The process of gathering, analysing and reporting on data, in a pre defined context, for the purpose of finding facts and/or evidence in the context of financial/legal disputes and/or irregularities and giving preventative advice in this area.
Sunday, May 10, 2015
What does forensic auditing?
What does peer review, hot review, and cold review mean?
A peer review is a review of an audit file carried out by another partner in the assurance firm.
A hot review is a peer review carried out before the audit report is signed.
A cold review is a peer review carried out after the audit report is signed.
Firm and leadership responsibilities for quality within the firm
ISQC 1.13
Personnel within the firm responsible for establishing and maintaining the firm's system of quality control shall have an understanding of the entire text of this ISQC, including its application and other explanatory material, to understand its objective and to apply its requirements properly.
ISQC 1.34
The firm shall establish policies and procedures designed to provide it with reasonable assurance that:
- Appropriate consultation takes place on difficult or contentious matters
- Sufficient resources are available to enable appropriate consultation to take place
- The nature and scope of, and conclusions resulting from, such consultations are documented and are agreed by both the individual seeking consultation and the individual consulted
- Conclusions resulting from consultations are implemented
St-abilities of Khmer Riel
Using Khmer Riel is increasing from year to year. In 2014, Khmer Riel have been used increasingly from last year. According to NBC report.
Khmer Rail use mainly in tax correction which is required Kher Riel for settlement, salary payment to government staff, and other administration payment to government.
The government now try to promote using of Khmer Riel as it believe using of Khmer currency could help to improve economic condition in Cambodia.
http://www.phnompenhpost.com/business/improved-economic-conditions-help-riel-use
Friday, May 8, 2015
Why ineffective audit committee lead to ineffective board of directors?
The most importance reason that lead to strong board of directors is they get all of the information on time and accurately.
That mean the system of flowing the information from operation to BOD need to be effective and strong. Good audit committee run this job effectively.
If the company have poor audit committee, the internal control of the company will be poor, financial information that flow to BOD might be incorrect or not on time.
Poor audit committee also leave internal and external auditor run carelessly. The independence of this two function might be breached.
What are ultimate reasons of corporate failure?
It is quite interesting to know what are the ultimate reason of corporate failure. The are many reason which is indicators of business failure and those things might be happen in your company daily basis but you may not recognize it.
Here is the list of ultimate factors or reason of corporate failure based on my study of performance management paper in ACCA.
The firs one poor business planning: If you note that your company does have the business planning or the business planning does prepare carefully which attached to the currently performance of the company, then this the the factors of failure. You company might perform in the wrong direction to you corporate objective.
The second one of corporate failure is the poor financial planning or it simply called budget. The budget is the tool use to measure the performance of the company or its might also use by BOD to authorize the expenses that allow the executive level for implement. Poor of financial planning mean that the budget doesn't has clear basis of calculation, no controlling purpose, improper link to the corporate planning or objective. The budget might to be easy to perform or too tight to implement.
The third one is poor marketing: to let your costumer know your product or services, you have to have good marketing program. It might be through campaign or e-marketing. If you does't have good marketing program, your product or service probably soon become small and small in term of marketing share. Marketing program is quite importance in the market currently. Most of the big company now choice e marketing as the strategy for their market penetration. Market penetration refer to increase the marketing share of you existing product.
The last one and I think it is the very importance is poor management. Poor management here what I understand is not only refer to poor executive level, but also poor of BOD.
If the company have poor leadership management like CEO, CFO, or related director, the cost of staff turnover will be high. The company will also face the lost of key staff and remain only inactive staff.
This is very importance to the company success. From my expenses, no productive department have poor leadership manager and no success company have poor management team.
Poor BOD or inactive BOD will let executive run the company freely and carelessly.
Here is the list of ultimate factors or reason of corporate failure based on my study of performance management paper in ACCA.
The firs one poor business planning: If you note that your company does have the business planning or the business planning does prepare carefully which attached to the currently performance of the company, then this the the factors of failure. You company might perform in the wrong direction to you corporate objective.
The second one of corporate failure is the poor financial planning or it simply called budget. The budget is the tool use to measure the performance of the company or its might also use by BOD to authorize the expenses that allow the executive level for implement. Poor of financial planning mean that the budget doesn't has clear basis of calculation, no controlling purpose, improper link to the corporate planning or objective. The budget might to be easy to perform or too tight to implement.
The third one is poor marketing: to let your costumer know your product or services, you have to have good marketing program. It might be through campaign or e-marketing. If you does't have good marketing program, your product or service probably soon become small and small in term of marketing share. Marketing program is quite importance in the market currently. Most of the big company now choice e marketing as the strategy for their market penetration. Market penetration refer to increase the marketing share of you existing product.
The last one and I think it is the very importance is poor management. Poor management here what I understand is not only refer to poor executive level, but also poor of BOD.
If the company have poor leadership management like CEO, CFO, or related director, the cost of staff turnover will be high. The company will also face the lost of key staff and remain only inactive staff.
This is very importance to the company success. From my expenses, no productive department have poor leadership manager and no success company have poor management team.
Poor BOD or inactive BOD will let executive run the company freely and carelessly.
Thursday, May 7, 2015
The profit for banking sector stood up to 30% in 2014 compared to 2013
According to the news in Phnom Penh Post date 8 May 2015, the profit in the banking sectors in 2014 as increase 30% if compared to 2013.
Leading the pack was Acleda Bank with $82 million in profit, followed by Canadia bank with $61.2 million, $40.1 million for Cambodian Public Bank and $18.6 million for ANZ Royal Bank.
The NBC report shows that the greatest losses came from new entrant Hong Leong Bank, with a loss of $2.28 million, and Cambodia Mekong Bank and Cathay United Bank losing $2.2 million and $1.83 million respectively.
Leading the pack was Acleda Bank with $82 million in profit, followed by Canadia bank with $61.2 million, $40.1 million for Cambodian Public Bank and $18.6 million for ANZ Royal Bank.
The NBC report shows that the greatest losses came from new entrant Hong Leong Bank, with a loss of $2.28 million, and Cambodia Mekong Bank and Cathay United Bank losing $2.2 million and $1.83 million respectively.
http://www.phnompenhpost.com/business/banking-profits-construction-credit-climbing
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