...February 3, 2014 Professor Myrtle Clark Sarbanes-Oxley Act 2002 Corporation scandals, such as Enron, initiated the enactment of the Sarbanes-Oxley Act 2002 also known as SOX. Prior to its existence, the public became aware of Enron’s weak internal control, misleading earnings reports, and conflict of interests between executives and their chief auditor.Misleading information provided in false earnings reports allowed Shareholders and employees to continue to investing in Enron. Misappropriation of funds invested and eventually Enron filed bankruptcy in 2001. The fall of Enron had an impact that caused loss of jobs for thousands, the loss of retirement funds for all employees and no returns for their investors. The unethical practices of Enron caused the public to lose trust in the financial markets. This prompted a written legislative act addressing compliance in fair and accurate reporting of financial disclosures of corporations. In 2002, Paul Sarbanes, a Democratic Senator from Maryland, and Michael Garver Oxley, a Republican Congressman from Ohio serving in the House of Representatives, each introduced bills in their respective bodies that would result in legislation that would later bare their name. The Sarbanes-Oxley Act of 2002 passed both houses by overwhelming margins; 423 to 3 in the House and 99 to 0 in the Senate. On July 30, 2002, President George W. Bush signed it into law (sox-online, 2012). Sox directly impacts the following groups: * CPAs and...
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...THE LEGAL REGULATION OF THE EXTERNAL COMPANY AUDITOR IN POST-ENRON SOUTH AFRICA Hannine Drake THESIS PRESENTED IN FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF LAWS AT THE UNIVERSITY OF STELLENBOSCH Supervisor: Prof A.H. van Wyk March 2009 ii DECLARATION By submitting this thesis electronically, I declare that the entirety of the work contained therein is my own, original work, that I am the owner of the copyright thereof (unless to the extent explicitly otherwise stated) and that I have not previously in its entirety or in part submitted it for obtaining any qualification. Date: 25 February 2009 Copyright © 2009 Stellenbosch University All rights reserved iii ACKNOWLEDGEMENTS In acknowledgement to all who have contributed to this work in some form: writing this thesis would have otherwise been like swimming through mud. To my supervisor, Professor Andreas van Wyk, thank you for your leadership, patience, and academic skill in guiding me through the research process. To Adéle Mulder and Charl Marais, thank you for your continuous insight and perspectives, both academic and otherwise. And finally to Hilda and Gerrie Steyn, who have been absolutely crucial throughout all my years of study, thank you for your indispensable support, in all its forms. iv SUMMARY The worldwide increase of corporate failures on the scale of Enron and WorldCom has sparked a renewed international trend of corporate governance review...
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...Key Features of Budget 2012-2013 http://indiabudget.nic.in Key Features of Budget 2012-2013 APPROACH TO THE BUDGET For Indian economy, recovery was interrupted this year due to intensification of debt crises in Euro zone, political turmoil in Middle East, rise in crude oil price and earthquake in Japan. GDP is estimated to grow by 6.9 per cent in 2011-12, after having grown at 8.4 per cent in preceding two years. India however remains front runner in economic growth in any cross-country comparison. Monetary and fiscal policy response for better part of past 2 years aimed at taming domestic inflationary pressure. Growth moderated and fiscal balance deteriorated due to tight monetary policy and expanded outlays. Indicators suggest that economy is turning around as core sectors and manufacturing show signs of recovery. At this juncture, it is necessary to take hard decision to improve macroeconomic environment and strengthen domestic growth drivers. Twelfth Five Year Plan to be launched with the aim of “faster, sustainable and more inclusive growth”. Five objectives identified to be addressed effectively in ensuing fiscal year. If India can build on its economic strength, it can be a source of stability for world economy and a safe destination for restless global capital. OVERVIEW OF THE ECONOMY GDP growth estimated at 6.9 per cent in real terms in 2011-12. Slowdown in comparison to preceding two years is primarily due to deceleration in industrial...
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...Key Features of Budget 2012-2013 http://indiabudget.nic.in Key Features of Budget 2012-2013 APPROACH TO THE BUDGET For Indian economy, recovery was interrupted this year due to intensification of debt crises in Euro zone, political turmoil in Middle East, rise in crude oil price and earthquake in Japan. GDP is estimated to grow by 6.9 per cent in 2011-12, after having grown at 8.4 per cent in preceding two years. India however remains front runner in economic growth in any cross-country comparison. Monetary and fiscal policy response for better part of past 2 years aimed at taming domestic inflationary pressure. Growth moderated and fiscal balance deteriorated due to tight monetary policy and expanded outlays. Indicators suggest that economy is turning around as core sectors and manufacturing show signs of recovery. At this juncture, it is necessary to take hard decision to improve macroeconomic environment and strengthen domestic growth drivers. Twelfth Five Year Plan to be launched with the aim of “faster, sustainable and more inclusive growth”. Five objectives identified to be addressed effectively in ensuing fiscal year. If India can build on its economic strength, it can be a source of stability for world economy and a safe destination for restless global capital. OVERVIEW OF THE ECONOMY GDP growth estimated at 6.9 per cent in real terms in 2011-12. Slowdown in comparison to preceding two years is primarily due to deceleration in industrial...
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...Osler, Hoskin & Harcourt llp Doing Business in Canada Doing Business in Canada Osler, Hoskin & Harcourt llp first produced Doing Business in Canada in 1997 and this guide continues to be one of our most popular and respected publications. Laws change and evolve and to ensure the information is current, we review the guide regularly. Doing Business in Canada Doing Business in Canada is designed to give business executives, counsel and potential investors from foreign countries a concise overview of Canada’s legal and economic framework and key business legislation. For those looking to pursue business opportunities in Canada, this guide outlines several unique aspects of doing business in Canada, including French language requirements in the province of Québec as well as overlapping regulatory jurisdiction among various levels of government in certain areas of the law. With few exceptions, the same considerations apply to Canadians who live, work and conduct business in Canada. Despite the ongoing harmonization of many areas of Canadian business law with those of our major trading partners through international agreements, addressing distinctly Canadian business law requirements is a crucial consideration when entering the Canadian marketplace. Each chapter is designed to assist you with an overview of that particular subject and the laws most likely to affect your business decisions. Beginning with an introduction to Canada’s legal system as it applies to businesses...
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...economic, social and environmental performance Evolution of the main indicators 2011 Turnover (in millions of euros) Sales 2010 13,793 12,527 Results and cash flow (in millions of euros) Operating profit (EBITDA) Operating profit (EBIT) Net income Net income attributable to the parent company Cash flow 3,258 2,522 1,946 1,932 2,613 2,966 2,290 1,741 1,732 2,540 Financial and management ratios ROE ROCE 28% 37% 30% 39% Other relevant information Number of stores Net openings Number of markets with commercial presence Number of employees % men/women Overall energy consumtion (Tj) Number of suppliers Social investment (in millions of euros) 5,527 483 82 109,512 20.5/79.5% 3,381 1,398 14 5,044 437 77 100,138 19.5/80.5% 3,230 1,337 11 Highlights Sales 13,793 12,527 9,435 10,407 11,048 10,000 7,500 15,000 12,500 5,000 2,500 0 2007 2008 2009 2010 2011 Sales by geographical Rest of Europe 45% Spain 25% America Asia and the rest of the 12% world 18% Net profit 2,500 1,946 1,741 1,258 1,262 1,322 2,000 1,500 1,000 500 0 2007 2008 2009 2010 2011 Number of employees 0 20,000 40,000 60,000 80,000 100,000 120,000 2011 2010 2009 2008 2007 79,517 109,512 100,138 92,301 89,112 Inditex´s Annual Report addresses its economic, social and environmental performance for the purposes of achieving the maximum transparency in its relationship with all...
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...year, such as labor market reform, improving agricultural productivity, and transforming the health-related sector into a growth market. In addition, the revised strategy provides direction on the resolution of important issues that Prime Minister Abe has promised to tackle at Davos Meeting in January, including further corporate tax reform, easing regulations in National Strategic Special Zones, forward-looking reform of GPIF's management and the advancement of women's roles in society. Approval of 30 bills related to the Growth Strategy Some 30 bills related to the Growth Strategy were approved during the ordinary diet session up to June 2014, including a bill for partial revision of the Electricity Business Act to liberalize the retail electricity sector, a bill for the establishment of a new agency to strategically manage R&D activities in medical and related areas, a bill for partial revision of the Employment Insurance Act to develop childcare leave benefits, and a bill for partial revision of the Companies Act to promote the appointment of external directors to improve corporate governance. 4 Overview of the Revision of...
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... E L G R A N D I N F I N I T I F X 3 7 R E N A U L T M E G A N E R S CONTENTS 02 03 05 09 10 14 17 25 27 28 31 Corporate Information Business Divisions Report of the Board of Directors 8 Years Financial Highlights Profile of Directors Corporate Social Responsibility Report Corporate Governance Statement Internal Control Statement Other Statements and Disclosures Audit Committee Report Daily Share Price & Volume Traded on Bursa Malaysia Securities Berhad 33 Financial Statements 133 Ten Largest Properties of the Group 134 Shareholders’ Statistics 137 Notice of Annual General Meeting Form of Proxy CORPORATE INFORMATION Directors Dato’ Tan Heng Chew Executive Deputy Chairman and Group Managing Director Dato’ Ng Mann Cheong Senior Independent Non-Executive Director Dato’ Haji Kamaruddin @ Abas bin Nordin Independent Non-Executive Director Seow Thiam Fatt Independent Non-Executive Director Siew Kah Toong Independent Non-Executive Director Dato’ Khor Swee Wah @ Koh Bee Leng Executive Director Ling Ou Long @ Ling Wuu Long Executive Director Ho Wai Ming Executive Director Audit Committee Company Secretaries Yap Bee Lee Chang Pie Hoon Registered Address 62-68 Jalan Ipoh 51200 Kuala Lumpur Telephone : (03) 4047 8888 Facsimile : (03) 4047 8636 Website : www.tanchong.com.my E-mail : tcmh@tanchong.com.my Registrars Tricor Investor Services Sdn Bhd Level 17, The Gardens North Tower Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Telephone : (03) 2264 3883...
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...GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review kpmg.com TAX © 2012 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Contents Introduction Country Snapshots Country Overviews Glossary of Terms Find out more 2 4 10 255 256 © 2012 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. 2 | Global Transfer Pricing Review Introduction © 2012 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Introduction | 3 As multinational companies continue to globalize their supply chains, transfer pricing is increasingly at the forefront of business transformation initiatives. Organizations recognize that transfer pricing strategies can add significant value to business projects and help fund future growth as they look to maximize efficiencies and minimize their global tax liabilities. The transfer pricing environment is constantly changing, in terms of both risks and opportunities. Multinational companies...
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...EBAY INC FORMReport) 10-K (Annual Filed 01/31/14 for the Period Ending 12/31/13 Address Telephone CIK Symbol SIC Code Industry Sector Fiscal Year 2065 HAMILTON AVENUE SAN JOSE, CA 95125 408-376-7400 0001065088 EBAY 7389 - Business Services, Not Elsewhere Classified Retail (Catalog & Mail Order) Services 12/31 http://www.edgar-online.com © Copyright 2014, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 . OR [] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to . Commission file number 000-24821 eBay Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 77-0430924 (I.R.S. Employer Identification Number) 2065 Hamilton Avenue San Jose, California (Address of principal executive offices) 95125 (Zip Code) Registrant's telephone number, including area code: (408) 376-7400 Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: Title of each class Name of exchange on which registered Common stock The Nasdaq Global Select Market Securities registered pursuant...
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...1666 K Street, NW Washington, D.C. 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org ) CONCEPT RELEASE ON AUDITOR ) INDEPENDENCE AND AUDIT FIRM ) ROTATION; ) ) NOTICE OF ROUNDTABLE ) ) PCAOB Release No. 2011-006 August 16, 2011 PCAOB Rulemaking Docket Matter No. 37 Summary: The Public Company Accounting Oversight Board ("PCAOB" or "Board") is issuing a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism could be enhanced. One possible approach on which the Board is seeking comment is mandatory audit firm rotation, which is explored in detail in this release. However, the Board seeks advice and comment on other approaches as well. The Board will also convene a public roundtable meeting in March 2012, at which interested persons will present their views. Additional details about the roundtable will be announced at a later date. Public Comment: Interested persons may submit written comments to the Board. Such comments should be sent to the Office of the Secretary, PCAOB, 1666 K Street, N.W., Washington, D.C. 20006-2803. Comments also may be submitted by e-mail to comments@pcaobus.org or through the Board's Web site at www.pcaobus.org. All comments should refer to PCAOB Rulemaking Docket Matter No. 37 in the subject or reference line. Comments should be received by the Board no later than 5:00 PM EST on December 14, 2011. Board Contacts: Martin F. Baumann, Chief Auditor...
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...Chapter 18 - Superannuation 1 18 SUPERANNUATION Superannuation: An overview.........................................................................................18.000 Thresholds.................................................................................................... ................... 18.002 Superannuation: A quick guide........................................................................................ 18.004 Contribution acceptance and deductibility table................................................................ 18.008 Contributions.................................................................................................... ................18.010 Acceptance of contributions............................................................................................. 18.015 Concessional (before-tax) contributions............................................................................ 18.020 Non-concessional (after-tax) contributions........................................................................ 18.030 Contribution caps.................................................................................................... ......... 18.040 Excess contributions tax................................................................................................... 18.050 Tax file numbers and superannuation............................................................................... 18.060 Reportable superannuation contributions...
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...millions, except where indicated) Financial Performance Metrics Operating revenues Operating income Non-operating expense (1) Income (loss) before income taxes and discontinued operations Net income (loss) from continuing operations Net loss from discontinued operations – Aveos Net income (loss) Adjusted net income (loss) (2) Operating margin, excluding the impact of benefit plan amendments % (3) Operating margin % EBITDAR, excluding the impact of benefit plan amendments (3) (4) EBITDAR (4) EBITDAR margin, excluding the impact of benefit plan amendments % (3) (4) EBITDAR margin % (4) Unrestricted liquidity (5) Free cash flow (6) Adjusted net debt (7) Return on invested capital ("ROIC") %(8) Diluted earnings (loss) per share Adjusted net income (loss) per share – diluted (2) Operating Statistics (9) Revenue passenger miles (millions) ("RPM") Available seat miles (millions) ("ASM") Passenger load factor % Passenger revenue per RPM (“Yield”) (cents) Passenger revenue per ASM (“RASM”) (cents) Operating revenue per ASM (cents) Operating expense per ASM (“CASM”) excluding the impact of benefit plan amendments (cents) (3) Adjusted CASM (cents) (10) Average number of full-time equivalent ("FTE") employees (thousands) (11) Aircraft in operating fleet at period end Average fleet utilization (hours per day) Aircraft frequencies (thousands) Average aircraft flight length (miles) Economic fuel cost per litre (cents) (12) Fuel litres (millions) Revenue passengers carried (millions) (13) 2013 ...
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...YTL CORPORATION BERHAD 92647-H the journey continues... annual report 2013 C o n t en ts Corporate Review Financial Highlights Chairman’s Statement Managing Director’s Review Operations Review Corporate Events Notice of Annual General Meeting Statement Accompanying Notice of Annual General Meeting Corporate Information Profile of the Board of Directors Statement of Directors’ Responsibilities Audit Committee Report Statement on Corporate Governance Statement on Risk Management & Internal Control Analysis of Shareholdings Statement of Directors’ Interests Schedule of Share Buy-Back List of Properties Directors’ Report Statement by Directors Statutory Declaration Independent Auditors’ Report Income Statements Statements of Comprehensive Income Statements of Financial Position Statements of Changes in Equity Statements of Cash Flows Notes to the Financial Statements Supplementary Information – Breakdown of Retained Earnings into Realised and Unrealised Form of Proxy 2 4 8 10 24 38 42 43 44 49 50 54 58 62 64 68 69 72 84 84 85 87 88 89 91 94 97 234 Financial Statements YTL CORPORATION BERHAD 92647-H FINANCIAL HIGHLIGHTS 2013 Revenue (RM‘000) Profit Before Taxation (RM‘000) Profit After Taxation (RM‘000) Profit for the Year Attributable to Owners of the Parent (RM‘000) Total Equity Attributable to Owners of the Parent (RM’000) Earnings per Share (Sen) Dividend per Share (Sen) Total Assets (RM‘000) Net Assets per Share (RM) 19,972,948 2,313,389 1,845...
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...QANTAS ANNUAL REPORT 2012 Broadening our horizons Qantas Annual Report 006 008 010 012 018 028 037 065 138 153 CHAIRMAN’S REPORT CEO’S REPORT FINANCIAL PERFORMANCE BOARD OF DIRECTORS REVIEW OF OPERATIONS CORPORATE GOVERNANCE STATEMENT DIRECTORS’ REPORT FINANCIAL REPORT SUSTAINABILITY REPORT FINANCIAL CALENDAR AND ADDITIONAL INFORMATION Broadening our horizons 002 QANTAS ANNUAL REPORT 2012 Broadening our horizons Building on unique Australian qualities – and the skills of its 33,600 people – the Qantas Group is broadening its horizons to secure a successful and profitable future. 003 004 QANTAS ANNUAL REPORT 2012 Heading For the Qantas Group, 2011/2012 was a year of transformation. We recorded an Underlying Profit Before Tax* despite significant challenges. We continued to build Qantas’ strong domestic network, Jetstar and Qantas Frequent Flyer. And we launched a five-year plan to turn around Qantas’ international network. FOR THE YEAR ENDED 30 JUNE 2012 *For explanations of non-statutory measures see the Review of Operations. 005 Building a stronger Qantas for our people, our customers, our shareholders and Australia The Qantas Group has a broad portfolio and a clearly defined strategy, with the following core goals: — Build on the Group’s strong domestic businesses through a clear focus on the customer. — Turn around Qantas International through the “four pillars” of targeting global gateways, growing with Asia, improving...
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