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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
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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
Circulation OfficeKASNEB Towers
Hospital Road, Upper HillP.O. Box 41362 - 00100
Nairobi - KenyaTel: 254(020) 4923000
Cellphone: 0722-201214/0734-600624Fax: 254(020) 2712915
E-mail: info@kasneb.or.keWebsite: www.kasneb.or.ke
KASNEB Newsline is the professional students journal of KASNEB.
The views expressed in this journal are those of the respective authors and do not necessarily reflect
those of KASNEB.
The Editor welcomes contributions from readers especially students and trainers in accountancy, finance,
management, administration, ICT and cognate subjects.
The Editor reserves the right to edit articles for the purposes of clarity and brevity.
Trainers and students are free to photocopy materials contained in this journal for purposes of learning without seeking prior consent from
KASNEB.
Reproduction is allowed without charge as long as prior consent is sought and the source
acknowledged.
Correspondence should be addressed to:
The EditorKASNEB Newsline
Marketing and Corporate Affairs UnitP.O. Box 41362 - 00100, Nairobi
E-mail: publications@kasneb.or.ke
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 2
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.
KASNEB NEWSLINE, Issue No. 3, July - September 2015 3
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 4
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.
INTEGRITY IN LEADERSHIP
KASNEB NEWSLINE, Issue No. 3, July - September 2015 5
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.
INTEGRITY IN LEADERSHIP
KASNEB NEWSLINE, Issue No. 3, July - September 2015 6
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.
INTEGRITY IN LEADERSHIP
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 7
• 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
INTEGRITY IN LEADERSHIP
KASNEB NEWSLINE, Issue No. 3, July - September 2015 8
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
INTEGRITY IN LEADERSHIP
KASNEB NEWSLINE, Issue No. 3, July - September 2015 9
“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
INTEGRITY IN LEADERSHIP
KASNEB NEWSLINE, Issue No. 3, July - September 2015 10
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
INTEGRITY IN LEADERSHIP
KASNEB NEWSLINE, Issue No. 3, July - September 2015 11
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.”
KASNEB NEWSLINE, Issue No. 3, July - September 2015 12
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
TURNAROUND STRATEGIES
KASNEB NEWSLINE, Issue No. 3, July - September 2015 13
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
TURNAROUND STRATEGIES
KASNEB NEWSLINE, Issue No. 3, July - September 2015 14
“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.
TURNAROUND STRATEGIES
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;
KASNEB NEWSLINE, Issue No. 3, July - September 2015 15
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
TURNAROUND STRATEGIES
KASNEB NEWSLINE, Issue No. 3, July - September 2015 16
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
TURNAROUND STRATEGIES
KASNEB NEWSLINE, Issue No. 3, July - September 2015 17
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
TURNAROUND STRATEGIES
KASNEB NEWSLINE, Issue No. 3, July - September 2015 19
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.
KASNEB NEWSLINE, Issue No. 3, July - September 2015 20
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: info@icifa.co.ke Website: www.icifa.co.ke
INFORMATION SECURITY GOVERNANCE
KASNEB NEWSLINE, Issue No. 3, July - September 2015 23
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 24
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 25
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.
KASNEB NEWSLINE, Issue No. 3, July - September 2015 26
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 27
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)
KASNEB NEWSLINE, Issue No. 3, July - September 2015 28
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 29
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 30
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 31
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 32
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?
KASNEB NEWSLINE, Issue No. 3, July - September 2015 33
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 34
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 35
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.
STUDENT-CENTERED E-LEARNING
KASNEB NEWSLINE, Issue No. 3, July - September 2015 36
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
STUDENT-CENTERED E-LEARNING
KASNEB NEWSLINE, Issue No. 3, July - September 2015 37
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
STUDENT-CENTERED E-LEARNING
KASNEB NEWSLINE, Issue No. 3, July - September 2015 38
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?
STUDENT-CENTERED E-LEARNING
KASNEB NEWSLINE, Issue No. 3, July - September 2015 39
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 42
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 43
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 44
PICTORIALKASNEB staff celebrated the 46th anniversary on Saturday, 25 July 2015 at Maanzoni Lodge, Machakos County
KASNEB NEWSLINE, Issue No. 3, July - September 2015 45
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 46
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 47
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 48
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.
Account Number: 0170299238025
c) Kenya Post Office Savings Bank (Postbank)
Account Number: 0744130009246
d) Co-operative Bank of Kenya Ltd.
Account Number: 01129128535900
The bank accounts are already operational.
Students are required to complete the appropriate KASNEB forms and relevant fee
deposit slips (except for Postbank which does not use deposit slips). The students will be
issued with one copy of the deposit slip and a computer generated slip for their records.
However, for Postbank only a computer generated receipt will be issued.
Upon payment of the requisite fees to the bank, a cash deposit receipt will be issued to the
payee. The completed KASNEB forms will be left with the bank for onward transmission
to KASNEB together with one copy of the deposit slip.
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
info@kasneb.or.ke
www.kasneb.or.ke
KASNEBOfficial
@KASNEBOfficial
KASNEB NEWSLINE, Issue No. 3, July - September 2015 49
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 50
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
No. Paper Title Structure
1. Introduction to Computing 5 compulsory questions2. Computer Mathematics 5 compulsory 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.
No. Paper Title Structure
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
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. 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
5 compulsory questions
Public Finance to constitute 40% and Taxation to constitute 60% of total marks.
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 51
B. PROFESSIONAL EXAMINATIONS
I. CERTIFIED PUBLIC ACCOUNTANTS (CPA) EXAMINATION
Section 1No. Paper Title Structure
1. 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.
Section 2
4. Economics 7 questions. Candidates to attempt any 5 questions.
5. Management Accounting 5 compulsory questions
6. Public Finance and Taxation
5 compulsory questions
Public Finance to constitute 40% and Taxation to constitute 60% of total marks.
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
7 questions. Candidates to attempt any 5 questions.
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
5 compulsory questions
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
2. Commercial Law 7 questions. Candidates to attempt any 5 questions.
3. Business Communication 7 questions. Candidates to attempt any 5 questions.
Section 2
4. Economics 7 questions. Candidates to attempt any 5 questions.
5. Principles of Accounting 5 compulsory questions 6. Public Finance and Taxation 5 compulsory questions* Section 3
7. Company Law 7 questions. Candidates to attempt any 5 questions.
8. Financial Management 5 compulsory questions
9. Principles and Practice of Management
7 questions. Candidates to attempt any 5 questions.
Section 4
10. Corporate Secretarial Practice 5 compulsory questions
11. Management Information Systems
7 questions. Candidates to attempt any 5 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
5 compulsory questions comprising one case study question (40 marks) and 4 questions of 15 marks each.
Section 6
16. Strategic Management
5 compulsory questions comprising one case study question (40 marks) and 4 questions of 15 marks each.
17. Public Policy and Administration 5 compulsory questions
18. Governance and Secretarial Audit 5 compulsory questions
STRUCTURE OF EXAMINATION QUESTION PAPERS
KASNEB NEWSLINE, Issue No. 3, July - September 2015 52
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
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.
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
No. Paper Title Structure
1. Financial Accounting 5 compulsory questions2. Financial Mathematics 5 compulsory questions
No. Paper Title Structure
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.
Section 2
4. Economics 7 questions. Candidates to attempt any 5 questions.
5. Financial Institutions and Markets
7 questions. Candidates to attempt any 5 questions.
6. Public Finance and Taxation
5 compulsory question
Public Finance to constitute 40% and Taxation to constitute 60% of total marks.
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
13. Strategy, Governance and EthicsOne case study question (40 marks), plus 4 questions each 15 marks.
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
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.
STRUCTURE OF EXAMINATION QUESTION PAPERS
KASNEB NEWSLINE, Issue No. 3, July - September 2015 53
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
4. Economics 7 questions. Candidates to attempt any 5 questions.
5. Principles of Accounting 5 compulsory questions
6. Public Finance and Taxation
5 compulsory questions
Public Finance to constitute 40% and Taxation to constitute 60% of total marks.
Section 3
7. Company Law 7 questions. Candidates to attempt any 5 questions.
8. Financial Management 5 compulsory questions
9. Marketing and Public Relations
7 questions. Candidates to attempt any 5 questions.
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.
11. Management Information Systems
7 questions. Candidates to attempt any 5 questions.
12. Quantitative Analysis 5 compulsory questions
Section 5
13. Strategy, Governance and EthicsOne case study question (40 marks), plus 4 questions each 15 marks.
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
5 compulsory questions comprising one case study question (40 marks) and 4 questions of 15 marks each.
STRUCTURE OF EXAMINATION QUESTION PAPERS
KASNEB NEWSLINE, Issue No. 3, July - September 2015 54
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: publications@kasneb.or.ke or marketing@kasneb.or.ke
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
KASNEB NEWSLINEEDUCATIVE INFORMATIVE ENTERTAINING
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
KASNEB NEWSLINEEDUCATIVE INFORMATIVE ENTERTAINING
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
KASNEB NEWSLINEEDUCATIVE INFORMATIVE ENTERTAINING
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
KASNEB NEWSLINEEDUCATIVE INFORMATIVE ENTERTAINING
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 57
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
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. AD13 ENTREPRENEURSHIP AND COMMUNICATION
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
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
Study texts / Revision guides
LEVELL II
PAPER NO. AD21 FINANCIAL ACCOUNTING
TITLE AUTHOR(S) EDITION
Business Accounting I Frank Wood 12
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.
KASNEB NEWSLINE, Issue No. 3, July - September 2015 58
Basic Accounting N.D. Nzomo
Accounting Theory and Practice Michel Glautier 8
Financial Accounting Simplified N.A. Saleemi EA
Study texts / Revision guides
PAPER NO. AD22 PRINCIPLES OF MANAGEMENT
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. AD23 BUSINESS MATHEMATICS AND STATISTICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. AD24 FUNDAMENTALS OF FINANCE
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
LEVELL III
PAPER NO. AD31 PRINCIPLES OF ECONOMICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. AD32 FUNDAMENTALS OF MANAGEMENT ACCOUNTING
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. AD33 PRINCIPLES OF PUBLIC FINANCE AND TAXATION
TITLE AUTHOR(S) EDITION
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
Public Finance Management Act CAP 412C / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
2012 / as applicable
The Income Tax Act CAP 470 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
The Value Added Tax CAP 476
www.kenyalaw.org
Government of Kenya / as applicable
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 59
The Customs and Excise Tax CAP 472 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Finance Bills Government of Kenya / as applicable
As published annually
PAPER NO. AD34 AUDITING
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
Computer Fundamentals D.P Nagpal Revised
Computer Fundamentals Pradeep K. 6
Schaum’s Outlines: Principles of Computer Science
Paul Tymann
Study texts / Revision guides
PAPER NO. TD12 COMPUTER MATHEMATICS
TITLE AUTHOR(S) EDITION
Computer Mathematics Concepts James P Fulton
Schaum’s Outline of Essential Computer Mathematics
Seymour Lipschutz
Introductory Computer Mathematics
Nigel P. Cook 2
Study texts / Revision guides
PAPER NO. TD13 ENTREPRENEURSHIP AND COMMUNICATION
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. TD14 COMPUTER APPLICATIONS PRACTICAL I
TITLE AUTHOR(S) EDITION
Peter Norton’s Introduction to Computers
Peter Norton 6
Schaum’s Outlines: Principles of Computer Science
Paul Tymann
Microsoft Office 2007 All in One For Dummies
Wallace Wang 1
Microsoft Office 2010 All in One For Dummies
Peter Weverka
Study texts / Revision guides
READ
ING
LIST
DICT
RECOMMENDED READING LIST
DIPLOMA IN INFORMATION COMMUNICATION TECHNOLOGY
LEVEL I
PAPER NO. TD11 INTRODUCTION TO COMPUTING
TITLE AUTHOR(S) EDITION
Peter Norton’s Introduction to Computers
Peter Norton 6
Introduction to Computers Garry B. Shelly 8
KASNEB NEWSLINE, Issue No. 3, July - September 2015 60
LEVEL II
PAPER NO. TD21 COMPUTER NETWORKING
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. TD22 INTERNET SKILLS
TITLE AUTHOR(S) EDITION
How the Internet Works Preston Gralla 8
The Internet For Dummies John R. Levine 14
Study texts / Revision guides
PAPER NO. TD23 COMPUTER SUPPORT AND MAINTENANCE
TITLE AUTHOR(S) EDITION
Principles of Computer Hardware Alan Clements 4
Troubleshooting and Maintaining your PC
Dan Gookin 2
Bigelow’s Troubleshooting, Maintaining & Repairing PCs
Stephen Bigelow 5
Study texts / Revision guides
PAPER NO. TD24 PROGRAMMING CONCEPTS
TITLE AUTHOR(S) EDITION
Beginning Programming All-In-One Desk Reference For Dummies
Wallace Wang 1
Concepts of Programming Languages
Robert W. Sebesta 11
Study texts / Revision guides
LEVEL III
PAPER NO. TD31 PRINCIPLES OF WEB DEVELOPMENT
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. TD32 FOUNDATIONS OF ACCOUNTING
TITLE AUTHOR(S) EDITION
Foundations of Accounting Simplified
N.A. Saleemi
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. TD33 INFORMATION SYSTEMS PROJECT SKILLS
TITLE AUTHOR(S) EDITION
Project Management for Dummies
Stanley E. Portny 4
Information Technology Project Management
Kathy Schwalbe 8
Study texts / Revision guides
PAPER NO. TD34 COMPUTER APPLICATIONS PRACTICAL II
TITLE AUTHOR(S) EDITION
Peter Norton’s Introduction to Computers
Peter Norton 6
Schaum’s Outlines: Principles of Computer Science
Paul Tymann
Microsoft Office 2007 All in One For Dummies
Wallace Wang 1
Microsoft Office 2010 All in One For Dummies
Peter Weverka
Study texts / Revision guides
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 61
DIPLOMA IN CREDIT MANAGEMENTLEVEL I
PAPER NO. CD11 FUNDAMENTALS OF CREDIT MANAGEMENT
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CD12 COMMERCIAL LAW
TITLE AUTHOR(S) EDITION
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
Government of Kenya / Other countries
2010 / As applicable
Study texts / Revision guides
PAPER NO. CD13 ENTREPRENEURSHIP AND COMMUNICATION
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CD14 INFORMATION COMMUNICATION TECHNOLOGY
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
LEVEL II
PAPER NO. CD21 CREDIT MANAGEMENT
TITLE AUTHOR(S) EDITION
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
READ
ING
LIST
DCM
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 62
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
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
Study texts / Revision guides
PAPER NO. CD22 PRINCIPLES OF MANAGEMENT
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CD23 BUSINESS MATHEMATICS AND STATISTICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CD24 LAW GOVERNING CREDIT PRACTICE
TITLE AUTHOR(S) EDITION
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
Sale of Goods and Consumer Credit
A.P. Dobson 6
Study texts / Revision guides
LEVEL III
PAPER NO. CD31 MARKETING AND CUSTOMER RELATIONS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CD32 FOUNDATIONS OF ACCOUNTING
TITLE AUTHOR(S) EDITION
Foundations of Accounting Simplified
N.A. Saleemi
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. CD33 PRINCIPLES OF PUBLIC FINANCE AND TAXATION
TITLE AUTHOR(S) EDITION
Taxation in Kenya: Nicholas T.T. Simiyu 6
Taxation Simplified N.A Saleemi EA
Public Finance H.L Bhatia 27
Public Finance Harvey S. Rosen 10
A Citizen’s Handbook on Taxation in Kenya
John M. Mutua / IEC
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 63
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
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
Study texts / Revision guides
PAPER NO. CD34 PRACTICE OF CREDIT MANAGEMENT
TITLE AUTHOR(S) EDITION
Credit Management Handbook Burt Edwards 5
Sale of Goods and Consumer Credit
A.P Dobson 6
Credit Risk Management and Basel II: An Implementation Guide
Bhatia Mohan
Implementing Successful Credit Control
Alan Dixie 4
Tolley’s Effective Credit Control and Debt Recovery Handbook
Robert Addlestone 3
Credit Management Handbook Burt Edwards 5
Sale of Goods and Consumer Credit
A.P Dobson 6
Credit Risk Management and Basel II: An Implementation Guide
Bhatia Mohan
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
Study texts / Revision guides
CERTIFIED PUBLIC ACCOUNTANTSSECTION 1
PAPER NO. CA11 FINANCIAL ACCOUNTING
TITLE AUTHOR(S) EDITION
Business Accounting I Frank Wood 12
A Textbook of Financial Accounting
Daniel. Kimuda
Advanced Accounting: Theory and Practice
David Wang’ombe
Basic Accounting N.D. Nzomo
Accounting Theory and Practice Michel Glautier 8
Financial Accounting N.A. Saleemi
Study texts / Revision guides
PAPER NO. CA12 COMMERCIAL LAW
TITLE AUTHOR(S) EDITION
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
Government of Kenya / Other countries
2010 / As applicable
Study texts / Revision guides
READ
ING
LIST
CPA
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 64
PAPER NO. CA23 PUBLIC FINANCE AND TAXATION
TITLE AUTHOR(S) EDITION
Public Finance H.L Bhatia 27
Public Finance Harvey S. Rosen 10
Public Finance Management Act CAP 412C /as applicable
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
www.kenyalaw.org
Government of Kenya / as applicable
Public Finance Management Act CAP 412C / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
2012 / as applicable
The Income Tax Act CAP 470 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
The Value Added Tax CAP 476
www.kenyalaw.org
Government of Kenya / as applicable
The Customs and Excise Tax CAP 472 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Finance Bills Government of Kenya / as applicable
As published annually
Study texts / Revision guides
SECTION 3
PAPER NO. CA31 COMPANY LAW
TITLE AUTHOR(S) EDITION
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
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
SECTION 2
PAPER NO. CA21 ECONOMICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CA22 MANAGEMENT ACCOUNTING
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
KASNEB NEWSLINE, Issue No. 3, July - September 2015 65
Companies Act CAP. 486 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Study texts / Revision guides
PAPER NO. CA32 FINANCIAL MANAGEMENT
TITLE AUTHOR(S) EDITION
Financial Management: Theory and Practice
Eugene F. Brigham 14
Fundamentals of Financial Management
Brigham and Houston 14
Financial Management I.M. Pandey 11
Fundamentals of Financial Management
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
Study texts / Revision guides
PAPER NO. CA33 FINANCIAL REPORTING
TITLE AUTHOR(S) EDITION
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
Advanced Accounting: Theory and Practice
David Wang’ombe
Business Accounting II Frank Wood 12
Modern Advanced Accounting E. John Larsen 10
Financial Reporting Imea P. Kamenchu
Study texts / Revision guides
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
O. Ray Whittington 19
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
Study texts / Revision guides
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
Quantitative Techniques for Managerial Decisions
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
Study texts / Revision guides
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 66
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
Study texts / Revision guides
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
Study texts / Revision guides
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
Fundamentals of Financial Management
James C. Van Horne 13
Principles of Managerial Finance
Lawrence J. Gitman 14
Study texts / Revision guides
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
The Value Added Tax CAP 476
www.kenyalaw.org
Government of Kenya
The Customs and Excise Tax CAP 472
www.kenyalaw.org
Government of Kenya
Finance Bills Government of Kenya
As published annually
Study texts / Revision guides
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 67
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
O. Ray Whittington 19
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
Advanced Accounting: Theory and Practice
David K. Wang’ombe
Advanced Financial Accounting
Lewis and Pendril 7
Handbook of International Financial Reporting Standards (IFRSs)
IFAC
www.ifac.org
2014
Study texts / Revision guides
READ
ING
LIST
CSRECOMMENDED READING LIST
CERTIFIED SECRETARIES
SECTION 1
PAPER NO. CS11 ORGANISATIONAL BEHAVIOUR
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CS12 COMMERCIAL LAW
TITLE AUTHOR(S) EDITION
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
Government of Kenya / Other countries
2010 / As applicable
Study texts / Revision guides
PAPER NO. CS13 BUSINESS COMMUNICATION
TITLE AUTHOR(S) EDITION
Business Communication Namita Gopal
Communication Skills John W. Davis 3
Effective Business Communication
Asha Koul 2
Communication for Business: A Practical Approach
Shirley Taylor 4
Communication Skills Leena Sein 2
Business Communication Vikram Bisen
Business English N.A Saleemi EA
KASNEB NEWSLINE, Issue No. 3, July - September 2015 68
Business Communication and Report Writing
N.A Saleemi EA
Study texts / Revision guides
SECTION 2
PAPER NO. CS21 ECONOMICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CS22 PRINCIPLES OF ACCOUNTING
TITLE AUTHOR(S) EDITION
Business Accounting I Frank Wood 12
A Textbook of Financial Accounting
Daniel. Kimuda
Advanced Accounting: Theory and Practice
David Wang’ombe
Basic Accounting N.D. Nzomo
Accounting Theory and Practice Michel Glautier 8
Financial Accounting N.A. Saleemi EA
Study texts / Revision guides
PAPER NO. CS23 PUBLIC FINANCE AND TAXATION
TITLE AUTHOR(S) EDITION
Public Finance H.L Bhatia 27
Public Finance Harvey S. Rosen 10
Public Finance Management Act CAP 412C /as applicable
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
www.kenyalaw.org
Government of Kenya / as applicable
Public Finance Management Act CAP 412C / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
2012 / as applicable
The Income Tax Act CAP 470 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
The Value Added Tax CAP 476
www.kenyalaw.org
Government of Kenya / as applicable
The Customs and Excise Tax CAP 472 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Finance Bills Government of Kenya / as applicable
As published annually
Study texts / Revision guides
SECTION 3
PAPER NO. CS31 COMPANY LAW
TITLE AUTHOR(S) EDITION
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
Companies Act CAP. 486 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Study texts / Revision guides
PAPER NO. CS32 FINANCIAL MANAGEMENT
TITLE AUTHOR(S) EDITION
Financial Management: Theory and Practice
Eugene F. Brigham 14
Fundamentals of Financial Management
Brigham and Houston 14
Financial Management I.M. Pandey 11
Fundamentals of Financial Management
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
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 69
A Textbook of Business Finance Ashiq Hussain
Study texts / Revision guides
PAPER NO. CS33 PRINCIPLES AND PRACTICE OF MANAGEMENT
TITLE AUTHOR(S) EDITION
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
The Four Elements of Successful Management
Don R. Marshall
Management: Concepts and Practices
Tim Hannagan 5
Management: A Global Perspective
Heinz Weihrich 11
Study texts / Revision guides
SECTION 4
PAPER NO. CS41 CORPORATE SECRETARIAL PRACTICE
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CS42 MANAGEMENT INFORMATION SYSTEMS
TITLE AUTHOR(S) EDITION
Management 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
Study texts / Revision guides
PAPER NO. CS43 LAW AND PROCEDURE OF MEETINGS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
SECTION 5
PAPER NO. CS51 HUMAN RESOURCE MANAGEMENT
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CS52 FINANCIAL MARKETS LAW
TITLE AUTHOR(S) EDITION
Capital Markets Act CAP 485A / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as appropriate
Law of Financial Institutions in Kenya
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
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 70
Central Depository Rules 2004 / applicable rules in other countries
www.cma.or.ke
Capital Markets Authority / as appropriate
Code of Corporate Governance Practices
Capital Markets Authority / as appropriate
Study texts / Revision guides
PAPER NO. CS53 GOVERNANCE AND ETHICS
TITLE AUTHOR(S) EDITION
Boards That Deliver: Advancing Corporate Governance From Compliance to Competitive Advantage
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
Robert W. McGee 2009
Corporate Governance John Colley 1
Law and Ethics in the Business Environment
Terry Halbert 8
Business Ethics : A Textbook with Cases
William H. Shaw 8
Codes of Governance e.g Mwongozo / Handbooks of Capital Markets Authority
Study texts / Revision guides
SECTION 6
PAPER NO. CS61 STRATEGIC MANAGEMENT
TITLE AUTHOR(S) EDITION
Essentials 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
Strategic Management and Business Policy: For Managers and Consultants
B. Hariyappa
Strategic Management Practices: A Kenyan Perspective
John Yabs 2
Study texts / Revision guides
PAPER NO. CS62 PUBLIC POLICY AND ADMINISTRATION
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CS63 GOVERNANCE AND SECRETARIAL AUDIT
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
RECOMMENDED READING LIST
READ
ING
LIST
CICT
CERTIFIED INFORMATION COMMUNICATION TECHNOLOGISTS
SECTION 1
PAPER NO. CT11 INTRODUCTION TO COMPUTING
TITLE AUTHOR(S) EDITION
Peter Norton’s Introduction to Computers
Peter Norton 6
Introduction to Computers Garry B. Shelly 8
KASNEB NEWSLINE, Issue No. 3, July - September 2015 71
RECOMMENDED READING LISTComputer Fundamentals D.P Nagpal Revised
Computer Fundamentals Pradeep K. 6
Schaum’s Outlines: Principles of Computer Science
Paul Tymann
Study texts / Revision guides
PAPER NO. CT12 COMPUTER APPLICATIONS - PRACTICAL
TITLE AUTHOR(S) EDITION
Peter Norton’s Introduction to Computers
Peter Norton 6
Schaum’s Outlines: Principles of Computer Science
Paul Tymann
Microsoft Office 2007 All in One For Dummies
Wallace Wang 1
Microsoft Office 2010 All in One For Dummies
Peter Weverka
Study texts / Revision guides
PAPER NO. CT13 ENTREPRENEURSHIP AND COMMUNICATION
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
SECTION 2
PAPER NO. CT21 OPERATING SYSTEMS - PRACTICAL
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CT22 PRINCIPLES OF ACCOUNTING
TITLE AUTHOR(S) EDITION
Business Accounting I Frank Wood 12
A Textbook of Financial Accounting
Daniel. Kimuda
Advanced Accounting: Theory and Practice
David Wang’ombe
Basic Accounting N.D. Nzomo
Accounting Theory and Practice Michel Glautier 8
Financial Accounting N.A. Saleemi EA
Study texts / Revision guides
PAPER NO. CT23 COMPUTER SUPPORT AND MAINTENANCE
TITLE AUTHOR(S) EDITION
Principles of Computer Hardware Alan Clements 4
Troubleshooting and Maintaining your PC
Dan Gookin 2
Bigelow’s Troubleshooting, Maintaining & Repairing PCs
Stephen Bigelow 5
Study texts / Revision guides
SECTION 3
PAPER NO. CT31 DATABASE SYSTEMS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CT32 SYSTEMS ANALYSIS AND DESIGN
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CT33 STRUCTURED PROGRAMMING
TITLE AUTHOR(S) EDITION
Beginning Programming All-In-One Desk Reference For Dummies
Wallace Wang 1
Computer Science: A Structured Programming Approach Using C
Behrouz A. Forouzan 3
KASNEB NEWSLINE, Issue No. 3, July - September 2015 72
C For Dummies Dan Gookin 2
C Projects Yash Vashant Kanetkar
Study texts / Revision guides
SECTION 4
PAPER NO. CT41 OBJECT ORIENTED PROGRAMMING
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CT42 WEB DESIGN AND E-COMMERCE
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CT43 DATA COMMUNICATIONS AND COMPUTER NETWORKS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
SECTION 5
PAPER NO. CT51 STRATEGY, GOVERNANCE AND ETHICS
TITLE AUTHOR(S) EDITION
Essentials 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 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
Robert W. McGee 2009
Corporate Governance John Colley 1
Law 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 Paliwal
Total Quality Leadership J.R. Bhatti
Codes of Governance e.g Mwongozo
Handbooks of Capital Markets Authority
Study texts / Revision guides
PAPER NO. CT52 SOFTWARE ENGINEERING
TITLE AUTHOR(S) EDITION
Software Engineering: A Practitioner’s Approach
Roger S. Pressman 8
Software Engineering Ian Sommerville 10
Fundamentals of Software Engineering
Rajib Mall 3
Study texts / Revision guides
PAPER NO. CT53 MOBILE APPLICATION DEVELOPMENT
TITLE AUTHOR(S) EDITION
Professional Mobile Application Development
Jeff McWherter 1
RECOMMENDED READING LIST
KASNEB NEWSLINE, Issue No. 3, July - September 2015 73
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
Study texts / Revision guides
SECTION 6
PAPER NO. CT61 SYSTEMS SECURITY
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CT62 INFORMATION SYSTEMS PROJECT MANAGEMENT
TITLE AUTHOR(S) EDITION
Project Management for Dummies
Stanley E. Portny 4
Information Technology Project Management
Kathy Schwalbe 8
Study texts / Revision guides
PAPER NO. CT63 RESEARCH METHODS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
ICT PROJECT
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
RECOMMENDED READING LIST
READ
ING
LIST
CIFA
CERTIFIED INVESTMENT AND FINANCIAL ANALYSTSSECTION 1
PAPER NO. CF11 FINANCIAL ACCOUNTING
TITLE AUTHOR(S) EDITION
Business Accounting I Frank Wood 12
A Textbook of Financial Accounting
Daniel. Kimuda
Advanced Accounting: Theory and Practice
David Wang’ombe
Basic Accounting N.D. Nzomo
Accounting Theory and Practice Michel Glautier 8
Financial Accounting N.A. Saleemi EA
Study texts / Revision guides
PAPER NO. CF12 FINANCIAL MATHEMATICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
KASNEB NEWSLINE, Issue No. 3, July - September 2015 74
RECOMMENDED READING LIST
PAPER NO. CF13 ENTREPRENEURSHIP AND COMMUNICATION
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
SECTION 2
PAPER NO. CF21 ECONOMICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CF22 FINANCIAL INSTITUTIONS AND MARKETS
TITLE AUTHOR(S) EDITION
Financial Markets and Institutions
Jeff Madura 11
Financial Markets and Institutions
Anthony Saunders 4
Financial Markets, Instruments and Institutions
Anthony M. Santamero
2
Financial Institutions, Markets, and Money
David S. Kidwell 11
Financial Markets and Institutions
Frederic S Mishkin 8
Kaplan Schweser Series Materials
Study texts / Revision guides
PAPER NO. CF23 PUBLIC FINANCE AND TAXATION
TITLE AUTHOR(S) EDITION
Public Finance H.L Bhatia 27
Public Finance Harvey S. Rosen 10
Public Finance Management Act CAP 412C /as applicable
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
www.kenyalaw.org
Government of Kenya / as applicable
Public Finance Management Act CAP 412C / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
2012 / as applicable
The Income Tax Act CAP 470 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
The Value Added Tax CAP 476
www.kenyalaw.org
Government of Kenya / as applicable
The Customs and Excise Tax CAP 472 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Finance Bills Government of Kenya / as applicable
As published annually
Study texts / Revision guides
SECTION 3
PAPER NO. CF31 REGULATION OF FINANCIAL MARKETS
TITLE AUTHOR(S) EDITION
Law Relating to Financial Services
Graham Roberts 4
Capital Markets Act CAP 485A / applicable Act for other countries
www.kenyalaw.org
Government of Kenya / as applicable
KASNEB NEWSLINE, Issue No. 3, July - September 2015 75
RECOMMENDED READING LISTCentral Depositories Act CAP 485D applicable Act for other countries
www.kenyalaw.org
Government of Kenya / as applicable
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
Capital Markets Authority / as applicable
Code of Corporate Governance Practices
Capital Markets Authority / as applicable
Kaplan Schweser Series Materials
Study texts / Revision guides
PAPER NO. CF32 CORPORATE FINANCE
TITLE AUTHOR(S) EDITION
Corporate Finance: Principles and Practice
Denzil. Watson 6
Corporate Finance Stephen Ross 10
Principles of Corporate Finance Richard A. Brealey 9
Financial Management: Theory and Practice
Eugene F. Brigham 14
Fundamentals of Financial Management
Brigham and Houston
14
Financial Management I.M. Pandey 11
Fundamentals of Financial Management
J. Van Horne 13
International Corporate Finance Jeff Madura 8
Study texts / Revision guides
PAPER NO. CF33 FINANCIAL STATEMENTS ANALYSIS
TITLE AUTHOR(S) EDITION
Financial Management: Theory and Practice
Eugene F. Brigham 14
Fundamentals of Financial Management
Brigham and Houston
14
Financial Management I.M. Pandey 11
Fundamentals of Financial Management
J. Van Horne 13
The Analysis and Use of Financial Statements
Gerald I. White 3
Analysis of Financial Statements Leopold Bernstein 5
Principles of Managerial Finance Lawrence J. Gitman 14
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
Kaplan Schweser Series Materials
Study texts / Revision guides
SECTION 4
PAPER NO. CF41 EQUITY INVESTMENTS ANALYSIS
TITLE AUTHOR(S) EDITION
Intermediate Financial Management
Eugene F. Brigham 11
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
Kaplan Schweser Series Materials
Study texts / Revision guides
PAPER NO. CF42 PORTFOLIO MANAGEMENT
TITLE AUTHOR(S) EDITION
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
Kaplan Schweser Series Materials
Study texts / Revision guides
PAPER NO. CF43 QUANTITATIVE ANALYSIS
TITLE AUTHOR(S) EDITION
Quantitative Methods for Business Management and Finance
Louis Swift 4
Quantitative Techniques for Managerial Decisions
R.B. Khanna 2
Quantitative Techniques for Managerial Decisions
U. K Srivastav 2
Quantitative Techniques Simplified
N.A. Saleemi EA
Quantitative Techniques T. Lucey 3
KASNEB NEWSLINE, Issue No. 3, July - September 2015 76
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
Study texts / Revision guides
SECTION 5
PAPER NO. CF51 STRATEGY, GOVERNANCE AND ETHICS
TITLE AUTHOR(S) EDITION
Essentials 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 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
Robert W. McGee 2009
Corporate Governance John Colley 1
Law and Ethics in the Business Environment
Terry Halbert 8
Ethics, Integrity and Values in Public Service
Arora Ramesh K.
Business Ethics Manisha Paliwal
Total Quality Leadership J.R. Bhatti
Business Ethics : A Textbook with Cases
William H. Shaw 8
Codes of Governance e.g Mwongozo
Handbooks of Capital Markets Authority
Study texts / Revision guides
PAPER NO. CF52 FIXED INCOME INVESTMENTS ANALYSIS
TITLE AUTHOR(S) EDITION
Investments William Sharpe 6
Security Analysis and Portfolio Management
Donald E. Fischer 6
Investment Management: Security Analysis and Portfolio Management
V.K. Bhalla 19
Investments: Analysis and Behaviour
Mark Hirschey 2
Investment Management Frank J. Fabozzi 2
Kaplan Schweser Series Materials
Study texts / Revision guides
PAPER NO. CF53 ALTERNATIVE INVESTMENTS ANALYSIS
TITLE AUTHOR(S) EDITION
The Handbook of Alternative Investments
Darrell Jobman
Alternative Investments: Instruments, Performance, Benchmarks and Strategies
H. Kent Baker 1
Kaplan Schweser Series Materials
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
Study texts / Revision guides
SECTION 6
PAPER NO. CF61 ADVANCED PORTFOLIO MANAGEMENT
TITLE AUTHOR(S) EDITION
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
Kaplan Schweser Series Materials
Study texts / Revision guides
PAPER NO. CF62 INTERNATIONAL FINANCE
TITLE AUTHOR(S) EDITION
Multinational Financial Management
Alan C. Shapiro 10
International Corporate Finance Jeff Madura 8
International Financial Management
Jeff Madura 12
KASNEB NEWSLINE, Issue No. 3, July - September 2015 77
RECOMMENDED READING LISTInternational Finance: Management, Markets and Institutions
James Calvin Baker
Study texts / Revision guides
PAPER NO. CF63 DERIVATIVES ANALYSIS
TITLE AUTHOR(S) EDITION
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
Kaplan Schweser Series Materials
Study texts / Revision guides
READ
ING
LIST
CCP
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
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
Study texts / Revision guides
PAPER NO. CP12 COMMERCIAL LAW
TITLE AUTHOR(S) EDITION
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
Government of Kenya / Other countries
2010 / As applicable
Study texts / Revision guides
PAPER NO. CP13 ENTREPRENEURSHIP AND COMMUNICATION
TITLE AUTHOR(S) EDITION
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
CERTIFIED CREDIT PROFESSIONALSSECTION 1
PAPER NO. CP11 CREDIT MANAGEMENT
TITLE AUTHOR(S) EDITION
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 78
RECOMMENDED READING LISTBusiness English N.A Saleemi EA
Business Communication and Report Writing
N.A Saleemi EA
Entrepreneurship and Communication Simplified
N.A Saleemi EA
Study texts / Revision guides
SECTION 2
PAPER NO. CP21 ECONOMICS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
PAPER NO. CP22 PRINCIPLES OF ACCOUNTING
TITLE AUTHOR(S) EDITION
Business Accounting I Frank Wood 12
A Textbook of Financial Accounting
Daniel. Kimuda
Advanced Accounting: Theory and Practice
David Wang’ombe
Basic Accounting N.D. Nzomo
Accounting Theory and Practice Michel Glautier 8
Financial Accounting N.A. Saleemi EA
Study texts / Revision guides
PAPER NO. CP23 PUBLIC FINANCE AND TAXATION
TITLE AUTHOR(S) EDITION
Public Finance H.L Bhatia 27
Public Finance Harvey S. Rosen 10
Public Finance Management Act CAP 412C /as applicable
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
www.kenyalaw.org
Government of Kenya / as applicable
Public Finance Management Act CAP 412C / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
2012 / as applicable
The Income Tax Act CAP 470 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
The Value Added Tax CAP 476
www.kenyalaw.org
Government of Kenya / as applicable
The Customs and Excise Tax CAP 472 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Finance Bills Government of Kenya / as applicable
As published annually
Study texts / Revision guides
SECTION 3
PAPER NO. CP31 COMPANY LAW
TITLE AUTHOR(S) EDITION
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
Companies Act CAP. 486 / applicable Act in other countries
www.kenyalaw.org
Government of Kenya / as applicable
Study texts / Revision guides
PAPER NO. CP32 FINANCIAL MANAGEMENT
TITLE AUTHOR(S) EDITION
Financial Management: Theory and Practice
Eugene F. Brigham 14
Fundamentals of Financial Management
Brigham and Houston
14
Financial Management I.M. Pandey 11
Fundamentals of Financial Management
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
KASNEB NEWSLINE, Issue No. 3, July - September 2015 79
RECOMMENDED READING LISTA Textbook of Business Finance Ashiq Hussain
Study texts / Revision guides
PAPER NO. CP33 MARKETING AND PUBLIC RELATIONS
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
SECTION 4
PAPER NO. CP41 LAW GOVERNING CREDIT PRACTICE
TITLE AUTHOR(S) EDITION
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
Sale of Goods and Consumer Credit
A.P. Dobson 6
Study texts / Revision guides
PAPER NO. CP42 MANAGEMENT INFORMATION SYSTEMS
TITLE AUTHOR(S) EDITION
Management 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
Study texts / Revision guides
PAPER NO. CP43 QUANTITATIVE ANALYSIS
TITLE AUTHOR(S) EDITION
Quantitative Methods for Business Management and Finance
Louis Swift 4
Quantitative Techniques for Managerial Decisions
R.B. Khanna
Quantitative Techniques for Managerial Decisions
U. K Srivastav 2
Quantitative Techniques Simplified
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
Study texts / Revision guides
SECTION 5
PAPER NO. CP51 STRATEGY, GOVERNANCE AND ETHICS
TITLE AUTHOR(S) EDITION
Essentials 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 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
Robert W. McGee 2009
Corporate Governance John Colley 1
Law 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 Paliwal
Total Quality Leadership J.R. Bhatti
KASNEB NEWSLINE, Issue No. 3, July - September 2015 80
RECOMMENDED READING LISTCodes of Governance e.g Mwongozo / Handbooks of Capital Markets Authority
Study texts / Revision guides
PAPER NO. CP52 BANKING LAW AND PRACTICE
TITLE AUTHOR(S) EDITION
Law of Financial Institutions in Kenya
Njaramba Gichuki 2
Principles of Banking Law Ross Cranston 3
Banking and Financial Institutions Laws in a Nutshell
William Lovett 8
Bank Management & Financial Services
Peter Rose 9
Ellinger’s Modern Banking Law E.P. Ellinger 5
Banking and Financial Institutions Law
William A. Lovett 8
Study texts / Revision guides
PAPER NO. CP53 CREDIT MANAGEMENT IN THE FINANCIAL SECTOR
TITLE AUTHOR(S) EDITION
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
Study texts / Revision guides
SECTION 6
PAPER NO. CP61 DEBT RECOVERY
TITLE AUTHOR(S) EDITION
The Complete Guide to Debt Recovery: How to Use the Legal System to Collect Debts Quickly and Painlessly
Roger Mason 1
Consumer Collections and Recoveries
Murray Bailey
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
Study texts / Revision guides
PAPER NO. CP62 CORPORATE LENDING
TITLE AUTHOR(S) EDITION
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
Sale of Goods and Consumer Credit
A.P Dobson 6
Study texts / Revision guides
PAPER NO. CP63 CREDIT PRACTICE
TITLE AUTHOR(S) EDITION
Credit Management Handbook Burt Edwards 5
Sale of Goods and Consumer Credit
A.P Dobson 6
Credit Risk Management and Basel II: An Implementation Guide
Bhatia Mohan
Implementing Successful Credit Control
Alan Dixie 4
Tolley’s Effective Credit Control and Debt Recovery Handbook
Robert Addlestone 3
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
Study texts / Revision guides
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enquiries@vision.co.ke| |ECB CAMPUSEquatorial Commercial Bank Building2nd Floor, Moi AvenueP.O Box 99432, Kilindini, MombasaTel: (041) 230 925/220 881Mobile: +254 723 281 581/ +254 735 636 971
MOMBASA CAMPUSES
WHY TRAIN WITH WITH US?Highly Qualified, Skilled and Competent lecturers
Life skills Training
We provide training and quality professional
skills in Accountancy, Finance, Information
& Communication Technology and other
business related areas.
KASNEB Programmes CPA, CS, ATD
Certified Information Systems Auditor (CISA)
Application Software Packages
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