...Executive summary This report has three main parts. Firstly, I describe the different users (Stakeholders) of Finance statements and their needs and assess the implications for users of financial statement. Then, I explain the legal and regulatory influences on financial statements preparation like Companies Acts. After that, I describe how different policies are dealt with by accunting and reporting standard including FRS, IASB, SSAP, GAAP and ASB). Furthermore, I calculate accounting ratio consisting of Solvency, Profitability, Capital Gearing, Dividend Yield, Assets to assess the performance and position of Vinamilk and then prepare a report incorporating and interpreting accounting ratio, compare against the previous year, regional and also local competitors. This report provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Vinamilk Corp. Methods of analysis include ratios such as Debt, Current and Quick ratios, etc. Results of data analysed show that all ratios are below industry averages. In particular, comparative performance is a little bit downfalls in the areas of profit margins, liquidity, credit control, and inventory management. The report finds the prospects of the company in its current position are not positive. The major areas of weakness require further investigation and remedial action by management. Recommendations include: • improving the average collection period...
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...Tobacco, Bangladesh Ltd. 29- 07- 2012 Date Submitted by Name Nahid Rijwan Roll 3-09-17-033 CONTENTS Topic CHAPTER – 1 About British American Tobacco Bangladesh Business Principles of BAT, Bangladesh Standards of Business Conduct of BAT, Bangladesh: CHAPTER – 2 Corporate Governance Statement Board of Directors of BAT Bangladesh and Their Roles Relationship with Shareholders Accountability and Audit Compliance with Legal Requirements Employees Standards of Business Conduct CHAPTER -3 Corporate Social Responsibility Statement Probaho Socially Responsible Tobacco Production (SRTP) Deepto Afforestation CHAPTER - 4 Auditor’s Report to The Shareholders 16 12 12 13 14 15 6 7 9 10 10 10 11 1 2 3 Page CHAPTER - 5 Comparative Analysis of Bat Bangladesh’s Corporate Governance Compliance Status of compliance with the Provisions Denoted in the Code of Corporate Governance for Bangladesh, March 2004 Status of compliance with the Conditions Imposed by the Securities & Exchange Commission's Notification 21 19 18 REFERENCES 23 ANNEXURE - I 24 CHAPTER – 1 About British American Tobacco Bangladesh: British American Tobacco Bangladesh is one of the largest multinational companies in the country and has been operating for over 100 years. There are over 1,000 employees and take pride in being one of the preferred employers in Bangladesh. Responsibility to the shareholders, employees, business partners, customers and any other...
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...Internship Report “The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited” Submitted To: Sharmin Shabnam Rahman Lecturer BRAC Business School, BRAC University Prepared & Submitted By: Name Shamima Aktar Student ID 08104057 Date of Submission: May 20 , 2012 “The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited” ii Letter of Transmittal May 20, 2012 Sharmin Shabnam Rahman Lecturer, BRAC Business School, BRAC University Subject: Submission of Internship Report (BUS-400). Dear Madam, With due respect, I would like to inform you that, I have completed my internship at Peoples Insurance Company Limited. Throughout the internship period, I have found the company getting ready to adopt with changes brought by the Insurance Act 2010. Hence, I chose ―The Insurance Act 2010 for non-life insurance; the Problems & Prospects of Peoples Insurance Company Limited‖ as the topic of my internship report. In order to prepare the report, I have collected required information through qualitative research and finally completed the report which is now ready to submit. It was really enjoyable to work on the report as it has provided me with an opportunity to know about realistic fact of the influence of Insurance Act 2010 on the overall operation of PICL. I have learned a lot about the non-life insurance industry after preparing this term paper and got...
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...Introduction Good corporate governance (GCG) in a corporate set up leads to maximize the value of the shareholders legally, ethically and on a sustainable basis, while ensuring equity and transparency to every stakeholder - the company's customers, employees, investors, vendors-partners, the government of the land and the community (Murthy, 2006). GCG is a must for ensuring the required values to different stakeholder groups. It enhances the performance of corporations, by creating an environment that motivates managers to maximize returns on investment, enhance operational efficiency and ensure long-term productivity growth. Consequently, such corporations attract the best talent on a global basis. It also ensures the conformance of corporations with the interests of investors and society, by creating fairness, transparency and accountability in business activities among employees, management and the board (Oman, 2001). Again, GCG increase public confidence in a corporation, and lowers the cost of capital for investment. According to a McKinsey study (2002), over 60% of investors cite Good Governance practices in a corporation as a key factor in their investment decisions. Today, GG becomes a slogan and a pride. Here, we can uses accounting as a mean for establishing and retaining corporate governance. Accounting is a process of compiling information for reporting the internal affairs of any entity to different stakeholders at the end of a certain interval. It is defined as...
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...“America’s most innovated company.” Just six months later, in December, Enron filed for bankruptcy. The failure shocked the public and angered investors. How could this have happened? Did no one see this coming? Where were the accountants? Where were the controls? Enron’s public troubles began on October 16th of 2001 when management released a third quarter earnings report with a “mysterious $1.2 billion dollar reduction.” The following month the company restated earnings for the previous five years and erased $600 million in profits. It turned out that the October report began to reveal Enron’s gross abuse of special-purpose entities (SPEs) and the mark-to-market accounting method. The company used SPEs to keep enormous amounts of losses off its books while inflating earnings from supply contracts by booking all profits from a contract in the quarter the deal was made. What also became clear was that Enron did not accomplish their gross manipulations without the help from their accountant’s at Arthur Andersen. Enron shareholders and executives were not the only groups negatively affected by Enron’s aggressive accounting practices. Arthur Andersen was also unraveled because of the role it played in Enron’s materially misstated financial statements. In a letter to Kenneth Lay (, Enron’s CEO before and after Jeffrey Skilling’s short term) shortly after Jeffrey Skilling resigned, Sherron Watkins, a VP at Enron, expressed her concern with the state of the company and expressed stated...
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...accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents Evaluation Synthesis ANALYSIS ANALYSIS APPLICATION APPLICATION COMPREHENSION COMPREHENSION COMPREHENSION KNOWLEDGE KNOWLEDGE KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 FOUNDATION COURSE - Syllabus 2012 The Following table lists the learning objectives and the verbs that appear in the syllabus learning aims and examination question. Learning objectives Level A COMPREHENSION What you are expected to understand List Make a list of. State Express, fully or clearly , the details/ facts of. Define Give the exact meaning of. Communicate the key features of. Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 2 FOUNDATION COURSE...
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...City Colleges’ ‘Night Before Notes’ for ACCA P1 Dec 2014 Owen O’Reilly owen.oreilly@citycolleges.ie Everyone loves ‘tips’ – but you have got to be careful! There is a grain of truth in the following... handy as a checklist also – 3 or 4 points on each: Paper P1 Becker Paper P1 BPP • Corporate governance (CG) concepts, underlying • Public sector governance. fundamentals and arrangements. • Integrated reporting. • CG in other organisations (e.g. public sector, NGOs). • Ethical and CSR theories – applied to scenarios. • Types and forms of CG (e.g. rules based, principles based, insider, outsider systems, UK Corporate Governance Code, Paper P1 LSBF SoX). • Governance: • Agency theory, stakeholders, Mendelow. – Role of Board. – Unitary/two tier. • Board structures, CEO/chairman, directors, NEDs, – Chair role/CEO chair split. committees. – Induction/performance appraisal. – Reward systems. • Internal control and business risk, Turnbull. – Family based structure. • Ethical theories and business codes – Kohlberg, Gray, Owen – Global standards in governance. and Adams, Tucker, AAA. – Stakeholder classifications. • Professions and the public interest. • Control: • Corporate social responsibility, corporate citizen, footprints – Objectives of a sound system. and sustainability. – COSO failures. – Reasons for internal audit. • Integrated reporting, social and environmental auditing. – Internal control disclosure. • Risk management: Paper P1 Kaplan –...
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...Answer 1 A broad, general, and written statement of a specific job, based on the findings of a job analysis. It generally includes duties, purpose, responsibilities, scope, and working conditions of a job along with the job's title, and the name or designation of the person to whom the employee reports. Job description usually forms the basis of job specification. Job Description of a finance Manager : Position Description: Finance Manager Supervises: All treasury staff, as well as financial analysts and cost accountants Principal Accountabilities: Management 1. Maintain a documented system of accounting policies and procedures 2. Manage outsourced functions 3. Oversee the operations of the treasury department, including the design of an organizational structure adequate for achieving the department's goals and objectives Funds Management 1. Forecast cash flow positions, related borrowing needs, and available funds for investment 2. Ensure that sufficient funds are available to meet ongoing operational and capital investment requirements 3. Use hedging to mitigate financial risks related to the interest rates on the company's borrowings, as well as on its foreign exchange positions 4. Maintain banking relationships Budgeting 1. Manage the preparation of the company's budget 2. Report to management on variances from the established budget, and the reasons for those variances 3. Assist management in the formulation...
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...with Enron and Arthur Andersen happen in the US where auditing is sophisticated, accounting principles are strong, and disclosure is emphasized? This is a teaching case for persons outside the US to review the financial reporting and auditing issues related to Enron and to explain the regulation of accounting and auditing in the US. It has broad implications for corporate governance and accounting regulation in other countries as well. n the years after the Enron Corporation declared bankruptcy in 2001 and Arthur Andersen failed in 2002, people are still asking, especially those outside the US, how could this happen? What went wrong? The US has a well-developed set of Generally Accepted Accounting Principles (GAAP) that requires extensive disclosures in audited financial statements, and a well-established federal agency, the Securities and Exchange Commission (SEC) that monitors financial reporting. This case is written for accounting students and others, who are outside the US, to explore the financial reporting and auditing issues related to the debacles at Enron and Andersen and to explain the financial reporting environment in the US. The case is presented in four parts. Part I presents general information about Enron and Andersen. In Part II, the government and legal system I 27 28 Cunningham, and Harris of the US,...
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...Guidance Accounting and Reporting Financial Reporting Council June 2014 Guidance on the Strategic Report The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies. The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it. © The Financial Reporting Council Limited 2014 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS Financial Reporting Council June 2014 Guidance on the Strategic Report Contents Page Guidance on the Strategic Report Summary 1 2 3 4 5 6 7 8 Objectives and how to use this guidance Scope The annual report The strategic report: purpose The strategic report:...
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...with Enron and Arthur Andersen happen in the US where auditing is sophisticated, accounting principles are strong, and disclosure is emphasized? This is a teaching case for persons outside the US to review the financial reporting and auditing issues related to Enron and to explain the regulation of accounting and auditing in the US. It has broad implications for corporate governance and accounting regulation in other countries as well. n the years after the Enron Corporation declared bankruptcy in 2001 and Arthur Andersen failed in 2002, people are still asking, especially those outside the US, how could this happen? What went wrong? The US has a well-developed set of Generally Accepted Accounting Principles (GAAP) that requires extensive disclosures in audited financial statements, and a well-established federal agency, the Securities and Exchange Commission (SEC) that monitors financial reporting. This case is written for accounting students and others, who are outside the US, to explore the financial reporting and auditing issues related to the debacles at Enron and Andersen and to explain the financial reporting environment in the US. The case is presented in four parts. Part I presents general information about Enron and Andersen. In Part II, the government and legal system I 27 28 Cunningham, and Harris of the US,...
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...IIE Module Guide ACCO230 ACCOUNTING 2A (DIPLOMA) MODULE GUIDE 2013 First edition: (2013) This manual enjoys copyright under the Berne Convention. In terms of the Copyright Act, no 98 of 1978, no part of this manual may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any other information storage and retrieval system without permission in writing from the proprietor. The Independent Institute of Education (Pty) Ltd is registered with the Department of Higher Education and Training as a private further and higher education and training institution under the Further Education and Training Colleges Act, 2006 (reg. no. 2009/FE07/003, prov. to 31/12/2014) and the Higher Education Act, 1997 (reg. no. 2007/HE07/002). © The Independent Institute of Education (Pty) Ltd 2013 - Page 1 of 82 IIE Module Guide ACCO230 DID YOU KNOW? Student Portal The full-service student portal provides you with access to your academic administrative information, including: an online calendar, timetable, academic results, module content, document reviews, financial account, and so much more. Module Guides or Manuals When you log into the Student Portal, the Module Information page displays “Module Purpose” and “Textbook Information” including online “Module Guides or Manuals” for each module for which you are registered. Supplementary Materials For certain modules, electronic supplementary material...
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...auditors happened during the Industrial Revolution that started in Great Britain around 1780. This revolution led to the emergence of large industrial companies with complex bureaucratic structures and, gradually, the need to look for external funds in order to finance further expansion: the separation between capital provision and management. Both developments resulted in demand for the services of specialists in bookkeeping and in auditing internal and external financial representations. The institutionalization of the audit profession was then merely a matter of time. Management Controls Operations and Communications Management has control over the accounting systems and internal controls of the enterprises that auditors audit. Management is not only responsible for the financial and internal control reports to investors, but also has the authority to determine the precise nature of the representations that go into those reports. However, management can scarcely be expected to take an impartial view of this process. Communications to Stakeholders – the Financial Statements The financial statements measure the financial and non-financial performance and financial position of the organization that management manages. Internal controls determine what and how management objectives are met. They have an important influence on...
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...About the authors v vi List of abbreviations vii Executive summary ix Part 1 Auditor independence 1 Introduction 1 1.1 1 1.2 The ‘problem’ of non-audit services (NAS) 1 1.3 The current UK regulatory and professional environment 2 1.4 Motivation for this study 3 1.5 2 The role of audit in regulating capital markets Structure of report 3 Auditor independence 4 2.1 Introduction 4 2.2 Definitions of auditor independence 4 2.3 Economic models of auditor independence not including NAS 5 2.4 Models of auditor pricing and independence in the presence of NAS 5 2.5 2.6 Economic power models of auditor independence Moral psychology, ethical reasoning and independence 8 8 2.7 Broader based studies into auditor decision making 9 2.8 Summary and comments 11 Part 2 Current regulatory frameworks 3 Auditor independence and NAS: analysis of current regulatory frameworks 3.1 Introduction 13 13 3.2 Regulation of auditor independence 13 3.3 Independence in professional and legal regulatory frameworks 13 3.4 3.5 Independence and NAS Overall economic dependence 19 22 3.6 Small companies 22 3.7 Summary and comments 23 Part 3 Empirical studies of NAS 4 Methods 25 4.1 25 4.2 5 Literature search procedures adopted Review procedures adopted and classification of empirical studies 26 ...
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...Persia, and today the countries of Iran and Iraq had an active trading between towns and cities up and down the two rivers started the accounting concepts. At that time there were no letters or numbers. The merchants had to ship their merchandise up and down the rivers. They have to trust the boat man with their goods. There were a lot of disagreements about how much was shipped versus what was received at the other end between the merchants and the shippers. To deal such problem, merchants came up with small clay tokens, in various shapes and with various markings, to indicate different products, which would mean a basket of grain, another would mean a pot of oil, etc. They had over 200 such tokens to indicate a large variety of common goods, including food, leather, clothing, utensils, tools, jewelry, etc. Before shipping their goods, a merchant would take one token for each item in the shipment, and encase the tokens in a ball of clay, called a "bollae" (pronounced "bowl-eye") - meaning ball. The ball would be dried in the sun, given to the boatman, and then broken by the buyer on the other end of the transaction. The buyer would match the tokens with the items in the shipment, to verify that everything sent was accounted for. Early references to accounting concepts are found in the Vedas, In atharvaveda and the Nirukta denoting ‘sale’. Sulka in the Rig veda clearly means ‘price’ are found indicating the accounting practices. In the Dharma Sutras it denotes a ‘tax’...
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