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KASNEB The Professional Journal of KASNEB Issue No. 3 July - September 2015

KASNEB NEWSLINEEDUCATIVE INFORMATIVE ENTERTAINING

TOPICS FEATURED

INTEGRITYIN LEADERSHIP

TURNAROUND STRATEGIES

INFORMATIONSECURITY

EQUITY VALUATION

BUILDING A TEAM

POWER OF THE TONGUE

STUDENT-CENTERED E-LEARNING

REVISED SYLLABUSES

SPECIMENSPECIMEN

SPECIMEN

INTEGRITY IN LEADERSHIP

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KASNEB NEWSLINE, Issue No. 3, July - September 2015 1

KASNEB

Editor HonorarisPius M. Nduatih

Editorial TeamStaff members of KASNEB

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KASNEB Newsline is the professional students journal of KASNEB.

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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.

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CONTRIBUTORS TO THIS ISSUE

Emlyn James NgwiriKellen KiambatiFred Ontiti Richard Branson Arosio Gakungu Stephen M. Nthenege

11 Turnaround strategies 3 Integrity in leadership

39 A graduates perspective

29 Power of the tongue

34 Student-centered e-learning

47 Updates 50 Revised Syllabuses KASNEB is ISO 9001:2008 certified

CONTENTS KASNEB NewslineIssue No.3, July - September 2015

19 Information security governance 23 Equity valuation

Abdalla M. Dallu

32 Building a team


From the CEO’s desk

Editor HonorarisPius M. Nduatih

The term “integrity” is commonly used in various circles to represent the quality of being honest and

having strong moral principles. It is a moral compass that guides one in making the right decision in

various official and private circumstances, the quality that locks one’s values and makes one to live

consistent with them. When viewed further from a personal perspective, integrity is the foundation of

character, a cardinal trait that defines an individual. Persons with integrity realise that everything they do is

a statement about who they are as a person.

When one is in a position of responsibility, the demands on integrity shoot notches higher. Leaders are

expected to live by the highest standards of integrity, serving as an example for emulation by their followers.

At national level, a number of Governments have laid down laws and regulations defining the benchmarks of

integrity expected of leaders and other officers. This affirms the importance with which integrity is considered

as a fundamental ingredient for achieving the growth agenda of a country.

Taking a cue from the above, we feature in the edition of the KASNEB Newsline a lead article titled “Integrity in

Leadership”. The writer explores the various aspects of integrity, from definition, the importance of personal

integrity, ways of developing integrity to the importance of integrity in leadership. The writer further links

the article with the provisions of Chapter Six of the Constitution of Kenya 2010, highlighting the specified

guiding principles of leadership and integrity. This article is a must-read for leaders and persons aspiring

for leadership positions both in the public and private sectors.

The second article dwells on the turn-around strategies to revive a business on the brink of collapse. The

writer brings to the fore the reality that businesses are prone to the risk of collapse. Adequate and timely

mitigation measures need to be put in place to prevent the fatal slide to oblivion. In the article, the writer

points out the need for a self-assessment to gauge the situation and what the problem is. There is also the

need to review the business model in designing and effecting the necessary turn-around strategies.

The third article spotlights information systems and in particular the concept of information security

governance. From the writer’s perspective, information security is the practice of defending information

from unauthorised access, use, disclosure, disruption or destruction. The governance perspective ropes in

managers and their responsibilities in the context of information security, for instance in terms of facilitating

the development of a robust information security system and putting in place a system of regular checks

to ensure that the system is functioning optimally.

This edition also features other articles of interest including on the equity valuation process and building

an effective team at the work place. In addition, we feature various updates and information on the revised

examination syllabuses, including the structure of question papers to be administered from the November

2015 sitting, the recommended reading list and the examination rules and regulations.

We welcome our readers to savour the featured articles and other updates. Readers are also invited to provide

feedback on the articles featured in the journal and any other issues of interest.


Meaning of integrity

Key among the core values

of many organisations

worldwide is integrity. But

just what is integrity and why

is it a necessary prerequisite for

leadership?

Integrity is the characteristic of

behaving and thinking congruently

with one’s personal values and

beliefs. Put another way, integrity

is doing what you believe to be right,

irrespective of the costs, downside or

hardships involved.

While in most cases, integrity is

conflated with virtue, honesty or

“goodness” of some kind, evil men

can also have integrity, should they

behave congruently with their

beliefs. Here, the “right thing” is a

personal relativism. However, in the

case of this article, we are concerned

with integrity that is associated with

upright moral principles, the likes

of honesty, truthfulness, sincerity,

and true to the vision and mission

of the the organisations they lead.

Integrity is the cornerstone of good

governance. Organisations that

have integrity as their hallmark are

devoid of corrupt practices and keep

INTEGRITY IN LEADERSHIPloyalty, committment, accountability,

stewardship, uprightness, respect,

compassion, excellence and so on.

This is what is generally accepted to

mean integrity.

Integrity can be compared to a

compass. Whichever way you place a

compass, its pointer will always point

towards the north. Irrespective of

circumstances, it remains true to the

direction of the northupright.

When we talk of integrity in

leadership, we infer leaders

who are principled at a

personal level and who

are true and genuinely

loyal and committed

to the growth of an

organisation and

the welfare of all the

stakeholders. Like a

compass, leaders of

integrity are firm and not

influenced by fads and whims

around them. They stay focused


records that are above board. They

are not embroiled in controversy

or shady schemes. They do honest

business and are not exploitative.

They support a level playing field

for businesses. They churn out

products of high quality and remain

consistent with their brand integrity.

It is such companies that stand out

in performance and recognition.

Integrity plays a big role in boosting

their competitive advantage.

Personal integrity

A culture of integrity in public and

private organisations has its roots in

personal integrity. An organisation

is viewed as having an integrity

of brand if the management

and employees have integrity

themselves. Integrity starts at an

individual level, works its way up

to teams and finally the buck stops

at the leadership level. That is why

in principled governments, leaders

step down when their organisations

are found culpable. A person of

integrity is consistent in thought,

word and deed. The word “double

standards” do not exist in his /her

vocabularly.

Personal integrity is the quality of

being honest with yourself and

living a life that is aligned with moral

principles. Developing personal

integrity requires examining your

beliefs and value system, and

taking conscious steps to behave in

ways that are consistent with your

personal moral code.

Ways of developing personal integrity

Personal integrity is not something

you pull out when you get to the

office and lock up when you leave.

It is a way of life. It is either a part of

you or not. It is something you carry

with you wherever you go. There has

been debate as to whether integrity

is inborn or acquired. For some

people, it comes easily while others

have to be reminded to toe the line.

Assuming that it can be developed,

it follows that certain steps can be

taken to elevate it within a person.

Developing personal integrity

begins with establishing a set of

sound ethical policies. These are

then integrated into all business

processes and communicated to all

employees. Deviation from the set

policies is regarded as indiscipline

and is not tolerated.

Integrity begins by examining oneself

Everyone makes mistakes, but only a

person with integrity owns up to them.



In an organisation, once sound ethical

policies have been established, they

should be integrated into all business

processes and communicated

broadly to all employees. Everybody

in the organisation should live by

them, right from the top to the

bottom.

The following are some ways to help

a person, especially leaders, develop

personal integrity:

1) Identify aspects of your

behaviour that require change.

Reflect on your interactions

with others in the workplace, at

home and in social situations to

determine specific areas in need

of improvement. For example, if

you are late for work every day

and feel guilty about creating

excuses for this behaviour,

this may be an opportunity

to develop greater personal

integrity.

2) Determine your reasons for not

behaving with greater personal

integrity. For example, you may

be pushing unpleasant work

tasks on to other employees

instead of being honest with

your boss about your inability to

do the tasks. You may be afraid

to admit to yourself or to your

boss that you do not possess

the right skills or that the job is

not the right fit for you.

3) Face the obstacles that always

lead you to look for excuses,

lie or violate your moral code.

Get involved in finding a more

suitable use of your talents,

facing your fears about how

others may perceive you and/

or seeking knowledge or

counseling to address personal

challenges and insecurities.

4) Build relationships at home

and work through greater

truthfulness and being candid.

For example, if managing a

team of employees, be honest

and direct with each individual

about your expectations and

employee performance. Avoid

backbiting or gosipping.

5) R e f ra i n f ro m c a u s i n g

unnecessary harm. Part of

developing personal integrity

is gauging when and how to

deliver the truth. Be careful

not to confuse truthfulness

with anger-driven and brutally

honest confrontation.

6) Make a list of tasks and

behaviours in which you will

become more trustworthy in.

The list might range from basic

tasks, such as remembering to

take out the trash as promised,

to repaying large or small sums

of money in a timely manner.

7) Respect the property of others.

Consider any complaints you

may have had or have received

about using another person’s

belongings, parking in someone

else’s parking spot or littering

another person’s property. Make

a concerted effort to respect

other people’s belongings.

8) Listen to and respect the

opinions and decisions of

others. Part of possessing

Have the courage to say NO. Have the courage to

face the truth. Do the right thing because it is

right. These are the magic keys to living your life

with integrity.Author unknown

INTEGRITY is doing the right

thing, even when no one is watching.

C.S. Lewis

Should we keep it or hand in?

We’re all about integrity here. By the way, if my wife calls, tell her I’m not in.



personal integrity is protecting

the human rights of others.

Respecting diverse thoughts

and decisions is a sign of

open-mindedness and integrity.

9) Do more than you expect

others to do. If you are in a

position to contribute to the

development of others or help

them, to do something they

cannot reasonably accomplish

on their own, make an effort to

assist them.

10) Expect a trial and error process

that requires persistent

effort. Assess your progress,

as success and integrity are

not destinations, but making

some progress: going forward.

Expect yourself to learn and

strive daily toward your goals,

always making progress.

11) Enlist the help of others,

as mentors. The smiles and

advice of colleagues, relatives

and good friends, who know

you well and have your best

interest at heart, can assist your

progress by providing objective

feedback on a daily basis about

the personal changes you are

making.

12) Develop your accountability.

Learn to admit when you’ve

made a mistake and apologise

for it. If you were at least partly

to blame for a bad situation,

own up to your part in it instead

of blaming others. If you admit

that you’ve done something

wrong, it’s easier to be more

honest and to avoid the same

mistake in the future.

Integrity in leadership

Leadership entails having power and

authority over a given constituent.

The constituent could be a small

group of people, an office, an

organisation, a ward, county or

country and so on. Leaders watch

over their followers and the followers

look up to them for direction,

guidance and inspiration. As such,

leaders have influence over the

people and resources put in their

trust. Therein lies the danger of

having leaders who don’t ascribe to

principles of integrity. They could use

their power for the wrong reasons,

for self-interest or aggrandizement.

To guard public interest from

leaders who have no integrity,

many countries have entrenched in

their constitutions ethical principles

required of leaders who hold public

office. Some governments have

adopted or are currently considering

laws that would establish the

parameters for ethical conduct.

The Integrity Framework is,

for instance, a systemic and

comprehensive approach to view

integrity management within

government. It combines:

• The integrity management

system. This encompasses

instruments, processes and

actors within public sector

organisations. It is intended to

stimulate and enforce integrity

and prevent corruption.

• The integrity context or

supporting environment that

can have a positive impact

upon the integrity of members

in public sector organisations.


Leaders build trusting relationship between themselves and followers by being truthful and by showing consistency between words and deeds

Followers look to leaders for an absence of self-doubt. Leaders, therefore need to show self-confidence in order to convince followers of the rightness of goals and decisions

Integrity

Self-confidence


• Reviews of public sector

integrity to help policy makers

improve policies, adopt good

practices and implement

established principles and

standards.

Chapter six of the Constitution of

Kenya 2010 is devoted to issues of

leadership and integrity and behoves

leaders to act in a manner that-

(i) Is consistent with the

purposes and objects of the

constitution.

(ii) Demonstrates respect for the

people.

(iii) Brings honour to the nation

and dignity to the office.

(iv) Promotes public confidence

in the integrity of the office.

The bottom line is that the state

officer’s responsibility is to serve the

people rather than lord it over them.

The guiding principles of leadership

and integrity as per article 73 (2)

include:

a) selection on the basis

of personal integr ity,

competence and suitability

or election in free and fair

elections.

b) objectivity and impartiality

in decision making and in

ensuring that decisions are

not influenced by nepotism,

favouritism, other improper

motives or corrupt practices.

c) selfless service based solely

on the public interest

demonstrated by-

(i) honesty in the execution

of public duties and

(ii) the declaration of any

personal interest that may

conflict with public duties

d) accountability to the public for

decisions and actions.

e) discipline and commitment in

service to the people.

Integrity is one of the top attributes

of a great leader. It is a concept

of consistency of actions, values,

methods, measures, principles,

expectations and outcomes. It

connotes a deep commitment to do

the right thing for the right reason,

regardless of the circumstances.

Leaders of integrity are incorruptible

and incapable of breaking the trust

of those who have confidence in

them.

Integrity is violated when leaders lie

to their people, embrace corruption,

indulge in impunity and court

conflict of interest.

Abraham Lincoln (probably the best

known US president in matters of

integrity) stressed the importance of

integrity and character in leadership.

Lincoln said: “Great leadership is a

product of great character. And that

is why character matters.”

No one is perfect. No one can

be right 100 percent of the time

including an organisation’s leaders.

But there are mistakes, and then

there are MISTAKES.

When you are in a position of

leadership, vision, integrity and

compassion are infinitely more

important than the words you say.

These three traits are as important

to your survival as air, food, and

water. Leadership is about doing

what’s right. Leadership is not about

doing what’s popular. Corporate

results will be based on your ability



to be authentic and have integrity.

Consider leadership as a three-legged

stool standing on vision, integrity

and compassion. Remove one leg

and the stool topples. The following

is the examination of the three traits;

(i) Vision

The leader’s job is to set the

organisation’s vision. The vision

paints the target. It sparks and fuels

the fire within the organisation

and draws everyone forward. It

illuminates the way others are to

follow. Let everyone know how the

vision will change the organisation.

Having created and clarified the

vision, the leader must market

it to get a wholehearted buy-in

from the people responsible for

executing it. A shared vision involves

everyone working together to make

improvements. Without a buy-in

from your people, it cannot succeed.

To lead others successfully, you must

first become a role model.

(ii) Integrity

As a person of integrity, you have

the supreme responsibility to tell

the truth, to mean what you say and

to say what you mean, regardless of

the outcome. Do you give promises

to workers and then fail to honour

them? Your integrity just took a hit.

Don’t be surprised as a leader when

your followers no longer trust you, or

refuse to go the extra mile to meet

your next deadline.

You either have ethics or you

don’t. There isn’t one set of ethics

for business and another for your

personal life. There’s simply ethics.

There’s simply integrity: truthfulness,

reliability, uprightness, veracity.

“There are really only two important

points when it comes to ethics. The

first is a standard to follow. The

second is the will to follow it.”

Integrity is complete, unflinching

honesty in everything you say and

do. It means that you, as a leader,

admit your shortcomings. It means

that you work to develop your

strengths and compensate for your

weaknesses. Integrity means that

you deal in a straightforward manner

with people and situations and that

you do not compromise what you

believe to be true.

Integrity means living up to one’s

word, delivering on promises

made, alignment to beliefs and

actions. Opportunities abound in the

workplace for an integrity breach to

occur. Consider, for example, the case

of a salesperson who exaggerates

your product’s capability. Do you

reprimand them or just let the matter

pass? Do you refund an unhappy

customer or devise some other

satisfactory solution? Or do you stick

to defense mechanisms? And do you

apologise?

(iii) Compassion

Many people don’t realise that

excellent performance in serving

other people is an absolute, basic

necessity for survival in today’s

business world. As a leader, your job

is to have a vision of high standards in

serving people. “Servant leadership.”

The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no

matter whether it is on a section gang, a football field, in an army or in an office

Dwight D. Eisenhower

Management is doing things right; leadership

is doing the right things.Peter Drucker



“Servant-leaders never pursue a

mission at the expense of their

people. Rather, servant-leaders

earn the loyalty and best efforts of

their people by serving the interests

and investing in the development

of those they lead. A servant-leader

leads to see others succeed.”

The best leaders know that

they’re only as good as the people

who support them. Thus it is

advantageous to encourage your

people to use resources available to

them to get the job done. Servant

leaders have emotional intelligence;

the ability to have self-awareness,

self-management, social awareness

and social skills. You must have

self-control, along with social and

communications skills, and an ability

to show empathy.

While most company structures

are topped with a formal leader,

functional leadership shifts from

time to time, depending upon the

circumstances, the needs of the

group, and the skills of the players.

The formal leader models the

appropriate behaviour and helps

establish positive norms. Leadership

is not about telling people what to

do; it’s about asking people what

they need. As a leader, your job is to

use your influence and resources on

behalf of your people to ensure their

success. You must have a servant’s

heart.

Good leaders allow people to

fail, because they realise that

failure simply means you’re trying

something new. They encourage

employees to remove obstacles to

performance improvement and to

find new ways to do things better.

Far too often, people use only a tiny

part of their abilities, yet they can

blossom and thrive when given the

opportunity to take the initiative.

Measure your company’s values

by examining all promises and the

degree to which they are honoured

and kept with your customers,

employees and suppliers. Regularly

audit the organisation’s culture and

improve efforts to align leadership

with your mission, vision and values.

Maintaining absolute integrity is the

bottom line rule for any leader, if they

want their subordinates to follow

them under all circumstances. A

critical necessity for vision, integrity

and compassion competencies

is the tone at the top. What is the

character of the leadership team?

Once this is determined, expect the

organisation’s culture to follow suit.

Ways to develop integrity as a leader

Generally, as a leader, you can

develop and maintain your integrity

by doing the following:

1) Keeping your word. If you say

you will do something, make

certain it is the exact truth.

2) Choosing the harder right

over the easier wrong. There

are times when you are faced

with choices of right or wrong.

No matter what your juniors

think, no matter what the

stockholders think, no matter

the risk of losing your job,

choose the right option.

3) Guarding your principles. This

means not deviating from

what you believe in in order to

achieve short term gains.

4) Doing the right thing. When

you are in a situation that you

stand to lose a lot by stating the

complete truth, that is exactly

the time to do the right thing.

5) Seeking the best for others.

Leaders with integrity ignore

self-interest and personal gain,

and reach out to do the best

for those they lead. Leaders

with integrity are not the

stereotypical boss, barking

out orders for others to follow.

Integrity is choosing your thoughts and actions based on

values rather than personal gain.

Author unknown

Leaders who have integrity say no to bribes



Leaders with integrity are more like

shepherds. They pursue the best for

others, and watch after their flock.

6) Practicing good stewardship. Leaders

with integrity work to guard the

resources of the group. That means

spending funds wisely, using volunteers

fairly and properly utilising and

developing followers. Leaders with

integrity are like farmers. They take

care of the land, guard the crops, and

maintain the resources.

7) Never forgetting their constituents.

Leaders with integrity always keep their

followers in mind. They are constantly

looking for ways to lead, to take

responsibility and to do a better job as

a leader. Leaders with integrity are like

good parents. They are always thinking

about their children.

Steps for restoring integrity

Because we are human, we are prone to err.

Often times, we fall short of integrity. But

as human beings, we have been given the

power to change situations for the better.

The first thing is to accept that we have fallen

short of integrity and then take conscious

steps to restoring the situation. Here are

steps that can help.

1) Make a list of the ten ways you are

currently not in integrity.

2) Get to the source of each and every

item, resolve all fully. Reflect from time

to time on what you believe. Come to

understand yourself and your world

view a little better.

3) Make a commitment to start living in

integrity, as you see it. Every time life

invites you to make a choice, consider

the options, even the unpalatable ones,

and ask yourself which options are most

congruent with what you believe.

4) Let go of at least ten shoulds, coulds,

woulds, oughts and wills.

5) Stop spending time with

people who are not the best

models. Associate with folks of

outstanding integrity.

6) Eliminate adrenaline and other

unhealthy “rushes” in your life

that will make you compromise

because of haste.

7) Let go of everything that you

know is not good for you. After

the event (action), find time to

reflect on your choice. Did it

feel comfortable or did it effect

some unease?

8) Listen to your inner voice. Some

call this intuition. Every human

being is born with a moral

compass called conscience.

Conscience grants us the

ability to differentiate right from

wrong.

Restoring integrity is a process

which adds richness to your life.

You will create more energy for

yourself; find effortlessness about

achieving the results you want, and

attract nicer, more fulfilling people

(and customers) in your life that are

reliable, empowering, loving and

inspiring.

Conclusion

Integrity is all-encompassing. It’s

not something you demonstrate at

home or church or mosque and set

on a shelf at work. People of integrity

don’t live bifurcated lives; their

morals, ethics, treatment of others

and overall character are the same

wherever they go or whatever they

are doing. Leaders are called upon

to uphold integrity in their doings.

This will not only benefit the people

they lead, but they themselves will

also enjoy more peace and fulfilling

personal lives and experience

greater success in their endeavours.

Fred Matongo Ontiti

Lecturer, Financial Management

Nakuru Training Institute

Integrity is a choice. It is consistently choosing the purity of truth over popularity

Dwight D. Eisenhower



TURNAROUND STRATEGIES TO REVIVE A DYING BUSINESS

Sad as it may sound, the health

of a business is not guaranteed

forever. Vir tually, al l

entrepreneurs will face the daunting

task of managing the recovery of a

failing business. Every business

during the course of its existence will

experience a near death experience.

This is a period characterised by

harsh business conditions; low sales,

low morale, low cash, low market

share and low innovation. While

some recover from this period and

bounce back stronger than before,

others unfortunately don’t.

There are many factors responsible

for this near death experience; those

that are self-inflicted and those that

are not. The self-inflicted factors are

generally termed as internal forces

while those that are not self-inflicted

are termed as external forces.

Examples of internal forces include

poor project planning, incompetent

management and poor financial

control. Among examples of external

forces are government intervention,

economic recession, the presence

of low-cost competitors and natural

disasters.

The continuous survival and success

of a business greatly depends

on managing these internal and

external forces. Neglecting them

can spell doom for any business,

regardless of size.

How to revive a dying business

If you find yourself struggling with

a failing or dying business, here are

seven turnaround strategies to help

you resurrect your business.

1. Re-evaluate the situation

To treat an ailment, we need to

diagnose the patient. The first place

to start if your business is failing or

dying is to look within the company.

This is known as self-evaluation or

self-assessment. You have to know

what the situation is and what the

problem is. When you already know

the circumstances, you can take

appropriate actions. When looking

within, focus on the following key

areas;

a) Strategy

Does the business have a direction?

Is it clear why this business exists?

What problems does it solve and for

whom? Is the business focused on

the right things?

De�nition ofTurnaround strategy

In academic sense.....“to solve the root cause failure of a loss-making

company.”

In business sense.....“to deal with the issues

of a loss-making company.”

In general sense.....“to transform

a loss-making company into a pro�t making one.”


b) People

Are the right people running the

company? Are the right people in

the right postings? Are employees

committed to organisational

success? Are employees properly

incentivised to share in the ongoing

success of the firm? Are commission

plans driving sales persons to focus

on gross revenues or gross profits?

Are difficult policies, internal

strife or the behaviour of specific

individuals driving down the

collective spirit of the organisation?

Are there bad eggs in your company

that are contaminating the whole

organisation?

c) Customers

Are customers satisfied? Do they

know, like and trust your brand? Is

the business focused on profitable

customers versus unprofitable and

difficult clients? Are you targeting

the right customers?

d) Product

Are you offering innovative

products/services? Can the business

utilise better technology to create

better products, reduce costs and

improve competitive advantage?

e) Process

Are systems in place to get work

done efficiently? Are things being

done in the right way? Are policies

facilitating work or hindering them?

Is the business structured for high

performance?

f) Finance

Are you competitive and profitable?

Are cash flows sufficient to sustain

ongoing commitments and

operations? Is this business largely

indebted?

Re-evaluation is the most critical

turnaround strategy. Without it, all

other things are just frantic moves

that will yield little results. Before you

begin to act, know how affected your

business is and what has caused it

and why. Only through re-evaluation

can an entrepreneur find out what

the root causes are.

A question that begs for answers is

why some entrepreneurs are more

successful than others? What’s the

one thing that gives an entrepreneur

a tipping advantage over others?

2. Time freedom

The fact that you own 100% of your

time is your greatest advantage as

an entrepreneur.

While others have to give up

their time in exchange for salary,

entrepreneurs make use of their

time to create and offer products/

services that makes them money. For

an employee, there’s a limit to their

income potential because there’s

a limit on their working hours. For

an entrepreneur, there is no ceiling.

Entrepreneurs are their own bosses.

They determine their working hours

and also get to choose the activities

to devote their time to.

However, knowing that you

have this advantage is not going

to automatically make you a

successful entrepreneur. Having Are the right people in the right postings

Re-evaluate yourself Devise new strategies



100% ownership of your time is

only the beginning, a greater part

of success depends on how well you

make use of this time and on what

activities you engage in with this

time freedom. So what are those

critical areas you absolutely need

to be focusing the bulk of your time

freedom on as an entrepreneur?

The keys to unlocking the entrepreneurial advantage

The key to unlocking the

entrepreneurial advantage of time

freedom is to use it to build business

rather than do business.

This distinction is very crucial and

needs to be clarified, if you spend

all of your time freedom doing

business, you will eventually end up

as a worn-out self employee. Your

business will further entrap you

instead of freeing you. The bigger

it grows, the tighter a grip it has on

your time and eventually on your life.

There are obviously a million things

you should be focusing on as an

entrepreneur, but not all of them

will give you high return on time

invested.

Jay Abraham, an American business

executive, conference speaker, and

author who is known for his work

in developing strategies for direct-

response marketing, has listed

nine drivers for unlocking the

entrepreneurial advantage. These

drivers have been tested and have

been found to generate the highest

possible leverage for a business.

While these nine drivers of business

may not be foreign concepts, the

underlying mindset is to spend time

freedom on continually improving

and fine tuning them. The keyword is

improvement. This is essentially the

crucial difference between building

a business and just doing business.

1) Marketing

This is the number one priority

for an entrepreneur. Until you can

consistently find, attract, convert and

retain a profitable customer, you are

not yet in business. You knew that

already right? But here’s the winning

difference according to Jay Abraham;

“…if you can get people who were

selling 1 out of 7 prospects to sell 1

out of 3, the sales leverage available

to you is profound. If you can get

sales letters that were pulling 0.5%

to pull 4%…if you can get people

who were buying $250 to now buy

$400…if you can get people who

were buying once a year to buy once

a quarter or once a month…if you

can get people who weren’t referring

anyone to you to start referring

five new customers each a year…

the combined effect of that kind of

marketing leverage is exponential

growth.

That’s exactly how you increase your

business, your revenue, your sales,

your profits, your wealth and your

net worth by factors of ten times or

more.

But how do you improve on your

marketing to unlock this unfair

advantage in your business? Again,

according to Jay Abraham, the

answer is pretty simple;

Get more customers Get each to buy more and come back more times



“The first thing you do is an internal

marketing audit and inventory. You

identify all the marketing activities,

processes and elements going on

and then you start looking at the best

performing ways to improve upon it.

How do you find them?

There are three approaches:

(i) Look within your organisation

and see who else does what

you want to do better. Model,

codify and replicate the highest

performing people in your

company doing various selling

or marketing processes. And get

everyone else in the organisation

to start applying the approach or

adding its best elements to the

previous method.

(ii) Go outside your company. Look

at other enterprises in the same

field outside your market (or

even in your market) that have

better ways of marketing, of

selling, of lead generating, of

conversion, of re-selling and

of up-selling and borrow their

success processes.

(iii) Go outside your industry, to

related industries and look at

their best practices. Look at the

spectrum of opportunities out

there that other people have

found, uncovered, discovered,

refined and are using each and

every day with massive success

to either identify prospects,

sell direct, run advertisements

that pull great response, make

better sales presentations, get

appointments, or attract people

to trade shows.

Once you find out what others are doing

better, you then borrow, adapt, adopt

and directly funnel and apply those

processes and approaches to your

business. Start doing this exercise as a

(i) The f i rs t th ing is by

understanding that you do

have strategy you are currently

following even if it’s a reactive

one. You’ve got to adopt, first

and foremost, a proactive

long-term strategy.

(ii) You’ve got to figure out what it is

you’re trying to do, accomplish,

build and sustain with your

business.

(iii) You’ve got to figure out what

big operating approach will

get you the greatest outcome

you want in the fastest period

of time on the most sustaining

and enduring basis. Once you

figure that out then you’ve got to

think through your tactics.

These are the actions or vehicles that

help deliver the strategic result you’re

after. What actions, what activities,

what concepts, what approaches will

deploy your “big picture” strategy best.

Meaning what are the best moves and

maneuvers to achieve the big outcome

you are after.”

For more tips on strategic marketing,

read this unusual article; The Idiot’s

Guide To Strategic Marketing.


regular on-going process in which you

measure, monitor, analyse, quantify and

figure out how many different things

you can add to your current success

approach. You do this by either adding

new additional elements or replacing

the underperforming ones that are not

justifying their time, effort, opportunity

cost or existence.”

2) Strategy

Marketing without strategy, according

to small business guru, John Jantsch

of Duct Tape marketing, is the noise

before failure.

Here’s how Jay Abraham defined it;

“Strategy is the master purpose your

business is all about. It’s different from

your business model. Strategy is literally

the explanation of the entire operating

approach your business is following

and why and how every element of it

integrates, advances and deploys the

big picture outcome that you’re after.”

But how do you improve on your

strategy to unlock this tipping

advantage in your business?

Jay Abraham identified 3 key steps you

need to take;


3. Capital

I’m sure the first thing that came into

your mind as soon as you saw capital

was money, right? Well you are half

right, but that’s not the only capital

we are referring to here.

According to Jay Abraham; capital

also includes your human capital,

your intellectual capital, and yes, your

financial capital.

(i) Human Capital: These are

basically the people working

for you. If you can get everybody

performing better, you’ve got

incredible leverage. How do you

do it? - training. Every dollar you

spend in training will produce

20-200 times return annually

in yield. So, do you train your

people? If so, how often or

frequently?

(ii) Intellectual Capital: This is one

of the hardest things for any

competition to copy in business.

It refers to the sum of all the

knowledge, skill, talent and

experiences of all the people in

your company. So what do you

all have between your ears?

(iii) Financial Capital: Are you

questioning the yield you’re

getting on the money you’re

spending on the people you’re

paying (both staff or contract

services), on your marketing

expenditures, inventory and

technical services? It all ties in.

It’s your responsibility to question the

capital expenditures you’re making

and the ROI (Return on Investment),

the ROE (Return on Effort), the ROP

(Return on People), the ROA (Return

on Activity), and the ROO (Return on

Opportunity).

4. Business model

The business model is different from

strategy. It’s basically the means you’re

using to affect or achieve your strategy.

It’s different from tactics. The model is

the whole integrated approach.

The business model you follow

can make all the difference in your

profitability and there’s enormous

leverage here because you can change

one element and it could change

everything.

Here’s an example by Jay Abraham;

“Let’s say that your business, basically, is

a one-shot business. And your business

model is you advertise or direct mail

market to get leads. You convert them

to a one-time sale. You do nothing else

with them after they buy or even if they

didn’t buy and that’s your business

model.

Suppose you added one more

dimension to the product in the case of

those who did not buy? This dimension

could be one that fulfils an extra need

beyond the original. And for the people



that do buy, you figure out how to

sell them other people’s products

or services afterwards. You’ve

just added two new dimensions,

elements, or layers to your business

model and that simple shift in

thinking could triple or quadruple

your profit.”

5. Relationships

As an entrepreneur, time spent

developing your professional

network is a huge opportunity for

potential growth.

According to Jay Abraham, these are

the different sources of relationships

available to entrepreneurs:

(i) Business Relationships:

people you met during the

course of doing business;

clients, suppliers, employees,

partners, etc.

(ii) Professional Relationships:

people in the same field as

yourself; colleagues,

(iii) Collegial Relationships:

people you attended school

with; course mates, school

mates, etc.

(iv) Mastermind Relationships:

brilliant minds, mentors,

business coaches, fellow

e n t r e p r e n e u r s , y o u

brainstorm together.

So what do you do with these

relationships?

Jay Abraham says, “If I were you and I

had relationships in any kind of other

business in any field of endeavour,

I’d tap into it regularly. Anybody

who, knowingly or otherwise, could

be a vessel for you to gain greater

expanded understanding or hone

in on better performing approaches,

strategies, and so on, I would first

and foremost start picking their

minds.

I’d ask them questions. I’d tell them

your problems. I’d tell them your

goals. I’d ask them questions of

whatever their area of skill was, what

the highest performing thing they

did to accept or solve the issue or

objective you’re intent in learning

about, what was the secret to be

successful at it, what they saw, find

out what their company or their

employer or their industry did best

that you don’t do well and learn how

to improve from the discussion.

I’d ask them a myriad of questions

that would expand my knowledge

base proficiency and perspective.

I’d write them down. I would record

them. I’d add it all to my current

operating system. I would keep

borrowing the success processes I

learned from these activities, from

all kinds of different people I know,

and apply them to my business

opportunities or challenges.”

6. Distribution channels

These are the various means through

which your products/services

get into the hands of your target

customers.

According to Jay Abraham, “You

have a number of unrecognised

distribution channels you don’t

fully maximise and there’s enormous

leverage in them. For example, let’s

say that you distribute your product

through five hundred retailers. Well,

that is a distribution outlet for all

kinds of other products.”

By spending more time to maximize

the value of your distribution

channels, you open up your business

for more growth. For example, if you



are a retailer with a physical outlet

and you decide to take your business

online through eCommerce, your

capacity to sell to more customers

will be significantly maximized.

There are basically two ways

of leveraging your distribution

channels:

(i) Increase your distribution

channels: this is quite obvious.

Just like the example above, if

you have only one distribution

channel, adding more will

increase your company’s

capacity to grow.

(ii) Offer more products through

your existing distribution

channels: this is less obvious

and if well executed can

increase your company’s

growth potential with less

investment on your part.

Here’s a fantastic case study

from Jay Abraham.

“We had a company that had two

products in the athletic clothing

field. They were doing about $2

million and making half a million

in profit. They came to me because

their products were starting to

slow down. They wanted me to

give them a breakthrough idea. I

looked at their business and I saw

that their real assets weren’t their

two products. They had accounts

with 5,000 retailers. Amongst them

all were Nordstrom’s, K-Mart, Target,

JC Penney and Parkway and Hosiery.

I showed them that all they had to

do was secure the rights to other

people’s athletic products then

give those people a royalty for their

clothes design, start having those

products manufactured for my client,

put their licensed products through

the same distribution pipeline and

they’d make ten times as much

selling these other products through

their distribution channel as they did

from their main products. They did it

and I was right. They made a fortune.”

7. Products and services

How many other places could you

take your existing product, service or

combinations or variations of them

and apply it to other fields or other

regions or buying groups. Or could

you license other people to use it?

Could you package it in different

ways sizes or combinations? Could

you package other people’s things

with it? Could you package your

products or processes and make

that a product or service? How many

new products or services could you

come out with that are your natural

extensions, embellishments, top of

the line premium versions, higher

performing versions, or stripped

down white label versions? Just by

adding one or two or five different

components you can create an entire

new product and penetrate new

market niches.

8. System

Every business mechanism can

be broken down into its driving

processes and sub processes. Once

you figure out what the processes

driving an activity are, they can be

measured, they can be quantified,

and they can be vastly improved.

When you figure out how your

given processes currently perform,

(which is nothing more than a

function of analysis, monitoring and

measurement), you can then find

other people in your organisation

or other people in your industry

or other people doing the same

function outside the industry who

are doing it much better, faster,

easier, safer, more productive, more

effective, more profitably. Then

simply adopt it to your business.

9. Ideology

If you’re very introspective and you’re

anti-social, you’re not going to be

able to go and build mastermind

groups and pick people’s minds and

borrow success processes. If your

ideology is: You only like what you

like; you’re not going to be able to

travel outside your comfort zone and

study other people, other business

philosophies, other mindsets, other

ideologies.

You’ve got to figure out what your

ideology is, what your belief system

is, what your whole value system is

and how it either helps or hampers

your current business activities. Then

it needs to either be strengthened

and fortified and connected to and

or replaced, based on your current

business model and your strategy.

You also need to study other people’s

ideology to compare how yours is

better, different or worse and what

elements of other’s you can borrow

and add and what elements of yours

you could teach to others. When you

do that, you’re going to expand your

capability and your sense of what’s

possible.

Conclusion

The entrepreneurial advantage

is time freedom and the key to

unlocking it is focusing on building

rather than doing business.

Kellen Kiambati

Management consultant



Introduction

Information security breaches

are costly for organisations.

The systems audit function

strengthens information security

governance in an organisation by

adding value to an organisation

through information assurance. An

efficient internal audit process of an

organisation provides assurance that

the governance structures are strong

and information systems are secure

in an organisation.

The intricate relationship between

audits and security governance

in an organisation can be better

understood by analysing the

process of interaction between audit

functions and governance functions.

By addressing the how, why and

what of such an interaction, one

will be able to assess the significance

of internal audits in the overall

governance process.

Information security governance

The Certified Information Systems

Auditor (CISA) review manual (ISACA,

2004) defines information security

governance as a “focused activity

with specific value drivers: integrity

of information, continuity of services

and protection of information assets”.

Information systems security

governance requires effective

management of the technical

aspects of security. Management’s

role in comprehensive information

systems security governance is to

appropriately delegate responsibility

and accountability in organisational

structures.

INFORMATION SECURITY GOVERNANCE AND INTERNAL AUDITSInformation security, sometimes shortened to Infosec, is the practice of defending information from unauthorised access, use, disclosure, disruption, modification, perusal, inspection, recording or destruction.


Internal audit and its benefits

What do internal audits contribute towards security governance?

The internal audit primarily helps in the

protection and assurance of informational

assets in an organisation. The audit is one

way of providing management assurance

about the major risks facing the organisation.

Accountability is added through all the

process innovations and changes that have

been prioritised, quantified and linked to

business results.

Information security governance practices

enhance information assurance through

increased accountability and responsibility

in an organisation. The fundamental

result of conducting an internal

audit is to support the governance

function in managing the

informational assets.

Why are internal audits important for security governance?

One of the most important

reasons to have internal audit,

at least in today’s regulatory

environment, is for compliance

purpose. Internal auditing has

become mandatory to prepare for

regulatory compliance with some

of the complex regulations today.

From the compliance perspective,

internal auditors typically assess the

adequacy of corporate governance

and the control environment in an

organisation; the effectiveness of

the business processes to identify,

assess, and manage risks; the

assurance provided by control

policies, procedures, and activities;

the completeness and accuracy of

information and communication

systems and practices; and the

effectiveness of management’s

monitoring and evaluation activities

(IIA, 2006).

Internal audit is also required to ensure business

integrity in an organisation. Auditors help

in aligning organisational objectives with IT

objectives. Internal audit departments have the

daunting task of balancing controls and process

efficiencies in a way that operational efficiency is

not compromised

How do internal audits add value to security governance?

There are various ways in which auditing helps in

assurance purposes:

(i) Internal control assessment

Systems audits are designed to assess the

full scope of the organisation’s financial and

performance control systems and to identify

deficiencies and recommend corrective

actions (IIA, 2006). Audits achieved through

the implementation of proper IT controls

mitigates IT risk and increases operational

efficiency and effectiveness.

(ii) Process standardisation

Audits have the capability of creating a

culture of change management which can

transform low and medium-performing

organisations into high performers,

delivering more value to the business with

less risk.

(iii) Risk mitigation

Internal auditors are not just internal

watchdogs but play an important role in

assurance and consulting activity. Audit

departments offer a variety of other services

such as risk-based audit (identifying

risks in various business processes) and

pre-implementation review (participating

in systems development or reviewing

development stages).

(iv) Training

Auditors also add value through educating

employees about the benefits of certain

security measures in an organisation.

These involve self assessment (workshop

administration, collecting data to address

There must be protocols in accessing information in an organisation

Who is accountable to info security breaches?

INFORMATION SECURITY GOVERNANCE

self controls) and internal control education (formal training

program for awareness of internal auditors).

(v) Outsourcing of IS controls and impact on outsiders

The institute of internal auditors (IIA) and Information Systems

Audit and control Association (ISACA) have established a common

set of guidelines for risk assessment in case of outside vendors.

Impact of outsourcing services outside the organisation requires

a tab on the vendors operations as well, since the vendor can

provide a potential gateway for security breaches. The impact

of the outsider services on general IT

and management controls needs to be

re-evaluated in this light.

Conclusion

Information assurance is achieved by enhancing

security governance initiatives and adding

value to business processes through an optimal

balance of controls and efficiency. The article

presents a conceptual process oriented view of

the role of internal audit in information security

governance by analysing the why, how and what

aspects of internal auditing. The list of benefits

from the internal audit team is dependent on

the organisational resources available to invest

in auditing activities. Therefore the management

should allocate adequate resources in internal

audits to enhance effectiveness of the internal

controls and efficiency in provision of internal

audit services.

Abdallah Mambo Dallu

Internal Auditor,

K-rep Bank Limited

With Kenya being an Investment destination, the

ICIFA mission is to develop a talent pipeline for

Investment & Financial Analysts in developing

economies within the Sub-Saharan Africa.

Being an ICIFA member provides an opportunity for

networking, gaining more knowledge in financial

markets, professional growth through trainings and

much more.

ICIFA as a professional body is dedicated to regulating

professionals in financial markets with the ultimate

aim of protecting investors wealth.

We invite eligible members to join our membership

under the Full membership category. This

membership is open to all CSIA/CIFA graduates.

Registration fee is Kshs 6,000. Yearly subscription is Kshs. 6,000.

Affiliate member of ACIIA and APSEA

INSTITUTE OF CERTIFIED INVESTMENT & FINANCIAL ANALYSTSP.O. Box 48250-00100 NAIROBI,

KASNEB TOWERS, Hospital Road Upperhill, Nairobi Kenya. Mobile: 0726498698 Email: [email protected] Website: www.icifa.co.ke

INFORMATION SECURITY GOVERNANCE


Part 1 of this article introduced the

equity valuation process. Continuing

from where we left off, the selection

process is the next stage.

Selecting the appropriate valuation model

Skill in selecting, applying and

interpreting valuation models

is important in investment

analysis and valuation. In this section,

we discuss the third step in the

valuation process — selecting the

appropriate model for the valuation

task at hand. First we address

alternative value perspectives, then

we present absolute and relative

valuation models and we close

with a discussion of issues in model

selection.

1. Value perspectives

Several value perspectives serve

as the foundation for the variety of

valuation models available to the

equity analyst; intrinsic value is the

THE EQUITY VALUATION PROCESS (PART 2)(This article was in two parts. Part 1 of the article was carried in Issue No. 2, April- June 2015)

thus always be qualified as the above

concept examples do.

a) Intrinsic Value

The quality of the analyst’s forecasts,

in particular the expectation inputs

used in valuation models, is a key

element in determining investment

success. For an active strategy to

be consistently successful, the

manager’s expectations must differ

from consensus expectations and

be, on average, correct as well.

Only when accurate forecasts are

combined with an appropriate

valuation model will the analyst

obtain a useful estimate of

intrinsic value. The intrinsic value

Different persons can value the same business differ-ently because they may, use different methods of

valuation, use variations in the methods or have different

inputs in the methods. Thus, valuation perceptions

can vary and we do have situations where there are

divergent views on valuation.

necessary starting point, but other

concepts of value i.e. going-concern

value, liquidation value, and fair value

are also important. Value expresses

an economic concept. As such, it is

never a fact but always an opinion of

the worth of an asset. Value should


of an asset is the value of the asset

given a hypothetically complete

understanding of the asset’s

investment characteristics.

Valuation is an inherent part of the

active manager’s attempt to produce

positive excess risk-adjusted return.

An excess risk-adjusted return is

also called an abnormal return

or alpha. The manager hopes to

capture a positive alpha as a result

of his efforts to estimate intrinsic

value. Any departure of market

price from the manager’s estimate

of intrinsic value is a perceived

mispricing (calculated as the

difference between the estimated

intrinsic value and the market price

of an asset). See Figure 1 above. Any

perceived mispricing becomes part

of the manager’s expected holding-

period return estimate, which is

the manager’s forecast of the total

return on the asset for some holding

period. An expected holding-period

return is the sum of expected capital

appreciation and investment income,

both stated as a proportion of

purchase price. Naturally, expected

capital appreciation incorporates

the investor’s perspective on the

convergence of market price to

intrinsic value. In a forward-looking

(ex ante) sense, an asset’s alpha is

the manager’s expected holding-

period return minus the fair (or

equilibrium) return on the asset

given its risk, using some model

relating an asset’s average returns

to its risk characteristics.

The fair return on an asset given its

risk is also known as its required rate

of return.

Ex ante alpha = Expected holding − Period

return − Required return

In a backward-looking (ex post)

sense, alpha is actual return minus

the contemporaneous required

return. Contemporaneous required

return is what investments of similar

risk actually earned during the same

period.

Ex post alpha = Actual holding-period return

− Contemporaneous required return

Example

Intrinsic Value and Return Concepts:

As an automotive industry analyst,

you are researching the NSE stock (a

Kenyan stock). You have assembled

the following information and

assumptions as of late September

2014:

• The current share price of NSE

is 15.895 (based on the closing

price on 30 September 2014).

• Your estimate of NSEs intrinsic

value is 17.26

• Over the course of 3 years, you

expect the mispricing of NSE

shares, equal to 17.26 − 15.895

= 1.365, to be fully corrected.

In addition to the correction

of mispricing, you forecast

additional price appreciation of

1.22 per share over the course of

the year as well as the payment

of a cash dividend of 0.61.

• You estimate that the required

rate of return on NSE shares is

10.6 percent a year. Using the

above information:

(1) State whether NSE shares

are overvalued, fairly

valued, or undervalued,

based on your forecasts.

(2) Calculate the expected

one-year holding-period

return on NSE stock.

(3) Determine the expected

alpha for NSE stock.

Figure 1: While the intrinsic value is gradual in progression, market value swings wildly to the rhythm of emotions

This is where we started to draw taller bars to please you guys

EQUITY VALUATION


EQUITY VALUATION

Solution to 1: Because NSE’s intrinsic value

of 17.26 is greater than its current market

price 15.895, NSE appears to be undervalued,

based on your forecasts.

Solution to 2: The expected holding-

period return is the sum of expected price

appreciation plus the expected return

from dividends. To calculate the expected

price appreciation, we add 1.365 (from the

convergence of price to intrinsic value)

plus 1.22 (from the additional forecasted

price appreciation) and obtain 2.585. The

expected dividend is 0.61. The sum of

expected price appreciation plus

expected dividends is 3.195. The

expected holding-period return for

one year is 3.195/15.895 = 0.201 or

20.1 percent.

Solution to 3: The expected holding-

period return of 20.1 percent minus

the required rate of return of 10.6

percent gives a positive expected

excess risk-adjusted return or

positive expected alpha of 9.5

percent.

b) Other value measures

A company general ly has

one value if it is immediately

dissolved and another value if

it continues in operation. The

going-concern assumption is the

assumption that the company will

maintain its business activities

into the foreseeable future. The

going-concern value of a company

is its value under a going-concern

assumption.

Once established as publicly traded,

most companies have relatively

long lives. A company’s liquidation

value is its value if it were dissolved

and its assets sold individually. For

many companies, the value added

by assets working together and by

human capital applied to managing

those assets makes estimated

going-concern value greater than

liquidation value. A persistently

unprofitable business, however, may

be worth more ‘‘dead’’ than ‘‘alive.’’

The higher of going-concern value

or liquidation value is the company’s

fair value. If the marketplace has

confidence that the company’s

management is acting in the owners’

best interests, market prices should

on average reflect fair value. Fair

value is the price at which an asset

(or liability) would change hands

between a willing buyer and a willing

seller when the former is not under

any compulsion to buy and the latter

is not under any compulsion to sell.


2. Absolute valuation models

The t wo broad t ypes of

going-concern models of valuation

are absolute valuation models

and relative valuation models. An

absolute valuation model is a model

that specifies an asset’s intrinsic

value. Such models can supply a

point estimate of value that can be

compared with the asset’s market

price. Present value models, the most

important type of absolute equity

valuation model, are regarded in

academic finance theory as the

fundamental approach to equity

valuation. The logic of such models

is that the value of an asset to an

investor must be related to the

returns that an investor expects

to receive from holding that asset.

Loosely speaking, we can refer to

those returns as the asset’s cash

flows, and such models are also

referred to as discounted cash flow

models.

A present value model or discounted

cash flow model of equity valuation

views the value of common stock

as being the present or discounted

value of its expected future

cash flows. For common stock,

one familiar type of cash flow is

dividends, which are discretionary

distributions to shareholders

authorized by a corporation’s board

of directors. Dividends represent

cash flows at the shareholder level in

the sense that they are paid directly

to shareholders. Present value

models based on dividends, are

called dividend discount models.

Rather than defining cash flows

as dividends, analysts frequently

define cash flows at the company

level. Common shareholders in

principle have an equity ownership

claim on the balance of the cash

flows generated by a company

after payments have been made to

claimants senior to common equity,

such as bondholders and preferred

stockholders (and the government

as well, which takes taxes), whether

or not such flows are distributed in

the form of dividends.

The two main company-level

definitions of cash flow in current

use are free cash flow and residual

income. Free cash flow is based on

cash flow from operations but takes

into account the reinvestment in

fixed assets and working capital

necessary for a going concern.

Present value models based on a free

cash flow concept include models

known as the free cash flow to equity

model and the free cash flow to the

firm model and residual income

models. These are present value

models of equity valuation based

on accrual accounting earnings in

excess of the opportunity cost of

generating those earnings.

As discussed, an important group of

equity valuation models is present

value models. The present value

approach is the familiar technique

for valuing bonds, and models such

as the dividend discount model are

often presented as straightforward

applications of the bond valuation

model to common stock. In practice,

however, the application of present

value models to common stock

typically involves greater uncertainty

than is the case with bonds; that

uncertainty centres on two critical

inputs for present value models,

namely the cash flows and the

discount rate(s). Bond valuation

addresses a stream of cash payments

specified in number and amount in a

legal contract (the bond indenture).

In contrast, in valuing a stock, an

analyst must define the specific cash

flow stream to be valued, dividends

or free cash flow, for example. No

cash flow stream is contractually

owed to common stockholders.

EQUITY VALUATION


EQUITY VALUATION

Evaluating business, financial, technological,

and other risks, the analyst must then

forecast the amounts of the chosen flows

without reference to contractual targets.

Substantial uncertainty often surrounds

such forecasts. Furthermore, the forecasts

must extend into the indefinite future

because common stock has no maturity

date. Establishing the appropriate discount

rate or rates in equity valuation is also

subject to greater uncertainty for a stock

than for an option-free bond of an issuer with

no credit risk (e.g., a Kenyan government

security) or a corporate issuer of high grade

quality. The widespread availability, use, and

acceptance of bond ratings coupled with the

more certain nature of cash flows described

above for such bonds mean that appropriate

discount rates for different levels of risk can

be at least inferred if not observed directly

from yields in the bond market. No such

ratings or certain cash flows exist for stocks,

so the analyst is faced with a much more

subjective and uncertain assessment of the

appropriate discount rate for a given stock.

Finally, in addition to the uncertainty

associated with cash flows and discount

rates, the equity analyst may need to address

other issues, such as the value of corporate

control or the value of unutilised assets.

3. Relative valuation models

Relative valuation models specify an asset’s

value relative to that of another asset. The

idea underlying relative valuation is that

similar assets should sell at similar prices,

and relative valuation is typically

implemented using price multiples.

Perhaps the most familiar price

multiple, reported in most

newspaper stock quotation listings,

is the price earnings multiple (P/E),

which is the ratio of a stock’s market

price to the company’s earnings per

share. A stock selling at a P/E that

is low relative to the P/E of another

closely comparable stock (in terms

of anticipated earnings growth rates

and risk, for example) is relatively

undervalued (a good buy) relative

to the comparison stock. For brevity,

we might state simply undervalued,

but we must realise that if the

comparison stock is overvalued (in

an absolute sense, in relation to

intrinsic value), so might be the stock

we are calling undervalued.

Therefore, it is useful to maintain

the verbal distinction between

under valued and relatively

undervalued. Frequently, relative

valuation involves a group of

comparison assets, such as an

industry group, rather than a

single comparison asset, and the

comparison value of the P/E might

be the mean or median value of

the P/E for the group of assets. The

approach of relative valuation as

applied to equity valuation is often

called the method of comparables.

4. Issues in model selection and interpretation

The broad criteria for model selection

are that the valuation model be:

• C o n s i s t e n t w i t h t h e

characteristics of the company

being valued;

• Appropriate given the

availability and quality of data;

and

• Consistent with the purpose

of valuation, including

the analyst ’s ownership

perspective.

We have argued that understanding

the business is the first step in

the valuation process. When we

understand the company, we

understand the nature of its assets

and also how it uses those assets to

create value. For example, a bank is

That is not revenue. It’s the lawsuits to assets ratio

The business valuation process: Valuation Approach - Market• The stock market can provide objective

evidence of value• Search for similar companies and determine

valuation multiples• Common multiples:

- Revenues - Net income - aka P/E multiple - EBITDA (Earnings before interest, taxes, depreciation and amortization) -EBIT (Earnings before interest and taxes)


composed largely of marketable or

potentially marketable assets and

securities, and a relative valuation

based on assets (as recognised in

accounting) has more relevance

than a similar exercise for a service

company with few marketable

assets.

The availability and quality of data are

limiting factors in making forecasts

and sometimes in using specific

financial performance measures. As

a result, data availability and quality

also bear on our choice of valuation

model. Discounted cash flow models

make intensive use of forecasts. The

dividend discount model is the

simplest such model, but if we do not

have a record of dividends or other

information to accurately assess a

company’s dividend policy, we may

have more confidence applying an

apparently more complex present

value model. Similar considerations

also apply in selecting a specific

relative valuation approach. As an

example, meaningful comparisons

using P/E ratios may be hard to make

for a company with highly volatile or

persistently negative earnings.

As a final note, it is important to

recognise that CIFA professionals

within the financial services industry

frequently use multiple valuation

models or factors in common

stock selection. According to the

investment banks Factor Survey

(2006), respondent institutional

investors report using an average

of approximately eight valuation

factors in selecting stocks.

There are a variety of ways in which

multiple factors can be used in stock

selection. One prominent way is

stock screens. As another example,

analysts may rank each security

in a given investment universe by

relative attractiveness according to

a particular valuation factor. They

could then combine the rankings for

a security into a single composite

ranking by assigning weights to the

individual factors. Analysts may use

a quantitative model to assign those

weights on MS Excel.

Emlyn James Ngwiri Research Analyst,

Suntra Investment Bank

Understanding the business is the first step in the valuation process

EQUITY VALUATION


How you communicate with

your customers, whether

internal or external, is

very crucial to the success of your

business. Needless to say, customers

are the bedrock of any business and

any utterances towards them must

be done responsibly with utmost

care. Therein lies the power of the

tongue. The tongue is a servant

of our thoughts and emotions

and if unbridled, it easily betrays

unpleasant feelings that are best

left unexpressed.

Words find expression through the

tongue. If this small organ slips as

it often does, it can cause untold

damage to relationships of all nature.

Customers are at the focal point of

every business. How we talk to them

determines if they will be repeat

buyers or be our brand ambassadors.

If our tongue wags in the wrong

way and utters unpleasant words,

intentionally or otherwise, it

could deal a fatality to a business

relationship. No wonder the Bible

is wont of reminding us that in the

tongue lies the power of life and

death.

Whenever we interact with

customers, whether they are external

or internal, we must accord them the

respect they deserve. Without them,

there is no business.

Right from the moment they enter

into our space or premises, up to

the time they leave, they must be

handled in a friendly manner and be

made to feel at home and important.

Among the tools we can use to make

them feel that we are concerned

about their needs and concerns are

words. Words can build or destroy;

bond or tear; excite or depress;

entice or repel; welcome or repulse

and so on. Thus we must guard our

tongues at any time we are dealing

with customers.

When a customer enters your

premises, how do you treat them?

Do you greet them to show you

recognise their presence. Do you

welcome them with cordial words

to make them feel at home. Do you

assume a higher pedestal than them

or project an aura of importance that

could make them feel demeaned. It

may seem obvious but a majority

of businesses are very poor in

treating customers. Beyond body

POWER OF THE IN BUSINESS TONGUE


language, words account for most

of the communication.

The words that you speak, especially

at the beginning, are the gateway to

their hearts and minds. They open

them up to express their needs and

desires unhindered. That way, they

are able to express without fear. It

is important to look directly at the

customer when talking to them. Your

work in the computer can wait for a

few seconds. So can the chatting on

facebook, twitter or whatsap..

If the situation allows, it is always

important to engage the customer

in a little chit chat. The subject may

vary according to the prevailing

situation and your relationship

with the customer. The chit chat

may dwell on, among others issues,

weather, politics, sports, economic

climate or even compliments on how

they are dressed. This may be seen by

many as a waste of time, yet it is an

important ice breaker and gives the

customer more trust and confidence

in you, the seller.

Carry out your own survey whenever

you go to do some shopping. You

are likely to meet two types of sales

people. One who is not interested in

greetings and one who greets you

with a smile and even requests to

know a little information about you.

Truth be told, you obviously will

be more attracted to the one who

shows some concern in you. A little

bit of tongue work is all that matters

for a customer to feel that you care.

A few days ago I went to do some

shopping in a local shop. The owner

of the shop is a good friend of mine.

I was so impressed by the number

of customers being served. As a

matter of fact the staff were so

busy serving the customers that I

had to wait for a while to speak to

the owner.

An elderly man happened to come

into the shop. Being an electronics

shop, you don’t expect an elderly

man to grasp much pertaining to

the gadgets on sale. The sales lady

he walked to shocked me. While the

old man was trying to explain to her

what he was looking for, she got

impatient just after a few minutes.

Before long, she spewed some rude

words to the effect that the man

was wasting precious time for the

shop and other more prospective

customers. The man was so hurt

and he left the shop frustrated and

cursing. This was the wrong way to

treat a customer, especially an old

man. It was just another case of a

person being unable to reign control

over a small organ in between our

teeth.

When that lady will be old one

day, she will understand better

the weight of unpleasant words

hurled at her. We are young today;

tomorrow we will be old. Definitely,

we will not wish such treatment. As

a sales person, or as the face of a

business in the reception area or out

there as a marketer, you are going to

meet customers of all kinds, some of

whom may even even be physically

challenged in one way or another.

Others will be slow in deciding what

they want or even unable to express

themselves in a clear manner. These

are opportunities for the tongue to

wag in the wrong way. It will require

exercising patience and courtesy.

Within the business itself, various

departments, units or sections

transact amongst themselves. These

are referred to as internal customers.

“Say what you are saying quickly. I need to attend to other things.”

POWER OF THE TONGUE


POWER OF THE TONGUE

The management and the workers

also interact in many ways. Words

are the main medium through which

communication of instructions takes

place. Here as is the case between

sales people and external customers,

opportunities abound for the tongue

to be unruly.

Management should not utter

words that demean the self esteem

of juniors as this would bring

about tension and ultimately hurt

the business. All people in an

organisation are cogwheels who

need to work together for the good

of the whole entity. A kind word here

and there, an encouraging word now

and then, a motivating word once

in a while, words of gratitude for

well executed tasks; all these will

empower the whole team and move

the organisation forward.

A word of thank you and wishing

well to a customer departing the

premises is a sure-fire incentive to

bring them back; and back with

others.

The tongue is an instrument. It can

be put to good use, but it can also

be put to bad use. We are all called

to be good stewards of this organ.

It can build, but it can also destroy.

It is most potent in destroying and

that is why it must be guarded so

well. What goes forth from it cannot

be retracted. Thus it can ashame us,

fill us with regret or destroy thriving

relationships of all nature.

Arosio Gakungu

Accountant

Murang’a Shuttle Services

A word of thank you or encouragement is so uplifting to a junior


Q: I own a small buslness in Israel

In the health care and nutrition In-

dustry. l know that in order to grow,

I need to hire more people. In par-

ticular, I want to hire a projects man-

ager and someone to be in charge of

social media efforts. The problem is

that I can’t afford to bring in those

sorts of managers right now. But, of

course without more help I can’t

grow. How can I hire people to help

me even when my business is not

making a lot of money? - AYELET

ROSENFELD, ISRAEL

It is true that growing a business

on a small budget can be difficult,

especially if you need to hire peo-

ple to help you expand and achieve

your objectives. But the size of your

budget shouldn’t prevent you from

giving it your best go.

BUILDING A TEAM DRIVEN BY UNITY OF PURPOSE

At Virgin, we’ve usually come into

many of the industries where we op-

erate as an underdog. This is because

we enter various sectors as a chal-

lenger brand: We’re not only looking

to disrupt markets, we’re also aiming

to change business for good.

Our status as a challenger has

often meant that we haven’t had

the budgets and resources of bigger,

more established businesses - but

we don’t let this challenge stop us.

At Virgin, we firmly believe that the

right people, not giant budgets, can

drive the success of a business.

So my advice for you, Ayelet - and

for others in your situation who want

to grow a team on a limited budget

- is to stop looking to hire people

just because they have extraordinary

resumes or impressive academic

records, and look for people who

share your passion. Aim to bring

on people who share your drive and

desire to make a difference, and you

should be able to attract talent on a

budget.

The first step to attract the right

people is to refine your purpose.

Ask yourself: What is your product

or service trying to achieve? Why are

you doing what you are doing? How

can your product or service help to

create a better world?


If you can express your purpose

in an understandable, engaging way,

people will be more likely to react to

it and identify with it. Also, keep in

mind that these days it is becoming

more and more common for people

to value purpose over monetary re-

ward alone in the workplace.

At Virgin, we recently launched Vir-

gin Sport , and we approached Mary

Wittenberg to fill the role of chief

executive. Before she joined us, Mary

was working for the long-established

New York Road Runners, an organi-

sation responsible for more than 50

events, including the world-famous

New York Marathon.

With the launch of Virgin Sport , we

hope to revolutionise events that draw

large numbers of participants, expand

their reach and make a difference in

people’s lives. So we approached

Mary, hoping that our story, purpose

and goals for Virgin Sport would at-

tract her to join our company - a new

and, therefore, much less-established

and more challenging enterprise than

New York Road Runners.

To our delight, Mary jumped at

the opportunity. She believed in our

desire to challenge the established

worldview on health and fitness, and

together we are now hoping to hit

the ground running in order to help

people of all shapes and sizes push

the boundaries of whats expected

of them and help them strive for

greatness.

But this wasn’t the first time that

Mary followed her heart. Prior to

joining New York Road Runners, she

was a partner at a successful law firm.

But, just as she did with Virgin Sport,

Mary joined New York Road Runners

Group have made career changes or

have joined us from more established

companies.

The good news for you, Ayelet, and

also for us at Virgin, is that more and

more people are seeking jobs that

provide a purpose, not just a big pay-

cheque. Get your purpose right, and

you will attract the talent your com-

pany needs to grow and succeed.

So start by offering an internship

program that provides relevant work

experience, or partner with friends

and family. This should help you

staff your startup for now without

breaking the budget. And when you

do bring people on, remember to

delegate - and delegate effectively.

Smart delegation is one of the most

important things any leader can learn

to do right from the very beginning.

And always keep in mind that it’s

OK not to know how to do every-

thing and that you should bring

people on board whose strengths

play to your weaknesses. There is no

shame in admitting that you fall short

in some areas. Engaging with people

who can help will drive you closer to

achieving your goals.

Richard Branson

CEO

Virgin Group

because she saw

an opportunity to

make a difference.

Fortunately, Mary’s

story is not un-

common. Many

people at the Virgin

BUILDING A TEAM


Several studies have revealed

time and again that a student-

centered approach to learning

is far more superior than any other

method of instruction. Personal

factors significantly influence how

learners retain information, interact

with fellow learners, solve problems

and apply knowledge. Taking a

teacher-centered or a content-

centered approach while ignoring

students is a surefire recipe for

failure. Obviously, information is

important and critical to learning.

But information is only part of the

formula. eLearning courses need to

put the learners at the centre.

But how different is elearning from

teacher-classroom learning? Just

fifteen years ago, eLearning was

an experimental way of teaching

very technical subjects. Today,

educators across all fields use

online training to teach just about

anything; it would be difficult to

find a school or training department

STUDENT-CENTERED APPROACH IN E-LEARNING

Teacher-centered: The teacher is the know-it-all


that does not incorporate eLearning

into its programs in some way.

Unfortunately, learning professionals

who are new to eLearning are often

resistant to create online courses,

usually due to a lack of knowledge,

and many of those who do dabble

in eLearning tend to use the same

pedagogical methods for their

online training as their traditional

instruction, even though replicating

online the interactions, activities, and

events that happen in the classroom

is unreasonable and impractical.

Although online training shares

many features with classroom

training, it also has some unique

attributes. The role of the instructor

also differs. All these mean that

learning and development

professionals need to alter their

teaching styles, learn new skills, use

different methods, master design

and development tools and move

away from an instructor-centered

methodology to a learner-centered

environment.

The following are the main

differences between classroom

training and eLearning to help new

professionals in the industry get

started.

1. The learning context

The context in which online learning

takes place is very different. In

contrast to conventional classroom

learning, online training is an

individual activity even if learners are

in a room with others carrying out the

same tasks. Instructors must design

courses with this online environment

in mind; for instance, isolation makes

it more likely that students will drop a

course but proper motivation tactics

and feedback can reduce this risk.

Therefore, personalizing learning,

which must include making the

eLearning more human, is one

important way to connect with

learners online and avoid feelings

of isolation.

In addition, the online medium

creates a unique environment

for teaching and learning: most

importantly, the shifting time

and avoidance of educational

interactions. Deadlines are essential

to avoid students falling behind.

2. Types of media

Traditional teaching is limited to

words and pictures, whereas with

online training, instructors have

the opportunity to use a variety

of media to tell stories, engage

learners, and establish a relationship

with students. For instance, audio

and video are particularly useful for

adding a human touch to a course.

However, it is important to use media

appropriately — content should

always add value to the course and

offer learners an experience they

cannot get elsewhere.



Getting the visible message right

is as important in eLearning, if not

more, as is the instructional design

and learning theory. Leaving it to

chance isn’t wise. The elements of

visible language in eLearning design

include:

• Layout of the eLearning course

features;

• Typography, including font

styles and sizes;

• The colour and texture of

various elements;

• Signs, icons, symbols and

pictures in the course;

• Animation or video;

• And the sequencing of features

that result in storytelling.

These rules help achieve that

purpose:

• Illustrations and animations

can both improve learning,

although neither is inherently

more productive than the other.

• Audio in the form of narration

can enhance learning, but

background music can be

distracting.

• Words and graphics for

purely aesthetic reasons detract

from learning.

Economise on features by only

using as many elements as you need

and eliminate extras, which distract

learners. And ensure the message is

communicated clearly by making it

visually readable.

3. Social dynamics

One of the main focuses on online

learning is communication. Unlike

in a traditional environment,

interactions with other students

and the instructor are only possible

through discussion boards, chat,

bulletin boards, and emails in online

learning. Communication through

these means is essential for effective

eLearning because courses lack the

face-to-face characteristics that

allow students to form social bonds

in classroom training.

To be successful, therefore, the

instructor needs to be socially

present, provide clear instructions

as to how students should

participate in discussions, and be

ready to intervene if discussions

are inappropriate or not occurring.

This will help an online class form

a community and avoid turning

learning into an individual process.

4. Time

One minute of classroom time does

not equal one minute of online

training. The same subject covered

by an eLearning course typically

takes between 25 and 60 percent

of the hours needed for traditional

learning due to a lack of logistics and

more condensed modules.

However, courses almost always

span over a longer period of time;

for instance, whereas a traditional

course with 16 hours of content

may cover two days of classes, an



eLearning course may run for two

hours a day over one week. eLearning

developers should remember that

it is always best to chunk content

into smaller parts — three 90-minute

classes are better than a single 4.5

hour continuous session.

Bite-sized eLearning courses,

unlike the traditional classroom

training sessions, focus on meeting

the needs of modern learners. It

enables them to access small chunks

of information at their fingertips,

anytime and anywhere. No more

lengthy lectures. And no more rigid

schedules. People can now learn on

their spare time and learn only what

they’re interested in.

5. Mediums

Instructors cannot simply transfer

material from classroom settings to

the Internet. Although objectives

may be the same, delivery and

interactions are very different.

Content needs adapting for an

online environment through a new

agenda, flow, visuals, and activities.

Adapting content for the online

environment also gives eLearning

developers the chance to re-examine

the design of their courses and

reconsider curriculum strategies.

6. Written content

Writing for the web is a different skill

from creating material for classroom

instruction. Developers should bear

in mind that users typically scan

pages, and they can accommodate

for this by using punchy headlines,

bold or highl ighted tex t ,

subheadings, lists, and chunking

content into short paragraphs. The

following tips can help to create

effective written content:

• Tone: As learners rely on the

written word in online training,

it is important for instructors to

ensure they get their meaning

across.

• Clarity: Content must be as

clear and concise as possible;

it is impractical to expect the

instructor to clarify instructions.

One of the best ways to test

for clarity is to read aloud and

listen to the flow. Even better,

instructors can read content to

another person.

• Brevity: Content should be as

concise as possible to avoid

important points becoming

lost in the text. Avoid tangents

to avoid wasting learners’ time.

7. New language

Trainers need to become familiar

with a range of online tools and

infrastructures including Learning

Management Systems and Content

Management Systems.

Also they need to become familiar

with these eLearning design

terminology.

How to make your courses more learner-centered and more learner-driven

1) Challenge

Challenges, without a doubt,

stimulate the brain. They force

the learner to think about their

previous knowledge, process the

new information, reflect and then

make a decision. Learners who face

appropiately challenging decisions

require them to apply knowledge,

not just recall it.

As an eLearning developer your

main goal is to engage learners and

challenge their understanding at all

times. To include this element, focus

on the question: “What challenges

will students face along the way and

what can they do after completing

the course?”

2) Engagement

Forget clicking! Engagement goes

beyond clicking a mouse. Genuine

engagement happens inside the

brain. It’s called thinking. You can

easily encourage students to think

by adding moments of thoughtful

reflection in your program. Make



them pause for a while and ask

them how the content they have

just consumed relates to their work.

The content has to reach them

intellectually and emotionally as

well. Only this kind of deep and

meaningful engagement allows for

lasting change to happen.

There are many ways to engage

students. You can drop them into

real or imaginary situations where

they have to decide using your

material. Use case-based learning

and scenarios that get the learner

to analyse information and put it

within a frame of reference. The skill

of making sound and reasonable

decisions is definitely an outcome

of a learner-centric approach.

3) Personalization

A learner-centered approach, first

and foremost, is personal. It takes

into account the real situation of

your student, not everyone’s ideal

student. You may find that learners

doing your course prefer reading to

listening. Or you may discover that

majority of learners who complete

your program appreciate on-time

feedback through emails.

Students have different learning

styles and come from diverse

backgrounds. It only makes sense to

make your material suitable or fit for

their needs than ask them to adapt

to your course. Such adaptability has

to be part of the design. Package

your content in multiple formats for

people to learn from – videos, graphs,

charts, quizzes, activities and so on.

This will help you to reach each type

of learner. Get to know your learners

before creating the course. Ask them

questions about their educational

background, interest and goals.

4) Control

All of the elements mentioned earlier

won’t work if you don’t give students

a sense of control and responsibility.

You need to empower learners.

Learners who can control their

own pace and pick what they want

to learn are much more effective

than learners who passively receive

instructions from the teacher. Trust

that your students will spend more

time on chapters or sections they

have not yet mastered.

5) Collaboration

Learning isn’t a solitary activity.

Learning is a symbiotic relationship.

We learn in a group inside a

classroom, with a partner, or from

an author. Let students collaborate

with each other by giving them

opportunities to actively seek

and share information, construct

meaningful insights, produce a

diverse set of ideas and appreciate

multiple perspectives. Encourage

dialogue and social interaction so

that they can take ownership in the

learning process. By introducing the

element of collaboration you are at

the same time encouraging students

to learn more from each other.

6) Relevance

Relevance has a lot to do with

student-material connection. Every

course should address a learner’s

current needs or learning gaps. Will

your course resonate among

students? Will they find it both

useful and meaningful? Make sure

they answer yes to these questions

before you hit publish. Otherwise,

ask them for feedback and modify

your course to accommodate their

needs. It is the goal of learner-

centred eLearning courses to bridge

the gap between what is learned and

the real world. The core of eLearning

design is centered on the interest of

the learner. Learners should be active

participants, they should be able to

learn at their own pace and use their

own learning techniques.

Kellen Kiambati

Management consultant

Student centered:

Who answers these four questions?

Content - what knowledge and skills will be studied?

Process - what materials and procedures will be used?

Product - what will students produce to demonstrate their learning?

Evaluation - how will the learning be assessed?



A GRADUATE’S PERSPECTIVE

Being a Certified Credit

Professional graduate reminds

me of my first day in school

where I was told, “Knowledge is

Power.” Each year I would join the next

class and meet a new teacher who

would repeat the same statement.

In my case, this statement remained

vague and always wondered why my

teachers liked it. Oblivious of such,

every teacher would ask, “What do

you want to be when you grow up”

which I had no idea and I would just

imitate a fellow classmate’s choice.

This situation persisted until I met a

neighbour who had just joined the

University and taught me the word

“Accountant.” Pronouncing the word

was catastrophic but after a struggle,

I finally cracked it. On enquiry, I was

told it is a person who deals with

business transactions. That was my

turning point and finally I got an

answer of what I wanted to be when

I grow up, a finance acumen.

Guided by the desire to be an

accountant, I developed a liking

for finance. Back then, I got scanty

information on the field of finance

as most people I interacted with had

a bias for education. It was at the

University where I met like-minded

friends who had similar interests

and briefed me about KASNEB. They

gave me a preview of the required

qualifications to my desired dream

career.

After my University education

in 2005, I joined the banking

industry. At the time the banking

industry in Kenya struggled with

Non Performing Loans (NPLs). This

caught my attention. But still I was

not sure on the KASNEB course

to pursue. It was not until 2011,

that my employer nominated me

for two (2) weeks credit seminar

facilitated by Kenya School of Credit

Management, a leading trainer

in credit management in Kenya. I

was given the courses brochure,

which I read word by word with

additional scrutiny on each course

aim. The Certified Credit Professional

examinations aimed at equipping

candidates with knowledge and

skills that underpin professionalism

in credit management got my

attention.

Continued on page 46


Sensitisation and promotional visits on the revised/new examination syllabuses to training institutions in various parts of the country between Monday, 10 August 2015 and Friday, 14 August 2015

Revised syllabuses sensitisation

Michuki Technical Training Institute, Murang’a

Nakuru Training Institute, Nakuru

Nakuru Training Institute, Nakuru

Serein Education Centre, Nakuru KCCA, Kericho

KCCA, KerichoJKUAT- Nakuru Campus, Nakuru

Egerton University, Nakuru Training Centre Achievers School of Professional Studies, Nakuru Mwangaza College, Nakuru

MIS, Nakuru

Hossanah Institute of Professional Studies, Kirinyaga

Rware Commercial College, Nyeri PIC TORIAL


KCA, Kisumu Campus, Kisumu

KCA, Kisumu Campus, Kisumu

Kisumu Polytechnic, Kisumu

Jaramogi Oginga Odinga University, Bondo

Masinde Muliro Uni. of S. & T., Kakamega

Kisii College of Accountancy, Kisii

Times Training Centre, Mombasa Star Institute of Professionals, Mombasa Mombasa Aviation Training Institute, Mombasa

Eldoret Polytechnic, Eldoret

Kings College of Accountancy, Eldoret Alphax College, Eldoret

Elgon View Commercial College, Eldoret

AIRD, Eldoret

Victory College, Eldoret

CUEA Gaba, Eldoret

RVTTI, Eldoret


PICTORIALKASNEB staff celebrated the 46th anniversary on Saturday, 25 July 2015 at Maanzoni Lodge, Machakos County


Mombasa International Trade Fair held in Bamburi, Mombasa from Wednesday, 26 August 2015 to Saturday, 30 August 2015

Nyeri Trade Fair held in Kabiruini, Nyeri from Wednesday, 9 September 2015 to Saturday, 12 September 2015

Jigger Staircase Relay: KASNEB together with other corporates, NGO, Government bodies, Media and Schools partnered with Ahadi Kenya Trust during the annual fund raising sports event to help eradicate jiggers in Kenya. The event was held on Saturday, 15 August 2015 at Kenyatta International Convention Centre (KICC).

KASNEB staff participated in the 12th edition of UAP Ndakaini Half marathon aimed at conserving, nurturing talent and socially empowering the Ndakaini Community to support conservation efforts of the Ndakaini Dam on Saturday, 12 September 2015.

PICTORIAL


Driven by inquisitiveness and desire to try

something new in credit management I

reviewed CCP’s Examination syllabus and

re-evaluated the academic knowledge and

practical skills I had on credit analysis and

administration as well as debt recovery. I

settled for CCP with a view to complementing

my business management knowledge.

My decision to choose CCP startled my

former mates who knew of my passion for

accounting. I was not deterred and I chose to

re-modify my passion to credit management.

From my previous encounters with former

KASNEB students pursuing different courses,

I well understood that KASNEB exams are

rigorous and require commitment and hard

work. With this in mind, my first step was

to plan, prepare adequately and fine-tune

myself to handle the new task ahead.

Planning and preparation forms the basis

of every task in academics and in practice.

Thus, every KASNEB student who intends to

understand the courses concepts and to pass

their final exams should undertake sufficient

groundwork and effective planning.

As a CCP student, I undertook the courses

not only to pass examinations but also

to understand the concepts of credit

management with a view of applying them

in real life. Today I am not only a CCP

graduate but a credit management

professional who can practically

apply the concepts learned in credit

management. My journey was not

an easy one. Balancing work, family

and attending to my studies not to

mention my social life. I made it in

2014.

After passing my last paper, I

celebrated accruing additional

knowledge as opposed to

celebrating that I had passed. My

inquisitiveness and desire to try

something new paid by inculcating

knowledge in me which I intend to

disseminate to others in the future.

As a credit professional, I have realised

KASNEB courses are not about cramming

but applicable in every organisational

aspect. For instance, marketing and public

relations are essential to every organisation.

These courses changed my mind-set on

marketing and public relations to the extent

that I realised they are essential not only

in credit management but in general life.

Further, debt recovery, laws governing credit

practice and corporate lending enhanced my

in-depth understanding of credit and tenets

of proper lending.

CCP exterminated my accounting dream

but it opened up my insights on credit

management, a major headache for any

organisation handling credit. CCP exams

instilled not only the credit management

concept in my life but also the concept of

extra effort and hard work, which I apply in

my day-to-day undertakings.

In pursuing CCP I gained more that I had

imagined. My view is that KASNEB courses

are worth undertaking since they build an

individual academically and professionally

in their respective fields. In my case, the

KASNEB experience was one of its kind, for

I attained knowledge and education which

my teachers emphasised on and today I am

a credit professional.

Stephen Mutinda Nthenge

Business Relationship Officer,

National Bank of Kenya Limited

A certified credit professional is trained to handle matters related to credit issues such as debt, loans, lending, borrowing and so on.

A GRADUATE’S PERSPECTIVE

Continued from page 39


I. HOW TO CREATE A STUDENT ACCOUNT ON THE KASNEB STUDENT PORTAL

All students are required to open a student

account on the KASNEB website.

To open the account, follow the steps below:

1. Click on the student login link then

choose the student icon or proceed

to click the student icon if you use the

direct link (http://online.kasneb.or.ke )

to the student portal.

2. Click on create account and select

whether you have a Student Registration

Number or not and proceed to provide

names, preferred email address and a

strong password (which will be used for

future access to self information) and

click save.

3. Provide the email address and password

used when creating the account and

click unlock to login in.

4. Select the “Registration Details” tab.

5. Access the “Course Choice” tab.

6. Select the examination from the

dropdown box, click on the “Yes”

checkbox and provide the registration

number without the prefix (e.g. if

your registration number is

NAC/68148, provide 68148 as

the registration number) and

click save.

Benefits

You will be able to download the:

• Authority to sit for

examination/timetable

• Result summary.

Once the website upgrade is finalised

in the near future, you will be able to:

• Edit your contact address

• Check payment status

• Book for examinations.

Students are hereby advised to ensure that they have active student accounts given that moving forward, timetables, result summaries and other individualised communication will only be channelled through the student accounts.

UPDATES

II. CALLING ON KASNEB STUDENTS WITH DISABILITIES

We are in the process of enhancing disability

mainstreaming at KASNEB. This is in an effort to

improve our service delivery to our students with

disabilities.

In this connection, KASNEB wishes to invite any

student with a disability to forward the following

details to KASNEB:

• Full name and National Identification/Passport

Number.

• KASNEB registration number.

• Current email, telephone number and

postal address.

• Nature of disability.

Whether registered with the National Council

for Persons with Disability and if so, details of

the registration.

Students with disability are encouraged to

register with the Council. Further details on the

Council are available on the Council’s website

www.ncpwd.go.ke


III. KASNEB STUDENT FEE COLLECTION ACCOUNTS WITH BANKS

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 Number: 01001031572601

b) Equity Bank Ltd.


c) Kenya Post Office Savings Bank (Postbank)


d) Co-operative Bank of Kenya Ltd.


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.

Students are advised that payment of fees at KASNEB offices will soon be phased

out and therefore they should utilise the available channels through the banks.

Note: Students should ensure that all documents requiring certification, such as copies

of academic and professional certificates and identity card/passport are certified before

being handed over to the bank.

UPDATES

IV. BANNING OF MOBILE PHONES FROM THE EXAMINATIONS ROOM

All students are hereby informed that

mobile phones were banned from

the examinations room with effect

from the November/December 2014

sitting.

Students are further required to

note that disciplinary action will be

taken against any student found

in possession of a phone in the

examination room, regardless of

whether the phone was in use or not

at the time of its detection.

V. KASNEB CONTACTS

+254 (020) 4923000

0722201214

0734600624

[email protected]

www.kasneb.or.ke

KASNEBOfficial

@KASNEBOfficial


VI. KASNEB SERVICES AT HUDUMA CENTRES

Huduma Kenya is a programme

initiated by the Government of

Kenya that aims to transform

public service delivery by providing

citizens access to various Public

Services and information through

integrated technology platforms

from one-stop shop service

centres called Huduma Centres. In

November 2013, His Excellency The

President launched the first Huduma

Centre at GPO Nairobi, a “one-stop

shop” to facilitate access and pay for

government services electronically

in order to reduce bureaucracy and

enhance the quality of service.

KASNEB services offered in Huduma CentresKASNEB has operationalised its services at the GPO and Kibera Huduma centres in

Nairobi. Plans are underway to operationalise the services at Nakuru, Eldoret, Kisumu,

Nyeri, Mombasa, Kisii, Meru and Makadara, Nairobi Huduma centres.

The services offered at the KASNEB counter include:

1. Inquiries

2. Payment for:

(a) Student registration

(b) Examination booking

(c) Exemptions

(d) Registration renewal

VI. TRANSITION OF CANDIDATES FROM TECHNICIAN TO DIPLOMA COURSES

Students who are eligible to convert to the diploma programmes (ATD/DICT and

DCM) will be allowed to do so by filling in the studentship registration form and

student card application form. The students should submit the forms together

with a copy of their national identity card, two passport size photographs and

the requisite examination entry fee to facilitate registration and booking for the

November/December 2015 examinations. All Technician level students who will not

have completed their course will convert to the respetive Diploma levels after the

November/December 2015 examinations.

Note: Students transiting from Technician to Diploma levels, are not required

to pay any registration fee.

UPDATES

VII. REVISED FEES

Attention is drawn to students, parents,

sponsors, guardians and training

institutions of the revised KASNEB fee

charges effective from 1 July 2015 for the

professional and diploma examinations.

Those candidates who may have paid

their fees on or after 1 July 2015 using

the old fee rates are advised to top up the

difference. The Technician examination

fees remained unchanged. The revised

fee structure is available on the KASNEB

website: www.kasneb.or.ke.

TRANSITION DIPLOMA

TECHNICIAN


A. DIPLOMA EXAMINATIONS

I. ACCOUNTING TECHNICIANS DIPLOMA (ATD) EXAMINATION

LEVEL I

No. Paper Title Structure

1. Introduction to Financial Accounting 5 compulsory questions

2. Commercial Law 7 questions. Candidates to attempt any 5 questions.

3. Entrepreneurship and Communication

Two sections. Candidates to attempt 3 questions out of 4 questions in section I and 2 questions out of 3 questions in section II. All questions carry equal marks.

4. Information Communication Technology

7 questions. Candidates to attempt any 5 questions.

LEVEL II5. Financial Accounting 5 compulsory questions

6. Principles of Management 7 questions. Candidates to attempt any 5 questions

7. Business Mathematics and Statistics 5 compulsory questions8. Fundamentals of Finance 5 compulsory questionsLEVEL III

9. Principles of Economics 7 questions. Candidates to attempt any 5 questions

10. Fundamentals of Management Accounting 5 compulsory questions

11. Principles of Public Finance and Taxation

5 compulsory questions

Public Finance to constitute 40% and Taxation to constitute 60% of total marks.

12. Auditing 5 compulsory questions

II. DIPLOMA IN INFORMATION COMMUNICATION TECHNOLOGY (DICT) EXAMINATION

LEVEL I


1. Introduction to Computing 5 compulsory questions2. Computer Mathematics 5 compulsory questions




4. Computer Applications Practical I 5 compulsory questions

LEVEL II5. Computer Networking 5 compulsory questions6. Internet Skills 5 compulsory questions

7. Computer Support and Maintenance 5 compulsory questions

8. Programming Concepts 5 compulsory questions LEVEL III

9. Principles of Web Development 5 compulsory questions10. Foundations of Accounting 5 compulsory questions11. Information Systems Project Skills 5 compulsory questions

12. Computer Applications Practical II 5 compulsory questions

III. DIPLOMA IN CREDIT MANAGEMENT (DCM) EXAMINATION

LEVEL INo. Paper Title Structure

1. Fundamentals of Credit Management 5 compulsory questions




4. Information Communication Technology


LEVEL II5. Credit Management 5 compulsory questions

6. Principles of Management 7 questions. Candidates to attempt any 5 questions.

7. Business Mathematics and Statistics 5 compulsory questions

8. Law Governing Credit Practice 7 questions. Candidates to attempt any 5 questions.

LEVEL III

9. Marketing and Customer Relations 7 questions. Candidates to attempt any 5 questions.

10. Foundations of Accounting 5 compulsory questions

11. Principles of Public Finance and Taxation



12. Practice of Credit Management

5 questions. Candidates to attempt one case study question (40 marks) and 4 questions (each 15 marks).

STRUCTURE OF EXAMINATION QUESTION PAPERS


B. PROFESSIONAL EXAMINATIONS

I. CERTIFIED PUBLIC ACCOUNTANTS (CPA) EXAMINATION

Section 1No. Paper Title Structure

1. Financial Accounting 5 compulsory questions




Section 2

4. Economics 7 questions. Candidates to attempt any 5 questions.

5. Management Accounting 5 compulsory questions

6. Public Finance and Taxation



Section 3

7. Company Law 7 questions. Candidates to attempt any 5 questions.

8. Financial Management 5 compulsory questions 9. Financial Reporting 5 compulsory questions Section 4

10. Auditing and Assurance 5 compulsory questions

11. Management Information Systems


12. Quantitative Analysis 5 compulsory questions Section 5

13. Strategy, Governance and Ethics One case study question (40 marks), plus 4 questions each 15 marks.

14. Advanced Management Accounting 5 compulsory questions

15. Advanced Financial Management 5 compulsory questions

Section 6

16. Advanced Public Finance and Taxation


Advanced Public Finance to constitute 40% and Taxation to constitute 60% of total marks.

17. Advanced Auditing and Assurance 5 compulsory questions

18. Advanced Financial Reporting 5 compulsory questions

II. CERTIFIED SECRETARIES (CS) EXAMINATION

Section 1No. Paper Title Structure1. Organisational Behaviour 5 compulsory questions


3. Business Communication 7 questions. Candidates to attempt any 5 questions.

Section 2


5. Principles of Accounting 5 compulsory questions 6. Public Finance and Taxation 5 compulsory questions* Section 3


8. Financial Management 5 compulsory questions

9. Principles and Practice of Management


Section 4

10. Corporate Secretarial Practice 5 compulsory questions



12. Law and Procedure of Meetings 5 compulsory questions Section 5

13. Human Resource Management

5 compulsory questions comprising one case study question (40 marks) and 4 questions of 15 marks each.

14. Financial Markets Law 5 compulsory questions

15. Governance and Ethics


Section 6

16. Strategic Management


17. Public Policy and Administration 5 compulsory questions

18. Governance and Secretarial Audit 5 compulsory questions



III. CERTIFIED INFORMATION COMMUNICATION TECHNOLOGISTS (CICT) EXAMINATION

No. Paper Title Structure Section 11. Introduction to Computing 5 compulsory questions2. Computer Applications - Practical 5 compulsory questions



Section 24. Operating Systems - Practical 5 compulsory questions5. Principles of Accounting 5 compulsory questions 6. Computer Support and Maintenance 5 compulsory questions Section 37. Database systems 5 compulsory questions8. Systems Analysis and Design 5 compulsory questions9. Structured Programming 5 compulsory questions Section 410. Object Oriented Programming 5 compulsory questions11. Web Design and e-Commerce 5 compulsory questions

12. Data Communication and Computer Networks - Practical 5 compulsory questions

Section 5

13. Strategy, Governance and EthicsOne case study question (40 marks), plus 4 questions each 15 marks.

14. Software Engineering 5 compulsory questions15. Mobile Application Development 5 compulsory questions Section 616. Systems Security 5 compulsory questions

17. Information Systems Project Management 5 compulsory questions

18. Research Methods 5 compulsory questions

ICT Project

IV. CERTIFIED INVESTMENT AND FINANCIAL ANALYSTS (CIFA) EXAMINATION

Section 1


1. Financial Accounting 5 compulsory questions2. Financial Mathematics 5 compulsory questions




Section 2


5. Financial Institutions and Markets



5 compulsory question


Section 3

7. Regulation of Financial Markets 7 questions. Candidates to attempt any 5 questions.

8. Corporate Finance 5 compulsory questions9. Financial Statements Analysis 5 compulsory questions Section 410. Equity Investments Analysis 5 compulsory questions11. Portfolio Management 5 compulsory questions

12. Quantitative Analysis 5 compulsory questions

Section 5


14. Fixed Income Investments Analysis 5 compulsory questions15. Alternative Investments Analysis 5 compulsory questions Section 6

16. Advanced Portfolio Management 5 compulsory questions

17. International Finance 5 compulsory questions18. Derivatives Analysis 5 compulsory questions

V. CERTIFIED CREDIT PROFESSIONALS (CCP) EXAMINATION

Section 1No. Paper Title Structure1. Credit Management 5 compulsory questions






INSTRUCTIONS TO CANDIDATES FOR KASNEB EXAMINATIONS

You are reminded and required to observe all the rules and regulations that govern the examinations of KASNEB. In particular: 1. You MUST NOT introduce or retain notes, written papers, books or other unauthorised materials in the

examinations room.2. Mobile phones are strictly NOT allowed in the examinations room.3. Your NAME must NOT appear on the cover or anywhere else in the answer booklet.4. You MUST insert your registration number in the space provided at the top right hand corner of each

page in the booklet. You MUST also complete the relevant blank spaces on the cover and on top of each page.

5. You MUST write the number of each question attempted in the space provided on the pages of this booklet.

6. You MUST write on both sides of the paper in the booklet.7. Each question MUST start on a fresh page.8. Before handing in the answer booklet, you MUST insert in the space provided on the right hand side

of the cover, the number of each question answered, in the order in which those questions have been answered in the booklet.

9. You MUST not leave the examinations room without permission of the invigilators.10. You must not leave the examination room with the answer booklet.11. Further instructions are provided on the reverse of your AUTHORITY TO SIT EXAMINATION/TIMETABLE

document.

No. Paper Title Structure Section 2


5. Principles of Accounting 5 compulsory questions




Section 3


8. Financial Management 5 compulsory questions

9. Marketing and Public Relations


Marketing to constitute 40% and Publice relations to constitute 60% of total marks.

No. Paper Title Structure Section 4

10. Law Governing Credit Practice 7 questions. Candidates to attempt any 5 questions.



12. Quantitative Analysis 5 compulsory questions

Section 5


14. Banking Law and Practice 5 compulsory questions

15. Credit Management in the Financial Sector 5 compulsory questions

Section 616. Debt Recovery 5 compulsory questions17. Corporate Lending 5 compulsory questions

18. Credit Practice




ADDITIONAL INFORMATION RELATING TO CONDUCT OF EXAMINATIONSI. Additional information relating

to conduct of examinations

(a) New requirement for candidates to

witness the sealing of examination

answer booklets in the official

examination envelopes with

effect from the November 2015

examination sitting

Two(2) representatives of the candidates

sitting a particular examination paper

will be required to witness the sealing

of the examination answer booklets

immediately after completion of each

examination session.

The two candidates will thereafter be

required to append their signatures on

the envelope(s) in which the answer

booklets have been enclosed and sealed.

(b) Personal identification documents

Students are required to carry the

following documents for personal

identification during each examination

session.

(i) Timetable (Authority to sit

examination)

(ii) Identification documents used

at the time of registration with

KASNEB (National identity card or

passport)

(iii) Student identification card issued

by KASNEB. KASNEB endeavours to

issue the student ID card ithin sixty

(60) days of registration.

Students are hereby advised that copies

of identification documents and police

abstracts are not recognised identification

documents. In cases where candidates

have lost their national identity card or

passport, they are required to inform

KASNEB not later than fourteen (14) days

before the date of the examination and

they will be advised accordingly. In such

cases, in addition to other requirements,

candidates will be required to carry two

(2) passport size photos to be surrendered

to the chief invigilator before the

commencement of the examination.

Where candidates have paid but have not

received a timetable, they are required

to carry copies of deposit slips/receipts

for the payments made to KASNEB for

surrender to the chief invigilator before

the commencement of the examination

session. Candidates who have not paid

for the examination will not be allowed

to sit for the examination.

(c) Change of examination centres

Candidates are usually allocated the

examination centres selected at the

time of booking the examination or any

other nearby centre where the preferred

centre is fully booked. Candidates are not

allowed to switch their selected centres

without informing KASNEB in writing

(email, letter) not later than fourteen

(14) days to the commencement of the

examination and indicating the reasons

for the change of centre.

(d) Indicating the serial number of

answer booklets in the signature

register

Candidates are required to indicate the

serial numbers of their answer booklets

next to their signatures in the attendance

registers.

Students who were registered using

their birth certificates or the ID waiting

sheet should submit certified copies

of their national identification cards/

passports within fourteen (14) days of

their issue to them. Such candidates will

also be required to carry passport size

photos in addition to other identification

documents at the time of the examination.

II. Student draft code of ethics

All students and trainers are hereby

informed that KASNEB has drafted a code

of ethics to be applicable to all students.

The code of ethics is expected to be

effected in year 2016.

The draft code of ethics has been posted

on the KASNEB website, www.kasneb.

or.ke for comments. Students, trainers

and other stakeholders are hereby invited

to review the code of ethics and submit

their comments to the Secretary and

Chief Executive, KASNEB on or before

Monday,16 November 2015.

III. Review of accreditation guidelines

All training institutions, students and

other stakeholders are hereby informed

that KASNEB is in the process of reviewing

the accreditation guidelines for training

institutions. The current guidelines are

available on the KASNEB website, www.

kasneb.or.ke.

Training institutions, students and

other stakeholders are hereby invited to

review the guidelines and submit their

comments on areas of improvement

to KASNEB. Comments should be sent

by email or letter for the attention of

the Examinations Director on or before

Monday,16 November 2015.

EXAMINATION DATES

EXAMINATIONS NOTICE - NOVEMBER 2015 EXAMINATIONS

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 the November 2015 examinations are as follows:

(a) ATC, ICTT, IST and CMT Levels I and II - Tuesday, 17 November 2015, Wednesday, 18 November 2015 and Thursday, 19 November 2015

(b) Accounting Technicians Diploma (ATD), Diploma in Information Communication Technology (DICT) and Diploma in Credit Management (DCM) Levels I and II only

Tuesday, 17 November 2015 and Wednesday, 18 November 2015 (c) CPA, CS, CICT ,CIFA and CCP Part I - Friday, 20 November 2015, Monday, 23 November 2015 and Tuesday, 24 November 2015

(d) CPA, CS, CICT ,CIFA and CCP Parts II and III - Wednesday, 25 November 2015, Thursday, 26 November 2015 and Friday, 27 November 2015 (e) Foreign Accountancy Qualifications (FAQ) - Wednesday, 25 November 2015 and Thursday, 26 November 2015

(f) Foreign Secretaries Qualifications (FSQ) - Tuesday, 24 November 2015 and Wednesday, 25 November 2015

(g) Kenya Institute of Supplies Management - Associate in Procurement and Supply of Kenya (APS-K) examination - Levels I and II Tuesday, 17 November 2015, Wednesday, 18 November 2015 and Thursday, 19 November 2015

(h) Kenya Institute of Supplies Management - Certified Procurement and Supply Chain Professional of Kenya (CPSP-K) - Part I examination only

Friday, 20 November 2015, Monday, 23 November 2015 and Tuesday, 24 November 2015

2. Closing dates for examinations entries for the November 2015 examinations are as shown below: Normal entry: Friday, 14 August 2015 Late entry: Wednesday, 30 September 2015

3. 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 at the following offices in Eastern and Central Africa:

(i) In Uganda at DMK Associates, Sabina Baiga House, Bombo Road, 2nd floor suite 05 - 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, University of Rwanda, College of Business and Economics, Gikondo - Kigali, Institut Polytechnique De Byumba, University of Kigali, Kacyiru Campus and Kigali Independent University (ULK).

(iii) In Burundi at the East Africa Centre for Professional Studies (EACPS), Rohero 2, Avenue Mosso next to Solecs Micro Finance, Bujumbura and Kim-PAC, Rohero 2, Avenue Mosso, 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.

(c) Forms can also be downloaded from the website; www.kasneb.or.ke

4. Method of payment of fees Attention of students is drawn to the “Guide to the November 2015 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.

5. All students who sat for the May 2015 examinations should ENTER for the November 2015 examinations immediately upon confirmation of their May 2015 examination results.

6. All continuing students of KASNEB are required to update their annual registration renewal position by 1 July of each year. New students are required to note that the registration renewal fee is due on 1 July following the examinations sitting to which they are first eligible to enter.

7. The late registration closing date for applicants wishing to be registered as students in order to be eligible to enter for the November 2015 examinations is Friday, 14 August 2015.

It pays to advertise in the

Contact the Marketing and Publications Section through: P.O. Box 41362 - 00100 Nairobi Tel: 254(020) 4923000 Cellphone: 0722-201214/0734-600624 E-mail: [email protected] or [email protected]

KASNEB NEWSLINE

KASNEB Newsline is one of the most widely read journals in Kenya. It 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, Kenyan Embassies and High Commissions.

The Newsline is also available on the KASNEB website.

Grow your business by advertising in the KASNEB Newsline. Call us, book for space and watch your institution or business grow.

KASNEB The Professional Journal of KASNEB Issue No. 3 July - September 2014


TOPICS FEATURED

ETHICS IN BUSINESS

BRANDINGENVIRONMENTAL

MANAGEMENT ACCOUNTING

MANAGING CHANGE

EXCHANGE RATE EXPOSURE AND MANAGEMENT

HIRING EMPLOYEES WITH AN ENTREPRENEURIAL

MINDSET

EXAMINATIONS FEEDBACK

KASNEB

The Professional Journal of KASNEB Issue No. 2 April - June 2014

KASNEB NEWSLINE

EDUCATIVE INFORMATIVE

ENTERTAINING

TOPICS FEATURED

ONLINE

COLLABORATIONDEFERRED TAX

COMPUTER-

ASSISTED AUDIT

TECHNIQUES

METHODOLOGIES

IN TEACHING

TRADITIONAL

VERSUS ONLINE

LIBRARIES

BALANCE OF

PAYMENTS

1

KASNEB The Professional Journal of KASNEB Issue No. 4 October - December 2014


TOPICS FEATURED

ELECTRONIC RECORDS

MANAGEMENT

ACCOUNT RECEIVABLES

BALANCED SCORECARD

ENTERPRISE RESOURCE

MANAGEMENTCOMMUNICATION UPDATES

PRIZE WINNERS

ELECTRONIC RECORDS MANAGEMENT

KASNEB NEWSLINE, Issue No. 1, January - March 2015 1

KASNEB The Professional Journal of KASNEB Issue No. 1 January - March 2015


TOPICS FEATURED

ENVIRONMENTAL ANALYSIS IN STRATEGIC

MANAGEMENTCROSS LISTING

DEBTORS TRAITS EXTERNALITIES

CRITICAL SUCCESS FACTORS IN FILE

CONVERSION

EXTRAORDINARY BOSSES

REVISED SYLLABUSES

ENVIRONMENTAL ANALYSIS

KASNEB NEWSLINE, Issue No. 2, April - June 2015 1

KASNEB The Professional Journal of KASNEB Issue No. 2 April - June 2015


TOPICS FEATURED

BUSINESS VALUATION FOR MERGERS AND

ACQUISITIONS

RISK MANAGEMENT FOR CLOUD

COMPUTING

THE EQUITY VALUATION

PROCESS

IMPLEMENTATION OF TQM IN BUSINESS

PUBLIC FINANCE

THE DIGITAL ECONOMY REVISED SYLLABUSES


LEVELL I

PAPER NO. AD11 INTRODUCTION TO FINANCIAL ACCOUNTING

TITLE AUTHOR(S) EDITION

Business Accounting I Frank Wood 12

A Textbook of Financial Accounting Daniel. Kimuda

Basic Accounting N.D. Nzomo

Accounting Theory and Practice Michel Glautier 8

Financial Accounting N.A. Saleemi EA

Study texts / Revision guides

PAPER NO. AD12 COMMERCIAL LAW


Commercial Law: Text, Cases, and Materials

L.S Sealy 4

Principles of Commercial Law Kibaya I. Laibuta 2

The Law of Kenya Tudor Jackson 3

Business Law Marsh and Soulsby 8

Commercial Law Paul Dobson 8

Business Law John J. Ogola 3

General Principles and Commercial Law in Kenya

Ashiq Hussain

Principles of Law Simplified N.A. Saleemi EA

Business Law Keith Abbott 8

Law of Partnership S.P Singhal

Taxation Bogonko

The Constitution of Kenya / Other countries as applicable

www.kenyalaw.org

Government of Kenya / Other countries

2010 / As applicable


PAPER NO. AD13 ENTREPRENEURSHIP AND COMMUNICATION


Effective Business Communication Asha Koul 2

Entrepreneurship Robert D. Hisrich 9

Communication Skills John W. Davis 3

Essentials of Entrepreneurship and Small Business Management

Thomas Zimmerer 8

Communication Skills Leena Sein 2

Communication for Business: A Practical Approach

Shirley Taylor 4

Business Ethics: Decision Making for Personal Integrity & Social Responsibility

Laura Hartman 3

Business English N.A Saleemi EA

Business Communication and Report Writing

N.A Saleemi EA

Entrepreneurship and Communication Simplified

N.A Saleemi EA


PAPER NO. AD14 INFORMATION COMMUNICATION TECHNOLOGY

Computer Fundamentals Pradeep K. 6

Introduction to Computers Garry B. Shelly 8

Information Technology Simplified N.A. Saleemi EA

Schaum’s Outlines: Principles of Computer Science

Paul Tymann


LEVELL II

PAPER NO. AD21 FINANCIAL ACCOUNTING



A Textbook of Financial Accounting

Daniel. Kimuda

Advanced Accounting: Theory and Practice

David Wang’ombe

Advanced Accountancy Volume I S.J. Jain & K.L. Narang

ACCOUNTING TECHNICIANS DIPLOMA

RECOMMENDED READING LISTRE

ADIN

G LIS

T

ATD

REVISED SYLLABUSES (JULY 2015)

For all Acts and Laws of Kenya referred to in this reading list, candidates are advised to always refer to www.kenyalaw.org for the latest since the various Acts and laws keep changing regularly.




Financial Accounting Simplified N.A. Saleemi EA


PAPER NO. AD22 PRINCIPLES OF MANAGEMENT


Management: Theory and Practice G.A Cole 7

Principles and Practice of Management Simplified

N.A Saleemi 3

Management Stephen P. Robbins 13

Fundamentals of Management: Essential Concepts and Applications

Stephen P. Robbins 9

Management: Concepts and Practices

Tim Hannagan 5

Management: A Global Perspective

Heinz Weihrich 11


PAPER NO. AD23 BUSINESS MATHEMATICS AND STATISTICS


Business Mathematics and Statistics

Andre Francis 6

Understanding Business Maths Kaplan Series

Fundamentals of Business Statistics

Dennis J Sweeney 6

Business Mathematics and Statistics Simplified

N.A Saleemi EA


PAPER NO. AD24 FUNDAMENTALS OF FINANCE


Business Finance Simplified N.A. Saleemi EA

Business Finance Les Dlabay 1

Finance: Applications and Theory John Nofsinger 2

Finance for Managers Harvard Business School Press


LEVELL III

PAPER NO. AD31 PRINCIPLES OF ECONOMICS


Modern Economic Theory K.K Dewett Revised

Modern Economics Robert Mudida 2

Economics Richard Lipsey 12

Economics Glenn P. Hubbard 4

Economics : A Students’ Guide John Beardshaw 5

Economics Simplified N.A Saleemi EA


PAPER NO. AD32 FUNDAMENTALS OF MANAGEMENT ACCOUNTING


Cost Accounting: A Managerial Emphasis

Charles T. Horngren 14

Cost and Management Accounting William Massie Harper

Cost Accounting Simplified N.A. Saleemi EA

Management and Cost Accounting Colin Drury 7

Management Accounting Terry Lucey 5

Managerial Accounting Belverd E. Needles 8

Cost Accounting Simplified N.A Saleemi EA

Cost Accounting Made Easy Ashiq Hussain


PAPER NO. AD33 PRINCIPLES OF PUBLIC FINANCE AND TAXATION


Public Finance H.L Bhatia 27

Public Finance Harvey S. Rosen 10

Public Finance Management Act CAP 412C / applicable Act in other countries

www.kenyalaw.org

Government of Kenya

2012 / as applicable

Taxation in Kenya: Nicholas T.T. Simiyu 6

Taxation Simplified N.A Saleemi EA

A Citizen’s Handbook on Taxation in Kenya

John M. Mutua / IEC

Taxation Imea P. Kamenchu

Income Tax Law and Practice Osamba A.T

Taxation II Simplified N.A. Saleemi Revised

Kenya Revenue Authority Act CAP 469

Government of Kenya / as applicable


www.kenyalaw.org



The Income Tax Act CAP 470 / applicable Act in other countries

www.kenyalaw.org


The Value Added Tax CAP 476

www.kenyalaw.org


RECOMMENDED READING LIST


The Customs and Excise Tax CAP 472 / applicable Act in other countries

www.kenyalaw.org


Finance Bills Government of Kenya / as applicable

As published annually

PAPER NO. AD34 AUDITING


Auditing I : Principles and Concepts

N.T.T. Simiyu

A Textbook for Auditing Elisa Ajowi

Fundamentals of Practical Auditing

Ravinder Kumar

Auditing Alan Millichamp 10

The ASQ Auditing Handbook J.P. Rusell 4

Auditing Gramling Rittenberg Int’l Ed

Auditing and Assurance Services: An Integrated Approach

Alvin A. Arens 15

Principles of Auditing and Other Assurance Services

O. Ray Whittington 19

Auditing and Investigations Simplified

N.A Saleemi EA

Auditing Simplified N.A Saleemi EA


Computer Fundamentals D.P Nagpal Revised



Paul Tymann


PAPER NO. TD12 COMPUTER MATHEMATICS


Computer Mathematics Concepts James P Fulton

Schaum’s Outline of Essential Computer Mathematics

Seymour Lipschutz

Introductory Computer Mathematics

Nigel P. Cook 2


PAPER NO. TD13 ENTREPRENEURSHIP AND COMMUNICATION


Effective Business Communication Asha Koul 2




Thomas Zimmerer 8



Shirley Taylor 4


Laura Hartman 3



N.A Saleemi EA


N.A Saleemi EA


PAPER NO. TD14 COMPUTER APPLICATIONS PRACTICAL I


Peter Norton’s Introduction to Computers

Peter Norton 6


Paul Tymann

Microsoft Office 2007 All in One For Dummies

Wallace Wang 1


Peter Weverka


READ

ING

LIST

DICT


DIPLOMA IN INFORMATION COMMUNICATION TECHNOLOGY

LEVEL I

PAPER NO. TD11 INTRODUCTION TO COMPUTING



Peter Norton 6



LEVEL II

PAPER NO. TD21 COMPUTER NETWORKING


Data Communications and Networking

Behrouz A. Forouzan 5

Networking All-in-One For Dummies

Doug Lowe 5

Data and Computer Communications

William Stallings 10

Computer Networks Andrew S. Tanenbaum

5

Mobile and Wireless Design Essentials

Martyn Mallic 1


PAPER NO. TD22 INTERNET SKILLS


How the Internet Works Preston Gralla 8

The Internet For Dummies John R. Levine 14


PAPER NO. TD23 COMPUTER SUPPORT AND MAINTENANCE


Principles of Computer Hardware Alan Clements 4

Troubleshooting and Maintaining your PC

Dan Gookin 2

Bigelow’s Troubleshooting, Maintaining & Repairing PCs

Stephen Bigelow 5


PAPER NO. TD24 PROGRAMMING CONCEPTS


Beginning Programming All-In-One Desk Reference For Dummies

Wallace Wang 1

Concepts of Programming Languages

Robert W. Sebesta 11


LEVEL III

PAPER NO. TD31 PRINCIPLES OF WEB DEVELOPMENT


Internet and World Wide Web How To Program

Paul Deitel 5

Web Programming: Building Internet Applications

Chris Bates 3

Beginning HTML5 and CSS3 For Dummies

Ed Tittel 1

Introduction to e-Business: Management and Strategy

Colin Combe 1

Learning PHP, MySQL, JavaScript, CSS & HTML5: A Step-by-Step Guide to Creating Dynamic Websites

Robin Nixon 3


PAPER NO. TD32 FOUNDATIONS OF ACCOUNTING


Foundations of Accounting Simplified

N.A. Saleemi



Daniel. Kimuda





PAPER NO. TD33 INFORMATION SYSTEMS PROJECT SKILLS


Project Management for Dummies

Stanley E. Portny 4

Information Technology Project Management

Kathy Schwalbe 8


PAPER NO. TD34 COMPUTER APPLICATIONS PRACTICAL II



Peter Norton 6


Paul Tymann


Wallace Wang 1


Peter Weverka




DIPLOMA IN CREDIT MANAGEMENTLEVEL I

PAPER NO. CD11 FUNDAMENTALS OF CREDIT MANAGEMENT


Credit Management Patrick K. Kairu 2

The Handbook of Credit Risk Management: Originating, Assessing, and Managing Credit Exposures

Sylvain Bouteille

Credit Management Glen Bullivant 6

Credit Management Handbook Burt Edwards 5

Sale of Goods and Consumer Credit

Paul Dobson 6

Successful Credit Control Martin Posner 2

The Credit Controller’s Desktop Guide

Roger Mason 3

Tolley’s Effective Credit Control and Debt Recovery Handbook

Robert Addlestone 3

Implementing Successful Credit Control

Alan Dixie 4


PAPER NO. CD12 COMMERCIAL LAW



L.S Sealy 4







Ashiq Hussain



Law of Partnership

S.P Singhal

Taxation Bogonko





PAPER NO. CD13 ENTREPRENEURSHIP AND COMMUNICATION


Effective Business Communication

Asha Koul 2




Thomas Zimmerer 8



Shirley Taylor 4


Laura Hartman 3



N.A Saleemi EA


N.A Saleemi EA


PAPER NO. CD14 INFORMATION COMMUNICATION TECHNOLOGY




Information Technology Simplified

N.A. Saleemi EA


Paul Tymann


LEVEL II

PAPER NO. CD21 CREDIT MANAGEMENT




Sylvain Bouteille



READ

ING

LIST

DCM




Paul Dobson 6



Roger Mason 3


Robert Addlestone 3


Alan Dixie 4

A Straight Forward Guide to Debt Collection - Give me your money

Anthony Reeves

Credit Scoring: The Principles and Practicalities

Murray Bailey

Consumer Collections and Recoveries

Murray Bailey


PAPER NO. CD22 PRINCIPLES OF MANAGEMENT


Management: Theory and Practice

G.A Cole 7


N.A Saleemi 3





Tim Hannagan 5


Heinz Weihrich 11


PAPER NO. CD23 BUSINESS MATHEMATICS AND STATISTICS



Andre Francis 6



Dennis J Sweeney 6


N.A Saleemi EA


PAPER NO. CD24 LAW GOVERNING CREDIT PRACTICE


Principles of Banking Law Ross Cranston 3

Bank Management & Financial Services

Peter Rose 9

Ellinger’s Modern Banking Law E.P. Ellinger 5

Law of Financial Institutions in Kenya

Njaramba Gichuki 2


A.P. Dobson 6


LEVEL III

PAPER NO. CD31 MARKETING AND CUSTOMER RELATIONS


Marketing Simplified N.A. Saleemi EA

Principles and Practice of Marketing

David Jobber 7

Principles of Marketing Philip Kotler 14

Fundamentals of Marketing: An African Perspective

Francis N. Kibera

Modern Marketing: Principles and Practices

R S N Pillai 4

Essentials of Marketing Geoff Lancaster 4

The Public Relations Strategic Toolkit: An Essential Guide to Successful Public Relations Practice

Alison Theaker

Public Relations: Principles and Practice

Philip J. Kitchen 1

Guerrilla Advertising: Cost-Effective Techniques for Small-Business Success

Jay Conrad Levinson

The Practice of Public Relations Sam Black 4


PAPER NO. CD32 FOUNDATIONS OF ACCOUNTING


Foundations of Accounting Simplified

N.A. Saleemi



Daniel. Kimuda





PAPER NO. CD33 PRINCIPLES OF PUBLIC FINANCE AND TAXATION







John M. Mutua / IEC







www.kenyalaw.org

Government of Kenya

Public Finance Management Act CAP 412C

www.kenyalaw.org

Government of Kenya

The Income Tax Act CAP 470

www.kenyalaw.org

Government of Kenya

The Value Added Tax CAP 476 Government of Kenya

The Customs and Excise Tax CAP 472

www.kenyalaw.org

Government of Kenya

Finance Bills Government of Kenya As published annually


PAPER NO. CD34 PRACTICE OF CREDIT MANAGEMENT




A.P Dobson 6

Credit Risk Management and Basel II: An Implementation Guide

Bhatia Mohan


Alan Dixie 4


Robert Addlestone 3



A.P Dobson 6


Bhatia Mohan


Anthony Reeves


Murray Bailey


Murray Bailey


CERTIFIED PUBLIC ACCOUNTANTSSECTION 1

PAPER NO. CA11 FINANCIAL ACCOUNTING




Daniel. Kimuda


David Wang’ombe



Financial Accounting N.A. Saleemi


PAPER NO. CA12 COMMERCIAL LAW



L.S Sealy 4







Ashiq Hussain




Taxation Bogonko





READ

ING

LIST

CPA



PAPER NO. CA23 PUBLIC FINANCE AND TAXATION




Public Finance Management Act CAP 412C /as applicable

www.kenyalaw.org

Government of Kenya 2012 / as applicable




John M. Mutua / IEC





www.kenyalaw.org



www.kenyalaw.org




www.kenyalaw.org



www.kenyalaw.org



www.kenyalaw.org





SECTION 3

PAPER NO. CA31 COMPANY LAW


Company Law John J. Ogola 3

Mayson, French and Ryan on Company Law

Derek French 29

A Textbook of Company Law in Kenya

Ashiq Hussain

Company Law Brenda Hannigan 3

Company Law Fundamental Principles

Stephen Griffin 4

RECOMMENDED READING LISTPAPER NO. CA13 ENTREPRENEURSHIP AND COMMUNICATION



Asha Koul 2




Thomas Zimmerer 8



Shirley Taylor 4


Laura Hartman 3



N.A Saleemi EA


N.A Saleemi EA


SECTION 2

PAPER NO. CA21 ECONOMICS









PAPER NO. CA22 MANAGEMENT ACCOUNTING


Cost Accounting: A Managerial Emphasis

Charles T. Horngren 14

Cost and Management Accounting

William Massie Harper

Cost Accounting Simplified N.A. Saleemi EA

Management and Cost Accounting

Colin Drury 7

Management Accounting Terry Lucey 5

Managerial Accounting Belverd E. Needles 8

Cost Accounting Made Easy Ashiq Hussain

Cost Accounting Simplified N.A Saleemi EA



Companies Act CAP. 486 / applicable Act in other countries

www.kenyalaw.org



PAPER NO. CA32 FINANCIAL MANAGEMENT


Financial Management: Theory and Practice

Eugene F. Brigham 14

Fundamentals of Financial Management

Brigham and Houston 14

Financial Management I.M. Pandey 11


J. Van Horne 13

Principles of Managerial Finance

Lawrence J. Gitman 14

Business Finance: Theory and Practice

Eddie McLaney 10

A Textbook of Financial Management

Paul Manaseh Revised

Cash Management R.N Joshi

A Textbook of Business Finance Ashiq Hussain


PAPER NO. CA33 FINANCIAL REPORTING


Corporate Financial Accounting and Reporting

Tim Sutton 2

Advanced Accountancy Volume II

S.N Maheshwari 10

Spicer and Pegler’s Book-keeping and Accounts

Paul Gee 26

Advanced Accounts Volume II M.C Shukla 17


David Wang’ombe

Business Accounting II Frank Wood 12

Modern Advanced Accounting E. John Larsen 10

Financial Reporting Imea P. Kamenchu


SECTION 4

PAPER NO. CA41 AUDITING AND ASSURANCETITLE AUTHOR(S) EDITIONA Textbook for Auditing Elisa AjowiFundamentals of Practical Auditing

Ravinder Kumar

Auditing Alan Millichamp 10The ASQ Auditing Handbook J.P. Rusell 4Auditing Gramling Rittenberg Int’l EdAuditing I : Principles and Concepts

N.T.T. Simiyu

Auditing and Assurance Services: An Integrated Approach

Alvin A. Arens 15

Principles of Auditing and Other Assurance Services


Auditing and Investigations Simplified

N.A Saleemi EA

Auditing Simplified N.A Saleemi EAStudy texts / Revision guides

PAPER NO. CA42 MANAGEMENT INFORMATION SYSTEMSTITLE AUTHOR(S) EDITIONManagement Information Systems: Managing the Digital Firm

Kenneth C. Laudon 12

Managing Information Systems

Terry Lucey 9

Management Information Systems, Global Edition

O’Brien and Marakas

10


PAPER NO. CA43 QUANTITATIVE TECHNIQUESTITLE AUTHOR(S) EDITIONQuantitative Methods for Business Management and Finance

Louis Swift 4

Quantitative Techniques for Managerial Decisions

R.B. Khanna


U. K Srivastav 2

Quantitative Techniques Simplified

N.A. Saleemi EA

Quantitative Techniques T. Lucey 3Quantitative Techniques C.R. Kothari 3Operations Research J.K. Sharma 5Essential Business Statistics Joan SmailesQuantitative Methods for Business and Economics

Adil H. Mouhamed




SECTION 5PAPER NO. CA51 STRATEGY, GOVERNANCE AND ETHICS

TITLE AUTHOR(S) EDITIONEssentials of Strategic Management

Charles L.W. Hill 3

Strategic Management : Theory and Practice

G.A. Cole 2

Strategic Management: Planning for Domestic and Global Competition

John Pearce 13

Boards That Deliver: Advancing Corporate Governance From Compliance to Competitive Advantage

Ram Charan 1

Business Ethics Now Andrew Ghillyer 4Human Values and Professional Ethics

Jayshree Suresh 3

Corporate Governance Christin Mallin 4Corporate Governance in Developing Economies: Country Studies of Africa, Asia and Latin America

Robert W. McGee 2009

Corporate Governance John Colley 1Law and Ethics in the Business Environment

Terry Halbert 8

Business Ethics : A Textbook with Cases

William H. Shaw 8

Ethics, Integrity and Values in Public Service

Arora Ramesh K.

Business Ethics Manisha PaliwalTotal Quality Leadership J.R. BhattiCodes of Governance e.g Mwongozo / Handbooks of Capital Markets Authority

GoK/CMA


PAPER NO. CA52 ADVANCED MANAGEMENT ACCOUNTINGTITLE AUTHOR(S) EDITIONManagement and Cost Accounting

Colin Drury 7

Management Accounting T. Lucey 5Managerial Accounting Belverd E. Needles 8Managerial Accounting Don R. Hansen 9Advanced Management Accounting

Robert S. Kaplan 3


PAPER NO. CA53 ADVANCED FINANCIAL MANAGEMENT TITLE AUTHOR(S) EDITIONFinancial Management I.M. Pandey 11Financial Management and Policy

James C. Van Horne 12

Corporate Finance & Investment: Decisions & Strategies

Richard Pike 6

Fundamentals of Corporate Finance

Richard Brealey 7


James C. Van Horne 13

Principles of Managerial Finance

Lawrence J. Gitman 14


SECTION 6PAPER NO. CA61 ADVANCED PUBLIC FINANCE AND TAXATION

TITLE AUTHOR(S) EDITIONPublic Finance H.L Bhatia 27Public Finance Management Act CAP 412C

www.kenyalaw.org

Government of Kenya

Taxation II Simplified Saleemi and Bogonko

Wills, Administration and Taxation Law and Practice

John Barlow 11

Public Finance Harvey S. Rosen 10Kenya Revenue Authority Act CAP 469 - www.kenyalaw.org

Government of Kenya

The Income Tax Act CAP 470

www.kenyalaw.org

Government of Kenya


www.kenyalaw.org

Government of Kenya

The Customs and Excise Tax CAP 472

www.kenyalaw.org

Government of Kenya

Finance Bills Government of Kenya





PAPER NO. CA62 ADVANCED AUDITING AND ASSURANCETITLE AUTHOR(S) EDITIONAuditing and Assurance Services: An Integrated Approach

Alvin A. Arens 15

A Textbook for Auditing Elisa AjowiPrinciples of Auditing and Other Assurance Services


Handbook of International Quality Control, Auditing, Review, Other Assurance, and Pronouncements

IFAC

www.ifac.org

2014

Handbook of International Standards on Auditing (ISA)

IFAC 2014

The ASQ Auditing Handbook J.P. Rusell 4Study texts / Revision guides

PAPER NO. CA63 ADVANCED FINANCIAL REPORTINGTITLE AUTHOR(S) EDITIONAdvanced Accountancy Volume II Corporate Accounting

Jain & Narang 18

Financial Accounting, Reporting & Analysis: International Edition

Barry Elliot & Jamie Elliot

2


David K. Wang’ombe

Advanced Financial Accounting

Lewis and Pendril 7

Handbook of International Financial Reporting Standards (IFRSs)

IFAC

www.ifac.org

2014


READ

ING

LIST

CSRECOMMENDED READING LIST

CERTIFIED SECRETARIES

SECTION 1

PAPER NO. CS11 ORGANISATIONAL BEHAVIOUR


Management and Organisational Behaviour

Laurie J. Mullins 10

Organisational Behaviour G.A Cole

Organisation Development V.G. Kondalkar

Organisational Behaviour B. Hiriyappa

Behaviour in Organizations, Student Value Edition

Jared Greenberg 10

Organizational Behaviour: Human Behaviour at Work

John Newstrom 14

Organizational Behaviour Stephen P. Robbins

Introduction to Organizational Behaviour

Helga Drummond 1

Elements of Organization Behaviour

Stephen M. Nzuve Revised


PAPER NO. CS12 COMMERCIAL LAW



L.S Sealy 4







Ashiq Hussain




Taxation Bogonko





PAPER NO. CS13 BUSINESS COMMUNICATION


Business Communication Namita Gopal



Asha Koul 2


Shirley Taylor 4


Business Communication Vikram Bisen




N.A Saleemi EA


SECTION 2

PAPER NO. CS21 ECONOMICS









PAPER NO. CS22 PRINCIPLES OF ACCOUNTING




Daniel. Kimuda


David Wang’ombe





PAPER NO. CS23 PUBLIC FINANCE AND TAXATION





www.kenyalaw.org





John M. Mutua / IEC





www.kenyalaw.org



www.kenyalaw.org




www.kenyalaw.org



www.kenyalaw.org



www.kenyalaw.org





SECTION 3

PAPER NO. CS31 COMPANY LAW




Derek French 29


Ashiq Hussain



Stephen Griffin 4


www.kenyalaw.org



PAPER NO. CS32 FINANCIAL MANAGEMENT





Brigham and Houston 14



J. Van Horne 13

Principles of Managerial Finance Lawrence J. Gitman 14


Eddie McLaney 10



Cash Management R.N Joshi



A Textbook of Business Finance Ashiq Hussain


PAPER NO. CS33 PRINCIPLES AND PRACTICE OF MANAGEMENT


Management: Theory and Practice

G.A Cole 7


N.A Saleemi 3




The Four Elements of Successful Management

Don R. Marshall


Tim Hannagan 5


Heinz Weihrich 11


SECTION 4

PAPER NO. CS41 CORPORATE SECRETARIAL PRACTICE


Corporate Secretarial Practice Leslie Hall

The ICSA Company Secretary’s Checklists

Douglas Armour 7

Corporate Secretarial Practice Institute of Corporate Secretaries and Auditors (ICSA)

Agile Governance and Audit: An overview for auditors and Agile teams

Christopher Wright

Secretarial Audit Compliance Management and Due Diligence

The Institute Of Company Secretaries of India

A Guide to Corporate Governance

N. Gopalsamy

Corporate Governance Handbook

Andrew Chambers 4


PAPER NO. CS42 MANAGEMENT INFORMATION SYSTEMS


Management Information Systems: Managing the Digital Firm


Managing Information Systems Terry Lucey 9


O’Brien and Marakas 10


PAPER NO. CS43 LAW AND PROCEDURE OF MEETINGS


Company Meetings and Resolutions: Law, Practice, and Procedure

Leslie Kosmin 2

Company Meetings - Law, Practice and Procedure

Dr. KR Chandratre 2

Meetings; Law and Procedure in Kenya Today

Amota Nyasae 1


SECTION 5

PAPER NO. CS51 HUMAN RESOURCE MANAGEMENT


Armstrong’s Handbook of Human Resource Management Practice

Michael Armstrong 13

Personnel and Human Resource Management

Gerald Cole 5

Essentials of Human Resource Management

Indranil Mutsuddi

Human Resource Management B.B. Mahapatra

Management of Human Resource

S.N.M Nzuve Rvsd 4

Human Resource Management Garry Dessler 14

Armstrong’s Handbook of Strategic Human Resource Management

Michael Armstrong 5

Aligning Human Resources and Business Strategy

Linda Holbeche 2

Human Resource Management John Ivancevich 12


PAPER NO. CS52 FINANCIAL MARKETS LAW


Capital Markets Act CAP 485A / applicable Act in other countries

www.kenyalaw.org

Government of Kenya / as appropriate


Gichuki Njaramba 2

Central Depositories Act CAP 485D / applicable Act in other countries

www.kenyalaw.org

Government of Kenya / as appropriate

Capital Markets Regulations / applicable Act in other countries

www.cma.or.ke

Capital Markets Authority / as appropriate



Central Depository Rules 2004 / applicable rules in other countries

www.cma.or.ke


Code of Corporate Governance Practices



PAPER NO. CS53 GOVERNANCE AND ETHICS



Ram Charan 1

Business Ethics Now Andrew Ghillyer 4

Human Values and Professional Ethics

Jayshree Suresh 3

Corporate Governance Christin Mallin 4

Corporate Governance in Developing Economies: Country Studies of Africa, Asia and Latin America


Corporate Governance John Colley 1

Law and Ethics in the Business Environment

Terry Halbert 8


William H. Shaw 8

Codes of Governance e.g Mwongozo / Handbooks of Capital Markets Authority


SECTION 6

PAPER NO. CS61 STRATEGIC MANAGEMENT


Essentials of Strategic Management

Charles L.W. Hill 3


G.A. Cole 2


John Pearce 13

Strategic Management and Business Policy: For Managers and Consultants

B. Hariyappa

Strategic Management Practices: A Kenyan Perspective

John Yabs 2


PAPER NO. CS62 PUBLIC POLICY AND ADMINISTRATION


Implementing Public Policy

An Introduction to the Study of Operational Governance

Michael Hill 3

Public Finance: A Contemporary Application of Theory to Policy

David N Hyman 11

Public Administration: Understanding Management, Politics and Law in the Public Sector

David Rosenbloom 8


PAPER NO. CS63 GOVERNANCE AND SECRETARIAL AUDIT


The Insider’s View on Corporate Governance: The Role of the Company Secretary

Erismann Erismann

Best Practice in Corporate Governance: Building Reputation And Sustainable Success

Adrian Davies

Governance, Risk Management, and Compliance: It Can’t Happen to Us -Avoiding Corporate Disaster While Driving Success

Richard M. Steinberg



READ

ING

LIST

CICT

CERTIFIED INFORMATION COMMUNICATION TECHNOLOGISTS

SECTION 1

PAPER NO. CT11 INTRODUCTION TO COMPUTING



Peter Norton 6



RECOMMENDED READING LISTComputer Fundamentals D.P Nagpal Revised



Paul Tymann


PAPER NO. CT12 COMPUTER APPLICATIONS - PRACTICAL



Peter Norton 6


Paul Tymann


Wallace Wang 1


Peter Weverka


PAPER NO. CT13 ENTREPRENEURSHIP AND COMMUNICATION



Asha Koul 2




Thomas Zimmerer 8



Shirley Taylor 4


Laura Hartman 3



N.A Saleemi EA


N.A Saleemi EA


SECTION 2

PAPER NO. CT21 OPERATING SYSTEMS - PRACTICAL


Operating Systems: Design and Implementation

Andrew S. Tanenbaum

3

Operating Systems: Internals and Design Principles

William Stallings 7

Principles of Operating Systems: Design and Applications

Brian Stuart 1

Modern Operating Systems Andrew Tanenbaum 4


PAPER NO. CT22 PRINCIPLES OF ACCOUNTING




Daniel. Kimuda


David Wang’ombe





PAPER NO. CT23 COMPUTER SUPPORT AND MAINTENANCE


Principles of Computer Hardware Alan Clements 4

Troubleshooting and Maintaining your PC

Dan Gookin 2

Bigelow’s Troubleshooting, Maintaining & Repairing PCs

Stephen Bigelow 5


SECTION 3

PAPER NO. CT31 DATABASE SYSTEMS


Database Management System: A Practical Approach

Rajiv Chopra Revised

Fundamentals of Database Systems

Ramez Elmasri 7

Introduction to Database Management Systems

Atul Kahate

Concepts of Database Management

Philip J. Pratt 8


PAPER NO. CT32 SYSTEMS ANALYSIS AND DESIGN


Systems Analysis and Design Julie E. Kendall 9

Systems Analysis and Design Harry J. Rosenblatt 10

Modern System Analysis and Design

Jeffry A. Hoffer 4


PAPER NO. CT33 STRUCTURED PROGRAMMING


Beginning Programming All-In-One Desk Reference For Dummies

Wallace Wang 1

Computer Science: A Structured Programming Approach Using C



C For Dummies Dan Gookin 2

C Projects Yash Vashant Kanetkar


SECTION 4

PAPER NO. CT41 OBJECT ORIENTED PROGRAMMING


Microsoft Visual C# 2010: An Introduction to Object-oriented Programming

Joyce Farrell 4

Concepts of Programming Languages

Robert W. Sebesta 11

Introduction to Programming using C++

Francis M. Kwale

Beginning Java Programming: The Object-Oriented Approach

Bart Baesens

Java: How to Program Paul Deitel 9

Java Demystified Jim Keogh 1


PAPER NO. CT42 WEB DESIGN AND E-COMMERCE


Internet and World Wide Web How To Program

Paul Deitel 5

Web Programming: Building Internet Applications

Chris Bates 3

Beginning HTML5 and CSS3 For Dummies

Ed Tittel 1

Introduction to e-Business: Management and Strategy

Colin Combe 1

Learning PHP, MySQL, JavaScript, CSS & HTML5: A Step-by-Step Guide to Creating Dynamic Websites

Robin Nixon 3


PAPER NO. CT43 DATA COMMUNICATIONS AND COMPUTER NETWORKS


Data Communications and Networking


Networking All-in-One For Dummies

Doug Lowe 5

Data and Computer Communications

William Stallings 10

Computer Networks Andrew S. Tanenbaum

5

Mobile and Wireless Design Essentials

Martyn Mallic 1


SECTION 5

PAPER NO. CT51 STRATEGY, GOVERNANCE AND ETHICS



Charles L.W. Hill 3


G.A. Cole 2


John Pearce 13


Ram Charan 1



Jayshree Suresh 3






Terry Halbert 8


William H. Shaw 8


Arora Ramesh K.

Business Ethics Manisha Paliwal

Total Quality Leadership J.R. Bhatti

Codes of Governance e.g Mwongozo

Handbooks of Capital Markets Authority


PAPER NO. CT52 SOFTWARE ENGINEERING


Software Engineering: A Practitioner’s Approach

Roger S. Pressman 8

Software Engineering Ian Sommerville 10

Fundamentals of Software Engineering

Rajib Mall 3


PAPER NO. CT53 MOBILE APPLICATION DEVELOPMENT


Professional Mobile Application Development

Jeff McWherter 1



Android App Development For Dummies

Michael Burton 3

Mobile Apps Made Simple: The Ultimate Guide to Quickly Creating, Designing and Utilizing Mobile Apps for Your Business

Jonathan McCallister 2

HTML5 Mobile Application Development in 24 Hours, Sams Teach Yourself

Jennifer Kyrnin 1

HTML5 for iOS and Android: A Beginner’s Guide

Robin Nixon 1


SECTION 6

PAPER NO. CT61 SYSTEMS SECURITY


CISSP For Dummies Lawrence C. Miller 4

Wireless Security: Models, Threats and Solutions

Randall K. Nichols 1

Network Security Bible Eric Cole 2

Computer Ethics and Professional Responsibility

Terrell Ward Bynum 1

Security+ Guide to Network Security Fundamentals

Mark Ciampa 4


PAPER NO. CT62 INFORMATION SYSTEMS PROJECT MANAGEMENT


Project Management for Dummies

Stanley E. Portny 4

Information Technology Project Management

Kathy Schwalbe 8


PAPER NO. CT63 RESEARCH METHODS


Research Methods: Quantitative and Qualitative Approaches

Mugenda & Mugenda

Research Methodology: Methods and Techniques

C.R Kothari 3

Proposal and Thesis Writing Kombo

Thesis Writing: A Manual for Researchers

Abdal Rahim


ICT PROJECT


Project Management Dennis Lock 9

Project Planning, Scheduling, and Control: The Ultimate Hands-On Guide to Bringing Projects in On Time and On Budget

James Lewis

Computer and project management with Ms project guide

Gitonga B.A Revised



READ

ING

LIST

CIFA

CERTIFIED INVESTMENT AND FINANCIAL ANALYSTSSECTION 1

PAPER NO. CF11 FINANCIAL ACCOUNTING




Daniel. Kimuda


David Wang’ombe





PAPER NO. CF12 FINANCIAL MATHEMATICS



Andre Francis 6



Dennis J Sweeney 6


N.A Saleemi EA




PAPER NO. CF13 ENTREPRENEURSHIP AND COMMUNICATION



Asha Koul 2




Thomas Zimmerer 8



Shirley Taylor 4


Laura Hartman 3



N.A Saleemi EA


N.A Saleemi EA


SECTION 2

PAPER NO. CF21 ECONOMICS









PAPER NO. CF22 FINANCIAL INSTITUTIONS AND MARKETS


Financial Markets and Institutions

Jeff Madura 11


Anthony Saunders 4

Financial Markets, Instruments and Institutions

Anthony M. Santamero

2

Financial Institutions, Markets, and Money

David S. Kidwell 11


Frederic S Mishkin 8

Kaplan Schweser Series Materials


PAPER NO. CF23 PUBLIC FINANCE AND TAXATION





www.kenyalaw.org





John M. Mutua / IEC





www.kenyalaw.org



www.kenyalaw.org




www.kenyalaw.org



www.kenyalaw.org



www.kenyalaw.org





SECTION 3

PAPER NO. CF31 REGULATION OF FINANCIAL MARKETS


Law Relating to Financial Services

Graham Roberts 4

Capital Markets Act CAP 485A / applicable Act for other countries

www.kenyalaw.org



RECOMMENDED READING LISTCentral Depositories Act CAP 485D applicable Act for other countries

www.kenyalaw.org


Capital Markets Regulations /applicable regulations for other countries

www.cma.or.ke

Capital Markets Authority / as applicable

Central Depository Rules 2004 / applicable rules for other countries

www.cma.or.ke


Code of Corporate Governance Practices




PAPER NO. CF32 CORPORATE FINANCE


Corporate Finance: Principles and Practice

Denzil. Watson 6

Corporate Finance Stephen Ross 10

Principles of Corporate Finance Richard A. Brealey 9




Brigham and Houston

14



J. Van Horne 13

International Corporate Finance Jeff Madura 8


PAPER NO. CF33 FINANCIAL STATEMENTS ANALYSIS





Brigham and Houston

14



J. Van Horne 13

The Analysis and Use of Financial Statements

Gerald I. White 3

Analysis of Financial Statements Leopold Bernstein 5


Financial Statement Analysis: A Practitioner’s Guide

Martin S. Fridson 4

Global Financial Accounting and Reporting: Principles and Analysis

Peter J. Walton 3

Modern Advanced Accounting E. John Larsen 10



SECTION 4

PAPER NO. CF41 EQUITY INVESTMENTS ANALYSIS


Intermediate Financial Management


Corporate Finance and Investment: Decisions and Strategies

Richard Pike 8

Financial Decision Making: Concepts, Problems and Cases

John J. Hampton 4

Investments Zvi Bodie 10 or Global Edition

Financial Theory and Corporate Policy

Thomas E. Copeland 4



PAPER NO. CF42 PORTFOLIO MANAGEMENT


Security Analysis and Portfolio Management

Donald E. Fischer 6

Property Investment: Principles and Practice of Portfolio Management

Martin Hoesli

Investment Management: Security Analysis and Portfolio Management

V.K. Bhalla 19

Investments William Sharpe 6



PAPER NO. CF43 QUANTITATIVE ANALYSIS


Quantitative Methods for Business Management and Finance

Louis Swift 4


R.B. Khanna 2


U. K Srivastav 2


N.A. Saleemi EA

Quantitative Techniques T. Lucey 3


RECOMMENDED READING LISTQuantitative Techniques C.R. Kothari 3

Operations Research J.K. Sharma 5

Essential Business Statistics Joan Smailes

Quantitative Methods for Business and Economics

Adil H. Mouhamed


SECTION 5

PAPER NO. CF51 STRATEGY, GOVERNANCE AND ETHICS



Charles L.W. Hill 3


G.A. Cole 2


John Pearce 13


Ram Charan 1



Jayshree Suresh 3






Terry Halbert 8


Arora Ramesh K.




William H. Shaw 8

Codes of Governance e.g Mwongozo

Handbooks of Capital Markets Authority


PAPER NO. CF52 FIXED INCOME INVESTMENTS ANALYSIS




Donald E. Fischer 6


V.K. Bhalla 19

Investments: Analysis and Behaviour

Mark Hirschey 2

Investment Management Frank J. Fabozzi 2



PAPER NO. CF53 ALTERNATIVE INVESTMENTS ANALYSIS


The Handbook of Alternative Investments

Darrell Jobman

Alternative Investments: Instruments, Performance, Benchmarks and Strategies

H. Kent Baker 1


Alternative Investments: Chartered Alternative Investment Analyst Association (CAIA) Level I: An Introduction to Core Topics in Alternative Investments

Chartered Alternative Investment Analyst Association (CAIA) Mark J.P. Anson

3

Chartered Alternative Investment Analyst Association (CAIA) Level II: Advanced Core Topics in Alternative Investments

Chartered Alternative Investment Analyst Association (CAIA) Keith H. Black

2


SECTION 6

PAPER NO. CF61 ADVANCED PORTFOLIO MANAGEMENT



Donald E. Fischer 6

Property Investment: Principles and Practice of Portfolio Management

Martin Hoesli


V.K. Bhalla 19




PAPER NO. CF62 INTERNATIONAL FINANCE


Multinational Financial Management

Alan C. Shapiro 10

International Corporate Finance Jeff Madura 8

International Financial Management

Jeff Madura 12


RECOMMENDED READING LISTInternational Finance: Management, Markets and Institutions

James Calvin Baker


PAPER NO. CF63 DERIVATIVES ANALYSIS


Financial Derivatives: Theory, Concepts and Problems

S.L Gupta

Options, Futures, and Other Derivatives and Derivatives

John C. Hull 8

Commodity and Financial Derivatives

S. Kevin

Handbook of Financial Risk Management: Simulations and Case Studies

Ngai Hang Chan 1

Applied Derivatives: Options, Futures and Swaps

Richard Rendleman 1

Modern Investment Theory Robert A. Haugen 5

Global Investments Bruno Solnik 6



READ

ING

LIST

CCP


Paul Dobson 6



Roger Mason 3


Robert Addlestone 3


Alan Dixie 4


Anthony Reeves


Murray Bailey


Murray Bailey


PAPER NO. CP12 COMMERCIAL LAW



L.S Sealy 4







Ashiq Hussain




Taxation Bogonko





PAPER NO. CP13 ENTREPRENEURSHIP AND COMMUNICATION



Asha Koul 2




Thomas Zimmerer 8



Shirley Taylor 4


Laura Hartman 3

CERTIFIED CREDIT PROFESSIONALSSECTION 1

PAPER NO. CP11 CREDIT MANAGEMENT




Sylvain Bouteille




RECOMMENDED READING LISTBusiness English N.A Saleemi EA


N.A Saleemi EA


N.A Saleemi EA


SECTION 2

PAPER NO. CP21 ECONOMICS









PAPER NO. CP22 PRINCIPLES OF ACCOUNTING




Daniel. Kimuda


David Wang’ombe





PAPER NO. CP23 PUBLIC FINANCE AND TAXATION





www.kenyalaw.org





John M. Mutua / IEC





www.kenyalaw.org



www.kenyalaw.org




www.kenyalaw.org



www.kenyalaw.org



www.kenyalaw.org





SECTION 3

PAPER NO. CP31 COMPANY LAW




Derek French 29


Ashiq Hussain



Stephen Griffin 4


www.kenyalaw.org



PAPER NO. CP32 FINANCIAL MANAGEMENT





Brigham and Houston

14



J. Van Horne 13



Eddie McLaney 10




RECOMMENDED READING LISTA Textbook of Business Finance Ashiq Hussain


PAPER NO. CP33 MARKETING AND PUBLIC RELATIONS


Marketing Simplified N.A. Saleemi EA

Principles and Practice of Marketing

David Jobber 7

Principles of Marketing Philip Kotler 14

Fundamentals of Marketing: An African Perspective

Francis N. Kibera

Modern Marketing: Principles and Practices

R S N Pillai 4

Essentials of Marketing Geoff Lancaster 4

The Public Relations Strategic Toolkit: An Essential Guide to Successful Public Relations Practice

Alison Theaker

Public Relations: Principles and Practice

Philip J. Kitchen 1

Guerrilla Advertising: Cost-Effective Techniques for Small-Business Success

Jay Conrad Levinson

The Practice of Public Relations Sam Black 4


SECTION 4

PAPER NO. CP41 LAW GOVERNING CREDIT PRACTICE




Peter Rose 9



Njaramba Gichuki 2


A.P. Dobson 6


PAPER NO. CP42 MANAGEMENT INFORMATION SYSTEMS


Management Information Systems: Managing the Digital Firm


Managing Information Systems Terry Lucey 9


O’Brien and Marakas 10


PAPER NO. CP43 QUANTITATIVE ANALYSIS


Quantitative Methods for Business Management and Finance

Louis Swift 4


R.B. Khanna


U. K Srivastav 2


N.A. Saleemi EA

Quantitative Techniques T. Lucey 3

Quantitative Techniques C.R. Kothari 3

Operations Research J.K. Sharma 5

Essential Business Statistics Joan Smailes

Quantitative Methods for Business and Economics

Adil H. Mouhamed


SECTION 5

PAPER NO. CP51 STRATEGY, GOVERNANCE AND ETHICS



Charles L.W. Hill 3


G.A. Cole 2


John Pearce 13


Ram Charan 1



Jayshree Suresh 3






Terry Halbert 8


William H. Shaw 8


Arora Ramesh K.




RECOMMENDED READING LISTCodes of Governance e.g Mwongozo / Handbooks of Capital Markets Authority


PAPER NO. CP52 BANKING LAW AND PRACTICE



Njaramba Gichuki 2


Banking and Financial Institutions Laws in a Nutshell

William Lovett 8


Peter Rose 9


Banking and Financial Institutions Law

William A. Lovett 8


PAPER NO. CP53 CREDIT MANAGEMENT IN THE FINANCIAL SECTOR




Sylvain Bouteille




Paul Dobson 6



Roger Mason 3


Robert Addlestone 3


SECTION 6

PAPER NO. CP61 DEBT RECOVERY


The Complete Guide to Debt Recovery: How to Use the Legal System to Collect Debts Quickly and Painlessly

Roger Mason 1


Murray Bailey


Anthony Reeves


Murray Bailey


Murray Bailey


PAPER NO. CP62 CORPORATE LENDING


Corporate Lending Peter Lyons

Fundamentals of Corporate Credit Analysis

Blaise Ganguin 1

Credit Scoring for Risk Managers: The Handbook for Lenders

Elizabeth Mays

Credit Risk Management S.K. Bagchi


A.P Dobson 6


PAPER NO. CP63 CREDIT PRACTICE




A.P Dobson 6


Bhatia Mohan


Alan Dixie 4


Robert Addlestone 3


Anthony Reeves


Murray Bailey


Murray Bailey


s’ schedule

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