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Corporate Governance:

Theory, Trends and Practices Effective Corporate Governance would reflect a number of im

features.

Promotes the efficient use of resources both within the firm aneconomy.

Assists firms (and economies) to attract low-cost investment cimproving both domestic and international investor confidence.

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Issues of Corporate Governance:

Fraud in Companies. Reported to the current business environment, in which when

pronouncing word success, the first ideas struck to mind, sometimes unintentional, are those relating to force, most of all strength, even if it is achieved at the cost of breaking the rules.

Corporate Governance would reflect a number of important feature

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Transmile Group Berhad

Incorporated in 1993 and listed on the Malaysian Stock Exchange in June 1

Principal Activity of the business: Express Air Cargo

Issue: Unsigned accounts by external auditors, lack of evidence of trade reand sale and purchase of property, plant and equipments.

Cooking- of- the books: In February 2007, the board had approved an una

result that had shown an 80% increase in revenue, doubled net profit, and

receivables that had ballooned to RM381 million from RM111 million in 2

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Transmile Group Berhad

In May 2007, special audit was conducted on the company and subsiaccounts by an internal forensic auditor.

Exposed: the revenue was overstated by a total of RM622 million foconsecutive financial years from 2004 to 2006.

Payments totalling RM 189 million without supporting payment voumade.

Related-party sales transactions in which the subsidiary owed to the bmore than RM103 million.

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Summary

The study investigated the cooking- the-books activities undertaken company mentioned above that have been dubbed as mini Enron finscandal in Malaysia. The result of the study showed that the involvemthe top management may be because of self-indulgence, a loophole

regulatory governance, and a lower penalty imposed under the exis

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Introduction of Human Governanc

Traits of values, belief system, culture and ethics in order to foster abased on trust.

Rightness-of- action by an individual is not about being right accordisome codified rules/ man made laws.

Internal moral compass being practiced, integrity can be observed.

Human Governance is human centric, value based. Special to eachindividuals for it is shaped by ones belief, religion, norm and culture

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Conclusion

On the basis of the goodness that human governance can brinprofession, the way forward is for professional accountants to accept the culture of human governance as the core guiding prinprofessional conduct.

Despite our conviction in the ability of this values- and principgovernance to bring back the meaning of integrity in the life of proaccountants, we do not posit for an abandonment of corporate gove