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COVER
STORY
Audit
and Frauds in Banks
-- RS Raghavan
The
vital components of fraud are subjective and difficult to
establish. Prevention of frauds is a continuous process. A
fraud is committed more due to non-adherence of internal control
mechanism rather than the absence of it. It is important to
ensure that effective preventive measures are taken to minimize
the fraud in the computerized environment in banks. Of late,
banks are giving importance to Know Your Customer (KYC) norms
to have a check on the type of customers. However, no preventive
measures can totally stop the occurrence of fraud. At best,
such measures can only minimize frauds. Fraud detection is
an important and growing area of professional work.
© 2007 IUP . All Rights Reserved
MERGERS
AND ACQUISITIONS
Mergers
and Acquisitions Accounting
-- Sunaina Mishra
This article deals with the accounting systems used in
case of merger and acquisition. It also explains the difference
between merger and acquisition accounting, Financial Reporting
Standard 6 and the challenges faced by the companies in the
process.
© 2007 IUP . All Rights Reserved
ACCOUNTING
STANDARDS
Accounting
Standards for Intangibles Reporting
-- Pankaj Madhani
The value attached to intangible assets has increased
manifold in the current era of knowledge economy. Intangible
assets are a major tool for firms to build competitive advantages.
As firms now become more knowledge and information-based,
intangible assets will comprise a significant percentage of
the overall value of businesses. It's the intangible assets
that create value and decide a firm's future growth potential.
Although all intangible assets are very valuable and critical
to a firm, according to current accounting practices all of
them can't be recognized as assets in the balance sheet of
a firm. This article discusses many issues of IAS 38 for intangible
assets.
© 2007 IUP . All Rights Reserved
VAT
VAT
in India : An Overview
-- B Manoharan
The Value Added Tax (VAT) was devised by a German economist
in the 18th Century. This multipoint tax system is not a new
one but a part of the sales tax system. The introduction of
VAT in India in 1986 as part of the central excise regime
can be deemed to have been pioneered by the then Prime Minister
VP Singh. The ultimate aim of the VAT is to open all gates
of Indian economy into a single unified market. VAT was introduced
in Tamil Nadu (TN) on January 1, 2007. The VAT Act and Rules
were published by TN Government in Gazette on October 28,
2006.
© 2007 IUP . All Rights Reserved
EVA
EVA
in Pharma Industry in India
-- L Shankari
This article draws a sketch of Indian Pharma Industry
in terms of current trends, investment in R&D and future prospects.
It also reviews the Economic Value Added (EVA) concept and
highlights the fact that computation of EVA has added new
dimensions to the accountability aspect of management of pharma
companies.
© 2007 IUP . All Rights Reserved
BUSINESS
ENVIRONMENT
Theory
of Constraints (TOC) and the Dynamics of Cost and Quality
Management
-- Manoj Pillai
Numerous innovative cost control practices have been evolved
during the last two decades. The entire gamut of cost accounting
system has been broadened to equip and assist managers to
cater to the needs of the customers and manage the firm's
business processes that are used to create customer value
for lesser cost than its competitors, thereby enhancing the
competitiveness and profitability of the firm. TOC is one
such innovative cost control tool which is based on the fundamental
assumption that every organization has at least one element
or factor which impedes or obstructs its overall profitability.
The basic focus of TOC is that an organization can maximize
its profits by correcting and efficiently utilizing the weak
links. This article delves into all the relevant aspects of
TOC.
© 2007 IUP . All Rights Reserved
BUSINESS
ENVIRONMENT
BPO
: Developing Market, Evolving Strategies
-- Jeffrey Marshall
Business
Process Outsourcing, or BPO, continues to gain customers and
much of it is being done offshore. Human resources is still
the biggest area, with finance and accounting and procurement
trying to find more traction.
© 2007 Jeffrey Marshall. This article first appeared in June
2007 issue of Financial Executive. Reprinted with permission.
BUSINESS
ENVIRONMENT
The
Wrong Way to Pick a Chief Executive...and the Right Way
-- Julie Connelly
One board waited till the CEO dropped dead to see who
he'd picked to take his place-and found out he hadn't picked
anyone. Other boards are doing it a lot better. Learn from
them.
© 2007 Julie Connelly. Originally published in Corporate Board
Member Magazine, May/June 2007. Reprinted with Permission.
COST
MANAGEMENT
Cost
Management : A Strategic Emphasis
-- R Krishnamurthi
The cost information required by business has changed
over the years, with the industrial era giving way to the
information age. The focus of cost management has now shifted
from its traditional role of product costing and operational
control to a broader strategic focus-to strategic cost management.
© 2007 IUP . All Rights Reserved
AUDITING
What
is Authentication?
-- Lakshmana Rao Vemuri
Learning how authentication works will enable auditors
to provide recommendations that maximize the organization's
return on investment and efficiency of security controls.
© 2007 Lakshmana Rao Vemuri. Originally published in ITAudit,
Vol. 10, May 10, 2007, by The Institute of Internal Auditors
Inc. (www.theiia/itaudit). Reprinted with Permission.
SPEECH
Speech
by SEC Commissioner : Remarks before the ABA Section of International
Law
--
Annette L Nazareth
he
speech mainly talks about how advances in communication and
technology have fundamentally shaped the way exchanges organize
themselves and trade securities over the years. Further development
of telecommunication may have contributed significantly to
consolidation of the securities markets over time.
© 2007 US Securities and Exchange Commission (www.sec.gov).
Speech by Annette L Nazareth, Conference co-sponsored by the
American Enterprise Institute and the Brookings Institution
Washington, DC. May 4, 2007. Reprinted with permission.
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