...Misreporting of financial results have occurred in companies from various countries, such as personal computer maker Dell intentionally revised its results from 2003 to 2006 and in the first quarter of 2007. In 2006, the Malaysian express freight and freighter charter company Transmile Group restated its 2005 profit of RM75 million to a loss of RM370 million as a result of fictitious sales. This essay will analyse the incentives of companies misreporting their financial results in relation to how they have breached the objective and guidelines of financial reporting. According to the International Accounting Standards Board (IASB), the objective of financial reporting is to provide financial information about the entity to existing and perspective investors, lenders and other creditors for them to make informed decisions which involve buying, selling or holding equity and debt instruments of the entity. And to evaluate and predict the “entity's ability to generate cash in the future; its future borrowing needs and how future profits and cash flows will be distributed; its likely success in raising further finance and meeting its financial commitments as they fall due” (Weygandt et al., 2013, p. 487). There are two fundamental characteristics of financial reporting: relevance and faithful representation. Financial information is considered relevant if it assists in predicting future events. Whether or not the information is relevant also depends on if it...
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...The cooking recipes. 14 The finished dish 15 6.0 Conclusion 17 Appendix 18 Bibliography 19 Abstract Financial statement fraud is a very costly type of fraud and has a significant financial impact on the company businesses and also individuals, as well as influence investor confidence in the markets. In this project, our group will going to present on a case study in Financial Statement Fraud by a company that we choose. First of all, in this report we will investigate on our background of the Case Study Company which is MEMS TECHNOLOGY BHD. In the case study, we will determine the current status of the company and how the financial statement fraud will give impact to the organization by referring to the company’s annual report 2009. Hence, in this report we will give some practical guide on the different schemes and components that are used for detection on the Financial Statement Fraud that might be probably incurred in the company annual report 2009. 2.0 Introduction Financial reporting frauds and earnings manipulation have attracted high profile attention recently. The generally accepted definition of the financial statement fraud is the deliberate, misrepresentation, misstatement or omission of financial statement data for the purpose of misleading financial statement users and also creating a false impression of an organization's financial strength. The purpose of this financial statement fraud committed...
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...The Discovery of Fraud……………………………………………………………………..…..3-4 Corporate Governance of FCB……………………………………………………………………5 Auditor Dilemma……………………………………………………………………….……….5-7 Using the Fraud Triangle Model to analyze the situation in Flat Cargo Berhad……………..…8-9 Who is responsible in the fraud of Flat Cargo Berhad ……………………………………..…10-11 Prevention Measures for Fraud ……………………………………………………………….12-13 Detection Measures for Fraud…………………………………………………………...……14-15 Recommendation…………………………………………………………………….……….16-17 Conclusion…………………………………………………………………………...……….18-19 References………………………………………………………………………………………..19 Introduction The case is related to one company known as Flat Cargo Berhad (FCB), FCB was one of the largest air freight companies in Malaysia which servicing several government linked companies including Freight Malaysia Berhad. FCB is a listed company and was registered as an investment holding company with several subsidiaries. Among its subsidiaries are FC Spare Sdn Bhd, Cargo Management Sdn Bhd, FCB (SPV) Ltd, Cargo Air Services Sdn Bhd and FC Air Ltd. FCB started its operations in 1997 with two aircrafts: a Boeing 737-200F and a Cessna Grand Caravan. FCB’s major shareholder in 1997 had been Bangor Berhad, which was part of a diversified international family owned conglomerate, the Miri Group. On September 2001 the company was listed in Bursa Malaysia. The main core business was to provide air freight transportation within the Asian region. As a company that growing fast...
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...1)Title 2)Object 3)Review(2 articles) 4)Analysis 5)conclusion 6)Source(References) http://www.businessweek.com/blogs/globespotting/archives/2009/01/satyam_scandal.html The terror attacks on Mumbai were just a tremor for the country’s tech industry compared to the shocks coming from the Satyam scandal. Earlier today, Ramalinga Raju, Satyam’s founder and longtime chairman, admitted in a letter to the board that he had been cooking the books for years to make up for revenue and profit shortfalls. Read the details in this report by my BW colleague, Manjeet Kripalani. In his letter, Raju wrote that the cover-up finally got the best of him: “It was like riding a tiger, not knowing how to get off without being eaten.” This admission will have a crippling impact on Satyam. Its chances of getting new business are nil. Don’t expect its current customers to abandon the company overnight. That’s not easy in a tech services business where the operations of the client and service provider are so interwoven. On the other hand, it’s possible that the company may collapse financially, in which case clients will have no choice but to flee. Which brings us to a bigger shock: This betrayal of trust could have a major impact on the entire Indian tech services industry. The industry has spent 20 years building up credibility with Western clients, but this disaster will make many US and European clients rethink their reliance on Indian outsourcing. Don’t expect offshore outsourcing to fall...
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...Controls at Barings Bank.............................................................................................13 Lessons Learned and Steps Taken to Preclude Recurrences . ..................................................15 Conclusion ................................................................................................................................18 References.................................................................................................................................20 Page 2 of 21 Commodities Trading: Nick Leeson, Internal Controls and the Collapse of Barings Bank __________________________________________________________________________________________ Introduction Even in an era where “cooking the books” and “Enronised” have entered the vernacular, it seems unbelievable that a global institution with an unimpeachable reputation collapsed into bankruptcy as the result of the ethical improprieties of a single employee,...
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...Controls at Barings Bank.............................................................................................13 Lessons Learned and Steps Taken to Preclude Recurrences . ..................................................15 Conclusion ................................................................................................................................18 References.................................................................................................................................20 Page 2 of 21 Commodities Trading: Nick Leeson, Internal Controls and the Collapse of Barings Bank __________________________________________________________________________________________ Introduction Even in an era where “cooking the books” and “Enronised” have entered the vernacular, it seems unbelievable that a global institution with an unimpeachable reputation collapsed into bankruptcy as the result of the ethical improprieties of a single employee,...
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...KFC HOLDINGS (MALAYSIA) BHD 65787-T 1 KFC Holdings (Malaysia) BHd (65787-T) annual Report 2011 annual Report 2011 after 38 years of ‘Finger lickin’ good’, we have changed our tagline to simply ‘so good’. ‘so good’ reflects our commitment to product, place, people, price and promotion. ‘so good’ is that great experience of a good meal shared between family and friends. at KFC, it is all about building a brand that brings people together and creates that ‘so good’ moments. Thus, the choice of the cover illustrates ‘so good’ which is what the brand is all about. KFC Holdings (Malaysia) BHd (65787-T) annual Report 2011 2 Contents Shareholders’Overview Financial Highlights 6 notice of annual general Meeting 9 statement accompanying notice of annual general Meeting 14 Our Performance in 2011 Corporate statement 18 Review of operations 32 Reliable Corporate Citizen Corporate social Responsibility 48 The Corporation Board of directors 60 Top Management Committee 76 Head of division 77 shariah advisory Council 80 Corporate information 81 group structure 82 Accountability Corporate governance statement 84 audit Committee Report 93 statement on internal Control 97 additional Compliance information 100 Financial Statements directors’ Report 127 statements of Financial Position 131 statements of Comprehensive income 132 Consolidated statement of Changes in Equity 133 statement of Changes in Equity 135 statements of Cash Flows 137 notes to the Financial...
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...AN NU AL RE PO RT 20 11 ENERGISED PDB is the leading provider of quality petroleum products in Malaysia. As we move ahead, we remain committed to continuously innovate and redefine our products, services and customer experience, further affirming our aspiration to go “All the Way” in creating sustainable value for our stakeholders. ...all the way 77 Corporate Responsibility 6 Business Highlights 78 Sustainability Report 8 Letter to Stakeholders 88 Corporate Governance Statement 13 PDB Today 97 Statement on Internal Control 15 Our Vision & Shared Values 101 Board Audit Committee’s Report 16 About PDB 104 Board Audit Committee’s Terms of Reference 18 Areas of Operation 106 Statement of Directors’ Responsibility 19 Group Structure 107 Investors’ Overview 21 Corporate Information 108 Investor Relations Report 22 Board of Directors 109 Share Performance 24 Profiles of Directors 110 Shareholders’ Information 30 Management Committee 115 Financial Calendar 35 Performance Review 117 Financial Statements 36 Q&A with the MD/CEO 173 List of Properties 43 Business Review 200 Corporate Directory 63 PDB in the News 201 Notice of Annual General Meeting 64 Highlights 2010/11 Proxy Form 70 Crude Oil and Petroleum Product Price Trend 71 Economic Outlook 72 Group Financial Summary 75 Simplified Group Financial Position 76 Value Added Statement FY 2010/11 Financial Highlights 4 29th Annual General Meeting Sapphire Ballroom, Level 1, Mandarin Oriental Kuala Lumpur, Kuala Lumpur...
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...1 | Journal of Management and Science Vol.2, No.1 ISSN:2249-1260/EISSN:2250-1819 ACCEPTANCE OF E-BANKING AMONG CUSTOMERS (An Empirical Investigation in India) K.T. Geetha1 & V.Malarvizhi2 Professor and Assistant Professor, Department of Economics, Avinashilingam Institute for home Science and Higher Education for Women Coimbatore -641043, TamilNadu, India 1 2 Abstract Financial liberalization and technology revolution have allowed the developments of new and more efficient delivery and processing channels as well as more innovative products and services in banking industry. Banking institutions are facing competition not only from each other but also from non-bank financial intermediaries as well as from alternative sources of financing. Another strategic challenge facing banking institutions today is the growing and changing needs and expectations of consumers in tandem with increased education levels and growing wealth. Consumers are becoming increasingly discerning and have become more involved in their financial decisions. This paper investigates the factors which are affecting the acceptance of ebanking services among the customers and also indicates level of concern regarding security and privacy issues in Indian context. Primary data was collected from 200 respondents through a structured questionnaire. Descriptive statistics was used to explain demographic profile of respondents and Factor and Regression analyses were used to know the factors affecting e-banking...
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...Holy Cross of Davao College Sta. Ana Avenue, Davao City A Feasibility Study of Putting up an Herb Sago Manufacturing At Obrero St. Davao City A Research Paper Presented to the Faculty of Business Administration In Partial Fulfillment of the Requirement in FM-E4/MM-E4 Submitted By: Calzada, Liza D. Cutab, Jean L. Guinita, Marjea G. Masillones, Maita Lou L. Mayon, Roselie Ann B. Olea, Charlemagne C. October 2013 TABLE OF CONTENT * Acknowledgement * Executive Summary * Project Background * Company Description * Distinctive Skills * Uniqueness * Protection * Management and Personnel Feasibility * Personnel * Organizational Chart * Salary and Benefits * Pro-Forma Contract * Management Proposal * Theory Y * Facilities * Manpower * Services * Seminar * General Company Policies * Systems and Forms Design * SSS form R-1 * Request Form to Leave * Leave Application Form * PhilHealth CF1 Form * NBI Application for Employment Form * Members Data Form (MDF) * Marketing Feasibility Summary * Marketing Description * Demand * Demand Figure Data * Projected Demand Figures * Supply * Supply Figure Data * Projected Supply Figure * Demand and Supply Analysis * Demand and Supply Figure * General Marketing Practices ...
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...Feasibility Study and Business Plan – Al Hayat ECOFIN Research Services Feasibility Study and Business Plan to set up a Domestic Electrical Appliances Distribution Company in Saudi Arabia Al Hayat International Holding Co., Saudi Arabia Sole Distributor of Green World Electronics Co., USA September 22, 2008 1 Feasibility Study and Business Plan – Al Hayat Content 1. Executive Summary 2. Introduction - Al-Hayat International Holding Co. 2.1. About ECOFIN Research Services 2.2. About the Promoter 2.3. Project Background 2.4. The Franchise Concept 2.5. About Green World Electronics Co. ECOFIN Research Services Page 07 11 11 11 14 14 15 3. Success Stories of Electronics Retailing and Distribution Companies around the World17 3.1. Best Buy 3.2. GOME Electrical Appliances Holding Ltd. 3.3. Jumbo Electronics Co. 3.4. Media Market 3.5. NEXT Retail India Ltd. 17 18 20 22 24 4. Favorable Investment Environment 4.1. Investment Climate in Saudi Arabia 4.2. Overview of the Retail Industry in Saudi Arabia 4.3. Saudi Domestic Electrical Appliances Sector 4.4. Key Drivers for Saudi Domestic Electrical Appliance Industry 4.5. Saudi Domestic Electrical Appliance Industry – Major Trends and Forecast 4.6. Conclusion 27 27 33 40 43 55 56 5. Al-Hayat International Holding Co: Strategic Planning 5.1. Stakeholder analysis 5.2. Vision 5.3. Mission 5.4. Strategic Objectives 5.5. USP 58 58 58 58 58 58 6. The Business Plan 6.1. Product and Portfolio Analysis 6.2. Market Segmentation, Targeting...
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...Lubricants Refining Petroleum Products UPSTREAM 2 PETRONAS ANNUAL REPORT 2014 DOWNSTREAM Our Presence Upstream Downstream Upstream Africa • Algeria – Development • Cameroon – Development • Egypt – Exploration, Development, Production & LNG • Mauritania – Exploration, Development & Production • Mozambique – Exploration • Republic of South Sudan – Exploration, Development & Production • Republic of Sudan – Exploration, Development & Production • Chad – Development & Production Asia Pacific • Australia – Exploration, Development, Production & LNG • Brunei – Exploration • China – Exploration & Development • Indonesia – Exploration, Development & Production • Malaysia – Exploration, Development, Production, LNG & Trading, Technology & Engineering Services • Malaysia-Thailand Joint Development Area – Development & Production, Technology & Engineering Services • Myanmar – Exploration, Development & Production • South Korea – Technology & Engineering Services...
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...publishing Prentice Hall. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. 10 9 8 7 6 5 4 3 2 1 ISBN 10: 0-13-256723-7 ISBN 13: 978-0-13-256723-7 Ta b le s e c Tion of con T e n T s 1 2 client acceptance . . . . . . . . . . . . . . . ....
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...ACQUISITIONS EDITOR PROJECT EDITOR ASSOCIATE EDITOR SENIOR EDITORIAL ASSISTANT PRODUCTION MANAGER PRODUCTION EDITOR MARKETING MANAGER CREATIVE DIRECTOR SENIOR DESIGNER PRODUCTION MANAGEMENT SERVICES SENIOR ILLUSTRATION EDITOR PHOTO EDITOR MEDIA EDITOR COVER PHOTO George Hoffman Michael McDonald Brian Kamins Sarah Vernon Jacqueline Kepping Dorothy Sinclair Erin Bascom Karolina Zarychta Harry Nolan Wendy Lai Laserwords Maine Anna Melhorn Elle Wagner Greg Chaput Maciej Frolow/Brand X/Getty Images, Inc. This book was set in 10/12pt Garamond by Laserwords Private Limited, and printed and bound by RR Donnelley/Jefferson City. The cover was printed by RR Donnelley/Jefferson City. This book is printed on acid free paper. Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical conduct within our business and among our vendors, and community and...
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...Foreword I do not claim to have read the manuscript Of Changes and Transformations: Bangladesh Bank [July 2009-June 2013] highlighting changes the central bank has gone through in the past four years, but certainly had a cursory look at it. The publication of the book is of great significance at a time when the present government has just completed its four years in office. I welcome this initiative by Bangladesh Bank. I would like to thank Governor Dr. Atiur Rahman and others concerned with the project. The effort put in by the editors and their team of script writers to enrich the volume is certainly praiseworthy. I am extremely delighted to have the opportunity to write few words upon the book. Here I would like to touch upon the key aspects of the revolutionary changes that I have witnessed in Bangladesh Bank during the past four years. Firstly, digitization has taken place rapidly in the central bank and the whole banking sector was quick to follow suit. Secondly, mobile banking has been introduced and expanded significantly. This process will come its fruition with the introduction of PayPal payment system. Thirdly, revolutionary changes have taken place in CSR. Fourthly, Bangladesh Bank has achieved commendable success in financial inclusion program. Bangladesh Bank's role in involving the mass people into financial activities is undeniable. Finally, the establishment of Currency Museum is a great initiative of Bangladesh Bank. I would now like to say a few words on the...
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