...INSPIRING TECHNOPREneur In the last two decades, Malaysia has witnessed a proliferation of local technopreneurs who have emerged to take advantage of the new technologies in the ICT, internet and mobile industries. This newbreed of savvy tech entrepreneurs have spurred innovation withtheir homegrown products and at the same time played a critical role in transforming Malaysia into a vibrant knowledge-based economy. In this issue, Top 10 of Malaysia takes a look atthe 10 most inspiring Malaysian technopreneurs who have been resilient enough to with stand the challenges of a fast changing landscape and at the same time have been successful in introducing and sustaining their tech businesses in the country. Mark Chang Mark Chang is the driving force behind Jobstreet.com –Malaysia’s largest online recruitment company. Chang initially wanted to form a company only to earn a living but the popularity of Jobstreet among employers and job seekers revolutionised the recruitment market in Malaysia. Jobstreet has continued to be profitable from the time of its formation.Chang ensured that during the tumultuous dot-com era, he did not fall forthe allure of funds which led to the failure of many tech companies. Today,Jobstreet.com has dealings with over 20,000 companies with almost three million job seekers registered under Jobstreet. With Mark Chang as its CEO,Jobstreet.com has won several accolades including Internet Company of theYear, Malaysia Internet Awards by Jaring and The Star...
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...case is about an enterprise founded by family members and later incorporated as Delima Sdn Bhd. The company principle is trading and supplying related products including manpower supplies to the oil and gas industries. The shareholders are En Zayed and Pn Hashimah which is husband and wife and the top organization of the company holds by their family members. Problem arise in year 2006 when they decided to take up loan from bank and realized that their company financial was not audited for several years and the bank requires audited financial statement to be issued before September 2006. However, their appointed Auditor Aziz & Co expressed their intention to qualify their Financial Statement due to some unresolved issues. As En Zayed and Puan Hashimah need the audited Financial Statement as soon as possible, they tried negotiating with the Auditor to not qualify their Financial Statement but failed to do so which lead them planning to terminate the auditor’s appointment and appoint a new “friendly party” auditor. En Zayed also had assigned Cik Amy (Finance Executives), a new inexperienced employee to analyse and provide required clarifications and documentations to the Auditors. Were there any abuses of power by the management and breach of fiduciary on the part of the director? Yes, there are abuses of power by the management and breach fiduciary on the part of the director. Under Section 132(1) of the Companies Act 1965 state that a director of a company shall at all time...
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...1.0 Summary This case is about an enterprise founded by family members and later was incorporated as Sdn Bhd. The shareholders are mainly the directors of husband and wife who involved in the management of the company. It was July, 2006 when Encik Zayed engaged the external Auditor Aziz & Co (Chartered Accountant) introduced by his friend to perform the statutory audit for the period of 2003 to 2006. That was the first audit experience for Encik Zayed and Puan Hashimah and it was a difficult learning experience. Then the Auditors expressed their intention to qualify the Financial Statements due to several unresolved issues. However, Encik Zayed and Puan Hashimah tried to negotiate with the Auditor to not qualify the Financial Statements, failing which Encik Zayed planned to terminate the auditor’s appointment and appoint a new “friendly party” auditor. In addition, Encik Zayed and Puan Hashimah were not familiar with Accounting Standards and the provisions of theCompanies Act 1965, including their roles and duties as Company Directors. The company had maintained a very lean organisation and had employed their owned family members as its employees and some did not have the necessary job experiences. Time was the essence and the Audited Financial Statements had to be issued to the bank at least by September, 2006, as Encik Zayed had applied for banking facilities to implement several contracts the company had managed to secure. Encik Zayed had assigned the tasks to...
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...MAF 680 INTEGRATED CASE STUDY (A DELIMA) Prepared By: Norasyikin Binti Sirun Period: Sept 2014-Jan 2015 Class: AC2208D(KB) Prepared For: Puan Faizah Binti Hamzah Were there any abuses of power by the management and breach of fiduciary on the part of the director? According to Section 132(1) Company Act 1965, a director shall at all times act honestly and use reasonable diligence in the discharge of the duties of his office. In this matter the answer is yes, there’s an abuse of power by the management and breach of fiduciary duty of director. A fiduciary is someone who is in control of property in which others have an interest, or is given a power which is exercised on behalf of those who are in a position of dependence. That person owes a duty of loyalty and good faith. As a fiduciary, a director’s duties are: a) Duty to exercise power in good faith and in the interest of the company In this case, one of the directors of Delima Enterprise is Encik Zayed. He had breach his duty to exercise power in good faith. Encik Zayed engaged the external Auditor Aziz & Co (Chartered Accountant), to perform statutory audit. The Auditor expressed their intention to qualify the Financial Statements due to several unresolved issues. His trying to negotiate with the Auditors to unqualified the report, however, the auditor did not agree. So, Encik Zayed was planned to terminate the auditor’s appointment and appoint a new “friendly party” auditor. According to law...
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...bapa dan lain-lain saudara mara yang rapat kepada pegawai”, manakala lain-lain saudara mara yang rapat adalah merangkumi ibu dan bapa mertua, datuk dan nenek (Pekeliling Perkhidmatan 5/1985). Bagi situasi Puan Zureen, cuti yang boleh beliau pohon untuk menjaga ibunya yang sakit adalah cuti separuh gaji atau cuti tanpa gaji. Cuti separuh gaji adalah kerana cuti separuh gaji boleh diberi atas sebab-sebab kesihatan pegawai atau keluarga terdekat. Syarat –syarat pemberian cuti separuh gaji adalah seperti berikut: i. Kuasa melulus adalah Kuasa Tertentu. Ketua Jabatan boleh meluluskan tidak lebih 14 hari. Jika cuti yang dipohon melebihi 14 hari, maka ia perlu diluluskan oleh kuasa tertentu(Ketua Setiausaha Kementerian) (Pekeliling Perkhidmatan Bil. 8/1985) (Tidak dikira sebagai perkhidmatan yang melayakkan). i. Kadar maksimum cuti separuh gaji boleh diberi adalah tidak melebihi 180 hari (30 hari bagi tiap‐tiap genap tahun perkhidmatan). ii. Cuti rehat yang layak telah habis. iii. Cuti separuh gaji tidak layak diberi atas sebab bersalin. iv. Terdapat pengesahan Pegawai Perubatan. v. Tidak layak mendapat cuti sakit semasa cuti separuh gaji. vi. Perlu rekod dalam Kenyataan Perkhidmatan pegawai. Selain daripada cuti separuh gaji, Puan Zureen juga boleh memohon cuti tanpa gaji atas dasar sebab persendirian yang mustahak dalam negeri (Perenggan 14 (b) Perintah Am Bab...
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...Enterprise Sdn Bhd. The two principal shareholders and controlling directors were Encik Zayed and Puan Hashimah which are husband and wife. Since 2006, the company has been awarded with several engineering project. In May 2006, the company had secured a contrct worth RM 750,000 to be implemented over a duration of 6 months. Due to shortage of funds, the company has submitted applications to Maybank and CIMB for banking facilities. The banks required the company’s Audited Financial Statements for the last two years. Encik Zayed just realised that the company had not performed the statutory audit . A friend has introduced Encik Zayed to an audit firm , Aziz & Co ( Chartered Accountant ) . Shortly, the audit firm was engaged to perform the audit. Issues Question 1 : Were the are abuses of power in management and breach of fiduciary on the part of directors ? Answer : Yes there are abuses of power by the management and breach of fiduciary duty of director. Fiduciary is an obligation to act in the best interest of another party. According to Section 132 (1A) Company Act stated that a director must act honestly at all times and used all reasonable diligence in the discharge of duties. One of the fiduciary duties of director is duty to exercise power in good faith and in the interest of the company.. As in this case, the directorsof Delima Enterprise are Encik Zayed and Puan Hashimah. Encik Zayed engaged theexternal auditor, Aziz & Co (Chartered Accountant), to...
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...Question 1: Were there any abuse of power by the management and breach of fiduciary on the part of the directors? Yes, there is abuse of power by the management and breach of fiduciary on the part of the directors by Encik Zayed and Puan Hashimah. Fiduciary duties require director act in the interest of company and free from conflict of interest However, the Chief Executive Officer (CEO) and Chief Operating Officer (COO) taking own interest from company. For example, the personal vehicle expense for Encik Zayed and Puan Hashimah totaling RM50, 150 were charged to the company during the year 2005. Encik Zayed intention to terminate the auditor’s appointment is the example of abuse of power. Question 2: Who should be held responsible and accountable? The main person that should held responsible and accountable are Encik Zayed and Puan Hashimah and follow by the company senior management, clerical assistant, vacant project supervisor and other employees. The major responsibility of are Encik Zayed and Puan Hashimah are determine company’s mission and vision and ensure effective organization planning and govern organization by policies and objectives. Company manager and executive ensure the company’s objective and goals are meet, employee are complete their jobs correctly with on time and directly involved in significant day to day operation that affect the business. Lower level employee need to perform the task state in job description and decision made by managers. Question...
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...Accounting, auditing are taxation are the main disciplines of studies in business world. Many company are applied the accounting standard, audit assurance and tax compliance to make sure their business running smoothly and to reduce the problem possibilities. Some of the company are in problem to maintaining the financial report due to fraudulent, misstatement and not accordance with Generally Accepted Accounting Procedure (GAAP). Delima Enterprise Sdn Bhd is one of the companies that face the problem in maintaining their financial statement. Delima Enterprise Sdn Bhd is headed by Encik Zayed and Puan Hashimah who is the director of the company. The company was appointed Aziz & Co as an auditor of the company to perform statutory audit for the period 2003 to 2006. During audit field, the auditor was decided to qualify the audited report due to several unsolved issue. However Encik Zayed and Puan Hashimah try to negotiate with auditor not to qualify the audit report. Time was the essence and the Audited Financial Statement had to be issued to the bank at least by September 2006, as Encik Zayed had applied for banking facilities to implement several contracts the company had managed to secure. Encik Zayed had assigned the tasks to Cik Amy, the Finance Executive who was newly appointed by the company to analyse and provide the Auditors with the necessary clarification and documentation. Question 1: Were there any...
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...are Encik Zayed and Puan Hashimah should be responsible for any ocassion that might happened to their company because of their ignorence. They need to plan very well on how to solve the issue regarding the outstanding matters issued by the Auditors. Besides, they need to gain more better qualifications, knowledge and skills to be more competent so that they could improvise their management system s or at least have the idea on how an organization works and should be implemented. Encik Zayed should have hire more experience and knowledgeable employees to segregate the duties in the organizatin. They need to reconstruct their organization business plan by having a standard of operating procedure (SOP) to increase the effectiveness and efficiency in the operating system. 2) Account department Accounting department should also takes part as this department involve in assisting the auditor to complete its audit report. The problem occurs when Puan Hashimah who is the director is also the accountant of Delima Enterprise. Many problems arise due to the wrong transactions and missplaced some of the documents. These really happened because she does not have any knowledge regarding accounting standards. Therefore, she will be responsible and accounted for as she is the person to handle the accounts and finance before appointment of Amy. As a director, she could hire a competent accountant that have much better understanding and able to handle accounts. Puan Hashimah should have...
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...7 A Delima i\{ustapa Kamal Mohd Razali AiniAman Azbir Abu Bakar Yasmiza Long Zayed engaged the external Auditor Aziz & Co (Chartered introduced by his friend to perlorm the statutory audit fbr the period 2003 to Accountant), 2006. That rvas the first audit experience for Encik Zayed and Puan Hashimah and it rvas a dif&cult learning experience. The Auditors expressed their intention to qualify the Financial Statements due to several unresolved issues. Holvever, Encik Zayed and Puan Hashimah tried to negotiate with the Auditor to not qualify the Financial Stateinents, failing which Encik Zayed planned to terminate the auditor's appointment and appoint a new "friendly party" apditor. Encik Zayed and Puan Hashimah were not familiar with Accounting Standards and the provisions of the Companles Act 1965, including their roles and cluties as Company Directors. Thc uurrrpaiiy had uraintaineri a very lean organisation and had employed therr own iamily men:bers as employees and some did not have the necessary job experiences. lt was July, 2006 when Encik Time was the esse*ce and the Audited Financial Statements had to be issued to the bank at least by September 2006, as Encik Zayed had applied for banking facilities to implement severai contracts the company had managed to secure. Encik Zayed had assigneql the tasks to Cik Amy, the Finance Executive u,ho lvas nervly appointed by ihe company to anaiyse and provide the Auditors lvith the necessary clarification and docutnentalion...
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...the audit finding the records were not properly kept and no procedures and financial system were in place and lacked internal control. The auditors were not able to express a true & fair view on the accounts and recommended to qualify the audited accounts. Introduction It was July, 2006 when En Zayed engaged the external auditor Aziz & Co ( a Chartered Accountant), introduced by his friend to perform the statutory audit for the period of 2003 to 2006. This was the first audit experience for En. Zayed and Puan Hashimah and was a difficult learning experience faced by both. The Auditors expressed their intention to qualify the financial statements of the business due to several unresolved issues. However, En. Zayed and Puan Hashimah negotiated with the Auditor to not doing so. Failing to this negotiation, En Zayed and Puan Hashimah planned to terminate Aziz & Co appointment and to replace (appoint) with their new “friendly party” auditor. Interestingly, En Zayed and Puan Hashimah were not familiar with the Accounting Standards, provisions of the Companies Act 1965 and the roles and duties as Company Directors. Besides, the company maintained a very lean organization and had employed family members as their employees and a majority is without a necessary qualification and job experiences. Time was essence. The audited financial statements had to be submitted to the bank latest by September 2006 because En Zayed had applied for bank loan...
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...| Indah berbalam si awan petang,Berarak di celah pepohon ara, Pemanis kata selamat datang,Awal Bismillah pembuka bicara.En. Saipul Bahrim bin Mohd Hashim(Tuan Yang Dipertua PIBG SMK Seri Ampang)En. Zokronain bin Abdullah(Pengetua SMK Seri Ampang)En. Mohamed Radzi bin Sukimin(Penolong Kanan Pentadbiran SMK Seri Ampang)Puan Rodziah binti Ramli(Penolong Kanan Hal Ehwal Murid)En.Ahmad Fauzi bin Rozali(Penolong Kanan Kokurikulum)Pn. Norlela Binti Zainal(Penolong Kanan Tingkatan Enam)En. Rathnakrishnan Naidu a/l Narayansamy(Penolong Kanan Pendidikan Khas)Pn. Huzaimah binti Ibrahim(Penolong Kanan Petang)Ahli-ahli Jawatankuasa PIBG SMK Seri Ampang Sessi 2012/2013Guru-guru kanan, ibu bapa dan guru-guru yang dihormati sekalian.Assalamualaikum warahmatullahi wabarakatuh, salam sejahtera dan salam 1 Malaysia.Terlebih dahulu, marilah kita sama-sama memanjatkan kesyukuran ke hadrat Ilahi kerana dengan izin dan keredhaanNYA dapat kita berkumpul pada petang ini bagi menyempurnakan Mesyuarat Agong PIBG SMK Seri Ampang kali ke 17 tahun 2013.Para hadirin sekelian diminta berdiri untuk menghormati lagu Negaraku dan lagu Negeri Perak | 2. | BACAAN DOA | Tuan-tuan dan puan-puan yang dihormati sekelian a) Bagi memberkati lagi majlis kita pada pagi yang berbahagia ini, majlis dengan segala hormatnya mempersilakan Al Fadhil ………………………………………………………..untuk memimpin bacaan doa.Dipersilakan.……………………………………Bacaan Doa……………………… b) Majlis mengucapkan ribuan terima kasih kepada Ustaz…………………………………………………………………...
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...to know the importance of corporate governance in the business world. A part from that, we are notice about the principle of separation of ownership and management in the company relating to the director’s fiduciary duty to the company. Plus, we need to recognize the code of ethics for Company Secretary. Last but not least, we should consider other aspects in this case to reflect the best recommendation to achieve the effectiveness and efficiency of the business management. 2.0 OVERVIEW OF THE CASE A Delima case is about family businesses that are set up by Encik Zayed and Puan Hashimah. It conducted trading and supplying related products including manpower supplies to the oil and gas industries. Later in 2004, due to encouraging business growth, the enterprise was incorporated as Delima Enterprise Sdn Bhd (DESB). The two principal shareholders and controlling directors are Encik Zayed and Puan Hashimah (husband and wife). The company activities had expanded into provision of engineering services as part of their business diversification and expansion plans. The company had maintained a very lean organization with basic functional positions, with Encik Zayed as the Managing Director and...
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...impacts and improvements 5 Conclusion 11 1. INTRODUCTION 1.1 CASE SUMMARY Delima Enterprise was founded in 1981 by En Zayed. The main business are trading and supplying related products including manpower supplies to the oil and gas industries. The enterprise was incorporated in 2004 as Delima Enterprise Sdn Bhd with En. Zayed and his wife, Puan Hashimah as the controlling directors and two principal shareholders. This case is about Delima Enterprise which wants to make banking facilities from Malayan Banking Berhad and CIMB Bank Berhad. The banks required company’s Audited Financial Statements for the last two years. From the requirement, Encik Zayed and Puan Hashimah realised that the company did not performed any statutory audit before. So, they engaged with the external Auditor Aziz & Co. (Chartered Accountant). The auditor need to performed statutory audit for the period 2003 to 2006. There are some mistakes happened during the last two years founded by the auditors. To resolve several issues, the auditors need to qualify the Financial Statements. However, Encik Zayed and Puan Hashimah tried to negotiate with the auditor to not qualify the Financial Statements. The auditor was not agreeing with the Encik Zayed negotiation and he planned to terminate the auditor appointment. Encik Zayed also want to appoint new “friendly party” auditor to make the audit reports. Besides they do not familiar with audit, they also did not familiar with Accounting...
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...SUMMARY Delima Enterprise is founded in 1981 by Encik Zayed. The main activity of Delima Enterprise is conducted trading and supplying related products including manpower supplies to the oil and gas industries. The company activities had expanded into provision of engineering services. Due to encouraging business growth in 2004, the Delima Enterprise was incorporated as Delima Enterprise Sdn Bhd. Since 2006, the company awarded with several engineering projects and its cumulative revenue for 2004 is RM1 million and RM1.7 million for 2005. The company is family based company and most of them only have secondary school background. They do not familiar with the audit. They also did not familiar with Accounting Standards and the provision of the Companies Act. The company also consists from the non experiences staff of their job. In May 2006, the company had employed Cik Amy graduated from a local university with no job experience. Encik Zayed is a principal shareholder and controlling director. In May 2006, the company had secured a contract worth RM 750,000 to be implemented over duration of six month. Due to shortage funds, Delima Enterprise Sdn Bhd wants to make banking facilities from Malayan Banking Berhad and CIMB Bank Bhd. The bank required company’s Audited Financial Statements for the last two years. From the requirements, Encik Zayed realized that company did not perform any statutory audit before. In July 2006, they engaged with the external Auditor Aziz & Co (Chartered...
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