Overview This case is about the dilemma of an auditor, Mr. Chuah Mun Soong who has found suspicious issues that may lead to fraud upon auditing Flat Cargo Berhad (FCB). He was supposed to report to the audit committee of FCB regarding the audit outcomes. However, Mr. Chuah needed to inform the managing partner of his firm with regards to the findings on the inconsistencies of accounts in FCB. Company Background FCB Cargo Berhad (FCB) was established in 1997 operating primarily as an air cargo carrier
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Break Bulk Cargo Cargo that is too big or too heavy to be loaded onto a flat rack container can be loaded directly onto the vessel. These are known as Break Bulk Cargoes. On Deck Stowage Cargo such as ships that are too large to be loaded into the hold and are not damaged by water can be directly loaded on deck. On rare occasions, cargo can be stowed directly atop the hatch covers. Under Deck Stowage Usually empty flat rack containers are stacked in the second or third tier from the
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Flat Cargo Berhad (FCB) was one of the largest air freight companies in Malaysia. It was a listed company operating primarily as an air cargo carrier. It started operations in 1997 with two aircrafts which wereBoeing 737-200 F and a Cessna Grand Caravan. As the only Intra-Asian overnight express cargo operator based in Malaysia, FCB provides air freight transportation involving aircraft charter and leasing. Besides that, FCB was engaged with expansion plan to handle large shipments by expending
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I. Executive Summary Flat Cargo Berhad (FCB) is a listed company that provides air cargo carrying services within the Asian region. The company owns five fully owned subsidiaries and the major shareholders of this company is Bangor Berhad. The company’s external auditor is Kencana & Associates where the audit team is led by Mr Chuah Mun Soong. On 5th February 2006, Mr Chuah has been informed by his team that there are some inconsistencies in the accounts of FCB. Therefore he has decided to
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Flat Cargo Berhad Presented by: ABDUL RAHMAN BIN YAACOB AFIFAH BINTI HALIM MAZIAH BINTI MOKHTAR MOHAMMAD AZWAN BIN BASHIRUN MOHD ZUBAIR BIN NOR AZMAN AC088467 AC088398 AC088445 AC088323 AC086470 Presented to: SIR AZWAN ABD RASHID NABILAH BINTI SAAD AC088349 INTEGRATED CASE STUDY ACSB 413 INTRODUCTION Company Background 1997 Started operations with 2 aircraft - Boeing 737-200F - Cessna Grand Caravan Operating Primarily -Air cargo carrier Principal activities of FCB Subsidiaries
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Part B – Paper 1 – General Ship Knowledge (3 hrs, 50% pass) Function (2): Cargo handling and stowage at the operational level Competence: Monitor the loading, stowage, securing, care during the voyage and the unloading of cargoes Inspect and report defects and damages to cargo spaces, hatch covers and ballast tanks Criteria: Cargo operations are carried out in accordance with the cargo plan or other document and established safety rules and regulations, equipment operating instructions and
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dominates the board’s decision making, there should be an equal number of executive and non-executive directors (inclusive of independent non-executive directors) in the Board of Directors. However, based on the hierarchy of the Board of Directors in Flat Cargo Berhad, there are more executive directors than non-executive directors. It is unhealthy scenario as non-executive directors’ views might not be taken into consideration in the company’s important decision making process as they have the minority
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TEACHING NOTES FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM ZAKIAH MUHAMMADDUN MOHAMED TAKIAH MOHD ISKANDAR SYNOPSIS Flat Cargo Berhad (hereafter referred to as FCB) was one of the largest air freight companies in Malaysia. It provided freight services to several government linked companies, including Freight Malaysia Bhd. The company began its operations in November 1997 with two aircrafts to provide overnight air express transport services to Singapore for Freight Malaysia Bhd. Its air express
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1.0 Case Summary Flat Cargo Berhad (“FCB”) was one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries and the principal activities included air freight services and aircraft ground handling services. FCB’s wholly-owned subsidiaries included FC Spare Sdn Bhd, Cargo Management Sdn Bhd, FCB (SPV), Cargo Air Services Sdn Bhd and FC Air Ltd. FCB started operations in 1997 and had been an overnight air express transport service
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