Professional Documents
Culture Documents
Table of Contents
1. Introduction..................................................................................................2
2. Issues and Recommendations......................................................................3
2.1 Figure out why MTSB's investment on MTT concluded as been
cheated and how it could be cheated..............................................................3
2.2
2.3
3. Conclusion...................................................................................................14
4. Question.......................................................................................................16
5. References......................................................................................................24
the executive
director of MTSB at that time, Yatim Nor who happened to be a board member in
TGS too. Based on the context in the case study, we realized that it was Omar
Yatim, the son of Yatim Nor, who made the approach to his father to propose to set
up a joint venture between MTSB and TGS which will be structured in 40% and
60% ownership. It was very questionable that why the person who approach
Yatim Nor to set up MTT was his son, Omar Yatim but not Dato' Shazali, the one
who initiated to form a travel business between Turkistan and Malaysia. By taking
this point into our consideration, it was reasonable for us to suspect that Dato'
Shazali has spotted the opportunity to commit a fraud and made a private contact
with Omar Yatim so that Omar could convince his father to set up MTT. We also
suspect that there was an "under the table" deal going on during the private
conversation between Dato' Shazali and Omar Yatim. Dato' Shazali might have
analysis on their spending pattern before and after the case happened. Besides
that, forensic team can investigating and analyzing financial evidence, such as
check on the validity of the related transaction records of MTSB investment.
Other than that, they are also assisting in legal proceeding, for example, prepare
visual aids to support trial evidence. By the end of the forensic audit, the forensic
accountant would provide assistance by giving review of the actual situation,
suggest possible courses of action and provide assistance with the recovery of
stolen fund by way of civil action or criminal prosecution.
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12
13
indirectly. This is to avoid any possible conflict of interest and also served as a
defence to avoid being held liable for breach of duty.
Internal audit is another important element for a organization to operate their
business effectively and efficiently. It also allows the group company to closely
14
15
16
17
18
19
20
responsible for all the day to day transactional accounting for business. They
needed to collect and kept all documents in the proper file because at the ended of
the year, finance department need to give all document to accounts department for
recording in the system or bookkeeping.
For management of the organizations cash flow and ensuring there are
enough funds available to meet the day to day payment. The finance department
has to control the cash flow because the finance department is responsible for the
payment bills, wages and salary to employee. The finance department is also
responsible to advising and sourcing long term financing. Financing may be
obtained through bank or private lender debt or in applicable firms, share issues to
private investors. If the company is ready to target angel investors or venture
capitalists the finance department will be key in preparing the document required
for these presentations and may work with outside consultants on a company
valuation.
For finance department will work with management to prepare the
organizations budget and forecasts and to report back on the progress against
these throughout the year. From that, finance department can provide information
to assist manager in making key strategy decision, such as market or project to
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Top
management should also play an important role to ensure the each department
carrying out their tasks properly and efficiently.
22
October
12,
2012,
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http://www.cliffsnotes.com/study
guide/Internal Control.topicArticleld-21081,articleld-21006.html
(n.d.).
Retrieved
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http://www.aicpa.org/Publications/InternalControl/Pages/InternalControl.aspx
(n.d.). Retrieved October 12, 2012, from http://en.wikipedia.org/wiki/internal
audit
(n.d.). Retrieved October 12, 2012, from http://en.wikipedia.org/wiki/internal
control
(n.d.).
Retrieved
October
12,
2012,
from
http://www.mia.org.my/handbook/guide/IAG/IAG.html
Alina Teodora Ciuhureani, Nicolea Baltes, Liana Brezai. (n.d.). The Financial
Management's Role in modern organizations.Interferences and differences
between the management of the accounting activity and the financial
management. 595-600.
Company Act 1965 (Act 125), Regulations, Rules ans Order. (2009). Petaling Jaya:
International Law Book Services.
Harper, W. (2009). Maintaining Adequate Books and Records.
Lane, J. (2011). Recent regulatory actions focused on policies and procedures
designed to safeguard material,non-public information. Investment Compliance ,
44-47.
Papandrea, D. (n.d.). CollegeSurfing. Retrieved October 15, 2012, from Forensic
Accountant: Duties & Job Market: www.collegesurfing.com
Rahemtulla, K. (2010, October 12). Investment U turning principles into profits.
Retrieved October 13, 2012, from Three ways to safeguard your investment
portfolio: http://www.investment.com
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