Flight Of Funds Essay

734 words - 3 pages

ntroduction
Mr Idris Bin Junid was appointed as new Chief Executive Officer in the holding company,
Travel Investment Holding Bhd (TIH). One of TIH’s subsidiary is Malaysian Travel Sdn
. Bhd. (MTSB). MTSB had invest in MTT as joint venture holding 40% equities with Turkistan Global Services Sdn. Bhd. (TGS) holding another 60%. The director of MTSB, Yatim Nor who is the father of board member in TGS, Omar Yatim, had signed the agreement to form MTT. The external auditor appointed by TIH has discovered several irregularities in MTT.
MTT’s paid up
capital increasing from RM2 to RM 250000. MTSB is paid RM8 per share for 100000 units to acquire 40% shareholding in MTT. No audited account had ...view middle of the document...

For the next audit, Malaysian Turkistan Travels Sdn Bhd should be record a joint venture company in the consolidated financial statements.
Issue 2
: The lack of control on Malaysian Travel Sdn Bhd’s subsidiaries (MTT)
There is no documentations and information of MTSB and its subsidiary (MTT). There are only three members in the internal audit department and they are responsible for the internal control for the whole TIH group.
Recommendation
Increase the number of members in the internal audit department to increase the efficiency of their work. Also, imposed the auditor MIA-by law to ensure the transparency of their job. Travel Investment Holding Berhad should force all their subsidiaries and sub-subsidiaries to submit their report annually or quarterly. A proper documentation is required to trace back all the previous record when an investigation is conducted in future.
Issue 3: Fraud occur in Malaysian Turkistan Travels Sdn Bhd
MTT was initially set up by Omar Yatim, a board member of TGS and Yatim nor, executive director of MTSB. Both of them are father and son. Investment made by the investor amounting RM800,000 is unclear. MTSB have invest the money...

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