Internal auditor perceptions on audit committee interactions : a qualitative study in Malaysian public corporations

Audit committees (AC) and the internal audit function (IAF) are two key corporate governance mechanisms. The primary objective of this study is to provide insights into internal auditors' perceptions of their interactions with AC members in Malaysia. The paper thus contributes to the extant literature by providing additional evidence from a South-east Asian country which is recognised as being characterised with a high power distance culture and a developing capital market. The findings are based on in-depth interviews of the heads of the internal audit function (HIAFs) from 11 publicly listed companies. The results indicate infrequent informal communications and limited private meetings between the HIAFs and ACs, and a need for clear reporting lines. Further, ACs are seen to be held in high esteem for their authority and are expected to take on greater leadership in the inquiry of management's decision-making. These findings highlight the importance of the leadership role of ACs in supporting the IAF.

Corporations law : text and essential cases

Corporations Law: Text and Essential Cases is designed specifically to meet the needs of students undertaking one-semester, case-based courses in Corporations Law. The 13 chapters each contain extracts from the leading cases supported by commentary, further readings, and review questions.

An exploration of the staffing choices, recruitment, skills shortages and retention issues of Australian based multinational corporations in China

The purpose of this paper is to explore the staffing choices, recruitment, skills shortages and retention issues that Australian based multinational corporations (MNCs) in China face. A qualitative research methodology was utilised, where 20 case study organisations were investigated. The firms investigated were all Australian owned and headquartered, and utilised Foreign Direct Investment and Joint Venture modes. It was found that Australian MNCs used an ethnocentric staffing model; they had issues with recruiting willing expatriate staff, and difficulties in finding skilled, qualified local nationals. They experienced significant skills shortages problems, and also reported retention issues. A number of strategies to improve these issues were articulated throughout the paper.

Transnational higher education : a stock take of current activity

Transnational higher education (TNHE) development is not an entirely new international activity in the education services sector. The nature and scale of the global expansion of contemporary TNHE developments are, however, changing substantially. An understanding of this growth is currently largely lacking because of a dearth of comprehensive statistics. The scale of the latter TNHE developments has been particularly hard to identify and has until now been largely based on guesstimates. This article is an attempt at filling this gap. Through a triangulation methodology of available secondary data, this article is a very first attempt at providing a stock take of the current level of activity in TNHE worldwide.

The original bailout of US corporations : the public relations bailout

More than a trillion of taxpayer dollars are currently being used to bail out the US banking, mortgage and car industries. This invokes an interesting connection to public relations the last time drastic US government involvement with corporations was contemplated. This pre-First World War crisis of the free enterprise system involved a deficit not of money but of favourable public opinion. The requirement was for vast amounts of public opinion and public policy work by a reported at least 1200 – what were at that time called – press agents. This was the period when public relations emerged as a fundamental plank of US and ultimately of global culture. The thesis of this article is that many aspects of the world we live in cannot be properly understood without a better analysis of the first bailout of US corporations—the public relations bailout.

Does the 'war for talent' exist for Australian multinational corporations in China?

This paper reports on skills shortages, recruitment and retention issues that Australian multinational corporations (MNCs) based in China face when staffing their foreign operations, with both managerial and non-managerial staff. A qualitative research methodology was used, investigating 20 organisations as case studies. It was found that Australian MNCs experienced a 'war for talent' in their Chinese operations. This meant that it was difficult for them to find and retain skilled staff. For managerial positions, Australian MNCs used an ethnocentric staffing model; however, they had issues recruiting willing expatriate managerial staff for China. It is recommended that Australian MNCs implement enhanced talen-management programs to recruit and retain the skills and talent they need for the Chinese market.

Connection between commonly used financial ratios and misrepresentation of financial statements of collapsed corporations

This paper unravels dynamic and intriguing shifts in the use of financial ratios in signaling corporate collapse. An empirical examination of the anecdotal evidences from notable recent corporate collapses coupled with the short-lived usefulness of financial ratios in various prediction models suggest that companies(1) that deliberately misrepresent their financial statements may have taken cues from the ratios that are commonly investigated. This proposition is supported by an extensive examination of over 50 studies conducted between 1968 and 2002. The erosion in the reliability of numbers in financial statements has led to significant distortions in the predictive power of financial ratios when used in signaling corporate collapse. Recent collapses such as Parmalat in Europe, Enron and WorldCom in the U.S. and HIH in Australia, present yet another reminder that financial statement items are being misrepresented. These are all large corporations with well-established household names, and are for sure closely monitored by financial communities around the globe. Nevertheless, a common thread seems to link the collapse of these companies: none of these collapses were foreseen by credit rating agencies or foretold by the widely accepted bankruptcy prediction models. Why? This paper attempts to use some anecdotal evidence in order to provide logical explanations to the existence of such a common thread. It argues that there appears to be anecdotal evidence to suggest that directors of publicly listed companies that have collapsed may have deliberately misrepresented financial statement items.

Australian police responses to transnational crime and terrorism

This chapter outlines the Australian federal policing and allied agency responses to international drug trafficking activity and terrorism. The chapter is situated alongside a broader analysis of the structure of each key agency and the various interagency enforcement mechanisms established domestically and internationally to improve enforcement performance.