i Boards should regularly review risk management and internal control and carry

I boards should regularly review risk management and

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(i) Boards should regularly review risk management and internal control , and carry out a wider review annually, the results of which should be disclosed in the accounts. (j) Audit committees of independent non-executive directors should liaise with external audit, supervise internal audit, and review the annual accounts and internal controls. (k) The board should maintain a regular dialogue with shareholders, particularly institutional shareholders. The annual general meeting is the most significant forum for communication. (l) Annual reports must convey a fair and balanced view of the organisation. They should state whether the organisation has complied with governance regulations and codes, and give specific disclosures about the board, internal control reviews, going concern status and relations with stakeholders.
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___________________________________________________________________________________________________________________ Page 19 of 21 IPK COLLEGE 1664, JALAN KULIM, 14202 BUKIT MERTAJAM, PENANG TEL : 012-5203212 / 0125113212 / 04-5512588 Subject: Financial Management (DFM1) Prepared by Susan Lim Email : [email protected] Stock exchange listing regulations Stock exchange regulations are sets to ensure the stock market operates fairly and efficiently for those parties involves. The stock exchange are operates into 2 different markets: i. Markets for issuers who wish to raise equity capital by offering shares for sale to investors (a primary market). This are the companies listed in stock exchange. ii. Markets in which the investors buy and sell shares at any time, without affecting the entities in which they are buying the shares. A stock must meet the listing requirements . Part 5: Financial and other objectives in not-for-profit organisations (1) Objectives of not-for-profit organisation: i. Surplus maximisation ( profit maximisation) ii. Revenue maximisation (commercial business) iii. Usage maximisation (as in leisure centre swimming pool usage) iv. Usage targeting (matching the capacity available) v. Full / partial cost recovery (minimising subsidy) vi. Budget maximisation (maximising what is offered) vii. Producer satisfaction maximization (satisfying the needs of staff and volunteers) viii. Client satisfaction maximization (police generating the support of the public) Non profit organisations / public sector organisations more concerned on efficient use of resources in achieving targets.
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___________________________________________________________________________________________________________________ Page 20 of 21 IPK COLLEGE 1664, JALAN KULIM, 14202 BUKIT MERTAJAM, PENANG TEL : 012-5203212 / 0125113212 / 04-5512588 Subject: Financial Management (DFM1) Prepared by Susan Lim Email : [email protected] Part 6: Nature and important of value for money as an objectives in NFP 1. There are 3 elements : (a) Economy : attaining the appropriate quantity and quality of inputs at lowest cost to achieve certain level of outputs (spending money frugally) (b) Efficiency : Relationship between inputs and outputs (getting out as much as possible for what goes in) (c) Effectiveness : is the extent to which declared objectives / goals are met 2. Example : Economy, efficiency, effectiveness (a) Economy : The economy with which a school purchases equipment can be measured by comparing actual costs with budgets, with costs in previous years, with government / local authority guidelines or with amounts spent by other schools.
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  • Spring '17
  • JANE KDAL

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