...This supports ethical Principle 8.07 – Deception in Research The Bible has had a profound effect on billions of people, both believers and non-believers. Some ethical principles that can be derived from the Bible include the importance of caring for the stranger, the poor, employees, the environment, and animals. Demonstrating the importance of keeping honest records, Scripture (Proverbs 11:1, NIV): “A false scale is an abomination to God; but a just weight is His desire.” Researcher’s also have an obligation to behave in a manner that does not cause others to be suspicious of what they are doing. This includes using truly independent auditors and avoiding situations that give rise to conflicts of interest. Ethical Principles of Psychologists and Code of Conduct of APA ethics concerning research based on Biblical principles is an important step in caring for both the researcher and society. “These are the things that you are to do: Speak the truth every man with his fellow; with truth, justice and peace, judge in your gates. And let none of you contrive evil in your hearts against one another and do not love false oaths; because all these are things that I hate, declares the Lord.” (Zechariah 8: 16-17, NIV. Obviously, all types of deception and dishonesty are prohibited. The Bible (Exodus 23: 7) also states: “Distance yourself from a false matter.” Which include all kinds of falsehoods including press releases with misleading information, deceptive advertisements, deceptive...
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...WORKING PAPER Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Barbara M. Vinciguerra Penn State Great Valley School of Graduate Professional Studies Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Abstract Professional standards require auditors to be independent in the performance of attestation services. Critics of the accounting profession have expressed concern that pressure to maintain and develop business opportunities may erode an auditor’s objectivity and independence when making audit judgments. The profession contends that aspects of the auditing environment such as peer review, consultation review, and auditor professionalism serve to mitigate this risk. This study examines the impact of financial dependence, consultation review requirement, and moral development on a judgment based audit decision. Fifty-four experienced auditors were asked to assess the appropriateness of an audit client’s proposed change in accounting estimate for warranties. Two levels of financial dependence (Large client with potential for additional consulting revenues / Small client) and two levels of consultation review requirement (Required / Not required) were manipulated in the case materials. Moral development was measured using the Defining Issues Test (DIT) p-score. Results of the tests indicate that the presence of a consultation review...
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...employees, business partners, local communities, the environment and society. The emphasis is on transparent and verifiable stakeholder driven business operation delivering optimised sustainability performance and associated competitive advantage. Sustainable business operation means addressing the needs of present stakeholders while seeking to protect, support and enhance the human and natural resources that will be needed by future stakeholders. CSR describes the principle that companies can and should make a positive contribution to society. CSR is the practice of managing the social, environmental and economic impacts of the company, being responsive to 'stakeholders' (those who are affected by a business operation) and behaving according to a set of values which are not codified in law. In practice the term can refer to a wide range of actions that companies may take, from donating to charity to reducing carbon emissions. By CSR here we refer to the practice of major companies, rather than 'ethical pioneers': smaller companies which are set up with social and environmental concerns as their primary motivation in doing business. Companies engage in CSR because, for a number of reasons, they think it will be good for their profit margins. The business case for CSR emphasises the benefits to reputation, staff and consumer loyalty plus maintaining public goodwill. CSR is supposed to be win-win. The...
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...Running head: A FINANCIAL ANALYSIS FOR THE BOEING COMPANY 1 An Overview of Financial Statement Analysis for The Boeing Company. Kathleen Kelly Capella University A Financial Analysis of The Boeing Company EXECUTIVE SUMMARY: The Boeing Company is a leader in manufacturing aircraft in both commercial and military sales. The Boeing Company is the world’s largest within its industry of aerospace/defense products and services with over $90 billion in revenue at the end of 2014 (Boeing, 2015). Boeing is a top US exporter of goods and has customers in 150 countries (Boeing, 2015). Boeing is listed on the NYSE and compared to their top two competitors, Lockheed Martin and Northrup Grumman, Boeing has an operating cash flow of 7.83B while both competitors total 5.31B (Yahoo Finance, 2015). This is more than double the amount of their competitors. While Boeing clearly has a higher cash flow their profit margins are not as high as both competitors (Yahoo Finance, 2015). However, Boeing has been extremely profitable but not as profitable as recorded in 2012 (Yahoo Finance, 2015). Boeing also appears to be losing market share at the present time. A 52 week range has been 116.32-158.83 and the last day’s range has been 146.01-148.37 (Yahoo Financials, 2015). A thorough analysis will follow to compare Boeing with its major competitors as well as review Boeing’s financial data for the last 3 years to identify any noteworthy changes and...
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...Final Paper July 6th, 2010 Liliana Azuara Patricio Elizondo Akim González 457179 588726 371282 Index Executive Summary Brief Outlook of CISCO Corporate Governance General Economic Analysis Industry Analysis Competitive Analysis Financial Analysis Value Creation Analysis Recommendations References Appendix – Appendix 1: Balance Sheet – Appendix 2: Income Statement – Appendix 3: Cash Flow Statement – Appendix 4: Liquidity – Appendix 5: Profitability – Appendix 6: Leverage – Appendix 7: Efficiency – Appendix 8: Growth Sustaintability – Appendix 9: BETA – Appendix 10: Market Value – Appendix 11: Value Creation – Appendix 12: Statistics – Appendix 13: Competition 2 3 4 5 6 7 8 14 15 16 16 17 18 19 20 21 22 23 23 26 27 28 29 2 Executive Summary Cisco Systems, Inc. is the worldwide leader in networking for the Internet. CAGR 2005-2009 for sales has growth at 10%. CAGR 2005-2008 for income has growth at 9%. Cisco has a strong liquidity position, current ratio on 3.24 for 2009. It has been growing through successful acquisitions that creates value for the company. Its WACC has been decreasing in this last 5 years 4.39% for 2009. Its gross margin has maintained above 60% over the last 5 years. Operating margin CAGR is one of the highest for the last 5 years: Cisco 24%, HP 7.6%, Juniper 6.07%, Industry 10%. Growth rate of EPS over a 5 year period for Cisco is 8.27 vs 7.2 of the sector and -1.46 for Juniper. Cisco has a sustainable...
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...[pic] ASA Tower, 23/3 Bir Uttam A.N.M. Nuruzzaman Sarak, Shymoli,Dhaka. 1207. Internship Report On “Modes of Investment of IBBL” Submitted To Dr. Md. Abdul Hye Professor & Dean Faculty of Business ASA University Bangladesh (ASAUB) Submitted By Sheikh Refath Jessan ID. No: 091-12-0293 Section: ACT-6A Major: Accounting Batch: 6th Program: BBA ASA University Bangladesh (ASAUB) Date: December 30, 2012 December 30,2012 Dr. Md. Abdul Hye Professor & Dean, Faculty of Business ASA University Bangladesh (ASAUB). Dear Sir: SUBMISSION OF INTERNSHIP REPORT I have the pleasure to submit the internship report on ‘Modes of Investment of Islami Bank Bangladesh Limited (IBBL)’ for your kind perusal and evaluation. It is a matter of immense pleasure for me to have the opportunity to prepare internship report on, ‘Modes of Investment of Islami Bank Bangladesh Limited (IBBL)’. I am grateful to you for allowing me to carry out such work and necessary co-operation and assistance from you during my report. I believe that the knowledge and experiences acquired while conducting this study will help me in many ways and the readers as well in future. I have tried my best to accommodate my ideas and findings as specifically as you asked about within the time frame and resources available I would like to mention that there might be some errors in the report...
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...Giving life to thought Sri Lanka Telecom PLC Annual Report 2014 Welcome to Sri Lanka Telecom PLC Annual Report 2014 Our Vision All Sri Lankans seamlessly connected with world-class information, communication and entertainment services. Our Mission Your trusted and proven partner for innovative and exciting communication experiences delivered with passion, quality and commitment. Contents SLT at a glance 02 SLT’s year at a glance 05 About this report 07 Letter from the Group Chairman 08 Letter from the Group Chief Executive Officer 10 Board of Directors 12 Leadership team 18 Corporate governance 23 Risk management 34 Management discussion and analysis 38 Financial reports Annual Report of the Board of Directors on the affairs of the Company 86 Statement of Directors in relation to their responsibility for the preparation of financial statements 93 Audit committee report 94 Independent auditors’ report 97 Statement of profit or loss and other comprehensive income 98 Statement of financial position 99 Statement of changes in equity - Group 100 Statement of changes in equity - Company 101 Statement of cash flows 102 Notes to the financial statements 103 Ten year progress - Group 150 Value added statement 151 Investor relations 152 Portfolio of lands 154 Milestones 157 GRI index 158 Abbreviations 161 Notice of meeting 162 Form of proxy Enclosed Corporate information Inner back cover Sri Lanka Telecom...
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...IT TAKES A LEADER TO TAKE YOU PLACES. A n n u A l r e p o r t 2 0 1 2 2 0 1 3 Growth is… movinG from strenGth to strenGth Flamingos, known for their undeniable beauty, are also recognised as a species that stays strong by sticking together, no matter how trying the circumstances are. But for a flock to be strong, it needs an equally resilient leader to take them in the right direction. Just like Gati, the leader of the logistics industry in India. Gati Limited is India’s leader in providing Express Distribution services, Supply Chain Solutions, Cold Chain Transportation Solutions, Warehousing, International Freight Forwarding, Custom Clearance and e-Commerce Solutions. Founded in 1989 as a cargo management company, Gati pioneered Express Distribution Services in India. With a track record of 24 years, Gati is one of India’s most coveted companies, employing 3500 people, and serving over 5000 customers – including the top 10 brands in the Automotive, Healthcare, Engineering and Consumer Durables industry. Gati has a strong market presence in the Asia Pacific region and SAARC countries, with offices in China, Singapore, Hong Kong, Thailand and Nepal, and has plans to foray into other markets. In a Company where every employee demonstrates dedication and commitment to succeed, its little wonder that Gati is the leader, taking the industry places. values are… a force to be reckoned with Flamingos, as is ingrained in their DNAs for centuries, instinctively have values that...
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...Contents Board of Directors 02 Management Team 04 Chairman’s Letter 06 Management Discussion and Analysis 09 Corporate Governance 27 General Shareholder Information 46 Directors’ Report (including Annual Report on CSR activities) 55 Standalone Financial Statements 93 Consolidated Financial Statements 147 Board of Directors Management Auditors Rahul Bajaj Chairman Madhur Bajaj Vice Chairman Rajiv Bajaj Managing Director Sanjiv Bajaj Kantikumar R Podar Shekhar Bajaj D J Balaji Rao D S Mehta J N Godrej S H Khan Ms. Suman Kirloskar (Upto 31.03.2015) Naresh Chandra Nanoo Pamnani Manish Kejriwal P Murari Niraj Bajaj Dr. Gita Piramal (From 01.04.2015) Rahul Bajaj Chairman Dalal & Shah Chartered Accountants Madhur Bajaj Vice Chairman Secretarial Auditor Rajiv Bajaj Managing Director Bankers Pradeep Shrivastava Chief Operating Officer R C Maheshwari President (Commercial Vehicle Business) Central Bank of India State Bank of India Citibank N A Standard Chartered Bank Bank of America ICICI Bank HDFC Bank Rakesh Sharma President (International Business) Registered under the Companies Act, 1956 Eric Vas President (Motorcycle Business) Registered Office Abraham Joseph Chief Technology Officer Audit Committee Nanoo Pamnani, Chairman S H Khan D J Balaji Rao Naresh Chandra Stakeholders Relationship Committee D J Balaji Rao, Chairman ...
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...Table of Contents S. No. Topic Page Number App no of pages ( not to be included in report) 1 Corporate Internship Objectives 6 2 Corporate Internship- Abstract 7 3 Internship Organisation’s Profile vis-à-vis its competitors 8-28 4 Industry Analysis 29-46 5 Financial Statement Analysis 47-60 6 Detailed study on the Marketing, Operations and Finance & HR functions OR Details of the specific field based project assigned during the internship 61-75 7 Project - Conclusion & Recommendations 76 8 My Take Away – Key Learning’s 77 9 Annexure & References 78 Jaypee Business School Objectives of the Corporate Internship The purpose of Corporate Internship for a minimum time of 8 weeks is to connect theory and practice, obtain knowledge & awareness of the functioning of various departments of the corporate and its environment which is utmost necessary for the success of the budding managers. The basic objectives of the summer internship programme for the MBA students are: 1. To understand the business and competitive environment of ING Vysya Bank. 2. To analyze and understand the financial position of ING Vysya Bank viz – a – viz competitors. 3. To study the Business Banking Department of ING Vysya Bank and its practices. 4. To facilitate in testing what I have learnt in the foundation courses in the first year. 5. To get a feel of corporate life and its functioning & understand various interaction styles. ...
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...Q3 2010 www.businessmonitor.com siNGapore pharmaceuticals & healthcare report INCLUDES 10-YEAR FORECASTS TO 2019 issN 1748-216X published by Business monitor international ltd. SINGAPORE PHARMACEUTICALS & HEALTHCARE REPORT Q3 2010 INCLUDING 5-YEAR AND 10-YEAR INDUSTRY FORECASTS BY BMI Part of BMI’s Industry Report & Forecasts Series Published by: Business Monitor International Copy deadline: June 2010 Business Monitor International Mermaid House, 2 Puddle Dock, London, EC4V 3DS, UK Tel: +44 (0) 20 7248 0468 Fax: +44 (0) 20 7248 0467 Email: subs@businessmonitor.com Web: http://www.businessmonitor.com © 2010 Business Monitor International. All rights reserved. All information contained in this publication is copyrighted in the name of Business Monitor International, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no...
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...69TH ANNUAL REPORT 2013-14 04 WHAT’S INSIDE CORPORATE OVERVIEW STATUTORY REPORTS 02 Corporate Information 44 Notice 03 Mission, Vision and Values 53 Directors’ Report 04 Chairman’s Message 69 Management Discussion & Analysis 08 Board of Directors 104 Corporate Governance 12 Tata Motors at a Glance 14 Major Launches during the Year 125 Secretarial Audit Report Chairman’s Message 16 Presence across Markets To ensure long-term competitiveness of Tata Motors, the company also took several steps under the Horizonext strategy. FINANCIAL STATEMENTS 18 The NEXT Level in Design 20 The NEXT Level in Driving Experiences 22 The NEXT Level in Fuel Economy 14 24 The NEXT Level in Connectivity 26 Corporate Social Responsibility at Tata Motors Standalone Financial Statements 126 Independent Auditors’ Report 130 Balance Sheet 131 Statement of Profit and Loss 132 Cash Flow Statement 134 Notes to Accounts 30 Awards and Accolades 32 Financial Performance Our products represent the Horizonext philosophy with best-in-class offerings. 170 Independent Auditors’ Report 36 Summarised Balance Sheet and Statement of Profit and Loss (Consolidated) Major Launches during the Year Consolidated Financial Statements 172 Balance Sheet 38 Summarised Balance Sheet and Statement of Profit and Loss (Standalone) 40 Funds Flow - Last Five Years 41 Financial Statistics 173 Statement of Profit...
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...69TH ANNUAL REPORT 2013-14 04 WHAT’S INSIDE CORPORATE OVERVIEW 02 Corporate Information 03 Mission, Vision and Values 04 Chairman’s Message 08 Board of Directors 12 Tata Motors at a Glance 14 Major Launches during the Year 16 Presence across Markets 18 The NEXT Level in Design 20 The NEXT Level in Driving Experiences 22 The NEXT Level in Fuel Economy 24 The NEXT Level in Connectivity 26 Corporate Social Responsibility at Tata Motors 30 Awards and Accolades 32 Financial Performance 36 Summarised Balance Sheet and Statement of Profit and Loss (Consolidated) STATUTORY REPORTS 44 Notice 53 Directors’ Report 69 Management Discussion & Analysis 104 Corporate Governance 125 Secretarial Audit Report Chairman’s Message To ensure long-term competitiveness of Tata Motors, the company also took several steps under the Horizonext strategy. FINANCIAL STATEMENTS Standalone Financial Statements 126 Independent Auditors’ Report 130 Balance Sheet 131 Statement of Profit and Loss 132 Cash Flow Statement 134 Notes to Accounts Consolidated Financial Statements 170 Independent Auditors’ Report 172 Balance Sheet 173 Statement of Profit and Loss 174 Cash Flow Statement 176 Notes to Accounts Subsidiary Companies 207 Financial Highlights 210 Listed Securities issued by Subsidiary Companies during FY 2013-14 14 Major Launches during the Year Our products represent the Horizonext philosophy with best-in-class offerings. 38 Summarised Balance Sheet and Statement of Profit and...
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...THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION B E NJAM I N G RAHAM Updated with New Commentary by Jason Zweig To E.M.G. Through chances various, through all vicissitudes, we make our way. . . . Aeneid Contents Epigraph iii Preface to the Fourth Edition, by Warren E. Buffett viii A Note About Benjamin Graham, by Jason Zweig x Introduction: What This Book Expects to Accomplish COMMENTARY ON THE INTRODUCTION 1. 1 12 35 The Investor and Inflation 47 COMMENTARY ON CHAPTER 2 3. 18 COMMENTARY ON CHAPTER 1 2. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 58 65 COMMENTARY ON CHAPTER 3 4. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 80 General Portfolio Policy: The Defensive Investor 88 COMMENTARY ON CHAPTER 4 5. 101 124 Portfolio Policy for the Enterprising Investor: Negative Approach 133 COMMENTARY ON CHAPTER 6 7. 112 COMMENTARY ON CHAPTER 5 6. The Defensive Investor and Common Stocks 145 iv 155 COMMENTARY ON CHAPTER 7 8. Portfolio Policy for the Enterprising Investor: The Positive Side 179 The Investor and Market Fluctuations 188 v Contents COMMENTARY ON CHAPTER 8 9. Investing in Investment Funds COMMENTARY ON CHAPTER 9 213 226 242 10. The Investor and His Advisers 257 COMMENTARY ON CHAPTER 10 272 11. Security...
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...S T R A T E G Y – II S T R A T E G Y – II S T R A T E G Y – II S T R A T E G Y – II S T R A T E G Y – II www.ibscdc.org 1 Transformation Corporate Transformation Korean Air: Chairman/CEO Yang-Ho Cho’s Radical Transformation A series of fatal accidents, coupled with operational inefficiencies snowballed Korean Air into troubled times. Then, at the beginning of the 21st century, its CEO/ Chairman, Yang-Ho Cho undertook various transformation initiatives - for instance, improving service quality and safety standards, technology integration, upgrading pilot training, better business focus; putting in place a professional management team, improving corporate image through sponsorship marketing, etc. He gave a new corporate direction in the form of '10,10,10' goal. However, Korean Air is held up by a slew of challenges. Among which are inefficiencies of - Chaebol system of management, possible clash of its cargo business with its own shipping company, limited focus on the domestic market and growing competition from LCCs. How would Korean Air manage growth as a family-owned conglomerate? The case offers enriching scope for analysing a family business’s turnaround strategies, with all the legacy costs involved. Pedagogical Objectives • To discuss the (operational) dynamics of Korean Chaebols - their influence/ effects on the country’s industrial sector and the economy as a whole • To analyse how family-owned businesses manage the transition phase - from a supplier-driven...
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