...Corporate governance heavily refers to the whole structure of rights, processes and controls established internally and externally over the management of a business entity with the objective of protecting the interests of its stakeholders from any type of loses incurring. To begin with, firstly there are three types of auditors in the corporate governances, internal, external and government auditors. The role of the internal auditors in the corporate governance is to evaluates corporate activities, controls or procedures and ensures that they are adequate and in compliance with senior management's recommendations and human resources guidelines. An internal audit also helps a firm adhere with regulatory standards and industry practices.An internal auditor evaluates a firm's processes, "controls" and mechanisms to ensure that they are "adequate" and "functional". A control is a group of instructions that top management puts into place to avoid losses due to human error, technology breakdowns or fraud. A "functional" control provides corrections to internal problems. A control is "adequate" when it clarifies instructions for job performance and problem reporting. An auditor also ensures that a firm's activities and controls abide by government mandates or industry regulations. (Codjia, 2013) Moreover the role and responsibility of an external auditor is to provide assurance to the general public regarding the truth and fairness of the information presented in the audited reports...
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...indicates that the ‘directors are committed to the principles underpinning best practice in corporate governance’ their analysis, however, suggests that ‘the corporate governance practices of Harris Scarfe were less than ideal’.8 Organisations can have very good corporate governance structures and policies on paper but the substance of good corporate governance is clearly more important than the form. Another important ingredient that cannot be glossed over is the ‘soft’ subjective factors such as composition of boards and the quality of directors. At this point I turn to the audit role and particularly to the role and independence of external auditors which have recently received unprecedented scrutiny following the collapse of HIH, OneTel, Harris Scarfe and Ansett. I have already touched upon the critical issue of the independence for audit committees and my comments are equally applicable here. However, the increased scrutiny of the auditor’s role has meant that the general community and the media are again raising questions of audit effectiveness as well as about the ‘audit expectation gap’. Today it is rare for public accounting firms to advertise themselves as auditing firms, but rather, as...
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...Governance Case Study Impetus for Corporate Governance – Corporate governance in Australia was introduced in 2003 when the ASX Corporate Governance Council introduced the “Principles of Good Corporate Governance and Best Practice Recommendation”. The governance regulations introduced by Australia’s ASX came as a result from investors’ concerns in the quality of corporate governance, following the collapse of some major companies, such as HIH, Harris Scarfe, Ansett, and OneTel. Since the guidelines were introduced, Australia’s ASX has issued revisions and updates that were designed to improve corporate governance in Australia and help avoid further collapses of major Australian companies. In contrast, corporate governance guidelines were introduced in South Africa in 1994, with the publication of the “King Report on Corporate Governance”. The introduction of corporate governance guidelines came as a result of democracy taking hold of South Africa and the country’s readmission into the community of nations and the world economy. The King Report was designed to help align the interests of corporations and its many stakeholders, including individuals, companies, and society. The United Kingdom introduced corporate governance guidelines in 1992, with the Cadbury Report on “The Financial Aspects of Corporate Governance”. The guidelines were introduced partly because of the financial situation in Europe, which brought to light the public’s concerns over the standards for...
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...For example, the company for which I am employed has become increasingly disillusioned with the lack of employees willing to work overtime at weekends. As a result and with the aid of an agency, the company has brought several workers of Polish origin to the organisation. These employees have limited contracts, receive less remuneration and are not entitled to the normal workforce privileges of ‘time and a half’ on Saturdays and ‘double time’ on Sundays. However, the early results in terms of profitability look promising and unfulfilled customer orders are now being met. This is against an offset of varying displeasure amongst the original workforce and local community, with some employees aggrieved over the loss of overtime and potential job vacancies for local friends and family. As highlighted above, many firms are employing larger numbers of temporary, part-time, casual and agency workers. This is part due to their high availability under the new ‘flexible labour markets’ created by the EU and government deregulation in the mid 1990’s. These workers have very little say in the way the company is run due to the ease in which they can be ‘hired and fired’. Couple this with share incentive schemes for managers (resulting in increased emphasis on profits), the present and future scenario appears one where ethical duties and less powerful stakeholders are given very little consideration or in fact their opinions dismissed! A higher emphasis must also be placed on organisations...
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...The Bangladesh Telecommunications forecasts on the future strength of Bangladesh's ICT market, covering the fixed-line, mobile and internet segments and analyses latest regulatory developments and corporate news, including investment activity, mergers and acquisitions joint ventures and partnerships, Leading operators and manufacturers are fully profiled, highlighting their quarterly financial performance, capital expenditure plans and latest contracts. NTTN 3rd Party ISP Vendors Operator BTRC Overview of Bangladesh Tele-commutation landscapes: Dealer list: CISCO, Huwei, Erickson, Samsung, ZTE, Nokia. Operator list: BanglaLink of Orascom Telecom, GrameenPhone Limited, Robi Mobile, Tele Talk, Dhaka Mobile, AirTel Bangladesh, OneTel Commonication Ltd, AirTel Bangladesh, Anik Telecom, Anik Telecom ISP list: Aamra Networks Limite, Access Telecom (BD) Ltd, Aftab IT Ltd, Agni Systems Ltd, Akij Online Ltd, Asia Pacific Communication Ltd ,...
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...Queensland University of Technology Faculty of Business School of Accountancy AYN411 Audit & Assurance – Semester 1, 2013 Final Exam Revision Questions Additional Resources AYN411 Audit & Assurance – Semester 1, 2013 Final Exam Revision Questions Additional Resources Final Exam Revision QUESTION 1 – Audit Planning a. The Auditing Standard ASA 300 ‘Planning an Audit of a Financial Report’ states that the auditor needs to plan the audit so it will be performed in an effective way, by establishing the overall audit strategy for the audit and developing the overall audit plan. Required: List four benefits to the auditor in properly planning an audit engagement. L3 (slide 28) Properly planning an audit engagement helps the auditor to: * Devote appropriate attention to important areas of the audit * Identify and resolve potential problems on a timely basis * Properly organise and manage the audit engagement efficiently * Select an engagement team with appropriate expertise * Facilitate supervision of the engagement team members (inc. review of work) * Co-ordinate work done by auditors and experts * Render the correct audit report b. The following is a list of four activities carried out by the auditor during the planning phase of the audit. Planning Procedure 1. Client acceptance/continuance decision 2. Obtain an understanding of the entity and it’s environment 3. Assess client business risk 4....
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...Telecommunications in Bangladesh From Wikipedia, the free encyclopedia The liberalisation of Bangladesh’s telecommunications sector began with small steps in 1989 with the issuance of a licence to a private operator for the provision of inter alia cellular mobile services to compete with the previous monopoly provider of telecommunications services the Bangladesh Telegraph and Telephone Board (BTTB). Significant changes in the number of fixed and mobile services deployed in Bangladesh occurred in the late 1990’s and the number of services in operation have subsequently grown exponentially in the past five years. The incentives both from government and public sectors have helped to grow this sector.It is now one of the biggest sector of Bangladesh. As a populous country, it's huge market has attracted many foreign investors to invest in this sectorContents [hide] 1 Telecommunication 1.1 History 1.2 Structure 1.2.1 PSTN 1.2.2 Mobile Phone Operators 1.2.3 Long Distance Operators (as per ILDTS Policy 2007) 1.2.3.1 International Gateway (IGW) Operators 1.2.3.2 Interconnection Exchange (ICX) operators 1.2.3.3 International Internet Gateway (IIG) Operator 2 Radio 3 Television 4 Internet 4.1 Broadband Internet Access 5 International 5.1 Submarine cables 6 See also 7 References [edit] Telecommunication The telecom sector in Bangladesh is rapidly emerging. Bangladesh Telecommunication Regulatory Commission (BTRC) is the regulatory authority for this sector...
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...To describe corporate governance as a subject of topical interest would be masterly understatement. What had already become a hot topic in Australia during 2001 has since burst out across the world, involving the direct intervention of the President of the United States. I’d say that Monash University has got its timing pretty right. The interesting question is whether this initiative would have received any interest or support in Australia two years ago. There is little doubt that by the end of the 1990s the business community was becoming wearied by the concept of corporate governance, seeing it as somewhat irrelevant, even passé: a response to the no longer relevant excesses of the 1980s. Many years of sustained economic growth, and Australia’s remarkable survival of the financial crisis in Asia, had led to a period of complacency about corporate governance - over time it became institutionalised and compliance focused, more driven by process and legal liability management for corporate officers than by notions of shareholder protection and wealth creation. In retrospect this self-confidence looks particularly short-sighted. At the very time when most of Asia, supported by the World Bank and the IMF, was focussed on the importance of corporate governance and institution building, the more developed economies (including Australia) assumed that their existing standards were adequate. We were, I think, partly lulled by the knowledge that some of the key economic ...
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...the accounting profession Accounting ethics is primarily the study of moral values and judgments as they apply to accountancy. Accounting ethics were first introduced by Luca Pacioli in 1494 in his book “Summa de arithmetica, geometria, proportioni, et proportinalita”, and later expanded by government bodies, professional organizations and independent companies (Humphrey 2005). Throughout 2001 and 2002, the financial scandals in in the USA and some other countries, such as Australia, dramatically demonstrated how the efficiency of financial markets is based on assumptions of trust and ethical behavior of corporate managers (McPhail 2001). The collapse of companies such as Enron, WorldCom and Global Crossing in the USA, HIH Insurance and OneTel in Australia, and Parmalat in Italy, has led to a loss of confidence by the investing public in the system of financial reporting and accountability. The globalization and diversification of accounting services, combined with market competition and high profile corporate collapses has drawn attention to the accounting profession and its perceived ethical standards. (Cooper 2007) Ethical values provide the foundation on which a civilized society exists. Without the foundation, civilization collapses. On a personal level, the answer to the question of the highest aspiration might be wealth, fame, knowledge, popularity, or integrity. But if integrity is secondary to any of the alternatives, it will be sacrificed in situations in which a choice...
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...United Kingdom The impact on employment in EU-25 of the opening of electricity and gas markets, and of key EU directives in the field of energy Case study country report - UNITED KINGDOM and Centrica C3126 / March 2007 ECOTEC Research & Consulting Pat Irving and Anne-Mari Nevala Priestley House 12-26 Albert Street Birmingham B4 7UD United Kingdom T +44 (0)121 616 3600 F +44 (0)121 616 3699 www.ecotec.com This report is available in English only. It was financed and prepared for the use of the European Commission, Directorate-General for Employment, Social Affairs and Equal Opportunities. Its content reflects the opinions of its authors only and does not necessarily represent the official position of the European Commission. Contents 1.0 2.0 2.1 2.1.1 2.1.2 2.1.3 2.1.4 2.2 2.2.1 2.2.2 2.2.3 2.2.4 2.2.5 2.2.6 2.2.7 2.2.8 PAGE INTRODUCTION ...................................................................................... 3 KEY ENERGY MARKET FACTS............................................................. 4 Status and impact of gas market liberalisation .......................................................4 Market structure ...........................................................................................................5 Gas supply and demand ..............................................................................................6 Gas prices .........................................................................................
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...PART A INTRODUCTION The case discussed in this assignment is Forrest v Australian Securities and Investments Commission [2012] HCA 39. As a controversial case, in initial the judgment was made for ASIC. And then, the judge had given the verdict in favor of Forrest and Fortescue Metal Group in the Federal Court. But finally, in the High Court of Australia, the verdict found that both Forest was not guilty and the Company did not breach any sections of the Corporate Act in 2001. BACKGROUND Fortescue Metal Group Ltd (Fortescue), located in Western Australia, was a mining company (Fortescue Metal Group Ltd 2014). Mr Andrew Forest was chairman, chief executive and substantial shareholder in Fortescue (Fortescue Metal Group Ltd 2014). The Australian Securities and Investments Commission (ASIC) sued Fortescue and Forrest about a contract regarding the Port Hedland and a railway was to be built to connect the mine and the port. Fortescue signed a contract with three Chinese corporations, included China Railway Engineering Corporation (CREC), China Harbour Engineering Company (CHEC) and China Metallurgical Construction Corporation (CMCC) during August and November 2004. The three contracts were signed separately and being combined to be known as “Framework Agreement”. During August and November 2004, Forrest released a press that Fortescue had entered into a binding contract with CREC to build and finance a project which included construction of the railway. In...
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...Topic: When a distributor is a dominant player in a supply chain it faces many risks. Discuss the potential strategies that a dominant distributor might implement to a) retain its position of dominance and b) benefit the total supply chain. Supply Chain Management – Distributor’s risk and strategies to retain dominance whilst value adding to the total supply chain Introduction The supply chain is made up of many key players; from the top we have the suppliers which provide raw materials (or finished parts) to the manufacturers who carry out required assembly to produce the products the market demands. The distributor collects these finished products from the manufacture and provides a logistical link to the retailers who sells at the local market and provide convenience to the consumers. At every stage of the supply chain the each player carries out activities that add values to the product until it reaches the end user (Porter, 1985). The key players are linked together and are interdependent on each other (both upstream and downstream) as they rely on each other not just for profit but to achieve the overall effect of the supply chain to meet consumer demands. However the level of an organisation’s dependency on one another varies from relationship to relationship within the supply chain. As a result dominant players within a supply chain can greatly influence the other players to achieve perpetual dominance and/or mutually benefit all players, (Maloni et al....
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...Introduction The usefulness of accounting theory is evident at various levels within the accounting profession and society in general including, standard setters, accounting professionals and users of accounting information. This essay will address two key areas, firstly, a personal reflection on this course and why studying theory is essential for practicing accountants. The second part is a critical evaluation of the conceptual framework and why it is an essential part of accounting literature. Areas evaluated include the purpose and benefits of a conceptual framework, a brief history of it in Australia, principle based versus rules based standards and some criticisms of it are discussed. Personal reflection I must admit, when scrolling through the list of courses I have left to complete my degree Accounting Theory did not jump out as one I was eager to enrol in. This is in no small part due to my lack of appreciation of how knowledge of the development of theory can give context and power to understanding changes. Whereas before I was more about practice and ‘getting it done’, it has become apparent that theory generally is an intrinsic element in advancing our understanding of our environment, culminating in improvements in practice. It is not a means of simply explaining or predicting behaviour, nor is it there only to serve as a framework for further inquiry (although these are important benefits of theory). Theory has a much more significant and elegant role to...
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...1.0 Introduction Mobile phone is a very common source of communication in these days. Most of the people are using mobile phone in the city and the urban areas robustly. At present, six different companies are providing mobile phone connections in Bangladesh. In comparison to the big population it is becoming a huge market for mobile phone service companies. Every company is trying to provide as much facilities as possible to do marketing campaign in many ways they have available in their hand. TM International (Bangladesh) Limited is formed a huge demand in this sector. The company known as ROBI across the country has more than two million subscribers both in prepaid and postpaid forms. 1.1 Introduction of the report Each professional degree needs practical knowledge of the respective field of discipline to be fruitful. Our BBA program also is similar, relating to the exchange of theoretical knowledge into the real life practical situation. The report entitled “Mobile Services in Bangladesh: A case study on ROBI”. The main purpose of the preparation of the report understands the practical knowledge about marketing mix, STP and the SWOT analysis. During the course, we were under the supervision and guidance of Ms Husna Ara, Faculty of Business Studies, East West University-Bangladesh. 1.2 Objectives of the report Main Objective: The main objective of this study is to prepare a paper on the specified topic implementing the knowledge that has been gathered...
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...CORPORATE LAW ASSIGNMENT TASK1 Introduction The board meeting conducted by the board of directors of Juices Ltd in December 2010 revealed a new proposal for Juices Ltd to acquire the juice container manufacturing business owner by Fruit juice containers Pty Ltd, $48 million being the settlement price. The proposal was duly considered important as Juices Ltd operated an apple and pear juice producing business and owned ore hands around Australia and the juice container manufacturing business can provide Juice Ltd’s juice containers to the customer who already falls under Juice Ltd’s target market. In order to broaden the domain of its business the proposal was put forward by Chen who is a non executive director of the company though all the board members were suppose to be present in the board meeting else one of the non executive director could non- attend the meeting as on the same day and time she met with an accident and broke her arms and unable to receive treatment from the emergency department of the local hospital. The company managing director Uma was authorized the chairman Jack to acquisition within 10 minutes. Though the company’s chief financial officers Isaacs financial report was presented on the impact of the acquisition but unfortunately he was forbidden to participate in the board meeting and gain or deliver any views in regards to the business proposals. Though it was decided in the meeting to approve the acquisition and signing up of the contract by Uma to...
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