juvenile finger growth
IS access controlPhysical access controlTime attendance
Voice verification Good user acceptanceLow training
Unstable over timeChanges with time
Mobile phonesTelephone banking
Retina scanning Stable over timeUniqueness
Potential user resistanceRequires user trainingDependent on a single vendor technology
Physical access controlATM and airline ticketing
Signature verification High user acceptanceUnstable over timeChanges over timeEnrolment takes long
Portable devicesStylus inputApplicable where a wet signature would be used
Facial recognition Universally present
Cannot distinguish between identical siblingsReligious or cultural prohibitions
Physical access control
Source: (Giesing, 2003)
APPLICATIONS OF BIOMETRIC TECHNOLOGY
Biometric technology is one area that no segment of the information technology (IT) industry can afford to ignore, it provides security benefits across the spectrum, from IT vendors to end users, and from security system developers to security system users. All these industry sectors must evaluate the costs and benefits of
ACCESS DENIEDScan does not match
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 24 5
Biometrics
implementing such security measures. Every biometric system has its limitations. Therefore, identification based on multiple biometrics is an emerging trend as multimode biometrics can provide a more balanced solution to the security multimode systems as they involve the use of more than one biometric system.
The biometric systems not only allow verification of a claimed user’s identity but also produce a probability estimate of the previously unknown identity of the client from the database of known users. The computational requirements in terms of computing power are considerably higher in identification than in verification mode because the feature has to be compared to every single template stored in the database and not just the one of the claimed identity.
Biometric devices can be adjusted to favour security or user convenience and the cost constraints within a given application and environment.
Table 4: Comparison of leading biometric technologies
BIOMETRIC SYSTEM COMPONENTS
Any biometric system is basically made of the following components:
(i) Portal. Its purpose is to protect some assets. An example of a portal is the gate at an entrance of a building. If the user has been successfully
authenticated and is authorised to access an object then access is granted.
(ii) Central controlling unit receives the authentication request, controls the biometric authentication process and returns the result of user authentication.
(iii) Input device. The aim of the input device is biometric data acquisition. During the acquisition process
Finger scan Fascial scan Hand scan Iris scan Voice recognition
Accuracy High Low Medium Very high Low to medium
Ease of use High Medium High Low to medium High
User acceptance Medium High (overt)Low (covert)
High Low to medium High
Privacy concerns High Very high (overt) Medium High Very low
CostPerformance
Low to mediumHigh
Low to mediumLow
MediumMedium
HighHigh
LowLow
Potential for circumventionDistinctiveness
Medium
High
High
Low
Low to medium
Medium
Very low
Low
High
Low
Barriers to universality
Susceptibility to changes in biometric
Worn ridges; hand or finer impairmentLow to medium
None
Medium to high
Hand impairment
Medium
Visual impairment
Low
Speech impairment
Low to medium
Susceptibility to changes in the environment
Low High Very low Low Medium to high
If you don't pay us two million dollars by tomorrow, we will kill you
Get sample of speech
Voiceprintdatabase
No
Yes
If youdon't.......
Comparevoiceprints
Lastvoiceprint
Matchingscore
Rankreference
voiceprints
Convert tovoiceprint
Get referencevoiceprint
ACCESS DENIEDScan does not match
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 26 7
user’s liveness and quality of the sample may be verified.
(iv) Feature extraction module processes the biometric data. The output of the module is a set of extracted features suitable for the matching algorithm. During the feature extraction process, the module may also evaluate quality of the input biometric data.
(v) Storage of biometric templates. This will typically be some kind of a database.
(vi) The biometric matching algorithm compares the current biometric features with the stored template.
The limitations of unimodal systems include:
• Non-universality • Noise in sensed data • Reliability of the sensor used • Limited discriminability• Upper bound in performance • Lack of permanence • Spoofing attacks
SECURITY IN BIOMETRICS
A number of studies have analysed the likelihood of such security breaches and potential approaches to counter these vulnerabilities. The general analysis of a biometric system for vulnerability assessment determines the extent to which an impostor can compromise the security offered by the biometric system. While many of these attacks are applicable to any information system, the attacks using fake biometric and template modification are unique to biometrics systems.
These attacks are summarised below:
(i) Sensor level attack: A fake biometric sample can be presented at the sensor to gain access. A fake biometric can be generated by covertly acquiring the biometric characteristics of a genuine user, such as lifting fingerprint impressions from objects touched by persons.
(ii) Replay attack: It is possible for an adversary to intercept or acquire a digital copy of the stored biometric sample and replay this signal bypassing the biometric sensor.
(iii) Trojan Horse attack: The feature extractor can be replaced by a program, which generates the desired feature set.
(iv) Spoofing the features: The feature vectors generated from the biometric samples are replaced by the set of synthetically generated (fake) features.
Figure 1: components of biometric control systems
INPUTDEVICE PORTAL
STORAGE
FEATUREEXTRACTION
MATCHINGALGORITHM
CENTRALCONTROLLING
UNIT
2
3
4
56
1
Sensor
Sample
Raw
Processed
TemplatedataDatabase
Template
Template
Template processingalgorithm
Template comparisonalgorithm
Image capture
Image processing
Feature extraction
Biometrics
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 26 7
(v) Attack on matcher: The matcher can also be subjected to a Trojan horse attack that always produces high (or low) match scores irrespective of which user presents the biometric at the sensor.
(vi) Attack on template: The template generated during the user
communication channel can be intercepted for malicious reasons and then modified and inserted back into the system.
(viii) Attack on decision module: The final decision generated by the biometric system can be overridden by a Trojan Horse program.
Security and privacy
There has to be a trade-off between security and privacy
Security has been defined as an “absence of threats to acquired values” or a “low probability of damage to acquired values.” A distinction is often drawn between objective and subjective security. Objective security refers to the low probability of damage, while subjective security refers to the feeling of security, or the absence of fear that acquired values are threatened. The nature and moral significance of “privacy” are difficult questions that have attracted significant philosophical attention.
enrolment/registration can be either locally stored or at some central location. This type of attack can either modify the stored template or replace it with a new template.
(vii) Attack on communication channel: The data being transferred through a
Figure 3: Factors affecting performance of biometric systems
Figure 2: Biometric authentication system attacks
StoredTemplates
BiometricSensor
FeatureExtractor Decision
Modify templatesin database
Override finaldecision
Override finalmatcher
Synthesisedfeature vector
Override featureextractor
Attacking thechannel
Reply stored signal
Fakebiometric
Application(e-banking, ATM)
Matcher
Biometric Factors causing errorsAll Template aging as a result of age, gender, other factors
Fingerprint Degradation of fingerprints caused by occupation, age, trauma
Face Environmental factors such as lighting, background, contrast, pose,
movement of subject, glasses
Iris Positioning, eye angle, glasses
Voice Illness, age, quality of communication system
Hand Injury, trauma to hand
Biometrics
Conclusion
The increased utilisation of biometrics technology in the past few years has contributed to a strong growth pattern as the technology is used in a variety of facilities. Due to media exposure, familiarity with technology will continue to increase proportionately, which will result in an increased curiosity about biometrics technology. Thus, implementing this technology will provide the public with many and varied opportunities to work with the new technology, learn about it and become informed. As well, it will result in providing those interested in a career in technology with a broad range of knowledge and enable them to pursue specialisations in biometrics.
IMAGE MATCHES FACE
Biometrics
NAIROBI AVIATION COLLEGE
NAIROBI AVIATION COLLEGE
AS AFRICA TOP PERFORMING AUTHORIZED TRAINING CENTER (A TC) - 2013
INTERNATIONAL AIR TRANSPORT ASSOCIATION (IATA) RECOGNIZES
KASNEB Newsline, Issue No. 2 April - June 201310
Introduction The business society today is faced with lots of challenges mostly
attributed to the rapid changes in the market environment. This has partly been due to the introduction and the use of more sophisticated technologies which link businesses through electronic systems. A common example is the use of mobile phones which has gone beyond its imaginary line of communication and data transfer to other sectors like banking. With a mobile phone, one can now call, send and receive data, surf the internet, capture videos, photos, record conversations and undertake many other activities.
With proper technology in place, we have seen changes in productivity, shifts in demand and supply, people being able to share knowledge and information, and it has made it easier for innovation and new inventions through research and analytical work.
In the face of such challenges, most organisations would put in place a team commonly known as a task force, and bestow in them the mandate to come up with a solution to the challenges facing the entity, or come up with preventive measures or ideas that would generate new revenues and add value to the business, or create a healthy competition in the market place. In so doing, the entity would gather intelligence in
Business Intelligence
Fredrick NyunjaOperations Manager
K-REP BankNakuru
April - June 2013 KASNEB Newsline, Issue No. 2 11
form of data, analyse it and come up with a practical solution that would generate a competitive advantage.
Business intelligence is all about value creation in the business enterprise. It is therefore of vital importance for every organisation to have a business intelligence analyst to assist the management in making decisions and strategies with regard to the competitive market.
Definition and overview of business intelligence
This is the process of acquiring high quality information about a particular subject matter being researched on, to enable individuals analyse the information and draw conclusions or make assumptions.
Others define business intelligence as the use of technology to collect and effectively use the information to improve business performance.
The world today is viewed by many as being in an information age. Information is important as
being driven by an accurate and good timing of information. Information in this era is used as a strategic asset which can assist the management change the face of an enterprise and survive even the toughest economic and market conditions. This is where sharp entrepreneurs rip the profits, as they get more information of value and invest based on the strategy driving the business at the time.
External
Internal information sources
Ext
erna
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BUSINESSINTELLIGENCESUPPLIES CUSTOMERS
ERP
MES EMI
MARKET
COMPETITION
BU
SIN
ESS
OB
JEC
TIV
E
it can be used to give leads to untapped business opportunities. Business intelligence will take into consideration the organisations' processes, technologies in place that can be manipulated and applications to analyse data and business processes in order to come up with value added outcomes. The business environment today is therefore
Business Intelligence
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 212 13
A business unit may create value by:
• Allocating resources well in order to achieve the maximum returns
• Reducing costs to an acceptable level as portrayed by the senior management
• Increasing productivity • Innovation and the identification
of opportunities that would put the business in a competitive edge in the market
• Improving the quality of its products and services
• Improving the efficiency and effectiveness of its operations.It is important that data is
collected from within the enterprise for the purpose of internal analysis and performance measures. Data may also be collected from within the industry and competitors for the purpose of benchmarking, comparisons and performance review.
This data may be critical in providing statistical leads in business demographics, internal account performance or individual account performance, business
performance, identification and management of risks. Further to this, the internally sourced data is cheap and easily accessible to the analyst and management.
Organisations may develop their own systems or purchase a customised business intelligence software application in an endeavour to generate intelligent reports. The data sourced from such software is easily transformed into a user friendly interface to be implemented by the end user in decision making.
In the process of adding value using business intelligence, the enterprise should put much emphasis on information and the
by the business community and governments to spur economic growth in different sectors. To do so most Governments, in particular the Government of Kenya has empowered small and medium enterprises (SMEs) by providing a conducive environment for conducting business, access to information through networking (using fiber optic cables) and also extending financial resources (Youth Fund and Women Enterprise Fund) to boost entrepreneurship and subsequently spur economic growth as well as create employment opportunities to the Kenyan population.
customer satisfaction through the provision of better services and products that add value. The enterprises can also change focus from product to customer centric approach depending on the strategic plan of the business.
I n f o r m a t i o n technology is one tool used today
MakingDecisions
Data PresentationsVisualisation techniques
Data MiningInformation discovery
Data ExplorationStatistical analysis, querrying and reporting
Data warehouses/Data MartsOn-Line Analytical Processing (OLAP)
Data SourcesPaper, files, information providers, database systems
Increasing potential to support business decisions
End user
Business analyst
Data analyst
DBA
Prediction
Analysis
Reporting
Connectivity
Data transformation (ETL)
Performance monitoring
DataData
Data
Business Intelligence
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 212 13
But as the SMEs grow, their businesses are affected by a number of technical and economic challenges hence the need to change the business game plan (strategic plan). Some of the factors include stiff competition, technological innovations, globalisation, mergers and acquisitions, deregistration, changes in cost and fluctuation of raw materials, the emergence of new markets and so on. Consumers are
now educated and well informed. This therefore gives them the power of choice [a lot of substitute goods are in the market] and control in the game plan.
Through thorough business intelligence and research by analysts, the enterprises are therefore sometimes forced to study market trend and what the competitors are offering, create new revenue streams, enter new territorial
markets, and reduce production and administration costs in order to realign their operations.
Elements of business intelligence
An understanding of business intelligence requires one to have an all round knowledge ranging from the source of the information, business strategic plan in place and the entire value chain.
Business intelligence is a combination of information technology, human capital and organisation processes.
It should focus on the interaction between Information Technology (IT), business processes, human competencies, the current circumstances affecting the enterprise and cooperation in the entire enterprise.
Human competencies refer to the persons who have the ability to retrieve and deliver the right information. The organisation
Business Intelligence
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 214 15
needs to marshal its troops - People who are focused, self driven and have a common purpose for the organisation. A Chinese warrior [Sun Tzu] taught us to win the battle in the mind before the fight. By winning, it means all the troops [team] should be mentally prepared, well skilled, be able to work ‘SMART’ and strategically towards archiving a common goal for the enterprise.
Information technology plays a critical role in data collection and analysis. The users should be capable of interacting with the data and storing it and manipulating it before sending it back to the intended end-user who will use it for decision making.
The business processes would depend on the nature of the organisation for instance, for a manufacturing concern, the process may be optimisation of its inventory system.
It would require a substantial investment to set up an information system which may be in the form of human capital (information technology experts) and a data warehouse (for storing information).
Applications of business intelligence • As a strategic tool: Business
intelligence can be applied strategically as well as tactically. Strategically, it can assist management to identify trends and opportunities for growth. It can also be applied tactically within departments to implement changes that create value to the institution.
• Extraction of audit evidence: Information system auditors can apply computer assisted audit techniques (CAAT‘s) to obtain reliable, relevant and sufficient audit evidence required to achieve audit objectives. Audit findings should be supported by appropriate analysis and interpretation of the evidence by the information system auditor.
• Monitoring tool: Business intelligence can also be used to monitor an enterprise’s performance against its key performance indicators.
• Generation of reports: It can be used to generate strategic reports to the senior management that can be used for decision making and hence give strategic direction to the enterprise.
• Quality improvement: Analysts can use business intelligence to come up with ways of improving the quality of the final product or service.The aim of business intelligence
is to come up with solutions that would add value to the final product or service or come up with remedies to the challenges being faced by the enterprise.
Implementation of business intelligenceIn an endeavour to implement business intelligence successfully, the enterprise should follow the steps below:
• Set the goals to be achieved by the business intelligence system. The management should have a reason as to why they are setting the business intelligence unit.
• Conduct a strengths, weaknesses, opportunities and threats (SWOT) analysis of the enterprise.
• Identify opportunities in the enterprise where business intelligence will improve performance or add value.
• Apply the business intelligence across the enterprise. Focus should be placed on ‘who’ will benefit from the program.
• Gather and share information with the right people across the enterprise. Information gathering may begin by brainstorming across
BUSINESSSOLUTIONS
EFFICIENCYMANAGEMENT
COMPETITIVEADVANTAGE
CONTINUOUSIMPROVEMENT
PROCESSIMPROVEMENT
COSTREDUCTION
Business Intelligence
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 214 15
departments. The information should be used by business analysts to extract useful data to be used in management decision making.
• Evaluate the alternatives, if any, based on the cost/benefit criteria to assess ideas collected. Preference is given to those ideas with the greatest returns.
Importance of business intelligence • Decision making: Business
environments become complex and therefore investors and other stakeholders need sufficient, reliable and accurate
information before making independent decisions. Information provided by business analysts may assist the management in understanding better the value of their decisions.
• Sharing of knowledge is improved between departments and individuals across the enterprise.
• It also acts as a source of information to the management team. The information obtained may be used by the enterprise in managing costs and performance in an enterprise.
• Business intelligence can also help an enterprise improve its internal processes and products.
• It unlocks information and shares it across the business enterprise hence empowering management and end-users. Business intelligence draws information from various sources in bulk, integrates them and extracts only those elements that are useful for decision making.
• It can be used to identify those profitable units, products or individual customers in the business enterprise.
• Quality improvement. This can be achieved through improved customer service by identifying and responding to customer needs or complaints as quickly as possible. An enterprise can do this by putting more focus on its core competencies by knowing how to handle its internal processes and anticipate the customer needs.
• It helps in reducing risks hence minimising losses by evaluating and understanding risk exposures associated with the enterprise.
Conclusion The application of business
intelligence in finding solutions for enterprises has helped most firms adapt to the changes in the market that would otherwise have adverse effects on their enterprises.
For enterprises to achieve maximum outcome from the business intelligence, they must have a continuous monitoring process put in place that would trigger alerts to the management (should there be any abnormal effects) for quick decision making processes to reverse the trend or utilise the opportunity.
When you two have finished arguing your opinions, I actually have data!
Business Intelligence
April - June 2013 KASNEB Newsline, Issue No. 2 19
Introduction
In the past, borrowers had to give lenders proof of their creditworthiness before they could borrow money. This involved face- to-face meetings, visits and a lot of paperwork which took a lot of time and effort. Due to information asymmetry, lenders were never sure that borrowers were providing all the
Credit Management The role of credit reference bureaus
information needed to make a good decision. As a result, they often lent money to unsuitable borrowers and sometimes refused to lend to creditworthy people.
However, today’s lending practices have changed and embraced technological innovations in the assessment of credit worthiness. Credit referencing is one of the tools that have been developed to provide credible and fast results on credit scoring. These services are readily available from credit reference bureaus (CRBs).
A CRB is an independent organisation that holds information about economic entities (consumers, businesses), to help lenders decide whether to give credit. They are information brokers, providing creditors with reliable, relevant and comprehensive data on the repayment habits and current debt of their credit applicants. Under reciprocity agreements, credit
Mutui PeterCredit Risk Analyst
BA (Econ), MA (Econ - ongoing)CPA-K, CCP-K, CIA
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 220 21
bureaus obtain data from creditors and other sources, consolidate and package information into individual reports, and distribute it to creditors for a fee.
Some important terms
• Credit - Refers to the borrowing and lending of money. The ‘price’ of credit is set as an ‘interest rate’, which is the fee the borrower pays to the lender.
• Credit scoring - Assessment of the ability to meet financial commitments particularly to re-pay debt.
• Credit report (or file) - Information a credit reference agency holds about a person or business. It details credit history, identification information, credit accounts and loans, bankruptcies and late payments, and recent inquiries.
• Negative information - Any adverse information relating to a customer. Examples include proven cases of fraud, forgeries, cheque kiting, false declarations and statements, receiverships, bankruptcies, liquidations, false securities among others.
• Footprints - These are marks left on the database each time a search is made, detailing
which company has accessed the database, when and why. These ‘foot prints’ are important because they allow lenders to identify ‘abnormal activity’.
The legal framework of CRBs
Many countries in the world have CRBs that work in similar ways. However, they are all essentially different. Some are publicly owned monopolies while others are owned by banks. Some countries only allow public information (such as
court judgements) to be shared. Some allow both public and private information to be shared, but they restrict private information to credit account ‘defaults’. (A default is an account that the consumer has broken the terms).
In terms of the information held by CRBs, it comes from several sources but falls into two main categories – public information and credit account information. These are explained below.
(a) Public informationThe public information includes
but not limited to:
You are a key part of the credit system. Your credit and loan
accounts reported to the bureaus
The credit bureaus collect, record and distribute information about
your credit habits
Account information
Account informationN
ew lo
ans
and
cred
it
Credit reports & scores
App
licat
ions
YOU
BUREAUS
CREDITORS
Creditors requests data from the bureaus about you when
deciding what rates to offer you
Credit reports & scores
The credit system
Credit Management
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 220 21
• Information from the full applicants roll/register. CRBs can acquire copies of the full applicants roll and make this available to lenders for certain limited purposes such as assessing credit applications, identifying customers and helping to prevent fraud.
• Court judgements. • Bankruptcies, individual
voluntary arrangements and administration orders.
(b) Credit account information
In many countries, the major lending companies have agreed to share details of their customers’ credit agreements. This means that when someone applies for credit, the lender can check if they have repaid other lenders in the recent past or are repaying current credit agreements. They can also check how much the consumer already owes to other lenders and how they are managing these existing credit agreements, to help them decide if the consumer can afford to take on further credit.
For the lenders to see each other’s information, they store information about their customers
with CRBs. The CRBs act as a go-between in the sharing process but do not own the information. However, the sharing of information must be consented by the customer. This occurs when consumers give the lender permission to share information with other lenders through the credit reference agencies; and it includes details about the application and any credit the lender grants.
As a result, the credit account information is simply a copy of the information that all the different lenders hold. These lenders update the database on a regular basis.
On financial connection, the credit report should only include: • Financial information about the
person. • The name of anyone that the
borrower may have a financial connection with (but not any financial information about that person).
• The date and source of the financial connection.
However, a person will be treated as having a financial connection to someone else where a lender informs the CRB that:
• An application for credit has been made in joint names.
• A bank account or other credit product has been opened in joint names.
• The borrower discloses to the CRB a financial linkage.
Credit reference services in Kenya
The operatinalisation of the Banking (Credit Reference Bureau) Regulations, 2008 on 2 February 2009 paved way for the establishment of CRBs in Kenya. Since then the Central Bank of Kenya licensed two CRBs, that is Credit Reference Bureau Africa Limited and Metropol Credit Reference Bureau Limited. Both bureaus have their Kenyan offices located in Nairobi.
Today, all commercial banks and the Deposit Protection Fund Board (DPFB) share negative credit information on their customers with licensed CRBs. In the year 2011, provisions were further introduced in respective legislation governing micro-finance institutions (MFIs) and SACCOs to introduce sharing of credit information, although relevant regulations are yet to be prepared.
Credit bureau monitor
Monitor reply queue
Credit request queue Credit reply queue
Client Banks Controlbus queue
Managementconsole
Test datagenerator
Test dataverifier
CREDIT BUREAU
LOANBROKER
Credit Management
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 222 23
Activities of CRBs in Kenya The activities of CRBs in Kenya
are contained in the Banking (Credit Reference Bureau) Regulations, 2008. The bureaus may also engage in the following activities:
(i) Collection, collation, storage, management, evaluation, updating and dissemination of customer information as provided by the regulations.
(ii) Other services including, but not limited to:
• Creditworthiness assessments, credit scoring and portfolio risk management tools as reviewed and approved by the Central Bank of Kenya (CBK).
• Verification of credit application information and credit application processing.
• Cross-default notices or “watch services”.
• Data storage and statistical research.
• Debtor and guarantor tracing services with respect to funds lawfully due.
• The sale of literature, software and other material related to its activities.
• Collateral registry services.• Employment, income, address
and asset verification services.• Fraud prevention and detection.• Such other activities as may be
approved by the Central Bank in writing.
While CRBs can undertake a number of activities, it is important to note the following points.
A CRB:• Does not make lending
decisions. This is a preserve of
the lenders who may even lend to borrowers with a poor credit history. However, lending to a person who was previously listed as a defaulter should be done with extreme caution.
• Is not told which applications are successful or refused, and does not know why a consumer was refused credit.
• Does not hold a ‘blacklist’ of people who should not be given credit.
• Holds information that usually helps people get credit.
Recourse for denied credit facility
On the decision of whether to lend or not, it should be known that there is no automatic right to access credit. However, the law permits the right to demand access to your CRBs. In circumstances when the borrower feels that credit has been denied unfairly, the borrower can ask the lender to explain the main reason for denial as well as whether the CRB’s information was the reason for the decision.
A borrower has the right to write to the CRB and ask for a copy of the credit reference file. The CRB should be provided with the following details: • Your full name. • Any other names you have used
or been known by in the last six years, such as your maiden name.
• Your full address including postcode.
• Any other addresses you have lived at in the last six years.
• Your date of birth.
Borrowers disputing the facts of a transaction in their credit report or who may not be satisfied after the mandatory investigation by the CRB with the data provider, may petition the CBK in writing to make a final determination of the dispute. Borrowers who appeal undertake to accept the determination of the CBK as final. The CBK may assign arbitration committees to review on its behalf such final appeals by borrowers.
Benefits of credit reference services
“If you don’t pay by ……… you will be blacklisted in the credit reference bureau” this is a common statement being used by most debt recovery staffs in most organisations. A CRB has been painted as a monster that has no good to the economy other
Credit Management
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 222 23
than to threaten defaulters to pay their bills and debts. This kind of thinking is retrogressive and will only do harm to the economy.
CRBs benefit both the lender and the borrower and it is a tool that can bring benefits to the world economy. In developing countries, the CRB concept is very new and has not been widely accepted but with an increase in defaulters, it is gaining momentum though at a slow pace.
The benefits of a CRB should be a win-win situation that enables lenders to access good customers and also for customers with a good credit history to obtain credit at better terms. The benefits that accrue from a CRB include:
• Through collecting, managing and disseminating customer information, CRBs help lenders make faster and more accurate credit decisions.
• CRBs enable lenders to lend to more and better risk clients (avoiding bad debts) and to determine better (and lower) bad loan spreads that they need to cover expected losses of credit to good payers.
• CRBs reduce the borrowing cost by forcing creditors to be more competitive for good borrowers. Those lower costs for good credit risks motivate borrowers to be more careful with the repayment.
• CRBs reduce moral hazard by developing a credit culture where borrowers become aware that the credit market is keen on their credit history and rewards or punishes them accordingly.
• Good credit scores can ease access to more credit, which offer borrowers opportunity to access loans without restrictive collateral requirements. The CRBs have opened up the lending environment and even facilitated the issuance of cheaper loans to borrowers.
• Improved revenue collection. Recent studies indicate that there has been a strong positive response from borrowers who are in default.
Challenges facing CRBs
Among the obstacles that have faced CRBs in Kenya since inception include:
• Low levels of data sharing among formal sector financial institutions. The financial sector deepening (FSD) progressive report 2008-2011 indicated that information sharing was less than 5% for the consumers who had formal sector credit agreements.
• The current regulations prevent the information received from banks from being shared with any other party. This removes the incentive for such entities to contribute their own data, or to allow banks access their data. This will have a negative impact on banks’ credit risk management, as well as on the expansion of credit information sharing.
• Increasing public resistance against information sharing as only negative information is shared. This resistance has been contributed by the fact that some borrowers have been refused credit on the basis that they have a ‘negative credit record’.
• Successful litigation against information sharing based on privacy considerations.
Credit Management
KASNEB Newsline, Issue No. 2 April - June 201324
• Low level of participation in querying the data base. This is due to the lack of automation and sophistication in the credit appraisal systems and methodology applied by many organisations.
• The credit referencing system could be viewed as a “debt collection mechanism”, which is likely to have negative consequences for the manner in which it is perceived.
The future of CRBs
With the passing of a number of amendments to legislation governing the operations of CRBs, the future looks bright. For instance, the amendment to The Finance Bill 2012/2013 mandates banks to share both negative and positive information. This will be a big reprieve to good borrowers as they will be able to benefit from lower interest rates, easier terms and/or less collateral. Having said that, it is worth noting that the concept of CRBs is still new in Kenya. To foster faster growth, it is important that all the stakeholders continue to provide solutions to the growth of the CRBs in Kenya.
The CRBs should spearhead consumer education programmes that are committed to raising public
awareness of the information that they hold, how lenders use it and the rights people have in relation to this information. Such campaigns may come in the form of; press interviews, talk shows, involvement in financial literacy projects and offering leaflets on credit reference free of charge. The CRBs should also provide a free credit report at least once a year for all customers held in their data base as required by law. In addition, the existing CRBs should make it easy to access their services especially for people residing outside Nairobi.
Customers’ information held by financial institutions and other CRB subscribers should be constantly reviewed. There is need to ensure that accurate and updated information is relayed to CRBs. This will prevent customers instituting unnecessary legal proceedings that could be as a result of inaccurate and obsolete information.
All customers should be encouraged to make full and truthful disclosure of facts and information in applications and contracts with third parties when seeking credit of any nature. Attempts to provide false information for any gain whatsoever my result in negative information that is likely to taint one’s character.
The law governing information sharing should be amended to permit cross-industry information sharing. This would substantially improve the value of the credit referencing system in respect of prevention of defaults as well as in the prevention of over-indebtedness. It would also enable the credit referencing system to make a positive contribution to financial inclusion.
Conclusion
CRBs have provided a convenient platform for information sharing by many financial institutions. They not only provide necessary information for credit assessment, but also allow borrowers to take their credit history from one financial institution to another, thereby making lending markets more competitive and, in the end, more affordable.
They assist in making credit accessible to more people, and enabling lenders and businesses reduce risk and fraud. Sharing of information between financial institutions in respect of customer credit behaviour, therefore, has a positive economic impact.
Credit Management
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Contact the Marketing and Publications Section through:P.O. Box 41362 - 00100 Nairobi Tel: 254(020) 2712640 / 2712828 Cellphone: 0722-201214/0734-600624 E-mail: [email protected] or [email protected]
KASNEB Newsline is produced four times in a year. Over 50,000 copies are printed for each issue. The Newsline is distributed free of charge within and outside Kenya through secondary schools, Kenya National Library Services branches, training institutions, universities, government ministries, Kenya Embassies and High Commissions.
The Newsline is also available on the KASNEB website. It is one of the most widely read journals in Kenya. Spruce up your business by advertising in the KASNEB Newsline. Call us, book space and watch your business grow.
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KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 228 29
Tuition block College buses
Computer laboratory
Students' excursion trip to Mombasa
Students' excursion trip to Maasai Mara
Fully accredited by KASNEB No. KAS/F/028
DEGREE PROGRAMMES
DEGREE PROGRAMMES DURATION FEE PER SEMESTER 2013 (Sh.)
Bachelor of Commerce (Bcom)(JKUAT) 3 years (8 semesters)
48,500
Bachelor of Science in Information Technology (Bsc IT)(JKUAT) 3 years (8 semesters)
48,500
Bachelor of Education – Arts (Secondary)/ECDE/ Primary Option (LU) 2 ½ years (8 semesters)
47,500/33000 (SB)/39,250(wk)
DIPLOMA PROGRAMMES DURATION FEE PER SEMESTER
Diploma in Law (IU) 2 years 22,500
Diploma in Information Technology (IU) 2 years 22,500
Diploma in Information Technology (JKUAT) 2 years 31,500
Diploma in Information Technology (KNEC) 2 years 14,000
Diploma in Information Science (Library) (KNEC) 2 years 14,000
Diploma in Archives & Record Management (IU) 1 & 3 months 22,500
Diploma in Education Arts Secondary/Primary Option (LU) 2 years 29,500/25,000(SB)/27,250(wk)
Diploma in Early Childhood Education (ECDE) (LU) 2 years 17,500/11,500(SB)
Diploma in ECDE(KNEC) 2 years 17,500/11,500(SB)
Diploma in Teacher Education (KNEC) 3 years 17,500/11,500(SB)
Diploma in Secretarial Studies (KNEC) 2 years 22,500
Diploma in Special Needs Education (S.N.E) (KNEC) 2 years 17,500/11,500(SB)
Diploma in Secretarial Studies (KNEC) 2 years 22,500
Diploma in Business & Office Management (IU) 2 years 22,500
Diploma in Business Management ABE KNEC
5 months/2 years
15,00015,000
Diploma in Business Administration (JKUAT) 2 years 31,500
Diploma in procurement management (JKUAT/KNEC) 2 years 15,000
Diploma in Sales and Marketing (ICM/KNEC) 5 months 15,000
Diploma in Human Resource Management KNEC ABE level 4
ABE level 5 ABE level 6
2 years5 months1 year5 months
15,00015,00015,00017,500
Diploma in Business Management ABE level 4 ABE level 5 ABE level 6
1 year1 year5 months
15,00015,00017,500
Diploma in Marketing Management ABE level 4 ABE level 5
6 months1 year
15,00015,000
Diploma in Community Development and Social Work (KNEC) 1 ½ 15,000
Diploma in Human Resource Management KNEC ABE level 4 ABE level 5 ABE level 6
11/25 months1 year5 months
15,000
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 228 29
TRAINERS IN ACCOUNTANCYP.O Box 956-60100 Embu Kenya Tel:068 30247, 0721152709, 30120, 30961 Email: [email protected] or [email protected], Website: www.embucollege.com or www.embucollege.ac.ke Location: 200m from Embu County Council offices/Embu Law Courts
KASNEB COURSES DURATION FEES SINGLE SUBJECT
BLOCK RELEASE
SINGLE SUBJECT FOR BLOCK RELEASE
ATC I 5 months 9,500 2,20029/4/2013-26/5/2013
2,250
ATC II 5 months 9,500 2,200 2,250
CPA & CPS Sections 1 & 2 5 months 9,500 3,650 2,250
CPA & CPS Sections 3 & 4 5 months 10,500 4,000 6/5/2013-1/6/2013
2,500
CPA & CPS Sections 5 & 6 5 months 11,500 4,000 2,750
Certified Information Communication Technologists (CICT) Sections 1- 6 1 ½ - 3 years 9,500
Information Communication Technology Technicians (ICTT) 1 year 9,500
• Next semester commenced on 11th June 2013 for CPA Sections 1 & 2 and ATC levels I & II and 17th June 2013 for CPA Sections 3 to 6.
• We congratulate our June/July – November/December 2012 group for posting exemplary results in November/December 2012 KASNEB exams
• We would specifically recognise outstanding performance of 100% in the following subjects;
Economics, Cost Accounting, Auditing and Assurance, Management information Systems, Financial Management, Quantitative Analysis and Advanced Auditing and Assurance.
May intake classes commenced on 7th May 2013
April 2013 School based commenced on 13th April 2013
NB/ABE classes for new students commenced on 11th June 2013
Diploma in Community Development and Social work(KNEC) 11/2 15,000
Higher Diploma in Business management (ABE/KNEC) 1 year 15,000
Higher Diploma in Human resource management (ABE/KNEC) 1 year 15,000
Higher Diploma in Sales & Marketing (ICM) 1 year 15,000
Graduate Diploma in Sales & Marketing (ICM) 5 months 17,500
Graduate Diploma in Human resource management (ABE) 5 months 17,500
Graduate Diploma in Business management (ABE) 5 months 17,500
CERTIFICATE COURSES DURATION FEE PER TERM
Secretarial Studies (KNEC) 1 ½ years 10,000
Certificate in Information Science (Library) (KNEC) 1 year 14,000
Certificate in Archives & record Management (IU) 6 months 22,500
Certificate in ECDE (KNEC) 1 year 17,500/11,500 (SB)
Certificate in Information Technology (IU) 4 months 22,500
Certificate in Information Technology (JKUAT) 3 months 31,500
Certificate in Computer engineering 4 months 14,000
Primary Teacher Education (KNEC) 2 years 17,500/11,500
Certificate in community Development and social work 1 year 17,500
Certificate in procurement Management 1 year 15,000
Certificate in Human Resource management 1 year 15,000
Certificate in Business management 1 year 15,000
Microsoft Office Suite ( 9 packages) 2 months 2,700
Bridging course in mathematics (JKUAT) 4 months 25,000
Why join our Campus
� Fully accredited by KASNEB � Well equipped library and free
internet services to students � Competent & experienced
lecturers � Variety of Student activities,
Clubs and Societies � High pass rate in examinations � Facilities include lecture halls,
computer labs and hostels � Transport is available within a
radius of 20 kilometres � Friendly and serene
environment � Free branded corporate wear � KNUT members enjoy 15%
discount
Library
Quiet atmosphere
Reception
Trainers in Accountancy
Pinnacle Business School
VISION
To be a leading business training and consultancy firm and a choice provider of quality tertiary and executive
training services.
AWAY FROM BOOKSSampling the beauty
of Kenya
LECTURES IN PROGRESSPlanting the seeds of knowledge
MISSION
To provide the highest quality training in accountancy and business that is relevant to the market and to students and to provide the highest quality accountancy and financial management consultancy to our clients while keeping and enhancing our position as a leading training centre in the
country and in the region.
Guilders Building, Moi Avenue
AWAY FROM BOOKSSampling the beauty
of Kenya
1st Floor, G
uilders Centre , M
oi Avenue, Nairobi (n
ext to Bookpoint B
ookshop)
P. O. B
ox 3963 - 0
0100 Nairobi, Kenya
Landline: 020 - 2222190, 3585400/1 M
obile: 0721471200
Website: w
ww. pinnaclebizs
chool.com
Email: info@pinnaclebizs
chool.com
LECTURES IN PROGRESSPlanting the seeds of knowledge
GRADUATION CEREMONYReaping the fruits of hard work
MISSION
To provide the highest quality training in accountancy and business that is relevant to the market and to students and to provide the highest quality accountancy and financial management consultancy to our clients while keeping and enhancing our position as a leading training centre in the
country and in the region.
Integrity and ex
cellence
CORE VALUES
Integrity: To display the highest level of integrity in all that we do.Excellence: To continually pursue excellence in the performance of our duties.Professionalism: To diligently and professionally conduct our business.
KASNEB Newsline, Issue No. 2 April - June 201332
Introduction Integrated accounts refer to a single set of accounts which provides
both financial and cost accounting information. In this system, personal and impersonal accounts are maintained in the general ledger and cost accounting profits are similar to the financial accounting profits. There is therefore no need for reconciliation. The usual personal and real accounts are maintained but nominal accounts follow the principles of cost accounting system as follows:
• The stock control account (raw materials) records the materials purchased as a debit, and whatever quantity transferred to the work in progress is credited.
• The wages control account records the costs of direct labour incurred as debits and transfers to work in progress as credits.
• Production overhead account debits all indirect expenses, materials and labour incurred in the factory. The overheads absorbed to the production are credited and transferred to the work in progress account.
• The work in progress ledger account is used to record the cost of all jobs being undertaken by the firm, that is, all transfers from material (stock control) account, wages control account and the production overhead absorbed are debited in this account. On the credit side, transfers are made to the finished goods account.
• The finished goods account records the cost of finished goods transferred from the work in progress account as well as the administration overheads absorbed in the production for the period.
Integrated Accounts
James Wachira IrunguSenior Lecturer
Mwangaza CollegeNakuru
IA eliminates need for a lot of paperwork
April - June 2013 KASNEB Newsline, Issue No. 2 33
• Cost of sales account records the cost of finished goods sold to customers and the cost of selling and distribution absorbed in the sales for the period. This account has no opening or closing balance since the whole cost for a period is written off against the sales (revenue) in the trading account.
Accounting Entries
(a) Raw materials
(i) Materials purchased Dr: Stock control accountCr: Creditors control account(If on credit) Dr: Stock control accountCr: Bank/cash account(if on cash or cheque)
(ii) Materials returned to suppliers Dr: Creditors control account Cr: Stock control account
(iii) Materials issued to production Dr: Work in progress account Cr: Stock control account
(iv) Indirect materials Dr: Production overhead account Cr: Stock control account
(b) Wages (labour expenses)
(i) Total wages paid Dr: Wages control account Cr: Bank/cash account
(ii) Accrued wages/unpaid at the end of the year Dr: Wages control account Cr: Expenses accrued account
(iii) Direct wages to production Dr: Work in progress account Cr: Wages control account
(iv) Indirect wages to production Dr: Production overhead account Cr: Wages control account
(v) Wages of administration staff Dr: Administration overhead account Cr: Wages control account
(vi) Wages and sales commission to the sales staff Dr: Selling and distribution overheads Cr: Wages control account
(c) Production overheads
(i) Production overheads paid Dr: Production overheads account Cr: Cash/bank account
(ii) Indirect materials Dr: Production overheads account Cr: Cash/bank account
(iii) Indirect wages Dr: Production overheads account Cr: Wages control account
(iv) Overheads absorbed (recovered)using an appropriate overhead adjustment rate Dr: Work in progress account Cr: Production overheads account
(v) Production overheads over absorbed (recovered) Dr: Production overheads account Cr: Profit and loss account (income statement) *it’s an income to the organisation.
(vi) Production overheads under absorbed (provision) Dr: Profit and loss account (income statement) Cr: Production overheads account *it’s an expense to the organisation.
(d) Work in progress
(i) Production costs incurred and absorbed Dr: Work in progress account Cr: Stock control account Cr: Wages account Cr: Production overheads account (ii) Transfer to finished goods Dr: Finished goods account Cr: Work in progress account
(e) Administration overheads
(i) Administration overheads paid Dr: Administration overheads account Cr: Bank/cash account
(ii) Administration overheads absorbed Dr: Finished goods control account Cr: Administration overheads account
(iii) Over absorbed administration overheads Dr: Administration overheads account Cr: Profit and loss account (income statement)
Integrated AccountsIA eliminates time wastage in data entry
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 234 35
IA eliminates need for two sets of records
(iv) Under absorbed administration overheads Dr: Profit and loss account (income statement) Cr: Administration overheads account
(f) Finished goods
(i) Transfer in from production Dr: Finished goods account Cr: Work in progress account
(ii) Administration overheads absorbed Dr: Finished goods account Cr: Administration overheads account
(iii) Finished goods sold Dr: Cost of sales account Cr: Finished goods account
(g) Selling and distribution overheads
(i) Selling and distribution overheads paid Dr: Selling and distribution overheads account Cr: Bank/cash account
(ii) Selling and distribution overheads absorbed Dr: Cost of sales account Cr: Selling and distribution overheads account
(iii) Over absorbed overheads Dr: Selling and distribution overheads account Cr: Profit and loss account (income statement)
(iv) Under absorbed overheads Dr: Profit and loss account (income statement) Cr: Selling and distribution overheads account
(h) Cost of goods sold
(i) Finished goods sold Dr: Cost of goods sold account Cr: Finished goods account
(ii) Selling and distribution overheads absorbed Dr: Cost of goods sold account Cr: Selling and distribution overheads account
(iii) Transfer to the income statement (trading account) Dr: Trading account Cr: Cost of goods sold account
NB: The statement of financial position is prepared in accordance with the international financial reporting
standards (IFRSs) and generally accepted accounting practices are upheld. The information to prepare it is obtained from the real accounts and the personal ledger accounts prepared.
ILLUSTRATION
The following summarised trial balance relates to Duncom Manufacturing Company Limited for the month of January 2013.
Sh. Sh.Land and buildings 500,000Plant, machinery and equipment
800,000
Provision for depreciation 200,000Raw materials stock 80,000Work in progress stock 40,000Finished goods stock 20,000Debtors 260,000Bank overdraft 50,000Share capital 1,100,000
Share premium 200,000Reserves/retained earnings 50,000Creditors 100,000
1,700,000 1,700,000 Additional information
(1) Transactions for the month of January 2013:Sh.
Cash received from debtors 190,000Cash paid to creditors 70,000Direct wages paid 30,000Administration staff salaries paid 20,000Indirect wages paid 15,000Selling staff salaries paid 15,000Cash paid to expenses of production 20,000Cash paid to expenses of administration 10,000Depreciation - plant and machinery 20,000 - office equipment 5,000Materials received and invoiced 50,000Materials issued to production from stores 40,000Materials issued to production maintenance 8,000
Integrated Accounts
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 234 35
Transfers from work in progress to finished goods
110,000
Sales 160,000Production cost of goods sold 112,000
(2) Production overheads are absorbed on the basis of 200% of direct wages.
(3) Administration overheads are absorbed on the basis of 50% of the production cost of goods sold.
(4) Selling and distribution overheads are 10% of sales.
Required
Prepare for the month of January 2013:(a) Integrated ledger accounts.(b) Income statement.(c) Statement of financial position as at 31 January 2013
Suggested solution
(a) Integrated ledger accountsRaw materials account
Sh. Sh.Bal. b/d 80,000 Work in progress 40,000Creditors 50,000 Production
overheads8,000
Bal. c/d 82,000
130,000 130,000
Work in progress accountSh. Sh.
Bal. b/d 40,000 Finished goods 110,000Raw materials 40,000 Bal. c/d 60,000Wages account 30,000Production overheads
60,000
170,000 170,000
Production overheads accountSh. Sh.
Bank/cash (wages)
15,000 Absorbed o/h(WIP)
60,000
Bank/cash (prodn. o/h)
20,000 Under absorption
3,000
Depreciation 20,000Raw materials 8,000
63,000 63,000
Finished goods accountSh. Sh.
Bal. b/d 20,000 Production cost of sales
112,000
WIP 110,000 Bal. c/d 18,000130,000 130,000
Administration account
Sh. Sh.Bank/cash 20,000 Absorbed o/h 56,000Bank (admin) 10,000Depreciation 5,000Over absorption 21,000
56,000 56,000 Selling and distribution account
Sh. Sh.
Bank/cash 15,000 Absorbed o/h 16,000
Overabsorbed 1,00016,000 16,000
Cost of sales account
Sh. Sh.Finished goods 112,000 Trading a/c 184,000Admin. O/h 56,000Selling and distr. 16,000
184,000 184,000
Integrated AccountsOne entry automatically updates other
modules and the general ledger
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 236 37
IA eliminates need need for reconciliation
Bank/cash accountSh. Sh.
Debtors 190,000 Bal. b/d 50,000Bal. c/d 40,000 Creditors 70,000
Direct wages 30,000Indirect wages 15,000Admin. wages 20,000Selling and distr. wages 15,000Production expenses 20,000Admin. expenses 10,000
230,000 230,000 Debtors account
Sh. Sh.
Bal. b/d 260,000 Bank/cash 190,000
Sales 160,000 Bal. c/d 230,000420,000 420,000
Creditors account
Sh. Sh.
Bank/cash 70,000 Bal. b/d 100,000
Bal. c/d 80,000 Raw materials 50,000150,000 150,000
Provision for depreciation account
Sh. Sh.
Bal. c/d 225,000 Bal. b/d 200,000
Plant 20,000Equipment 5,000
225,000 225,000 (b) Duncom manufacturing company limitedIncome statement for the month of January 2013
Sh. Sh.
Sales 160,000
Cost of sales (184,000)Gross loss (24,000)Add:Over absorbed overheads
-Administration 21,000-Selling and distribution 1,000
(2,000)Expenses
Underabsorbed production
overheads
(3,000)
(5,000)Retained earnings b/f 50,000Retained earnings c/f 45,000
(c) Duncom manufacturing company limited
Statement of financial position as at 31 January 2013Non-current assets
Cost Acc. Depre. N.B.V.Sh. Sh.
Land and buildings 500,000 - 500,000Plant, machinery and equipment
800,000 225,000 575,000
1,300,000 225,000 1,075,000
Current assetsInventory Sh.Raw materials 82,000Work in progress 60,000Finished goods 18,000Debtors 230,000
390,000
Current liabilities Sh.
Creditors 80,000Bank overdraft 40,000
120,000Net current assets 270,000Net assets 1,345,000
Financed by Sh.Share capital 1,100,000Share premium 200,000Retained earnings 45,000
1,345,000
Conclusion
To fully understand and apply integrated accounting, it is important that a student analyses each individual item of cost or financial accounting in a ledger and makes adjustments for productive activities throughout the manufacturing chain. Students are also advised to attempt as many practice questions as possible on this area before sitting for the examination.
Integrated Accounts
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 236 37
St. Georges House, 4th floor, Parliament Road (Opposite Professional Centre)P. O. Box 54340 - 00200, Nairobi, KenyaTel: 317872/2212753, Fax: 2211140Cell phone: 0720-100655/0736-336155Email: [email protected]: www.creditschoolmanagement.net
Kenya School of Credit Management (KSCM) is a specialised learning institution for professionals in credit management. Our mission is to promote excellence and professionalism in credit management for all credit managers who work or intend to work in the credit department of different organisations.
The qualifications are a MUST for all:• Credit managers • Risk managers• Credit controllers• Credit card officers• Debt managers• Co-operative officers• Microfinance officers• Leasing officers• Asset finance officers• Hire purchase officers• Mortgage managers • Credit officers • Account managers• Debt collectors • Sales ledger administrators• All in the lending sector
Enroll now and reap the benefits.
KENYA SCHOOL OF CREDIT MANAGEMENT
Why train with the Kenya School of Credit Management?
• Pioneers and trainers in credit management in Kenya• Specialists in training credit management in East and Central Africa• We are a one stop shop for all interested in the career of credit
management• Highly experienced and qualified lecturers• Centrally located in the central business district• Job placement for qualified persons in credit management
COURSES OFFERED
Credit Management Technicians (CMT) - Examinable by KASNEBCertified Credit Professionals (CCP) - Examinable by KASNEB
Certificate in Credit Management - Examinable by Gretsa UniversityDiploma in Credit Management - Examinable by Gretsa University
Bachelor of Commerce - Credit management option. Now available at Gretsa University - Thika on a full time, part time and distance learning basis. CCP/CPA/CPS graduates to join at third year.
In-house and open programs in Credit Management available.
Executive Credit Management Program now available through distance learning.
ACADEMIC CALENDAR
KSCM has two semesters in one calendar year. The semesters begin in January and July every year.
SEMINARS AND WORKSHOPSKenya School of Credit Management is a market leader in training and facilitating seminars/ workshops that equip staff working in the credit departments with the latest tools to handle credit.
Fully accredited by KASNEB No. KAS/F/08
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 238 39
Introduction The main objective of every learner is to study for the purpose of learning
and understanding. Other objectives including passing examinations and attaining higher grades automatically fall into place if the learner understands the gist of what he studies. The learner’s pursuit to get maximum benefits from the studies is influenced by the following factors:
(i) Attitude A learner cannot excel in academic work if the
learner's attitude towards the course is skewed. Positive attitude towards the course in its entirety will be a key ingredient for success. Excellence in the course or unit will be measured by performance in each individual sub unit (or subject). It is therefore very important for one to dedicate enough time and commitment to every subject so as to maintain a balance that will make the learner achieve optimum results.
It is not uncommon to find students preferring some subjects over others because these subjects are considered by those students as difficult or simple, irrelevant or simply less significant. A student aspiring to be an accountant, for instance, may not see the need for attending law classes, a student studying medicine
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I can do it
I'll try to do itHow do I do it
I want to do itI can't do it
I won't do it
Simon WamuLecturer
Aberdeen College of Accountancy
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 238 39
may doubt the wisdom of whoever included principles of management as a subject in the syllabus. These are wrong perceptions.
These learners fail or refuse to find a connection between these other subjects in the module to those they consider important. The main reason for this is mainly due to their focus only on exams rather than have a wholesome understanding of the profession they choose to study.
When a learner develops a negative attitude towards certain subjects, performance in those subjects receives a real beating. The prospect of studying the subject becomes painful to imagine.
Generally, a learner with the right attitude will inevitably achieve the best results. The learner will not entirely depend on the teacher’s positive attention or ideal learning infrastructure to get the maximum out of the learning environment. The right attitude will enable the learner develop a sense of self persuasion and drive to learn and achieve.
The positive attitude sharpens the learner’s creativity and controls the thinking. It makes the learner look for feasible ways of achieving the best. It increases the learner's motivation to learn.
The learner’s attitude is therefore a critical attribute that should at all times be upheld. The positive attitude will be well guarded when the learner has faith in his/her abilities. When the learner fails to trust that he/she can excel irrespective of the circumstances, then his/her attitude lacks the foundation to stand.
(ii) Belief The underlying factor among
virtually all people who succeed in various areas is their resolve to work hard and believe in their abilities. They never let the environment have the monopoly of determining their destinies. They blind themselves from any sight of despair and open all the floodgates of positive thought well premised on solid belief.
It is however unfortunate that people confuse belief and a wish. A wish is a passive optimism that gives one hope that somehow some day the streams of life will flow into their channels of success. If one does not create tributaries to feed the streams, then the wish would be useless. Unlike belief, a wish is short-lived. It fades fast at the backdrop of frustration. Belief is permanent. It is not weakened by setbacks and stumbling blocks. It gels along well with persistence.
UNACCEPTABLE ACCEPTABLE VERY GOOD EXCELLENTPOOR
Rarely completesclass work
Not motivated
Neither listens nor engages in listening
Not keeping on task when supported
Disruptive to the learning of others
Completes class work set
Can be motivated
Listens and engages in the learning
Usually stays on task
Works collaboratively with support from others
Completes class work set to a high standard
Motivated and accepts challenge
Actively listens and engages in the learning
Works with increasing independence
Works collaboratively
Completed classwork is below expectations
Would benefit from greater motivation
to learn
Listening skills need developing
Needs regular reminding to stay
on task
Difficulties working collaboratively
Always completes class work, often exceeding
expectations
Highly motivated and seeks challenge
Actively listens and makes invaluable
contributions
An independent proactive learner
Works collaboratively supporting others
A T T I T U D E T O L E A R N I N G
Learning
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 240 41
Virtually every learner wants (wishes) to pass. But that’s just what it is - a wish. Those that believe they can pass work hard and smart to actualise their wishes. Whereas a wish is more or less concerned with wanting and hoping that it would have been done or it will be done, belief has an element of going and doing. That’s what makes the difference, the big difference.
When you have the right attitude towards learning and enough belief in your potential to succeed, you get the motivation to learn and the road to success becomes a lot clearer. But the right attitude and strong belief rarely becomes easier without a strong base.
(iii) VisionVision helps us to set goals and
see where we are going and what we want to do. Setting goals is a manifestation of the willingness and intention to achieve. Developing a good plan and goals will provide the signposts along the road which will then help you keep a sense of direction. It fuels the learning engine which activates learning from one day to the next. It provides the learners with an opportunity to determine and experience success.
Goals will encourage you to wake up and do things today and also enable you to anticipate the results of your present actions. This is so because when you consciously undertake to plan and set goals to be achieved within a definite time, you tend to associate and relate with the desired future state in advance.
A strong vision will make you get focused and be able to see the end from the beginning. It will provide you with the motivation and the craving
necessary to reach the level you want. This is because it enables you to encounter the feeling of that state in advance. When your vision is clear you can see and tell how far you have gone and how far you are yet to go. It gives you a feeling of satisfaction to understand that you have already surmounted a few challenges and you are on track.
Every examination that a learner passes is a milestone that presents the motivation and courage to go ahead. The learner becomes subconsciously inspired by a thought of having accomplished a goal. The vision to successfully complete the entire course enables the learner to see and anticipate the goals that lie in front and gives him/her the belief and persistence to accomplish them. Passing all the examinations and graduating with a certificate is like constructing a big house. Each stage that a learner passes provides a brick for the house.
The learners should realise that they hold the key to their success and therefore they need to chart their own path that is driven by pursuit of their vision. They should have the discretion of choosing their careers based on their interests. The real transition from childhood to adulthood is at the point where the learner consciously chooses and takes control of her career path.
(iv) MotivationNo matter how brilliant and
intelligent a learner can be, he/she cannot get excellent results when the motivation is deficient. The inclination and motivation to learn is more important than the mere ability and power to do well. Yes, the quest quotient is more exciting and fulfilling than the intelligent quotient. Motivation is the wick in the candle of learning.
The environment within which the learners find themselves cannot be trusted to provide adequate motivation. The learners will therefore need to always carry their own sunshine wherever they go.
For the learners to develop motivation, they need to become
conscious of the role played by motivation in their pursuit
of knowledge. They must understand the
reasons that made them go to school.
These reasons should motivate
them to seek knowledge of
the content
Learning
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 240 41
and material that satisfies their reasons for learning.
Learners who have conscious and express goals and objectives will feel motivated to work hard towards their achievement. They will be less troubled when some of the ways are demanding and uncomfortable because they know that the joy of meeting the goals is far much bigger than the pain of the effort applied in meeting the goals.
The goals set should however be clear, high enough and realistic. Low goals are easily achievable and the effort put in to reach them is low. This can easily lead to complacency and confine the learners in a comfortable cave of mediocrity.
The skills that the learners acquire become relevant when they put them into practice. They also get a deeper understanding of the concepts when they relate them to what happens around. The motivation is increased when they can find a real connection between what they theoretically learnt in class and what actually happens within their environment.
Applying the skills learnt cannot succeed when learners simply cram facts into their mind. Learning to understand should be the rule. Another reason that prevents them from being able to apply what they learn is the way they learn. Some of them learn by simply appearing in a class or lecture room. They are meant to ‘religiously receive’ knowledge from the teacher who ‘owns’ the knowledge and ‘shares’ it to them little by little each day.
Learners can also derive the greatest level of motivation from their ability to manage time properly. A learner who schedules tasks within the available time is more likely to accomplish them satisfactorily. The learner needs to arrange a timetable based on a balanced assessment of the subjects and remain committed to it. The learner could alter the time schedules depending on his/her prudent and wise judgement of situations. The learner must also find a way of self-appraisal to determine the level of understanding and accomplishment of tasks.
Proper time management and discipline enables one to accomplish the tasks ahead effectively and within the required time. It provides the motivation to increase the scope of work and try to accomplish it.
Learners cannot make maximum use of their mental potential when they fail to get motivated to learn. Lack of motivation denies them the ability to tap deep into their mind and develop higher order thinking skills. It is therefore of utmost importance that the learners develop an insatiable drive to learn.
They must consistently make themselves remain in a motivational mood. Motivation is like a warm bath. When the learners fail to consistently practice the various approaches that encourage them to learn, their motivation is lost. They need to be guided by a strong belief and vision that enables them to not only be motivated but also be greatly inspired. Inspiration provides a lasting urge of accomplishment.
(v) ActionTaking action eliminates the fear
that is created in theory. If you want to do something, you will find it difficult doing it if you take time thinking and merely talking about it. The longer the idea stays in your head without being acted upon, the weaker it becomes. The negative part of the mind feasts on procrastination. It creates a myriad of impossibilities
Learning
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 242 43
and convinces you to discard the idea. However, the positive side of the mind feeds on action.
When you take an initiative to act, creative ideas start flowing and the ball starts to roll. The momentum is built and things that seemed impossible begin to happen. The fears and doubts that would have been formed by theoretical thinking and talking will then be diluted by the new found momentum. The practicality of the action will remove the fear, impossibility and doubts that theory cannot solve. It decreases the theory that invites fear and doubts.
When the learners become focused on studying, they get the motivation to do so. All the energy is directed toward the studying process and soon the erstwhile difficult process becomes easier. Where focus goes, energy flows.
Action is important and supersedes intelligence and talent. The action quotient, just like the quest quotient, is much bigger than the intelligent quotient. Intelligence and talent wrapped in a rag of inaction is a burden that stinks. It’s like a brand new Mercedes Benz with inflated tyres.
As we have seen, taking action is one very important attribute that puts the learner into the spirit of motion. It ignites the engine and gets it ready to go. A single action is very important though it is not always enough. The learner will need the next element in order for her to be in a consistent and sustainable mood of action. This element is persistence.
(vi) Persistence Persistence is the ability to keep
on trying even when the desired outcome is out of sight. It is the elimination of an option. It is the spirit of learning from the previous outcome and pressing on until the desired outcome is achieved. Persistence provides an extra stamina and willpower to accomplish a task that could have been abandoned. It is the last and a very useful ingredient in the recipe of success.
The learner’s passion has a greater impact on his/her level of persistence. The drive to learn and get better results gives the power and strength to continue searching, studying and doing all that one can to get the best. The love for learning gives a reason to push on even in the wake of discouraging episodes. Passion is love and anger combined. Therefore, learners need to create
a spirit of passion in learning which will be very instrumental in oiling the gears of persistence and perseverance.
Learning is about knowing new things and ways and improving on them. New things are mastered by repeated trials which is the gist of persistence. Persistence in itself is strong and does not allow any form of discouragement or any feeling of despair to get in its way. It marshals its strength and refuels its engine of service. It develops a tireless stubbornness that stands the test of adversity.
ConclusionMost learners that achieve
academic excellence are self-made. They encounter challenges like anybody else. But they take these challenges as inevitable meanders in the river of learning. They know that they don’t fail because they cannot succeed but because they are yet to get the tune. They have the belief and a massive spirit of persistence fuelled by their vision. They therefore work hard day by day, hour by hour, minute by minute to make their dreams something that they can see with their eyes and touch with their hands. This sense of direction and drive makes them get down to work
irrespective of what is happening around them.
A c a d e m i c excellence is only achieved when learning is taken as a continuous process. One writer said, "when you stop learning, you are old, whether at twenty or eighty".
Learning
KASNEB Newsline, Issue No. 2 April - June 2013 April - June 2013 KASNEB Newsline, Issue No. 242 43
Students, trainers, parents/guardians/sponsors, employers and other stakeholders are hereby informed that KASNEB has opened student fee collection accounts with the following banks:
(a) National Bank of Kenya Ltd. (NBK) - Account No.01001031572601.
(b) Equity Bank Ltd. - Account No.0170299238025.
(c) Kenya Post Office Savings Bank (Postbank) - Account No.0744130009246.
(d) Co-operative Bank of Kenya Ltd. - Account No.01129128535900.
The bank accounts are already operational.
Students are required to complete the appropriate KASNEB forms and relevant fee deposit slips (except for Postbank which does not use deposit slips). The students will be issued with one copy of the deposit slip and a computer generated slip for their records. However, for Postbank only a computer generated receipt will be issued.
Upon payment of the requisite fees to the bank, a cash deposit receipt will be issued to the payee. The completed KASNEB forms will be left with the bank for onward transmission to KASNEB together with one copy of the deposit slip.
All students are advised to pay their fees through any of the above bank accounts.
Note: Students should ensure that all documents requiring certification, such as copies of academic and professional certificates and identity card/passport are so certified before being handed over to the bank.
KASNEB student fee collection accounts with banks
K ASNEB PictorialK ASNEB Pictorial
Awarding achieversKASNEB and other corporate bodies awarded prizes to the best students in the December 2012 examinations. The ceremony was held at the Sarova Panafric Hotel on Friday, 3 May 2013
Walking to fight Hunger
KASNEB staff present a cheque to officials of the Kenya Freedom from Hunger Walk on Wednesday, 8 May 2013 at Kilimo House, Nairobi
KASNEB staff participate in the Kenya Freedom from Hunger Walk held on Saturday, 18 May 2013
Promoting knowledgeKASNEB donated books related to its examinations to seven Kenya National Libraries in different regions of the country in the month of June 2013. These were Mombasa, Embu, Nyeri, Kericho, Kakamega, Kisumu and Eldoret
Connecting with stakeholdersKASNEB held a workshop for County Directors of Education and County Examination Officers at the Laico Regency, Nairobi on Friday, 28 June 2013
Students of KASNEB, parents, sponsors, guardians, training institutions and other stakeholders are hereby notified of the following important dates and information.
1. Examination dates for November/December 2013 examinations are as follows:
(a) ATC, ICTT, IST and CMT Levels I and II - Tuesday, 26 November 2013 to Thursday, 28 November 2013
(b) CPA, CPS, CSIA, and CCP Part I - Friday, 29 November, Monday, 2 December 2013 and Tuesday, 3 December 2013
(c) CPA, CPS, CSIA and CCP Parts II and III - Wednesday, 4 December to Friday, 6 December 2013 (d) CICT
(i) Part I - Friday, 29 November 2013, Monday, 2 December to Wednesday, 4 December 2013
(ii) Part II - Tuesday, 3 December to Friday, 6 December 2013
(iii) Part III - Wednesday, 4 December, Thursday, 5 December and Friday, 6 December 2013
(e) Foreign Accountancy Qualifications (FAQ) - Thursday, 5 December and Friday, 6 December 2013
2. Examination brochures and forms are obtainable on request, free of charge: (a) In Kenya either in person at the offices of KASNEB or through the post. The examination brochures and forms are also
available at any branch of the Kenya National Library Service (KNLS) countrywide or training institutions.
(b) Outside Kenya either in person at the offices of KASNEB, through the post or at the following offices in Eastern and Central Africa:(i) In Uganda at DMK Associates, Crown House Building - Umeme offices, first floor, suite 2, Bombo Road - Kampala,
Makerere University Business School (MUBS) - Nakawa, Kampala International University - Kansanga, Busoga University - Iganga, and Bugema University, Kampala Campus - Bombo Road.
(ii) In Rwanda at Kigali Institute of Management - Rimera, School of Finance and Banking, Gikondo - Kigali and Institut Polytechnique De Byumba.
(iii) In Burundi at the East Africa Centre for Professional Studies (EACPS), Boulevard de L’OVA Quartier Industriel QL6284/C and Kim-PAC, Rohero 2, Avenue Moso, No.28 - Bujumbura.
(iv) In Cameroon at Maaron Business School 10, Rue, Joffre, Akwa – Douala and Fomic Business School, Buea, Cameroon.
(v) In South Sudan, at the University of Juba.
3. Method of payment of fees Attention of students is drawn to the “Guide to the November/December 2013 examinations” regarding secure methods
of paying fees to KASNEB. (a) In Kenya Students are advised to pay through any branch of the National Bank of Kenya Ltd. (NBK), Equity Bank, Kenya
Post Office Savings Bank (Postbank) or Co-operative Bank of Kenya. Students may also make payment in person at KASNEB offices in cash, by cheques/bankers cheques/drafts drawn in the name of KASNEB or through the post.
(b) Outside Kenya Students are advised to pay the applicable fees in dollars at any branch of KCB in their countries to KASNEB KCB collection account number 1123096465, domiciled at Capital Hill Branch, Nairobi. Thereafter, students should submit their documents to KASNEB together with a copy of the bank deposit slip. Students are individually and personally responsible for ensuring that fees are paid to KASNEB. Consequently, students who pay fees through third parties should ensure that such parties are honest and reliable and will therefore remit the fees to KASNEB without delay. Bankers Cheques/Drafts should be drawn payable to KASNEB and Inter-State Money Orders should be payable at City Square Post Office - Nairobi. Examination entry/annual registration renewal forms and remittances which are sent by post should be posted at least one week before the closing date to ensure that they are received in time.
4. All students of KASNEB are required to update their annual registration renewal position by 1 July of each year.
5. Closing dates for applicants wishing to enter for the November/December 2013 examinations are as shown below:
Normal Registration: Thursday, 15 August 2013 Late Registration: Friday, 13 September 2013
EXAMINATIONS NOTICE - NOVEMBER/DECEMBER 2013 EXAMINATIONS
EXAMINATION DATES
Kenya School of Credit ManagementThis column spotlights the fully accredited institutions. In this edition of the KASNEB Newsline, we feature the Kenya School of Credit Management based in Nairobi, Kenya.
1. Introduction
Kenya School of Credit Management (KSCM) is an institution that specialises in training and consultancy specifically in credit management. The institution was incorporated in the year 2000 and is fully registered with the Ministry of Education and the Directorate of Industrial Training. The institution is also fully accredited by KASNEB.
KSCM specialises in the following areas:• Training of students leading to
professional qualifications in credit management.
• Conducting seminars and workshops both in-house and general in credit/debt management.
• Debt management consultancy, collection and outsourcing.
KSCM is the only institution within sub-sahara Africa which trains students in credit management as a profession. Similar institutions can only be found in South Africa, Egypt and Nigeria.
2. Our vision, mission, philosophy and core values
The visionTo become a center of excellence in education, training and research in credit management globally.
Mission We are committed to promoting professionalism in credit management through education, training, research development and consultancy to all aspiring credit professionals in Kenya and globally.
PhilosophyTo promote excellence, integrity, customer sensitivity and professionalism in credit management.
Core values• Team work: We shall enhance a team working spirit that involves all stakeholders
in everything we do.• Integrity: We shall keep our promise and promise professionalism.• Customer focus: We will listen to our customers and strive to deliver
uncompromisingly high quality services to meet their needs and expectations.• Innovativeness: We shall continuously raise service provision by promoting
creativeness in our services development and delivery.• Result oriented: We aspire to be the best in giving results as per our promises.
3. Recognition
KSCM has taken a lead role in professionalising credit management in Kenya and the graduates produced by the school are recognised in the job market. The role of well trained credit control staff can never be overly emphasised especially in this era of strained cash-flow and non performing debts in many organisations. Our graduates have adequately accomplished these challenges in various sectors of the market. So far the school has produced more than 1,000 professional graduates into our economy with remarkable performance in their workstations.
4. Scope of Work
(a) Training and examinationsThe Examinations are administered by KASNEB, one of the leading and most recognised examination bodies in Kenya. We train students in the Credit Management
Mr. Patrick K. Kairu,Director, KSCM
Credit professionals of the future in making
College profile Training in credit management
Training in credit management
CONTACTS: St. George’s House, 4th floor, Parliament Road, opposite the Professional CenterP. O. Box 54340-00200 Nairobi. Telephone nos. 254-02-317872/2212753/ 0720-100655 Fax: 254-02-2211140
E-mail: [email protected] Website: www.creditschoolmanagement.net
Technicians (CMT) and Credit Management Professionals (CCP) courses. Our semesters begin in January and July of each year.
(b) Seminars and workshopsWe conduct seminars and workshops both in-house and open ones specifically in credit management which are geared towards improving collection of revenue and cash-flow.
We also offer the following services:(a) Debt outsourcing services.(b) Credit department restructuring.(c) Formulation of company credit policies.(d) Sourcing of effective credit staff on behalf.Collection of debts on behalf.(e) Holding credit talks in organisations.
5. Management
An institution is as strong as the people behind it. We believe in excellence in all what we do. All our members of staff are highly trained and above all most have a bias in credit management. These include:(i) Mr. Patrick K. Kairu - BBA, BCM (UK), Msc – Credit (UK)(ii) Mr. J. K. Mburu - BSC (NBI), PGDE (KU), MBA,CPA (K) (iii) Mr. Michael Musyoka - CPA (K), Diploma in Business Admin.(iv) Mr. Joseph M. Muiruri- CCP (K)(v) Mr. Daniel C. Kamau - LLB
6. Conclusion
Credit management has established itself worldwide as a vital management function with a major contribution to the economic well being of organisations of all kind. Efficient credit management with its critical impact on cash flow can make all the difference between survival and insolvency in the private sector, or between cost effective and wasteful administration in the public sector. Therefore, there can be little doubt that all credit/debt managers need the knowledge and expertise to handle this crucial and sensitive area of the economy.
Offering quality training to aspiring credit professionals
KSCM is result oriented
Extra-curricular activities
PATH Institute of Technology and EntrepreneurshipP.O. Box 168 - 00204 Athi River
Mobile: 0700392770Email: [email protected]
PATH INSTITUTE OF TECHNOLOGY AND ENTREPRENEURSHIPKITENGELA COURSES OFFERED:
Hostels available at reasonable rates
KASNEB
Accounting Technicians Certificate (ATC) Levels I and II Certified Public Accountants (CPA) Parts I - III Information Communication Technology Technicians (ICTT) Certified Information Communication Technologists (CICT)
KNEC/ABE/ICM
Certificate/ Diploma in Business ManagementCertificate/ Diploma in Sales and MarketingCertificate/ Diploma in Purchasing and Supplies Management
PITE
• Certificate in MS Office, • Certificate in Data Analysis, • Certificate in Computerised Accounting, • Certificate in Web Design, • Certificate in Computer Programming, • Entrepreneurship short courses and seminars• Production skills in soap-making, cosmetics, exercise books, paints
and dyes, animal feeds, cakes, juices, yoghurt e.t.c
INTERNATIONAL COMPUTER DRIVING LICENCE (ICDL)ICDL registration every Monday
KASNEB
Fully accredited by KASNEB No. KAS/F/016
KASNEB Newsline, Issue No. 2 April - June 201352
AFRICA COLLEGE OF AVIATION AND MANAGEMENT (ACAM)
Vision To be a model institution of higher learning in aviation and management in Africa
MissionTo become a premier
centre of academic and professional excellence
Core valuesExcellence
Commitment Integrity
Dedication
We have a qualified team of lecturers,who will give you specialised attention.
We offer access to internet (hot spot), exercise books, college t-shirts and pens, job placements and career guidance and soft skills training.
2nd & 3rd floor, Information House, Hakati Road/Mfangano Street, next to Afya Centre opp. Ukwala supermarket P.O.Box 68119 – 00200, Nairobi, KenyaTel: 020 2212410/020 2212430 Cell: 0729 697412/020 2150156 Email: [email protected] Website: www.acam.ac.ke
ACCOUNTING COURSES
1. Accounting Technicians Certificate (ATC) Levels I & II
2. Certified Public Accountants (CPA) Sections 1- 6
3. Certified Public Secretaries (CPS) Sections 1 - 6
INFORMATION TECHNOLOGY
1. Information Communication Technology Technicians (ICTT) Levels I - II
2. Certified Information Communication Technologists (CICT) Parts I - III
Hostels availableINTAKE IN PROGRESS
SCHOOL OF ACCOUNTING AND FINANCE
KASNEB
April - June 2013 KASNEB Newsline, Issue No. 2 53 April - June 2013 KASNEB Newsline, Issue No. 2 53
DECEMBER 2012 EXAMINATION PRIZE WINNERSWe congratulate the following candidates who excelled in their respective examinations and
qualified for award of prizes in the specified papers, levels and sections in the December 2012 examination sitting.
Prize winners
ACCOUNTING TECHNICIANS CERTIFICATE (ATC)
EXAMINATION
LEVEL I
Introduction to Financial Accounting
ATC/147877
RUTH WANJIRU NGUYO
Donor: KASNEB
Runner upIntroduction to
Financial AccountingATC/146916
ENOCK MICHIEKA MAKORI
Donor: KASNEB
Introduction to Law(Common Paper)
ATC/120974
OMAR MOHAMED HUSSEIN
Donor: KASNEB
Entrepreneurship and Communication (Common Paper)
ATC/146322
NELSON MANDELA ANGWENYI
Donor: KASNEB
Principles of Management(Common Paper)
ATC/148712
KARISA SAIDI MTUNGA
Donor: KASNEB
Business Mathematics(Common Paper)
ATC/147653
SOPHIE JEPKORIR BOKONG
Donor: KASNEB
LEVEL II
Financial AccountingATC/140282
MARGARET WANJIRU WARURIDonor: KASNEB
Fundamentals of Information Communication Technology
(Common Paper)ATC/122916
PATROBA OWINO AFWAMBADonor: KASNEB
Cost AccountingATC/140106
MUMO MUTUKU
Donor: KASNEB
TaxationATC/140082
ANNE WANYAMA
Donor: KASNEB
AuditingATC/142185
VIDONA AUMA OMOGIDonor: KASNEB
BEST OVERALL IN A LEVEL
ATC LEVEL IATC/149231
MILLICENT NAMBO WANYONYI
Donor: KASNEB
ATC LEVEL IIATC/144477
JOEL BOSIRE NGARE
Donor: KASNEB
INFORMATION COMMUNICATION
TECHNOLOGY TECHNICIANS (ICTT) EXAMINATION
LEVEL I
Introduction to ComputingICT/4732
LILIAN WAMUYU NYAMBURADonor: KASNEB
Computer MathematicsICT/3910
JOHANA KIBET TANUIDonor: KASNEB
Computer Applications (Theory)ICT/4735
BONFACE MUSYOKA MUTUADonor: KASNEB
Runner upComputer Applications (Theory)
ICT/4520PAUL KAMAU KIHIU
Donor: KASNEB
Computer Applications (Practical)ICT/3666
DOROTHY MAKANDIDonor: KASNEB
Computer NetworkingICT/4736
ISAAC MWENDO MAWIADonor: KASNEB
Prize winners
KASNEB Newsline, Issue No. 2 April - June 201354
LEVEL II
Internet SkillsICT/3089
DAVID KAGUNDA KIUNGA
Donor: KASNEB
Computer Support and Maintenance
ICT/3486
BONIFACE KIPKOECH
Donor: KASNEB
Programming ConceptsICT/3344
PHILIP KARIUKI THEURI
Donor: KASNEB
Foundations of Accounting(Common paper)
ICT/4083LILIAN KANGAI NAFTALY
Donor: KASNEB
Information SystemsICT/3807
ISAAC MWAI KAMAUDonor: KASNEB
BEST OVERALL IN A LEVEL
ICTT LEVEL I
ICT/4732
LILIAN WAMUYU NYAMBURA
Donor: KASNEB
ICTT LEVEL II
ICT/4083LILIAN KANGAI NAFTALY
Donor: KASNEB
INVESTMENT AND SECURITIES TECHNICIANS (IST)
EXAMINATION
LEVEL I
Finance and Investments
IST/283
KENNETH KIPKOECH SANG
Donor: KASNEB
LEVEL II
Securities Analysis and Valuation
IST/296
DANIEL MUCHIRI IRUMBI
Donor: KASNEB
CREDIT MANAGEMENT TECHNICIANS (CMT)
EXAMINATION
LEVEL I
Fundamentals of Credit Management
CMT/994
MARTIN MWANGI KURIA
Donor: KASNEB
Runner up
Fundamentals of Credit Management
CMT/995
VICTORIA ATIENO OYENGO
Donor: KASNEB
LEVEL II
Economics
(Common paper)
CMT/939
PATRICK NJANGI NDEGWA
Donor: KASNEB
Marketing and Customer Relations
CMT/935
PETER KIPKOECH LANGAT
Donor: KASNEB
Runner up
Marketing and Customer Relations
CMT/934
PERPETUA MUTHONI WARAGA
Donor: KASNEB
Law Governing Credit Practice
CMT/957
JOHN MBURU WANGECHI
Donor: KASNEB
BEST OVERALL IN A LEVEL
CMT LEVEL I
CMT/994
MARTIN MWANGI KURIA
Donor: KASNEB
CMT LEVEL II
CMT/933
MARGARET NJERI MAINA
Donor: KASNEB
CERTIFIED PUBLIC ACCOUNTANTS (CPA)
EXAMINATION
PART I - SECTION 1
Financial Accounting
NAC/212084
BRIAN WALUKHANA WANJALA
Donor: ERNST & YOUNG
Introduction to Law
(Common paper)
NAC/188598
PETER GICHUKI WERU
Donor: KINYORI AND ASSOCIATES
Entrepreneurship and Communication
(Common paper)
NAC/210451
MICHAEL KIPKORIR LAGAT
Donor: KING’ANG’I KAMAU AND
COMPANY
Prize winners
April - June 2013 KASNEB Newsline, Issue No. 2 55
PART I - SECTION 2
Economics
(Common Paper)
NAC/207832
SAMUEL MBUTHIA MUNDIA
Donor: WACHIRA IRUNGU &
ASSOCIATES
Cost Accounting
NAC/208639
EDWIN KIMARI MBUGUA
Donor: MUGO & COMPANY CERTIFIED
PUBLIC ACCOUNTANTS
Auditing and Assurance
NAC/213791
CAROLINE NDUNGE WAMBUA
Donor: CARR STANYER GITAU &
COMPANY
BEST OVERALL IN SECTION (S)
SECTION 1 ONLY
NAC/213330
YAI LUAL GIEL
Donor: RSM ASHVIR
SECTION 2 ONLY
NAC/205339
LOUIS MAKOKHA BULUMA
Donor: RSM ASHVIR
SECTIONS 1 AND 2 COMBINED
NAC/200097
ELIPHAZ NYABUTI NYABUTI
Donor: RSM ASHVIR
PART II - SECTION 3
Management Information Systems
(Common paper)
NAC/194555
VIOLET MACHUMA WEKESAH
Donor: DELOITTE & TOUCHE
Financial Management
(Common paper)
NAC/200150
KIRUI PHILIP KIPKEMOI
Donor: KIGO NJENGA & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Financial Reporting
NAC/205660
SAMWEL ONYARI ONWONGA
Donor: PRICEWATERHOUSECOOPERS
PART II - SECTION 4
Taxation
NAC/190993
MOSES WAITHAKA KINYANJUI
Donor: PKF Kenya
Runner up
Company Law
(Common paper)
NAC/178852
VICTOR OKOTH LIGALA
Donor: KASNEB
Quantitative Analysis
(Common paper)
NAC/179830
DENNIS KIMUHU IRUNGU
Donor: MHASIBU SACCO LIMITED
BEST OVERALL IN SECTION (S)
SECTION 3 ONLY
NAC/183535
FAITH WAMBUI BUNDI
Donor: MAZARS CERTIFIED PUBLIC
ACCOUNTANTS (KENYA)
SECTION 4 ONLY
NAC/153366
MARY WANJIKU MAINA
Donor: H.W. GICHOHI & COMPANY
SECTIONS 3 AND 4 COMBINED
NAC/187474
HARRISON NGUGI GITAU
Donor: MBAYA & ASSOCIATES
PART III - SECTION 5
Principles and Practice of Management
(Common paper)
NAC/190267
KENNEDY SAWE KIPKOGEI
Donor: KASNEB
Management Accounting
NAC/73708
VIDELIS NJERI NJUGUNA
Donor: KPMG KENYA
Advanced Financial Management
NAC/191249
LORRAINE NAFULA OSIDIANA
Donor: DELOITTE & TOUCHE
PART III - SECTION 6
Advanced Taxation
NAC/170787
BRENDA MUGEBE NAMIDI
Donor: PKF KENYA
Runner up
Advanced Taxation
NAC/158447
MARTIN WANJOHI WAIGURU
Donor: KASNEB
Advanced Auditing and Assurance
NAC/195021
GEOFFREY THIGE KINYANJUI
Donor: PRICEWATERHOUSECOOPERS
Advanced Financial Reporting
NAC/161675
CATHERINE MUMBI KAMAU
Donor: MURDOCH McCRAE & SMITH
Prize winners
KASNEB Newsline, Issue No. 2 April - June 201356
BEST OVERALL IN SECTION (S)
SECTION 5 ONLY
NAC/195021
GEOFFREY THIGE KINYANJUI
Donor: ICPAK
SECTION 6 ONLY
NAC/161675
CATHERINE MUMBI KAMAU
Donor: KASNEB
SECTIONS 5 AND 6 COMBINED
NAC/195021
GEOFFREY THIGE KINYANJUI
Donor: ICPAK
BEST LADY GRADUATE
NAC/179474
HILDAH JEBIWOTT KOSGEI
Donor: AWAK
CERTIFIED PUBLIC SECRETARIES (CPS)
EXAMINATION
PART I - SECTION 1
Organisational Behaviour
NSC/211955
VERAH KEMUNTO NTENGA
Donor: CROWE HORWATH EASTERN
AFRICA
Communication and Report Writing
NSC/209222
GRACE NJERI KAMAU
Donor: VISION INSTITUTE OF
PROFESSIONALS
PART I - SECTION 2
Financial Accounting
(Common paper)
NSC/213291
ALFRED MACHARIA MUIKIRIA
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 1 ONLY
NSC/206998
MAUREEN JEROTICH KOECH
Donor: ICPSK
SECTION 2 ONLY
NSC/213291
ALFRED MACHARIA MUIKIRIA
Donor: KASNEB
SECTIONS 1 AND 2 COMBINED
NSC/213291
ALFRED MACHARIA MUIKIRIA
Donor: KASNEB
PART II - SECTION 3
Company Secretarial Practice
NSC/158751
MAUREEN MAGOMA MBAKA
Donor: NGURU MUREGI & ASSOCIATES
PART II - SECTION 4
Entrepreneurship
NSC/204420
LILIAN NYAGUTHII KABAYA
Donor: KASNEB
Company Law
NSC/163061
BEATRICE CHEPKEMOI MANYAL
Donor: AFRICA REGISTRARS
CERTIFIED PUBLIC SECRETARIES
Meetings- Law and Procedure
NSC/172007
TITUS MACHARIA WAMBUI
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 3 ONLY
NSC/158751
MAUREEN MAGOMA MBAKA
Donor: KASNEB
SECTION 4 ONLY
NSC/157489
JOSEPH MWANGI MURIMA
Donor: KASNEB
Runner up
SECTION 4 ONLY
NSC/163061
BEATRICE CHEPKEMOI MANYAL
Donor: KASNEB
SECTIONS 3 AND 4 COMBINED
NSC/199123
PETER MURIMI MAINA
Donor: KASNEB
PART III – SECTION 5
Advanced Company Secretarial Practice
NSC/167392
ANGELA ANYANGO LEBU
Donor: H.W. GICHOHI & COMPANY
Runner up
Advanced Company Secretarial Practice
NSC/194804
CAXTON GAMBO NJUGA
Donor: KASNEB
Project Planning and Management
(Common paper)
NSC/135425
MARK MUKUHA WANJOHI
Donor: KASNEB
Runner up
Project Planning and Management
(Common paper)
NSC/167872
EFFIE MUTIO WAMBUA
Donor: KASNEB
PART III - SECTION 6
Strategic Management
NSC/174742
MARTIN MAKEBU WAFULA
Donor: KASNEB
Prize winners
April - June 2013 KASNEB Newsline, Issue No. 2 57
Strategic Human Resources
Management
NSC/176339
GRACE WAHETI MUIGA
Donor: SAVANNA & ASSOCIATES
Corporate Governance and Ethics
NSC/180991
DANIEL NGUGI MUNGAI
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 5 ONLY
NSC/135425
MARK MUKUHA WANJOHI
Donor: ICPSK
SECTION 6 ONLY
NSC/176339
GRACE WAHETI MUIGA
Donor: AXIS KENYA
SECTIONS 5 AND 6 COMBINED
NSC/164405
DENNIS MAINA KARAYA
Donor: KASNEB
Runner up
SECTIONS 5 AND 6 COMBINED
NSC/167392
ANGELA ANYANGO LEBU
Donor: KASNEB
BEST LADY GRADUATE
NSC/167392
ANGELA ANYANGO LEBU
Donor: CATHERINE MUSAKALI
CERTIFIED INFORMATION COMMUNICATION
TECHNOLOGISTS (CICT) EXAMINATION
PART I - SECTION 1
Introduction to Computing
CTP/1736
MARTIN WEKESA SIMIYU
Donor: KASNEB
Computer Applications (Theory)
CTP/1600
FELIX ONDITI NYAKUNDI
Donor: KASNEB
Computer Applications (Practical)
CTP/1600
FELIX ONDITI NYAKUNDI
Donor: KASNEB
PART I - SECTION 2
Operating Systems (Theory)
CTP/1740
OCHIENG E. SAMUEL YADA
Donor: KASNEB
Operating Systems (Practical)
CTP/1583
CHARCHIL OUMA JOMO
Donor: KASNEB
Computer Support and Maintenance
CTP/1583
CHARCHIL OUMA JOMO
Donor: KASNEB
Runner up
Computer Support and Maintenance
CTP/1536
DADSON CIURI MAINA
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 1 ONLY
CTP/1736
MARTIN WEKESA SIMIYU
Donor: KASNEB
SECTION 2 ONLY
CTP/1583
CHARCHIL OUMA JOMO
Donor: KASNEB
SECTIONS 1 AND 2 (COMBINED)
CTP/1740
OCHIENG E. SAMUEL YADA
Donor: KASNEB
PART II - SECTION 3
Database Systems
CTP/1216
JAMES MUCHIRI KARUGU
Donor: KASNEB
Structured Programming
CTP/1614
JOAN JEPLETING SAMOEI
Donor: KASNEB
Runner up
Structured Programming
CTP/1158
BENARD OLUOCH OBWAYA
Donor: KASNEB
Systems Analysis and Design
CTP/398
HANNINGTON KIBOR TANUI
Donor: KASNEB
PART II - SECTION 4
Object Oriented Programming
CTP/1216
JAMES MUCHIRI KARUGU
Donor: KASNEB
Prize winners
KASNEB Newsline, Issue No. 2 April - June 201358
Runner up (1)
Object Oriented Programming
CTP/1018
NELSON OCHIENG’ DUYU
Donor: KASNEB
Runner up (2)
Object Oriented Programming
CTP/1614
JOAN JEPLETING SAMOEI
Donor: KASNEB
Data Communication and Computer
Networks (Theory)
CTP/143
DESMOND KWANYA AROKO
Donor: KASNEB
Data Communication and Computer
Networks (Practical)
CTP/1525
AMOS KENNEDY KIMANTHI NGWARE
Donor: KASNEB
Systems Security, Professional Values
and Ethics
CTP/1216
JAMES MUCHIRI KARUGU
Donor: KASNEB
Runner up (1)
Systems Security, Professional Values
and Ethics
CTP/1589
ANTONY ODONGO NGURA
Donor: KASNEB
Runner up (2)
Systems Security, Professional Values
and Ethics
CTP/1234
VINCENT MAJANI ALWAVUHA
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 3 ONLY
CTP/398
HANNINGTON KIBOR TANUI
Donor: KASNEB
SECTION 4 ONLY
CTP/1216
JAMES MUCHIRI KARUGU
Donor: KASNEB
SECTIONS 3 AND 4 (COMBINED)
CTP/1245
ONESMUS MUSYOKI MWEU
Donor: KASNEB
PART III - SECTION 5
Software Engineering
CTP/1264
JOYCE NJERI MAINA
Donor: KASNEB
PART III - SECTION 6
Information Systems Management
CTP/902
MARIO MURITHI KIVECU
Donor: KASNEB
Web Design, Internet Programming
and e-Commerce
CTP/455
FRANCIS CHEPTOO CHERUTICH
Donor: KASNEB
Runner up (1)
Web Design, Internet Programming
and e-Commerce
CTP/689
ALFRED KIMURGOR LIMOH
Donor: KASNEB
Runner up (2)
Web Design, Internet Programming
and e-Commerce
CTP/1264
JOYCE NJERI MAINA
Donor: KASNEB
Runner up (3)
Web Design, Internet Programming
and e-Commerce
CTP/1136
ANN WANYUTI GITONGA
Donor: KASNEB
Research Methods
CTP/1429
NANCY WANGARI KANGANGI
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 5 ONLY
CTP/903
HENRY MBUGUA WANJAHI
Donor: KASNEB
SECTION 6 ONLY
CTP/1429
NANCY WANGARI KANGANGI
Donor: KASNEB
SECTIONS 5 AND 6 (COMBINED)
CTP/1429
NANCY WANGARI KANGANGI
Donor: KASNEB
CERTIFIED SECURITIES AND INVESTMENT ANALYSTS
(CSIA) EXAMINATION
PART I - SECTION 1
Financial Mathematics
ISP/2732
JAMES MUTURI KIMANI
Donor: KASNEB
Financial Institutions and Markets
ISP/2851
GIDEON MUYONGA SIFUNA
Donor: KASNEB
Prize winners
April - June 2013 KASNEB Newsline, Issue No. 2 59
Prize winners
BEST OVERALL IN SECTION (S)
SECTION 1 ONLY
ISP/2732
JAMES MUTURI KIMANI
Donor: KASNEB
SECTION 2 ONLY
ISP/2733
MARVIN MACHARIA KARIUKI
Donor: KASNEB
SECTIONS 1 AND 2 (COMBINED)
ISP/2443
DENNIS MUTHAMA MWANZIA
Donor: KASNEB/ICSIA
Runner up
SECTIONS 1 AND 2 (COMBINED)
ISP/2733
MARVIN MACHARIA KARIUKI
Donor: KASNEB
PART II - SECTION 3
Financial Statements Analysis
ISP/2729
ANTONY MUTHEE MAINA
Donor: KASNEB
CSIA PART II - SECTION 4
Advanced Finance, Investment and
Equity Analysis
ISP/2774
SARAH WAMBUI NJOROGE
Donor: KASNEB
Runner up
Advanced Finance, Investment and
Equity Analysis
ISP/2539
JOAN MARIGU NJIRU
Donor: KASNEB
Law and Regulations Governing
Financial Markets
ISP/2685
MARTHA WANJIKU WACHIRA
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 3 ONLY
ISP/2342
GRACE ANNETTE MUMBI MUGO
Donor: KASNEB
SECTION 4 ONLY
ISP/2342
GRACE ANNETTE MUMBI MUGO
Donor: KASNEB
SECTIONS 3 AND 4 (COMBINED)
ISP/2342
GRACE ANNETTE MUMBI MUGO
Donor: KASNEB/ICSIA
PART III - SECTION 5
Valuation and Analysis of Fixed Income
Instruments
ISP/1910
NAOMI JELAGAT KIPTOO
Donor: KASNEB
Runner up
Valuation and Analysis of Fixed Income
Instruments
ISP/2070
JOSEPH KARANJA SUSAN
Donor: KASNEB
Asset Management
ISP/1850
WINNIE NJERI KARANJA
Donor: JONAH K. AIYABEI
Runner up
Asset Management
ISP/1855
DANIEL KIPNGETICH BIRGEN
Donor: KASNEB
PART III - SECTION 6
Portfolio Management
ISP/2202
JOHN CHEGE NJENGA
Donor: Dr. GEORGE O. WAKAH
International Finance
ISP/2534
JACOB MUGO KABUI
Donor: KASNEB
Valuation and Analysis of Derivatives
ISP/2212
WILLY KIPRUTO SAINA
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 5 ONLY
ISP/1868
MAKORA CHRISTOPHER ONDIGI
Donor: KASNEB/ICSIA
SECTION 6 ONLY
ISP/2202
JOHN CHEGE NJENGA
Donor: KASNEB/ICSIA
SECTION 5 AND 6 (COMBINED)
ISP/1868
MAKORA CHRISTOPHER ONDIGI
Donor: Dr. GEORGE O. WAKAH
CERTIFIED CREDIT PROFESSIONALS (CCP)
EXAMINATION
PART I - SECTION 1
Credit Management
CCP/1752
CYRUS GITHAIGA THEURI
Donor: INSTITUTE OF CREDIT
MANAGEMENT
KASNEB Newsline, Issue No. 2 April - June 201360
PART I - SECTION 2
Taxation Theory and Practice
(Common paper)
CCP/1705
JAMES ATENG NYAGILO
Donor: KINYORI & ASSOCIATES
BEST OVERALL IN SECTION (S)
SECTION 1 ONLY
CCP/1717
GABRIEL LUMA NDUMBU
Donor: KASNEB
SECTION 2 ONLY
CCP/1489
KEMUNTO JUDDY ONUOGA
Donor: KASNEB
SECTIONS 1 AND 2 (COMBINED)
CCP/1642
MARY WANGUI KAMAU
Donor: KASNEB
PART II - SECTION 3
Advanced Credit Management
CCP/915
FRANCIS KAMARA KARANJA
Donor: INSTITUTE OF CREDIT
MANAGEMENT
CCP PART II - SECTION 4
Marketing
CCP/1407
FRANCIS KIMANI NJENGA
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 3 ONLY
CCP/1669
SAMWEL MACHARIA KARANJA
Donor: KASNEB
SECTION 4 ONLY
CCP/1281
LABAN OKONG’O HUMA
Donor: KASNEB
PART III - SECTION 5
Public Relations
CCP/1388
JAMES NJUGUNA KAMURI
Donor: KASNEB
Law Governing Credit Practice
CCP/1116
RICHARD AMOLLO ABUNGU
Donor: KASNEB
PART III - SECTION 6
Debt Recovery
CCP/1214
SAMUEL MBURU MACHARIA
Donor: KASNEB
Corporate Lending
CCP/1484
PETER MUSAU MUINDI
Donor: KASNEB
Practice of Credit Management
CCP/1116
RICHARD AMOLLO ABUNGU
Donor: KASNEB
BEST OVERALL IN SECTION (S)
SECTION 5 ONLY
CCP/1116
RICHARD AMOLLO ABUNGUDonor: KASNEB
SECTION 6 ONLY
CCP/1116
RICHARD AMOLLO ABUNGUDonor: KASNEB
SECTIONS 5 AND 6 COMBINED
CCP/1116
RICHARD AMOLLO ABUNGUDonor: KASNEB
Prize winners
KASNEB: Providing accounting, finance, investment, credit and IT professionals globally
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