At the end of 2008, Satyam Computer Services was one of the darlings of India's IT outsourcing sector. With annual revenues of over USD1 billion, its clients were spread across the globe and included a healthy swathe of Fortune 500 companies. It was the winner of the World Council for Corporate Governance's Golden Peacock Award and a few years earlier Ernst & Young named Satyam's founder and Chairman, B Ramalinga Raju, Entrepreneur of the Year.
7 January 2009, Raju resigned and confessing to hiding about USD1 billion in cash shortfalls. In a letter made public, he admitted he had been fixing the books for seven years. He wrote; 'It was like riding a tiger, not knowing how to get off without been eaten.'
Recently in Japan, a sudden ousted of a British-born, non-japanese speaking CEO, accidentally led to discovery of over 15-years cooking of accounting books in Olympus Corporation. Over USD1.7 billion money was involved. The ousted CEO, Michael Woodford, an Olympus veteran of 30 years, was speculated as being there as puppet to the Board.
What was interesting in the two incidents above is the failure of the external auditors to detect the misappropriation of accounting records for a very long time, involving a substantial amount of money. In Olympus case, the prior auditor, KPMG AZSA LLC does not want to participate in a probe conducted by a panel set up by Ernst & Young ShunNihon LLC.
In US, audit firms involved would opted for out of court settlement. A compensation will be paid to the financial authority, without admission of negligence. The victims would be the investors, losing their money without knowing the real truth of what was really happening, leaving them with no choice except for civil suit to recover their investment.
Tuesday, December 27, 2011
Tuesday, December 20, 2011
Malaynomics Dan Kuasa Politik
Kuasa politik menjadi benteng utama bagi menjamin 'sustainability' bangsa Melayu. Model Melayu masa depan perlu dibentuksemula supaya terus berdaya saing. Kini wujud percambahan idea tentang model untuk Melayu menerajui masa depan.
Golongan konservatif masih inginkan perlindungan mutlak dalam bentuk pemberian terus tender, kuota dan layanan istimewa, tanpa sebarang pertikaian oleh kaum lain. Mereka membaca Utusan Malaysia dan Harian Metro. Islam-Melayu menjadi isu utama dan sebarang usaha menggugat status islam dan melayu akan menjadi isu emotional.
Golongan ultraliberal mahukan persaingan mutlak kerana merasakan mereka sudah bersedia menghadapi persaingan terbuka. Golongan bandar ini sebahagian besarnya mempunyai keluarga berdapatan tinggi, berkelulusan luar negera (atau membesar di luar negara), menyokong pasukan Arsenal dan tangkas mengendalikan gajet dan advanced social media features serta penguasaan bahasa inggeris lanjutan.
Najibnomics melalui ETP mencuba untuk mempelopori jalan tengah antara kedua-dua kelompok orang Melayu ini. Percubaan memperkenalkan proses liberisasi ekonomi terancang seperti yang terkandung dalam program 1Malaysia dan ETP ditentang oleh NGO seperti Perkasa dan Persatuan Kontraktor Melayu. Akhirnya beberapa kompromi terpaksa diwujudkan seperti pemberian 40% kontrak MRT kepada entiti korporat Bumiputra.
Terdapat sub-group yang berpengaruh antara kedua-dua ekstrem ini. Antaranya pemilik syarikat tersenarai dan golongan profesional dalam GLC serta MNCs yang mengekalkan identiti melayu walaupun bergaul dengan masyarakat antarabangsa dalam karier mereka. Mereka tidak menyokong wawasan Perkasa, namun masih belum yakin terhadap idea menghapuskan keistimewaan melayu /islam secara total dalam dasar kerajaan.
Tidak ada keunikan ketara dalam isu ini kerana kaum lain juga menghadapi persoalan yang sama. Kaum cina mempunyai isu kuning dan putih (banana vs papaya). Yang penting adalah kesediaan untuk bersetuju untuk tidakbersetuju secara bertamaddun dan menjadikan perbahasan isu masa depan Melayu sebagai suatu proses yang berterusan.
Dan dalam proses tersebut, hendaklah dipastikan kuasa politik kekal di tangan kaum Melayu. Insya allah.
Golongan konservatif masih inginkan perlindungan mutlak dalam bentuk pemberian terus tender, kuota dan layanan istimewa, tanpa sebarang pertikaian oleh kaum lain. Mereka membaca Utusan Malaysia dan Harian Metro. Islam-Melayu menjadi isu utama dan sebarang usaha menggugat status islam dan melayu akan menjadi isu emotional.
Golongan ultraliberal mahukan persaingan mutlak kerana merasakan mereka sudah bersedia menghadapi persaingan terbuka. Golongan bandar ini sebahagian besarnya mempunyai keluarga berdapatan tinggi, berkelulusan luar negera (atau membesar di luar negara), menyokong pasukan Arsenal dan tangkas mengendalikan gajet dan advanced social media features serta penguasaan bahasa inggeris lanjutan.
Najibnomics melalui ETP mencuba untuk mempelopori jalan tengah antara kedua-dua kelompok orang Melayu ini. Percubaan memperkenalkan proses liberisasi ekonomi terancang seperti yang terkandung dalam program 1Malaysia dan ETP ditentang oleh NGO seperti Perkasa dan Persatuan Kontraktor Melayu. Akhirnya beberapa kompromi terpaksa diwujudkan seperti pemberian 40% kontrak MRT kepada entiti korporat Bumiputra.
Terdapat sub-group yang berpengaruh antara kedua-dua ekstrem ini. Antaranya pemilik syarikat tersenarai dan golongan profesional dalam GLC serta MNCs yang mengekalkan identiti melayu walaupun bergaul dengan masyarakat antarabangsa dalam karier mereka. Mereka tidak menyokong wawasan Perkasa, namun masih belum yakin terhadap idea menghapuskan keistimewaan melayu /islam secara total dalam dasar kerajaan.
Tidak ada keunikan ketara dalam isu ini kerana kaum lain juga menghadapi persoalan yang sama. Kaum cina mempunyai isu kuning dan putih (banana vs papaya). Yang penting adalah kesediaan untuk bersetuju untuk tidakbersetuju secara bertamaddun dan menjadikan perbahasan isu masa depan Melayu sebagai suatu proses yang berterusan.
Dan dalam proses tersebut, hendaklah dipastikan kuasa politik kekal di tangan kaum Melayu. Insya allah.
Tuesday, November 22, 2011
Laporan Ketua Audit Negara 2010
Penduduk Malaysia pada 2010 adalah 26,784,965 orang. Hampir 1.3 juta dari mereka merupakan penjawat awam dan tugas mengaudit kerja mereka setiap tahun cukup mencabar. Di kebanyakan organisasi, jabatan audit merupakan satu jabatan yang paling tidak disenangi. Kehadiran mereka dianggap semata-mata mencari kesalahan orang lain.
Namun tugas Jabatan Audit Negara (JAN) perlu dinilai secara adil iaitu melalui hasil kerja mereka. Contohnya, pada Laporan Ketua Audit Negara (LKAN) 2010 kesilapan meletakkan tanda titik dan koma oleh kakitangan di Bahagian Pasca Perkhidmatan, Jabatan Perkhidmatan Awam telah menyebabkan pencen RM214.33 menjadi RM21,433. Ia berlarutan selama 16 bulan iaitu dari Jan 2006 sehingga Mei 2007, membabitkan sejumlah RM133,051 telah terlebih bayar.
JAN juga bertanggungjawab mengaudit syarikat-syarikat subsidiari kerajaan persekutuan dan negeri (GLC). Terdapat 6 GLC yang mencatat kerugian pada tahun kewangan 2009 tetapi membayar bonus kepada kakitangan. Mimos Bhd secara konsisten membayar bonus antara 2-3 bulan walaupun mencatat kerugian untuk dua tahun berturut-turut. Salah seorang ahli lembaga pengarah (ALP) Mimos merupakan mantan Presiden badan pengelola perakaunan negara yang masih aktif yang sepatutnya arif tentang etika pembayaran elaun, bonus dan emolumen.
LKAN merupakan manifestasi amalan 'check and balance' pengurusan kewangan negara dan harus dilihat secara positif oleh semua pihak, kecuali beberapa kerat tertentu yang mempunyai sesuatu yang hendak disembunyikan.
Terima kasih..
Namun tugas Jabatan Audit Negara (JAN) perlu dinilai secara adil iaitu melalui hasil kerja mereka. Contohnya, pada Laporan Ketua Audit Negara (LKAN) 2010 kesilapan meletakkan tanda titik dan koma oleh kakitangan di Bahagian Pasca Perkhidmatan, Jabatan Perkhidmatan Awam telah menyebabkan pencen RM214.33 menjadi RM21,433. Ia berlarutan selama 16 bulan iaitu dari Jan 2006 sehingga Mei 2007, membabitkan sejumlah RM133,051 telah terlebih bayar.
JAN juga bertanggungjawab mengaudit syarikat-syarikat subsidiari kerajaan persekutuan dan negeri (GLC). Terdapat 6 GLC yang mencatat kerugian pada tahun kewangan 2009 tetapi membayar bonus kepada kakitangan. Mimos Bhd secara konsisten membayar bonus antara 2-3 bulan walaupun mencatat kerugian untuk dua tahun berturut-turut. Salah seorang ahli lembaga pengarah (ALP) Mimos merupakan mantan Presiden badan pengelola perakaunan negara yang masih aktif yang sepatutnya arif tentang etika pembayaran elaun, bonus dan emolumen.
LKAN merupakan manifestasi amalan 'check and balance' pengurusan kewangan negara dan harus dilihat secara positif oleh semua pihak, kecuali beberapa kerat tertentu yang mempunyai sesuatu yang hendak disembunyikan.
Terima kasih..
Monday, November 14, 2011
NFC Fiasco And Women Leaderships
There are too many issues for Najib to address when it comes to business affairs involving opportunistic people in his administration. Latest being National Feedlot Corporation Sdn Bhd (NFC), a special lembu project.
When the fundamental issues of awarding the project itself was flouted, it is better to acknowledge the mess and undertake immediate corrective measures. There are many business and financial impropriety to be learned in cases like PKFZ and Penang International Tuna Port (PITP) where Govt became exposed to financial risks as guarantor to the bonds issued. People expect ( and were promised) better transparency under Najib's admin. Yet, NFC is a recurrence and worse when the ventures involved a husband of a serving minister.
The Govt Transformation Programme (GTP) has documented aspiration to ensure a value for money management of people's money and improving outcomes including "...set up of a high-powered task force headed by Chief Secretary to study the (2008) Auditor General's report and take action against those responsible for the financial irregularities it revelaled.."
It used the word 'financial irregularities' and the NFC incidents is rightly deserved an immediate scrutiny from this task force. I believe the rakyat want to see that under Najibnomics, it is about walk the talk. Shahrizat is now a heavy liability to Umno, BN, Govt, Wanita and women leadership in Malaysia.
She shoud not be in the coming GE lists. Her senatorship should not be extended.Period.
When the fundamental issues of awarding the project itself was flouted, it is better to acknowledge the mess and undertake immediate corrective measures. There are many business and financial impropriety to be learned in cases like PKFZ and Penang International Tuna Port (PITP) where Govt became exposed to financial risks as guarantor to the bonds issued. People expect ( and were promised) better transparency under Najib's admin. Yet, NFC is a recurrence and worse when the ventures involved a husband of a serving minister.
The Govt Transformation Programme (GTP) has documented aspiration to ensure a value for money management of people's money and improving outcomes including "...set up of a high-powered task force headed by Chief Secretary to study the (2008) Auditor General's report and take action against those responsible for the financial irregularities it revelaled.."
It used the word 'financial irregularities' and the NFC incidents is rightly deserved an immediate scrutiny from this task force. I believe the rakyat want to see that under Najibnomics, it is about walk the talk. Shahrizat is now a heavy liability to Umno, BN, Govt, Wanita and women leadership in Malaysia.
She shoud not be in the coming GE lists. Her senatorship should not be extended.Period.
Monday, November 7, 2011
UDA Holdings Bhd & Tapak Penjara Pudu: Kenapa Terburu-buru
Pengerusi UDA Holdings Bhd terkilan kerana terpaksa menampung kos tambahan berjumlah RM8 juta setahun akibat arahan oleh Kerajaan supaya UDA menilai semula cadangan pembangunan tapak Penjara Pudu. Lihat sini: Utusan Malaysia Online - Korporat.
Menurut satu laporan oleh TheEdge Malaysia 24hb Oktober, Kementerian Kewangan (MoF) akan ambil-alih hutang UDA kepada Khazanah Nasional Bhd berjumlah RM406.8 juta, dan menghapuskira faedah tertunggak kepada MoF berjumlah RM97.02 juta. Langkah campurtangan ini akan memberi kelegaan aliran tunai kepada UDA.
Menurut satu laporan oleh TheEdge Malaysia 24hb Oktober, Kementerian Kewangan (MoF) akan ambil-alih hutang UDA kepada Khazanah Nasional Bhd berjumlah RM406.8 juta, dan menghapuskira faedah tertunggak kepada MoF berjumlah RM97.02 juta. Langkah campurtangan ini akan memberi kelegaan aliran tunai kepada UDA.
UDA sebenarnya boleh menarik nafas lega kerana langkah ini merupakan satu lagi bail out. RM97.02 juta bukanlah jumlah yang kecil dan ia boleh menjadi isu di Parlimen. Sepatutnya teraju tertinggi UDA segera mengemukakan cadangan alternatif mengikut saranan MOF dan bukannya mengomel di media.
Sila contohi TNB, walaupun terpaksa menanggung kos tambahan tenaga alternatif mencecah RM400 juta sebulan akibat kekurangan bekalan gas dari Petronas, TNB gigih mencari penyelesaian dan berunding dengan Kerajaan dan institusi kewangan.
Sebagai entiti GLC, UDA mempunyai dwi-tanggungjawab iaitu financial and social Return On Investment.
ETP and Its Labs
Economic Transformation Programme (ETP) was unique with its 1,000 professionals and experts, running through 8-weeks lab period of 600 meetings. Some of the targets are extremely ambitious (eg. 92%of the RM1.4 trillion investment from the private sector-73% domestic, 27% FDI), in the spirit of aiming the stars and reach the sky.
However, the evil is always in the details and the ETP Roadmap contains few drawbacks. For instance one of the 12 NKEAs is business services whereby comparison was even made between Malaysia and countries like Philippines and Czech Republic to show how low our business services sector's contribution to GDP.
Under Business Opportunity 2 (page 423) - Accounting Sector, ETP stated that Malaysia must increase the quality of its accountants, especially in areas of international taxation and forensic accounting. Thus a new requirement to hold a recognised professional qualification (eg, ACCA, CPA) before being admitted as a chartered accountant in Malaysia is to be introduced. Malaysian Institute Of Accountants (MIA) therefore are required to introduce the additional requirement by mid-2012.
At a recent annual general meeting of the MIA, members especially those graduated from local institute of higher learning were told that MIA was not consulted over the issue. A check with the ETP roadmap on lab members for Business Services (pg 594) confirms this. There were no representatives either from MIA or Accountants General Office in the list of 34 lab members.
Accountants Act 1967 stated that MIA functions to determine the qualifications of persons for admission members and for ETP to make such a big decision without consultation with MIA with over 27,156 members as the governing body is highy unacceptable. The bigger concern is for the ETP to generalise that local accounting graduates were not up to the standard when its comes into international business.
And during the AGM, MIA member exercised their rights, voted down the proposal and retained the status quo.
However, the evil is always in the details and the ETP Roadmap contains few drawbacks. For instance one of the 12 NKEAs is business services whereby comparison was even made between Malaysia and countries like Philippines and Czech Republic to show how low our business services sector's contribution to GDP.
Under Business Opportunity 2 (page 423) - Accounting Sector, ETP stated that Malaysia must increase the quality of its accountants, especially in areas of international taxation and forensic accounting. Thus a new requirement to hold a recognised professional qualification (eg, ACCA, CPA) before being admitted as a chartered accountant in Malaysia is to be introduced. Malaysian Institute Of Accountants (MIA) therefore are required to introduce the additional requirement by mid-2012.
At a recent annual general meeting of the MIA, members especially those graduated from local institute of higher learning were told that MIA was not consulted over the issue. A check with the ETP roadmap on lab members for Business Services (pg 594) confirms this. There were no representatives either from MIA or Accountants General Office in the list of 34 lab members.
Accountants Act 1967 stated that MIA functions to determine the qualifications of persons for admission members and for ETP to make such a big decision without consultation with MIA with over 27,156 members as the governing body is highy unacceptable. The bigger concern is for the ETP to generalise that local accounting graduates were not up to the standard when its comes into international business.
And during the AGM, MIA member exercised their rights, voted down the proposal and retained the status quo.
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