...assertions and established criteria and communicating the results to interested users. The Philippine Standards on Auditing (PSA) 120 “Framework of Philippine Standards on Auditing” states the objective of an audit as follows: “The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared in all material respects, in accordance with an identified financial reporting framework.” 2. This apparent paradox arises from the distinction between the function of auditing and the function of accounting. The accounting function is the process of recording, classifying and summarizing economic events to provide relevant information to decision makers. The rules of accounting are the criteria used by the auditor for evaluating the presentation of economic events for financial statements and he or she must therefore have an understanding of generally accepted accounting principles (GAAP), as well as generally accepted auditing standards (GAAS). The accountant need not, and frequently does not, understand what auditors do, unless he or she is involved in doing audits, or has been trained as an auditor. 2-2 Solutions Manual - Principles of Auditing and Other Assurance Services 3. Audits of Financial Statements Compliance Audits Operational Audits Purpose To determine whether the financial statements are presented in accordance with GAAP. To determine whether the client...
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...& Co. is currently the Philippines' largest multidisciplinary professional services firm with eight offices across the country. The Firm employs over 3,200 professionals from various disciplines delivering value-added services to over 5,000 esteemed clients. We provide integrated solutions that draw on diverse and deep competencies in assurance, tax, transaction and advisory services. We uphold the highest standards of quality. In fact, SGV & Co. remains the only ISO 9001-certified professional services firm in the Philippines – a distinction we have maintained since 1996. Our track record has remained unmatched in the region. We have accumulated invaluable resources in our 67 years of operations - highly qualified and competent staff, state-of-the-art facilities and an enviable international network. SGV & Co. is a member practice of Ernst & Young, a global leader in assurance, tax, transaction and advisory services. Worldwide, its 167,000 people are united by shared values and an unwavering commitment to quality. SGV & Co. and Ernst & Young make a difference by helping our people, clients and wider communities achieve their potential. Our Values * • People who demonstrate integrity, respect and teaming * • People with energy, enthusiasm and the courage to lead * • People who build relationships based on doing the right thing FAQ SGV audits: » 54 of the top 100 corporations in the Philippines » 396 of the top 1000 corporations...
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...Consultative Group to Assist the Poorest (CGAP) Working Group on Savings Mobilization RURAL BANK OF PANABO (RBP), PHILIPPINES (CASE STUDY) Ulrich Wehnert Eschborn, 1999 CGAP Working Group on Savings Mobilization CONTENTS ABBREVIATIONS LIST OF TABLES AND GRAPHS 1 CONTEXT 1.1 1.2 Macroeconomic context iv v 1 1 Context of the financial sector 1 1.2.1 Role of the central bank 1 1.2.2 Regulation and supervision 2 1.2.3 General development and characteristics of the financial sector 3 1.2.4 The impact of the Asian financial and economic crisis on the financial sector4 1.2.5 Outreach and characteristics of state interventions 4 1.2.6 Social security system 5 Social and socio-cultural context Classification of the macroeconomic, financial and socio-cultural context 5 6 7 7 8 8 9 11 11 11 12 1.3 1.4 2 INSTITUTIONAL ANALYSIS 2.1 2.2 General characteristics of the Rural Bank of Panabo Institutional type, governance and organizational structure 2.2.1 Institutional type and governance 2.2.2 Organizational structure 2.2.3 Lessons learned in institutional type, governance and organizational structure 2.2.3.1 Success factors 2.2.3.2 Limitations and risks 2.2.3.3 Possibilities of replication 2.3 Demand-oriented savings products and technologies 12 2.3.1 Characteristics of demand-oriented savings products and savings technologies 12 2.3.2 Design of demand-oriented savings products 13 2.3.3 Procedures to introduce demand-oriented savings products 13 2.3.4 Lessons learned...
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...BALANCED SCORECARD APPLICATION IN LENDING/MICROFINANCING INSTITUTIONS: A STRATEGIC MAP IMPLEMENTATION IN THE PHILIPPINES CONTEXT This paper studies the application of Balanced Scorecard (BSC) as a powerful measurement and assessment system, in lending/micro financing institutions. Adopting the balanced scorecard (BSC) model, this exploratory study investigates the critical performance measures that lending/micro-financing institutions in the Philippines need to emphasize in their performance reporting to drive high performance. The proposed model can assist the lending institutions in assessing organizational performance, making it highly applicable for managers. Reviewing the existing literature, the paper also provides an implementation guide for BSC in the Philippines perspective. Eventually, the performance indicators for measurement purposes of the introduced case study are proposed. Keywords: Lending/ Micro financing Institutions, MFIs, Financial Services, Balanced Scorecard, BSC, Organizational Performance Assessment, performance reporting, Philippines. 1. Introduction In many developing countries, microfinance plays a vital role in providing the poor (i.e. micro-entrepreneurs, small farmers, fishermen) with access to credit and helping them improve their lives by encouraging entrepreneurial activity (Arch, 2005; Bhatt & Tang, 2011; Khandker, 1996; Llanto, 2004). It has also proven to be “a potent tool for poverty reduction by helping the poor...
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...selected technology on consumer perception of service delivery performance and found that the importance-performance grid demonstrates two factors and their underlying attributes that fall into the “Keep up the good work” quadrant and the other two factors fall into the “Low priority” quadrant. The first two were the areas the organization needs to allocate resources in order to maintain the level of service they provided...
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...49 77 78 79 80 162 167 170 Our Company Financial and Operating Highlights Message from the Chairman Message from the Chief Executive Officer Report of the Chief Operating Officer Corporate Governance Board of Directors Corporate Officers Subsidiaries Corporate Social Responsibility Management’s Discussion and Analysis Report of the Audit and Risk Management Committee to the Board of Directors Statement of Management’s Responsibility for Financial Statements Independent Auditors’ Report Financial Statements Glossary Business Directory Contact Information Credits Acknowledgments R E - E N E R G I Z E D After a stellar year, Meralco is re-energized and ready to pursue new opportunities that will accelerate growth in the longterm. Despite unprecedented challenges in the past, we have prevailed, and more importantly, thrived. Thanks to the support of our shareholders and our unwavering faith in the corporate values that have sustained us through the years. We look forward to a brighter future strengthened by our strategic pillars and the extraordinary commitment of our leadership. An empowered, enlightened Meralco is ready to seize it. A new day has come. 1 Meralco 2010 Annual Report Our Company Meralco marches on to its 108th year of service in 2011. Consistently in the list of the Philippines’ top five corporations and cited among Asia’s finest, Meralco today serves over 4.8 million residential...
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...intracen.org Postal address: Telephone: Fax: E-mail: Internet: HOW TO ACCESS TRADE FINANCE A GUIDE FOR EXPORTING SMEs Geneva 2009 ii ABSTRACT FOR TRADE INFORMATION SERVICES 2009 F-04.03 HOW INTERNATIONAL TRADE CENTRE (ITC) How to Access Trade Finance: A guide for exporting SMEs Geneva: ITC, 2009. x, 135 p. Guide dealing with the processes involved in obtaining finance for exporting SMEs – explains the credit process of financial institutions from pre-application to loan repayment; examines the SME sector and barriers to finance, as well as the risks in lending to the SME sector as perceived by financial institutions; addresses SMEs’ internal assessment of financial needs, determining the right financing instruments, and finding the appropriate lenders and service providers; discusses how to approach and negotiate with banks; tackles cash flow and risk management issues; includes examples of real-life business plans and loan requests; includes bibliography (p. 134). Descriptors: Trade Financing, Export Financing, Export Credit, Risk Management, SMEs, Manuals. English ITC, Palais des Nations, 1211 Geneva 10, Switzerland The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of the International Trade Centre concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of...
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...COTR Sarah Wines Finance Working Papers Table of Contents Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Part I: Municipal Bond Market Development in Developing Countries: The Experience of the U.S. Agency for International Development . . . . . . . . . . 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The Changing Situation of Local Governments and Their Financing Options . . . . . 4 Defining Municipal Financial Market Development . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Strategic Context for Municipal Bond Market Development at USAID . . . . . . . . . . . 8 Technical Summary of Municipal Bond Projects . . . . . . . . . . . . . . . . . . . . . . . . . . 10 USAID Experience with Municipal Bonds: Lessons Learned . . . . . . . . . . . . . . . . . 10 Ongoing and Future Concerns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Appendix A: Technical Aspects of USAID Bond Market Projects . . . . . . . . . . . . . . 14 Part II: Country Case Studies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
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...Ratio-Analysis-of-Jamuna-Bank Report On Ratio Analysis of Jamuna Bank Submitted To: Mr.K.M.Zahidul Islam Senior Lecturer Faculty of Business and Economics Daffodil International University Submitted by: MD. Jilllur Rahman Khan ID. No: 041-18-243 Program: B.Com (Hon’s) Batch: 3rd Daffodil International University 102, Sukrabad, Mirpur Road Dhanmondi, Dhaka-1207 Submission Date: September 19, 2006 September 19, 2006 Mr. K.M. Zahidul Islam SeniorLecturer Department of Business and Economics Daffodil International University Shukrabad, Dhanmondi Dhaka-1205 Subject: Prayer for submission of Ratio Analysis on Jamuna Bank Limited. Dear Sir: I beg to state that I am a regular student of B.com (hon’s) of Daffodil International University. I am submitting this report on Jamuna Bank Limited as you give me a great chance to prepare a report on this prestigious bank. It can be said that by doing this kind of assignment I have learned a lot of excellent information about banking sector. To prepare this report I have shared my views and ideas with the executive of this bank. Now, I have a nice experience...
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...The prospectus is being displayed in the website to make the prospectus accessible to more investors. The Philippine Stock Exchange (PSE) assumes no responsibility for the correctness of any of the statements made or the opinions or reports expressed in the prospectus. Furthermore, the PSE makes no representation as to the completeness of the prospectus and disclaims any liability whatsoever for any loss arising from or in reliance in whole or in part on the contents of the prospectus. The offering information on this Web site is intended to be available only to Philippine and non-Philippine citizens residing in the Philippines or corporations or judicial entities organized and existing under Philippine law, and is not intended for distribution in the United States or to U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")). The information contained in this Web site may not be published or distributed, directly or indirectly, into the United States and this information (including the preliminary and final Prospectus) and does not constitute an offer of Offer Shares for sale in the United States or to, or for the account or benefit of, U.S. persons. The Offer Shares described in the Prospectus have not been, and will not be, registered under U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States and may not be offered or...
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...FINANCIAL SERVICES Optimizing banking operating models From strategy to implementation September 2012 kpmg.com KPMG INTERNATIONAL Contents Executive summary The challenges facing the banking sector Regulations and regulators Economic environment Changing customers The march of technology 3 3 3 1 2 2 How will these changes affect the universal banking operating model? The end of universal banking Disintegration of the value chain Cost efficiency is key in developing new operating models New IT architectures are essential 6 6 5 4 4 What banks need to do Seizing this once-in-a-life-time transformation opportunity Developing an innovative operating model to overcome loss of scale and cost issues Implementing long-term sustainable cost reduction measures Implementing an iterative and collaborative approach to a complex, multi-faceted problem 10 11 9 8 8 Making it to the finish line 13 © 2012 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Optimizing banking operating models | 1 Executive summary A s the world emerges from what has been described as the greatest crisis in the history of finance capitalism, banks must adapt to radical new regulations, technologies, customer expectations and economic environments. The current universal bank operating model...
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...Mobile payments in Asia Pacific i n f o r m at i o n , c o m m u n i c at i o n s & e nt e rta i n m e nt Mobile payments in Asia Pacific Contents 2 Introduction from Sean Choi and David Collins 3 Introduction from John Ure and Peter Lovelock 4 Introduction 6 Business models and the m-payments value chain – Business models behind different transaction types – Emerging business models by country – Industry perspectives on m-payments 22 Case studies – Smart in the Philippines – Yeepay’s B2B approach – The growing reach of Octopus – Gaming and virtual money – A view from the bottom of the pyramid – mHITs in Australia 29 Regulations and standards 40 Risks and challenges 44 About KPMG © 2007 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 2 Mobile payments in Asia Pacific Introduction from Sean Choi and David Collins Seung Hwan (Sean) Choi This KPMG thought leadership report explores the development of the market for mobile payment systems in Asia Pacific. We believe the significance of this market cannot be overstated, as new technologies have the potential to play a key role in the expansion of commerce to an ever-wider segment of the world’s population. This is especially true in Asia Pacific. The expansion of commerce and the growing reach of...
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...Social Impact Specialist Contract No. BPPS/2014/IC/0012 Project Name: Scaling Inclusive Business Models leveraging a partnership ecosystem at the nexus of poverty and environment 1st phase Report Developing an inclusive and green eco-system framework 2nd phase Report Initial case studies and eco-system in the Philippines 3rd phase Report Final Draft Authors Markus Dietrich, Director, ASEI Sahba Sobhani - Programme Advisor Private Sector BPPS, UNDP ASEI Project Team: Mary Grace Santos, Lead Consultant Lorenzo Cordova, Jr., Environmental Impact Specialist Marcos Perez, Jr. Social Impact Specialist Version 1: 21 March 2015 Version 2: 13 April 2015 Version 3: 02 June 2015 Version 4: 30 July 2015 Version 5: 25 August 2015 Content 1 Introduction to inclusive and green growth policy approaches 5 2 Business Ecosystems 6 3 Inclusive Business Ecosystems 7 4 Environmental Business Ecosystems 17 4.1 Assessing Business Impacts to Ecosystems 18 4.2 Ecosystem Inputs as Capitals 22 5 Integrating Green and Inclusive Business Ecosystems 25 6 Sustainable Agriculture and Agroforestry 26 7 Aiming for Inclusive and Green Growth – The Philippines Case 29 7.1...
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...THE EC-PHILIPPINES STRATEGY PAPER 2007-2013 i TABLE OF CONTENTS LIST OF ABBREVIATIONS .......................................................................................... iii EXECUTIVE SUMMARY............................................................................................... 7 1. COUNTRY ANALYSIS ............................................................................................ 9 1.1. Analysis of the political situation...................................................................... 9 1.2. Analysis of the economic situation.................................................................. 11 1.3. Trade structure ................................................................................................ 13 1.4. Analysis of social developments...................................................................... 14 1.5. Analysis of the environmental situation......................................................... 16 2. THE PHILIPPINES’ POLICY AGENDA ............................................................ 17 2.1. The Medium Term Philippine Development Plan ........................................ 17 2.2. Assessing the reform process .......................................................................... 17 2.3. Cross-cutting issues: human rights, gender, governance ............................. 19 3. OVERVIEW OF PAST AND ONGOING EC COOPERATION, COORDINATION AND COHERENCE ........................................
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...Public Disclosure Authorized WPS6107 Policy Research Working Paper 6107 Public Disclosure Authorized Financial Literacy around the World An Overview of the Evidence with Practical Suggestions for the Way Forward Lisa Xu Bilal Zia Public Disclosure Authorized Public Disclosure Authorized The World Bank Development Research Group Finance and Private Sector Development Team June 2012 Policy Research Working Paper 6107 Abstract Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research. This paper is a product of the Finance and Private Sector Development Team, Development Research Group. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The author may be contacted at bzia@worldbank.org. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development...
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