In the case of Malcolm Frederick who recently entered in a new venture, we critically use one of the established control frameworks to describe how the operation of motel/café can be efficient, by applying the correct methods. Committee of Sponsoring Organisations of the Treadway Commission (COSO) provides frameworks and guidance regarding the aspect of enterprise risk management. In 1992, COSO issued a model called "Internal Control : Integrated Framework " which is widely used all over the ...
The main objective of financial reporting according to the IASB's Preparation and Presentation of Financial Statements framework is that of providing adequate information in order to enable shareholders conduct economic decision making. This brought the debate of whether such objective neglected the importance of the stewardship assessment by the part of shareholders. In the past decade the IASB and the US FASB have been working on a joint project to develop a conceptual framework for financi...
Introduction Audit is an evaluation of a person, organisation, system, process, enterprise, project or product (Graham W. et al., 2009). It plays a significant role in the accountancy market. Key Note reports that the global accountancy market is dominated by the Big Four global accountancy firms (see Appendix 1). They audit all the top 100 public companies as well as the majority of the top 350 companies. However, nowadays, a controversy over the roles of the Big Four accounting firms has be...
Extensible Business Reporting Language, or XBRL, is the new Internet language for the corporate reporting supply chain. Because business information is foundational to the markets and touches nearly every area of the entire economy, XBRL touches every business that publishes financial information internally and externally, and that receives financial information from business partners and other third parties. For accountants, business information is business. XBRL was developed by the account...
"Not everything that can be counted counts, and not everything that counts can be counted"- Albert Einstein 1.1 Background Information In recent years, especially due to the impact the financial crisis had on business confidence, significant effort has been made to improve the effectiveness of the audit profession in light of its increasing importance to the stability of markets. Moreover, the quality of the audits of Public Interest Entities (PIEs) is critical to the general public, who have...
The amount of income tax that is combined with the net income indicated on the companys income statement. This amount will be exceptional than the income taxes actually owing, since some of the revenues and expenses indicated on the tax return will be different from the amounts on the income statement. Income tax is defined in AASB 112 Para 5, as the income taxes as profit and loss for a period before deducting the taxes. Taxable profit known as profit for taxation was determined for the comm...
The link between organisational performance and intellectual capital is becoming more and more an interesting issue, especially in times of severe economic turbulence, when companies are seeking for new solutions in order to survive and develop their business. This paper analyses the structure of the intellectual capital and its influence on the economic performances based on the VAIC model. The results were obtained by applying certain regression models and suggest that, in crisis time, the ...
INTRODUCTION The Concise Oxford Dictionary defined a tax as a "contribution levied on persons, property, or business for the support of government". It means a right body is appointed to collect the tax for public purpose. Inland Revenue Board of Malaysia (IRBM) is the one who is responsible as a legislature in Malaysia. Taxation is a source of revenue for the government. The main aims of implementing tax policies are to ensure the government has enough money to fund government spending on pr...
This section provides an overview on the relevant literature on tax fairness perceptions, tax compliance and the determinants under investigation. 2.1 Fairness in Taxation Taxation (or willingness to pay taxes) is a fairness issue because it involves an exchange process; the individual taxpayer wants to know what s/he receives in return for the taxes that s/he pays. However, fairness is a multi-faceted construct and does not only concern how societal resources are distributed among citizens b...
According to Derek French 1985 Stewardship is 'The duties and obligations of a person who manages something on behalf of other persons'[Derek French, 1985] The UK Stewardship code was published in 2010, according to the Financial Reporting Council the Stewardship Code aims to enhance the quality of engagement between institutional investors and companies. However earlier this year the Financial Reporting Council have published a report entailing further recommendations on the stewardship func...
