The case portrayed Flat Cargo Berhad (FCB), a public listed company which known as one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries where the subsidiaries primarily provides air freight services and aircraft ground handling services. As the only Intra-Asian overnight express cargo operator based in Malaysia, FCB provides air freight transportation involving aircraft charter and leasing.
Due to landing rights in Asia Pacific region, FCB has the opportunity to provide express air services to international integrators, freight forwarders and major airlines within the Asian region. Thus, secure its major landing rights throughout countries in Asia. Moreover, FCB also has well-established customers and offers air freight forwarding services to its major shareholder, Cargo Malaysia Berhad and Bangor Berhad. Meanwhile, FCB was engaged with expansion plan to handle large shipments by expending freighter fleet size in order to cater customers demand.
In 2005, FCB’s turnover is expected to be higher than year 2004 due to its expansion plan. However, FCB has higher gearing ratio and weak debt servicing ability. Besides, FCB has governance structure which adhered to the Malaysian Code of Corporate Governance in configuring its Board of Directors. Based on the case, Mr. Chuah Mun Soong is identified as a protagonist where he is one of FCB’s audit team from Kencana & Associates. The main problem here is the dilemma of Mr.
Chuah Mun Soong where he thinks that there is a possibility of fraud in FCB. This is because they have identified the suspicious findings during the routine financial audit. As an auditor, he needs to be skepticism and he tried to access the fraud by doing some research on the company. He decided to consult legal department for the advice. He is unwilling to risk his firm reputation by having client that has scandal. However he hopes that FCB is not a problematic company as they have a good business model and also a well-known company.
The problems faced by Mr Chuah Mun Soong were due to the inconsistencies in the accounts of Flat Gargo Berhad (FCB) that was reported by his subordinates. The first issue that was identified as inconsistent was despite very good reviews made by various investments houses and also great turnover and dividend payout reported, Rating Agency Malaysia (RAM) has only rated FCB’s Medium Term Notes to AA3. This indicates that FCB has a very weak ability to pay back their debt. As according to the FCB’s Audit Working Papers for 2005, there are few inconsistencies found which significantly bother Mr Chuah.
Firstly, the auditors were unable to validate the existence and purchases procedures of the aircrafts that were reported to have been purchased by FCB in 2005. Besides, a non-functional abandoned aircraft roughly costs RM231 million was found in a hangar. In addition, few of confirmation letters for debtors were returned due to changes of their mailing address and a large numbers of sales transactions that engaging to small clients were identified without supporting documents.
FCB also mistakenly recorded a loan received from Hong Kong based company in the debtors’ account. Lastly, there were also few unusual transactions of aircrafts’ purchases and offsetting the debtors’ accounts were identified in FCB’s books of account. The case has provided appendices comprising crucial of information which could help the auditors to detect the possibility of fraud. Firstly, appendix A shows the financial statements of the company which includes the income statement and balance sheet of the company in five years’ time.
Thus, they could identify any inconsistency in the FCB account. The appendix B reveals the fleet information of the FCB group where it lists out all the aircrafts’ types and details until 2005. This information could be used for physical assets verification. Next, appendix C provides the five years group financial highlights where it consists of the important aspects for the auditors to identify any possible fraud. Graphs are presented to make it easier to compare the value from year to year.
The appendix D shows the organizational structure of the company where it listed down the name and role of the board of director, the Audit committee and the top management team. This is important to know the responsible person for each particular work. Besides, appendix E shows the information on corporate governance in Malaysia. This is also important to know whether FCB follow the Malaysian Code of Corporate Governance because FCB is the public listed company where they are mandatory to comply with the code.
Educating for Mass Shootings
Educating for Mass Shootings.
Subtopic: We need to take immediate action for the public safety of everyone including all students. 4 Minutes “Our classrooms are not safe. There are people bent on doing wrong, doing evil” (Edwards, Celisa) Gun violence has been a problem through the last couple of years in our society. The main point of the pro for gun control sat that the task of the government is keep the nation safety. Since the massacre of the 20 children at an elementary school in Newtown, Connecticut on December 14, 2012 the demand for legislative action reached an urgent alarm and the gun control debate started in Congress. The number of children who have been shaken by gunfire in the places they go to learn exceeds the population of Eugene, Oregon. Thousands of schools conduct active-shooter drills in which kids as young as 4 hide in darkendes closets and bathrooms from imaginary murderers. In total, an average of school shootings per year is 10; a low of 5 in 2002 and a high of 15 in 2014. During the first months of 2018 they registered 11 shootings, making this year among the worst on record. At least 130 kids, educators, staff and family members have been killed in assaults during school hours, and another 254 have been injured. Schools in at least 36 states have experienced a shooting. Celisa Edwards, a teacher of an elementary of a small town at the outsides of Atlanta was concern about a gunman going into her school. She knows the procedures if a shooting was taken place in her school; lock the door and turn off the lights, but for her this wasn’t enough to protect elementary students. A simple metal wire with looped ends that could secure classrooms doors from the inside was her idea. The Portable Affordable Lockdown System has been installed in one Georgia school. A flood of school safety invention have hit the market in the recent years after the Sandy Hook shooting. Parents and teachers have came up with door barricades, bulletproof backpacks, ballistic whiteboards and online apps to monitor homicidal plots. This inventions are motivated by fear and a sense that policymakers have failed to safeguard schools. Cell phone text messages are being considered an other measure to alert thousands of students across the campus in case of an emergency. Technology would allow for live voice announcements as well as prerecorded messages. At many schools, officials want to send text messages to cell phones and digital devices as a faster, more reliable alternative to email. The March of Our Lives movement launched by survivors of the Parkland, Florida shooting has been boosted by a changing national mood and a generation that has put a new moral framework on the issue. This activist students announced dual campaigns: a summer tour to raise awareness and a voter registration drive to challenge politicians who oppose gun control measures. There is something about ours generation that is more gun-averse than other generations, which is why we should speak with authority. “If you tell people that this generation of teenagers is less than half as likely to get shot to death as 25 years ago, people will think you are crazy” (Males, Mike) Rebuttal: The 2nd Amendment gives the right to every American to bear Arms. If we take that away from the people, What does that say about the freedom and rights for all Americans? How do we defend ourselves? 1 Minute Response: We are just arguing to enforce the laws that already exist. We do understand the 2nd amendment and we also believe in the right to self-defense. We just want to make sure who is the person that haves access to firearms and why they want them. By the other hand, the 2nd Amendment was written on the 18th century and with much less the weapons that exist today. In this century, our century, we need to get laws so we can feel safe going to school, work or even just the movies without worrying if some random man will try to kill me. Frankel, Todd C. “School-Safety Fears Inspire Inventions.” Washington Post, 28 Oct. 2014, pp. A.10. SIRS Issues Researcher, https://sks.sirs.com. Cox, John W., and Steven Rich. “Scarred by School Shootings.” Washington Post, 25 Mar. 2018, pp. A.1. SIRS Issues Researcher, https://sks.sirs.com. Zagier, Alan S. “Schools Weigh Cell Messages for Alerts.” Kansas City Star (Kansas City, MO), 19 Apr. 2007. SIRS Issues Researcher, https://sks.sirs.com. Jonsson, Patrik. “After Mass Shootings, Students Hope to Change Sense of Siege..” Christian Science Monitor, 22 May. 2018, pp. n/a. SIRS Issues Researcher, https://sks.sirs.com.
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