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Lee Hui Yi

on 22 October 2012

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Transcript of cargo

Background Established in 1997
Air Cargo Carrier
Located in Selangor
5 subsidiaries ISSUES Recommendation Flat Cargo Berhad Top Management: CEO
Executive Director Audit Firm Auditor Fraud Triangle Model Auditor’s Responsibility
And Ethic Increasing of Oil Price International Crisis Rationalization Insurer code of ethics professional competence due care Audit Committee Code of Corporate governance The company has some financial problem that it is unable to solve through legitimate means, so they begins to consider committing an illegal act as a way to solve their problems. FCB commit fraud when an international crisis occurred with the exceptional increase in oil prices. The price hike in fuel surcharges drastically affected the freight forwarding industry significantly because of its reliance on fuel for operations. FCB might suffers a big losses due an economic downturn and because of FCB is in highly competitive industry and reputable company with a good business model, this puts their company in jeopardy of missing its earnings targets. Pressure Opportunity It would open an opportunity to them to make the other fraud and continuously doing in such a way that will not be detected. Referred as perceived opportunity, which defines the method by which the crime can be committed. In FCB’s case, they have a lack of internal control. The wrongdoing by employees has become prevalent when management fails to exercise due care and proper supervision of employees. They must justify the crime to themselves in a way that makes it an acceptable or justifiable act. In FCB’s case, management thinks that they doing the right thing and they had to do it because of caught in a bad world oil crisis. Management try to manipulate the financial statement just because want their investor trust the company without any doubt. MUHAMMAD FARID BIN AZEMI 195474
LEE HUI YI 196896 BKAL3063
INTERGRATED CASE STUDY PREPARED BY : GROUP - Group 4 High competitive; Low profit margin Professional Due Care CCM Reduce Cost Independence Free from Bias Meeting Work Closely Conclusion Code of Ethics True & Fair View Audit Committee's Knowledge Integrity Independence Accountability & Professional
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