Probing Corporate Malaysia

Probing corporate Malaysia By ERROL OH errol@thestar.com.my BIG or small, useful or loss-making, voluntarily or otherwise, with or without warning signs many a(prenominal) businesses here have called in forensic accountants to ascertain if thither had been wrongdoings, and if so, to compile evidence. But no matter how often this has happened, the delegacy of an investigation into a companys financial affairs is usually a headline-grabbing development because it brings a whiff of scandal. Or it at least tells us that not all is honest with the company. That is why there has been so much attention on accounting probes involving companies such as Port Klang Free regulate Sdn Bhd, Sime Darby Bhd, Petra Perdana Bhd, Ho Hup Construction Co Bhd, Maxbiz Corp Bhd, Axis Inc Bhd and CNLT (Far East) Bhd. more recently, Bursa Malaysia has asked Kenmark Industrial Co (M) Bhd to appoint a special heargonr to investigate its affairs, in view of the recent developments affecting the company, while Linear Corp Bhd said a special labor movement committee reviewing the companys financial records and statements would seek the advice of nonsymbiotic accountants on an ad hoc basis.

In some of these cases, the media glare is in any case linked to shareholder tussles or political agenda, but at the core of it all is the detail that such special exercises whether called audits, reviews or investigations are supposed to answer plenty of questions. How much mother fucker get out the special audit unearth? How much has been siphoned forward? Who are the culprits and who else will be blamed? What needs to be done to eliminate the weaknesses that have allowed the fraud to occur? What will the regulators do? Most of all, the forensic accountants work heightens our awareness of the immensity of internal controls, fraud detection and good governance. Below are several other prominent examples of special audits of listed companies: ·Transmile Group Bhd Transmile was in one case a share market darling. Encouraged by the fact that... If you want to get a full essay, order it on our website: Orderessay

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