CREDIBLE ACCOUNTANTS KEY TO AVOIDING ACCOUNTING FRAUD

 

• Accounting firm announces merger with one of the largest Penang-   based accounting firms JB Lau & Associates to position itself as an alternative to the big four

• Firm introduces its new legal name SJ Grant Thornton

KUALA LUMPUR, 3 JAN 2008 – While many business owners are under the impression that their company will not become subject to accounting scams, taking early measures to avoid corporate accounting scandals is deemed necessary to sustaining business growth and becoming a world class entrepreneur, according to SJ Grant Thornton Managing Partner Dato’ N. K. Jasani.

Referring to the firm’s recent appointment as auditors for Megan Media Holdings Berhad who is currently being investigated by Securities Commission for accounting fraud, Dato’ Jasani urged companies primarily the medium to large enterprises to constantly monitor its systems in place including engaging the services of credible auditors to avoid accounting theft and prevent financial ruin.

“Accounting fraud habits seem to be popping up everywhere these days. Many business owners feel that their companies are immune to accounting fraud. But regardless of size, any business is vulnerable to fraudulent activities by employees and management.

“By being on constant lookout and hiring credible accountants a company can avert a potentially disastrous and embarrassing financial loss,” Dato’ Jasani told reporters at a press conference.

Individual Public Listed Companies (PLCs) and our Capital Market overall are judged, and market capitalised, not only by the financial results but by the level of Corporate Governance.

Business fraud is one of the topics currently being researched by Grant Thornton for its next release of the International Business Report (IBR 2008). The IBR is a comprehensive study of medium to large privately held businesses in 34 countries around the world, covering 83% of global GDP. This will be the third consecutive participation for the firm. Last year, the report was launched by Deputy Finance Minister YB Dato’ Dr. Ng. Yen Yen. Monthly findings of the Report will be released beginning January leading up to its launch in July.

"The IBR is our positive contribution to Malaysian entrepreneurs and the Government. The specific reports on Business Optimism, Key Constraints to Growth, Women in Business, Effects of fast emerging economies of China and India and others have been analysed and appreciated," noted Dato' Jasani.

As part of Grant Thornton International, the Malaysian member firm recently changed its legal name from Shamsir Jasani Grant Thornton to SJ Grant Thornton in a move to better position itself as one of the leading accounting and consulting firms after the big four.

The new identity also comes with a recent merger with JB Lau & Associates, a large Penang-based audit and taxation firm with over 15 public-listed companies under its wing.  The number adds up to more than 50 after the merger with SJ Grant Thornton which has over 30 public-listed companies to its credit.

Apart from local listings, Grant Thornton is also a leading adviser in terms of funds raised on AIM, the London’s Alternative Investment Market.

“More Malaysian companies are expected to seek listing on the London's Alternative Investment Market (AIM) next year with the growth in foreign investment and opportunities in overseas market. The large pool of institutional funds in the AIM market will continue to attract companies that are planning to embark on overseas expansion,” added Dato’ Jasani.

The coming New Year will also see the firm actively involved in spreading its business to Indonesia, China and India. Aptly termed ICIF, the firm’s new business focus is a unique service that will facilitate its clients to focus on these three key investment and business destinations - Indonesia, China and India.

Dato’ Jasani said through the synergy of Grant Thornton Malaysia and Grant Thornton Indonesia, China and India’s various resources in terms of due diligence, tax advisory, approvals support, corporate finance and restructuring, the firm is bullish on heading in the right direction to place itself as one of the premier accounting and consulting firms in the world.

Whilst advancing on the above the Firm will not diminish its strengths in advanced audit methodologies, called Explorer and Audit Care; or its leading position in Corporate Tax Advisory. "We will continue with our passion to provide quality professional services both in scope and depth for the benefit of our Business sector and the Nation" concluded Dato'
Jasani. 

 End.