...CORPORATE FRAUD & THE ROLES OF AUDITOR (BANGLADESH PERSPECTIVE) Submitted To: Tahmina Ahmed Lecturer Department Of Accounting And Information Systems University Of Dhaka. Submitted By: Group No. 02 ID 18003 18051 18053 18073 18089 18200 NAME Safiqur Rahman Mahadin Anik Mahmudul Islam Arnab Kumar Chakrabartty Abdullah Al Noman Namrata Chakma Date of Submission: November 11, 2014. 1|Page This Report Includes The Following Contents Chapter No. Contents Page No. 01.Introduction 1.1 1.2 1.3 1.4 Introduction. Scope of the report. Objective of the report. Limitations of the report. What is corporate fraud? Kinds of corporate frauds. Reasons for corporate fraud. Auditor’s role. Bangladesh perspective. Findings of the study. 03 03 03 04 04 05 05 06 09 10 02.Literature Review 2.1 2.2 2.3 2.4 2.5 03.Findings Of The Study 3.1 04.Conclusion & Recommendations 4.1 4.2 Conclusion. Recommendations. 12 13 05. References. 5.1 References. 14 2|Page CHAPTER 1 INTRODUCTION 1.1 WHAT IS CORPORATE FRAUD AND WHAT WE ARE GOING TO DO THROUGHOUT THE WHOLE REPORT? The term ‘Fraud’ essentially includes the use of deception to make some personal gains for oneself dishonestly obviously and create some losses for another within the organization or outside the organization. Although definitions of corporate fraud vary in different situations, most of them are based on these general themes. The term ‘Corporate Fraud’ usually includes activities such as corruption, misuse of accounts...
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...the banking conditions now of Sonali Bank Limited & Bangladesh Bank (Central Bank) with all those issues that have been thrown into them due to the deregulation in the banking sector in the country. According to Alam (2012), if there is a proper implementation of banking regulations and supervision structures, definitely, banking efficiency and profitability would follow. The efficient and effective banking regulations serve as a unified power to control the creation, operation and liquidation of the banking sector as well as a proper control in the stability of the economy of the country. Hence, BB as the Central Bank of the country should put into appropriate places all the specialized banking supervisory regulations and policies that can protect the depositors from higher risks of losing their deposited money in the banks. The core objective of the banking sector is to provide total protection to the investors with their money and funds. Both businesses and individuals have the rights to be ensured with certainty and safety about their funds in the banks. A smooth and acceptable public confidence and trust should be sustained and continually developed into more trusted banking system environment that can provide a high level of banking services all throughout the economy. In addition, to attain total efficiency and competitiveness that can project a positive impact on the entire banking sector in the Bangladesh. 2. Purpose The purpose of this paper is to engage...
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...Report on Bangladesh Electronic Fund Transfer Network: A Study on Prospect of Payment and Settlement System in Bangladesh Prepared by Kafil Uddin Muhammad Zahid Mahmud ID: 80802062 Supervisor Professor (Dr) Khondoker Bazlul Hoque Department of International Business University of Dhaka Date of Submission: November 26, 2015 Department of International Business University of Dhaka November 26, 2015 Professor (Dr) Khondoker Bazlul Hoque Department of International Business University of Dhaka Subject: Submission of Internship Report. Dear Sir With due respect and humble submission I beg state that I want to submit my internship report consist of “Bangladesh Electronic Fund Transfer Network: A Study on Prospect of Payment and Settlement System in Bangladesh” as the study part of which you had assigned me for fulfillment of the course “Internship” of Evening MBA program. May I note here that, there will be no dearth of sincerity on my part to bring the issue under study into proper focus. However, I would like to request you to consider if any error is found in my report. Finally, I would like to request you to permit me to conduct the research on my proposed topic and submit my report on that. Thanks in advance for your kind assistance and advice in this connection. Yours obediently, Kafil Uddin Muhammad Zahid Mahmud ID. 80802062 2nd Batch, Department of International Business University of Dhaka Contact No. 01715720770 Email: kafil_uddin@yahoo.com ii | P a g e ACKNOWLEDGMENT...
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...sector crisis of Bangladesh is the “Hallmark-Sonali Bank Loan Scandal “. This crisis identified in the year 2012 and it has been took place from the year 2010 and finally disclosed in 2012. To learn lesson from this incident and prevent further recurrence, study in depth of this crisis is very important. Background: A central bank probe found that Sonali Bank high-ups, including a deputy managing director, a general manager and the branch manager, were directly involved in the scam. The amount embezzled by the six entities is equivalent to almost 15 percent of the total estimated cost of the $2.9 billion Padma bridge project. Of Tk. 3,547 crore, Hallmark Group alone took away Tk. 2,686.14 crore, T and Brothers Tk. 609.69 crore, Paragon Group Tk. 146.60 crore, Nakshi Knit Tk. 66.36 crore, DN Sports Tk. 33.25 crore and Khanjahan Ali Tk. 4.96 crore. Of the six borrowers, Hallmark has been found to be the biggest fraudster. Analysis and Research: Bangladesh experienced the biggest financial scam in the year 2012 which is commonly known as the “Hallmark-Sonali Bank Loan Scandal “. To understand, analyze and research this scam in depth, let’s look for the answer of the following questions: . What happened? . How did it happen? . Why wasn’t the malpractice prevented or discovered sooner? . What has been the fall out? . Is it Hallmark’s success or failure of Sonali bank? The first question is: What happened? In May 2012, a report from the Bangladesh Bank revealed that...
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...sector crisis of Bangladesh is the “Hallmark-Sonali Bank Loan Scandal “. This crisis identified in the year 2012 and it has been took place from the year 2010 and finally disclosed in 2012. To learn lesson from this incident and prevent further recurrence, study in depth of this crisis is very important. Background: A central bank probe found that Sonali Bank high-ups, including a deputy managing director, a general manager and the branch manager, were directly involved in the scam. The amount embezzled by the six entities is equivalent to almost 15 percent of the total estimated cost of the $2.9 billion Padma bridge project. Of Tk. 3,547 crore, Hallmark Group alone took away Tk. 2,686.14 crore, T and Brothers Tk. 609.69 crore, Paragon Group Tk. 146.60 crore, Nakshi Knit Tk. 66.36 crore, DN Sports Tk. 33.25 crore and Khanjahan Ali Tk. 4.96 crore. Of the six borrowers, Hallmark has been found to be the biggest fraudster. Analysis and Research: Bangladesh experienced the biggest financial scam in the year 2012 which is commonly known as the “Hallmark-Sonali Bank Loan Scandal “. To understand, analyze and research this scam in depth, let’s look for the answer of the following questions: . What happened? . How did it happen? . Why wasn’t the malpractice prevented or discovered sooner? . What has been the fall out? . Is it Hallmark’s success or failure of Sonali bank? The first question is: What happened? In May 2012, a report from the Bangladesh Bank revealed that...
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...Department of Accounting Victoria Govt. College, Comilla Dear Sir, Here is the term paper on “A Study on Capital Market in Bangladesh”. I have worked on the various aspects on this matter. I am very grateful to you for giving me this exposure, for achieving tremendous real life experience during the work. I put the best of my performance on it. I gratefully thank you for the part of your experience, knowledge and views you shared with me and outside the class room. I pray and hope that you would be kind enough to accept the report and obliged there by. Sincerely, Md. Shah Paran Roll: 8100 Program: BBA Department of Accounting Victoria Govt. College, Comilla STUDENT DECLARATION I do hereby declare that the presented Term Paper titled A Study on Capital Market in Bangladesh is prepared by me. I also declare that it has not been previously submitted for any other degree of diploma or certificate to any University and Institution. I further undertake to indemnify the University against any loss or damage arising from of breach of copyright and/or above declaration. Md. Shah Paran Roll: 8100 Program: BBA Department of Accounting Victoria Government College Comilla CERTIFICATE This is to certify that the report entitled A Study on Capital Market in Bangladesh Is the record of Term Paper done by Md. Shah Paran in partial fulfilment of the requirements of the degree of Bachelor of Business...
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...of Business and Management (IOSR-JBM) ISSN: 2278-487X. Volume 5, Issue 4 (Nov. - Dec. 2012), PP 01-04 www.iosrjournals.org The Hallmark Corruption: Supervisory Lapses of the Banking System in Bangladesh 1 1 2 Munshi Samaduzzaman, 2Fazluz Zaman Adjunct lecturer, Central Queensland University, Australia Adjunct lecturer, University of New South Wales, Australia Abstract: The implications of the efficient bank supervisory and strong regulatory implementation strategies in Bangladesh Bank will be needed in order to overcome the continued crisis in the banking system. This should be a wakeup call to everyone in the banking industry in the country to further develop and strengthen the strict monitoring of the banking mechanism strategies. At the same time, in order to investigate the numerous misalignments in the supervision of both banking institutions and Central Bank of Bangladesh as well as to integrate the appropriate linkages between proper implementation of the bank regulatory and supervisory structures. The result of this study suggests that there is a strong need for focusing on the dual banking system, as well as a need to increase the efficiency in the technical areas, as well as a tooth for a tooth law in order for the Central Bank of Bangladesh to beat numerous fraud activities in the banking sector. Proper growth and profitability and transparency in the entire banking sector will be achieved through a strict implementation of banking policies and regulations...
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...Assignment On Marketing Plan of Robi Axiata Ltd. [pic] “Marketing Plan of Robi” Course title: Marketing Management Course code: MKT-331 Submitted To: Mr.Nur-E-Alam Siddique Lecturer, Faculty of Business ASA University Bangladesh Submitted By : Section-6E Name ID Kazi Md. Sarwer Rahman 091-12-0141 Md.Siddikur Rahman 091-12-0147 Md. Golam Rabby 091-12-0148 A.R. Ferdous 091-12-0150 Md. Abu Sayeed Mia 091-12-0158 Date of Submission: October 22, 2011 [pic] Letter of Transmittal October 22, 2011 Mr.Nur-E-Alam Siddique Lecturer Faculty of Business ASA University Bangladesh SUB: SUBMISSION OF THE REPORT. Dear Sir, It’s a great pleasure for us to submit the report titled “ Marketing plan of Robi Axiata Ltd.” under your great consideration and help. We find this report as an interesting one when we were engaged in preparing this report. We are very much hopeful that this report will meet the criteria of yours and help us in gathering a huge knowledge on that particular sector. The Assignment deals with several important aspects on the particular mobile company. The issues include the study of the current growth in company, the trends and policies undertaken by the Robi...
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...UNIVERSITY OF DHAKA CORPORATE GOVERNANCE PRACTICE OF BRITISH AMERICAN TOBACCO, BANGLADESH LTD. JULY’ 2012 NAHID RIJWAN ID# 3-09-17-033 University of Dhaka Department of Management Studies MBA (Evening Program) Summer, 2012 Term Paper Course Title Course code Corporate Governance & Diplomacy EM 557 Course Teacher Md. Mesbah Uddin Topic Term Paper: Corporate Governance Practice of British American 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 ...
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...BUSINESS LEBEL STRATEGY AND THEIR IMPACT ON ONLINE BANKING IN BANGLADESH Submitted to Dr.Durgadas Bhattacharjee Submitted by Ahamed Shahriar Hasan ID#112103064,Sec:A MBA Program, Spring- 2013 MGT 607: Strategic Management Table of Content Topic Page 1. Historical Background 03 2. Service render by online bank 03 3. Digitization policy of Government and the progrees of online bank 04 4.Business level strategy persue and their success status 07 5.Trend on online banking 09 6.SWAT analysis 10 7.Possible measures to online banking 11 8.Conclusion 12 1.Historical background of online banking: The term Internet Banking or E-Banking Internet both are used as supplement. E-Banking is the one of the major part of E-Financing. E-Banking is web-based...
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...Bangladesh University of Professionals EMBA , Legal Environment of Business. Dr. Ridwanul Hoque: ridwancu@yahoo.com Regulation of business What is regulation?: t o say what to do and what not to do; to draw a periphery of corporate powers. And, is regulation anti-thesis to financial regulation thought to be generative of economic progression?: It is in no way a hindrance to economic performance by corporate entities. Absence of regulation leads to non-environment for business and the dilution of shareholders’ interests. Importance of regulation can be understood with a reference to the benefits of state control in the banking sector. One can take, for example, the case of the recent saga of Oriental Bank Ltd., in the morbid-situation of which the state intervened to protect the public’s money from being further lost. To note one author: “ Depositors entrust their savings to a bank, based on faith that thus money will be duly safeguarded and returned to them when they need it, The banks, in turn, lend their depositors money to borrowers … based on a trust that he borrowers will return the money ….”.[1] In order to protect the public interest and the business trust as depicted in the above paragraph, there needs to be legal protection in place. This is where state regulation comes into play in the marker arena. Two ways of regulating market are: legal regulation and corporate governance regime (which may be based on both private initiates...
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...Annual Report 2014 Our Mission ACI's Mission is to enrich the quality of life of the people through responsible application of knowledge, technology and skills. ACI is committed to the pursuit of excellence through world-class products, innovative processes and empowered employees, to provide the highest level of satisfaction to our customers. Our Vision To realise the Mission, ACI will : Provide products and services of high and consistent quality, ensuring value for money to our customers. Endeavour to attain a position of leadership in each category of our businesses. Develop our employees by encouraging empowerment and rewarding innovation. Promote an environment for learning and personal growth. Attain a high level of productivity in all our operations through effective utilisation of resources and adoption of appropriate technology. Promote inclusive growth by encouraging and assisting our distributors and suppliers in improving efficiency. Ensure superior return on investment through judicious use of resources and efficient operations, utilising our core competencies. Our Values Quality Customer Focus Innovation Fairness Transparency Continuous Improvement Annual Report 2014 Page 1 ISO 9001 Quality Management System ACI in the first company in Bangladesh to have obtained ISO 9001 Certification for Quality Management System across all categories ACI Quality Policy One of our important vision is to provide products and...
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...House over our economy | 5-18 | New era in Bangladesh Banking | 5 | Old payment and settlement system | 7 | Clearing activities in old system | 7 | Difficulties in old system | 9 | New payment and settlement system | 10 | About MICR cheques, its processing ,benefits and strength | 11-14 | About automated clearing house | 14 | Overall contribution over our economy | 16 | Chapter3 - Criticism | 19 | Chapter4 - Conclusion | 20 | Chapter5 - References | 21 | 1. Introduction 2. About Bangladesh banking and the new era 3. Old payment and settlement system 4. Difficulties of old system 5. New payment system Executive Summary This Term Paper is about the “contribution of MICR cheques & Automated Clearing House over our economy”. It is great pleasure for us that banking industry of Bangladesh is growing and modernizing its activities to a great extent. So in my term paper I have tried to demonstrate our new payment and settlement system, which recently adopt new methods and systems. As we know Bangladesh bank launched new MICR cheques as the initiative of automation system to...
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...Annual Report 2014 Our Mission ACI's Mission is to enrich the quality of life of the people through responsible application of knowledge, technology and skills. ACI is committed to the pursuit of excellence through world-class products, innovative processes and empowered employees, to provide the highest level of satisfaction to our customers. Our Vision To realise the Mission, ACI will : Provide products and services of high and consistent quality, ensuring value for money to our customers. Endeavour to attain a position of leadership in each category of our businesses. Develop our employees by encouraging empowerment and rewarding innovation. Promote an environment for learning and personal growth. Attain a high level of productivity in all our operations through effective utilisation of resources and adoption of appropriate technology. Promote inclusive growth by encouraging and assisting our distributors and suppliers in improving efficiency. Ensure superior return on investment through judicious use of resources and efficient operations, utilising our core competencies. Our Values Quality Customer Focus Innovation Fairness Transparency Continuous Improvement Annual Report 2014 Page 1 ISO 9001 Quality Management System ACI in the first company in Bangladesh to have obtained ISO 9001 Certification for Quality Management System across all categories ACI Quality Policy One of our important vision is to provide products and...
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...Complete set of financial statementsA complete set of financial statements comprises:a) A statement of financial position as at the end of the period; b) A statement of comprehensive income for the period;c) A statement of changes in equity for the period;d) A statement of cash flows for the period;e) Notes, comprising a summary of significant accounting policies andother explanatory information; andf) A statement of financial position as at the beginning of the earliestcomparative period when an entity applies an accounting policyretrospectively or makes a retrospective restatement of items in itsfinancial statements, or when it reclassifies items in its financialstatements. An entity shall clearly identify each financial statement and the notes. Inaddition, an entity shall display the following information prominently, and repeatit when necessary for the information presented to be understandable:a) The name of the reporting entity or other means of identification, andany change in that information from the end of the precedingreporting period; b) Whether the financial statements are of an individual entity or agroup of entities c) he date of the the set of finance d)The name of the reportinBeximco PharmaceuticalIt is also clear that both oreporting period are coved by the set of financial statements or notes. e)Foreign currencies are translated inaccordance with BAS-21 " Information to be presented to the statement of...
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