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Sustainability Reporting Service
 Article

 



Sustainability: Why does it matter?



The dynamism of business environment has resulted in challenges along social, environmental, ethical, and economic atmospheres. Specifically, World Economic Forum reported in 2016 that about 60% of global risks profile of major business organisations emanated from environmental and societal issues such as energy prices and availability, supply chain reach and resilience, regulation, and public sentiment.



 



No immunity



 



No business organization is immune to these systemic challenges and societal responses. Changing these threats to opportunities is possible through sustainability reporting as this would ensure the continual improvement of business operations that guarantee long-term resource availability through environmental, socially sensitive, and transparent performance.



Sustainability is about developing solid, all-inclusive growth based on a foundation of economic, social, and environmental commitment




  • Social (e.g. religious and ethnic diversity, community, employee rights)

  • Economic (e.g. shareholder and stakeholder value, corporate governance)

  • Environmental (e.g. emissions, water, energy)



"Development that meets the needs of the present without compromising the ability of future generations to meet their own needs."



 



Sustainability service offerings



 



At SALIHIN, we aspire to leverage our deep expertise in sustainability reporting to bring significant insights that are most valuable to your business.



 



Our competences and capabilities



 



Expertise and thought leadership




  • Our Sustainability practitioners are recognised expertise in the industry with requisite experience in assurance, reporting, carbon, energy management, risk, supply chain, and strategy.



 



External engagement and collaboration




  • SALIHIN demonstrate her commitment to Sustainability through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia.



 



Credentials




  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of Sustainability offerings.



 



Inter-functional synergies




  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients



 



Tools and methodologies




  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects.



 



Speak To Us Today!



 



 

Enterprise Risk Management
 Article

 



Risk within an enterprise can come from various sources. By implementing an enterprise risk management (ERM) framework, organization can reduce the likelihood of unexpected disruptive business events in their environment.  By focusing resources on critical areas of your operations, we at SALIHIN will help you to identify control deficiencies and other threats to your business goals and remediate the problems. 



 



















Risk Management Process



 


 

Our offering covers:



 


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  • Organizational risk tolerance and risk management objectives

  • Organizational governance and control structures

  • Risk management policy and procedures

  • Audit risk management programs

  • Best practices to resource-constrained public entities

  • Trading and hedging strategies

  • Selecting & implementing risk information systems

  • Best practice risk gap analysis

  • Risk modeling

  • Real options modeling

  • Decision analysis modeling

  • Custom analytics

  • Hedge and portfolio optimization

  • Trader coaching

  • Corporate training




 



 



 



 

Integrated Reporting Services
 Article

 



The economy is facing a new value paradigm. These changes, however, are not reflected in the way we measure or report value. Traditional corporate reporting models have failed to adapt to an uncertain economy and account for the increase in intangible assets. Traditional metrics for measuring value and economic progress no longer provide a complete picture.





Responding to these challenges, through integrated reporting (IR) in which financial statements serve as concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value over the short, medium and long term, become paramount.





An integrated report benefits all stakeholders interested in an organization’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policy-makers.



 



So, where do you begin?



 



To begin with companies need to generate relevant and reliable financial and non-financial information with an objective way of measuring their progress towards more integrated reporting and integrate the business activities with value creation processes.



 



Important questions...




  • Would I invest in my company or choose to work for it based on what is presented externally?

  • Is the market value of my company a fair reflection of the business?

  • Are we telling a consistent story to all of our stakeholders? 



 



How can SALIHIN be of help?



As Malaysian firms have been slow to adopt integrated reporting, Salihin consulting aspires to leverage our great expertise in integrated reporting to bring significant insights that are most valuable to your business.



 



Services offering



Our specialists can help you at each step of your integrated reporting journey. Specifically, we can service in all the six areas of integrated as follows:













































 



Organisational overview and the external environment


 

  • Establish vision, strategy and goals as per integrated reporting

  • Design systematic framework to assist in identifying your major stakeholders

  • Engage with your internal and external stakeholders to highlight what they want and identify current gaps Service offerings

  • Facilitate workshop for stakeholder engagement process



 



Opportunities and risks


 

  • Set up reporting framework to identify risks and opportunities

  • Advise on enterprise risk management 

  • Process and risk mapping facilitation



 



Strategy and resource allocation


 

  • Measuring your total impact along your value chain to identify risks and demonstrate contribution across economic, social and environmental dimensions



 



Business model


 

  • Establish a comprehensive business value chain 

  • Set up system to measure, value and track performance targets

  • Design your internal and external integrated reporting



 



Governance


 

  • Assistance with designing and development of combined assurance Approach

  • Internal Audit based control reviews



 



Future outlook


 

  • Develop a blueprint for the future, reflecting risks and opportunities across the value chain

  • Assurance on process and assumptions leading to forward looking statements


     

Our competences and capabilities



 



Expertise and thought leadership




  • Our practitioners are recognised expertise in the industry with requisite experience in financial and non-financial reporting skill in areas such as financial capital, human capital, social capital, intellectual capital.



 



External engagement and collaboration 




  • SALIHIN demonstrate her commitment to integrating reporting through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia. 



 



Credentials 




  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of integrated reporting offerings. 



 



Inter-functional synergies 




  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients.



 



Tools and methodologies 




  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects. 




 



Speak to us today



 

Sustainability Reporting: A Snap look!
 Article

 














 



The sphere of economy has been characterised by capitalism where the soul aim of business is“business”.



The feature of this phase of economy as be the of use of labour has machinery, little or no consideration for immediate environment as business believe that the only responsibility it has is to pay taxes and government is responsible with the “rest”.  Hence, the financial reports are prepared based on a set of guidelines and rules (GAAP) to showcase the financial performance and return to the owners.



 























Growing by the understanding that corporate organisations are responsible to wide range of stakeholders, especially the general public, the concept of sustainability was coined.  As defined by the World Commission on Environment and Development (1992), it is “a development that meets the needs of the present without compromising the ability of future generations to meet their own needs."  In essence sustainable development is about five key principles: quality of life; fairness and equity; participation and partnership; care for our environment and respect for ecological constraints - recognising there are 'environmental limits'; and thought for the future and the precautionary principle".


   
Sustainability was basically built on three pillars namely economic, social and environments.
   


 



 



 



 



 



 



 



 



 



 



 



 



 



 



 


















Environmental Sustainability

Ecological integrity is maintained, all of earth’s environmental systems are kept in balance while natural resources within them are consumed by humans at a rate where they are able to replenish themselves.



 


Economic Sustainability

Human communities across the globe are able to maintain their independence and have access to the resources that they require, financial and other, to meet their needs. Economic systems are intact and activities are available to everyone, such as secure sources of livelihood.
   























Universal human rights and basic necessities are attainable by all people, who have access to enough resources in order to keep their families and communities healthy and secure. Healthy communities have just leaders who ensure personal, labour and cultural rights are respected and all people are protected from discrimination. The concept was well accepted by the organisations from global north and south, especially the ethical once. It cut across all the disciplines such as engineering, economic, finance, human resource, and accounting
     

We cannot just add sustainable development to our current list of things to do but must learn to integrate the concepts into everything that we do." [i]


     


































From accounting point of view, the incorporation of sustainable effort of corporate entities in the financial statements is the main concern. In order to achieve this, a new format of account, sustainability report, was developed. A sustainability report is a report published by a company or organization about the economic, environmental and social impacts caused by its everyday activities. A sustainability report also presents the organization's values and governance model, and demonstrates the link between its strategy and its commitment to a sustainable global economy.
   
Sustainability reporting is a systematic presentation of financial and non-financial data in order to compare the present with past and progress concerning the predetermined yardsticks. While financial information is majorly drawn on the firm’s financial accounting system in line the enabling financial reporting standards and framework, non-financial information means that it is not presented in monetary terms and is not based on an accounting standard. Though, non-financial information can be both quantitative, such as tons (or units) of greenhouse gas, or qualitative, such as governance processes, the reputation of an organization or the organization’s impact on the state of biodiversity.
   
“The importance of sustainability now goes far beyond environmental issues, as the need to behave responsibly becomes a key aspect of strategy and operations.” [ii]
   
As a result, for sustainability to be measurable and reportable, performance indicators need to be developed and consistently adhered to by the respected organisations.  For sustainability reporting to be meaningful, it needs to be connected to the strategy of an organization.  Therefore, the indicators need to be relevant for the organization. Few of the important elements of sustainability reporting compared with financial reporting are presented in Table 1
   















































                      Table 1: Differences between sustainability reporting and financial reporting



 


  Financial reporting viewpoint Sustainability reporting viewpoint
Time-scale Backward looking Forward looking
Basic Accounting Standards No Standard
Focus Issues that organization directly controls Wider sustainability impacts
Economic View Material Non-tangible
Data Financial Non-financial
Materiality Financial importance All relevant information to readers
Users Shareholders and investors Known and unknown Stakeholders


 



Sustainability reporting has taken many different forms. There are stand-alone reports that can be published annually or biannually. Alternatively, sustainability reporting can happen via a suite of reports that are also published online. Although currently it is most common for organizations to publish environmental or social information in separate reports, there are also approaches that combine them with the annual financial report . Sustainability reporting can be considered as synonymous with other terms for non-financial reporting; triple bottom line reporting, corporate social responsibility (CSR) reporting, and more. It is also an intrinsic element of integrated reporting; a more recent development that combines the analysis of financial and non-financial performance.



 



Significance of Sustainability Reporting



There are benefits corporate organisation would have by practising sustainability reporting. These are not limited to the following:





Financial performance





The advocators of sustainability reporting contended that disclosure offers reporting companies a wide spectrum of intangible benefits, such as employee loyalty and consumer reputation which could improve the financial performance of firms directly or indirectly.





Building trust 





Transparency about non-financial performance can help to reduce reputational risks, open up dialogue with stakeholders such as customers, communities and investors, and demonstrate leadership, openness and accountability. 





Improved processes and systems 





Internal management and decision-making processes can be examined and improved, leading to cost reductions by measuring and monitoring such issues as energy consumption, materials use, and waste. 





Progressing vision and strategy 





Comprehensive analysis of strengths and weaknesses, and the engagement with stakeholders that is necessary for sustainability reporting, can lead to more robust and wide-ranging organizational visions and strategies. Importantly, companies can make sustainability an integral part of their strategies. 





Reducing compliance costs





Measuring sustainability performance can help companies to meet regulatory requirements effectively, avoid costly breaches, and gather necessary data in a more efficient and cost-effective way. 





Competitive advantage 





Companies seen as leaders and innovators can be in a stronger bargaining position when it comes to attracting investment, initiating new activities, entering new markets, and negotiating contracts.



 



 



________________________________________________________________________________________



[i] Bruntland Report for the World Commission on Environment and Development (1992)



[ii] The Dorset Education for Sustainability Network



[iii] PWC



[iv] Eccles & Krzus (2010).

SALIHIN Premier Solutions (SPS) Accounting Software is driving a new development in the role of the corporate accountant
 Article

In this new era of globalization and technology, software savvy is now among the most marketable job skills a professional accountant can possess. As what has been said by Sarah Perrin in AB Magazine, “technology will support more real-time reporting and analysis, as well as a transition from retrospective to predictive analysis”. Thus, from that connotation, it can be predicted that by time, software is changing the role of tomorrow’s accountants. To keep up with the changes, there are number of things every future accountant should know about how software is affecting their profession.



Therefore, SALIHIN-UMT Teaching Accountancy Firm (TAF) has conducted training on accounting software namely SALIHIN Premier Solutions (SPS). This training is aimed to produce  highly qualified students with vast knowledge in accounting software targeting accounting students of Faculty of Business and Management in Universiti Malaysia Terengganu (UMT) and also Universiti Sultan Zainal Abidin (UniSZA).



Beyond core accounting modules such as the general ledger, accounts payable, and accounts receivable, SPS functionality exists for bank reconciliations, cash management, financial statement compilation, asset depreciation, and beyond. With experienced consultants in area of accounting, taxation and IT, the students are equipped with necessary skills in exploring how accountants work and experience real data with real assessment. Upon completion of this training with passing marks in the assessment given, a certificate of completion is given to the students.The two-days training has yield a professional student that is industry-ready and efficient in accounting skills.

World's 1st Initiative in the accountancy fraternity Bridging the gap between theory and practice.
 Article

The TAF is the unique hallmark of SALIHIN's innovative practical solution to address the unmet needs and challenges commonly faced by the nation, the industry and the academia in nurturing and producing industry-ready graduates.



It  is the accountancy world's first initiative in the accountancy profession. It fosters a collaboration between SALIHIN and Universities aimed at providing a unique and advanced learning and training field for both accounting lecturers and students. It bridges the gap between theory and professional practice aimed at producing a world-class industry-ready and entrepreneurial accountants.



TAF provides avenue for students to be directly involved in the actual working environment within the university and to apply knowledge which has been learnt in the class; enhances quality of accounting graduates with necessary technical and soft skills in accountancy as deemed relevant, primarily involving accounting standards and applicable laws; and serves a platform for academicians to empower their knowledge with the latest development of the accountancy profession's practices.




"TAF brings corporate culture in university"



- Minister





 "Enhancing quality of Accounting graduates with technical competencies in line with Malaysian Education Development Plan 2015-2025"



- Vice Chancellor




Presently, SALIHIN-UMT TAF is in operation and is jointly managed by both SALIHIN and University Malaysia Terengganu (UMT).  SALIHIN-UniKL TAF has been soft-launched while other universities are in the pipeline.

GST Training & Education Services
 Article

  • In House Training

  • Corporate Training



Customised to specific business transaction



 

Governance and Compliance
 Article

Our corporate governance and compliance assessment business aims to assist the organizations to improve their corporate governance framework that delivers effective stewardship and management.



At  SALIHIN, we go a step further than just ensuring the organisations complies with regulations. We provide a personalized service to our clients whenever necessary. Compliance with the current corporate governance practices and regulations can often be overwhelming but it is essential. We assist the organizations by determining and improving their current practices according to Malaysian Code of Corporate Governance. 


SALIHIN’s dedicated team is experienced in all aspects of these matters, including:

  • ? Corporate Governance Advisory


    • ? Board Effectiveness Assessment

    • ? Governance Effectiveness Review

    • ? Corporate Social Responsibility

    • ? Compliance Assessment


  • ? Sarbanes-Oxley S404 and J-SOX Compliance


    • ? Internal Policy and Procedures Compliance

    • ? Compliance Function Design

    • ? Foreign Corrupt Practices Act


  • ? Business Continuity Management


    • ? We assist organisations to strengthen their ability to continue business and operations in the event of disastrous incidences


  • ? Strategic Planning


    • ? Formulating robust and realistic organisational vision and missions

    • ? Setting and reviewing strategic direction

    • ? Realigning of organisational structure, policies and processes

    • ? Implementing key performance indicators




 

Governance and Compliance
 Article

 















Our corporate governance and compliance assessment business aims to assist the organizations to improve their corporate governance framework that delivers effective stewardship and management.



 



At  SALIHIN, we go a step further than just ensuring the organisations complies with regulations. We provide a personalized service to our clients whenever necessary. Compliance with the current corporate governance practices and regulations can often be overwhelming but it is essential. We assist the organizations by determining and improving their current practices according to Malaysian Code of Corporate Governance. 


 

 



SALIHIN’s dedicated team is experienced in all aspects of these matters, including:




 



 



 



 



 



 



 



 



 



 



 



 



 



 































Corporate Governance Advisory   Compliance Assessment


  • Board Effectiveness Assessment

  • Governance Effectiveness Review

  • Corporate Social Responsibility


 

  • Sarbanes-Oxley S404 and J-SOX Compliance

  • Internal Policy and Procedures Compliance

  • Compliance Function Design

  • Foreign Corrupt Practices Act


     

Business Continuity Management


 

Strategic Planning




  • We assist organisations to strengthen their ability to continue business and operations in the event of disastrous incidences


 

  • Formulating robust and realistic organisational vision and missions

  • Setting and reviewing strategic direction

  • Realigning of organisational structure, policies and processes

  • Implementing key performance indicators


Ownership Structure and Business Model
 Article

Many are the unfortunate companies saddled with improper ownership and organizational structures which culminate in managerial confusion and complexity. At their very incorporation, there was no proper fitting of ownership and business model into proper organizational and business structures.



Group or individual entrepreneurs with business thoughts seeking a context that will provide a platform to put business ideas into reality, should turn to the safest hands of ’s Corporate Secretarial Service professionals. We can assist in,




  • Determining the right ownership and business structure, and



  • Aligning ownership structure and organisational structure with the right business model.



 

Governance Framework
 Article

We assess and audit your existing governance structure to develop charters, policies, procedures and implement effective corporate governance frameworks to ensure effective compliance. Whether large or small, listed or non-listed company.



SBM can help in the form of,




  • Establishing effective governance framework according to the Malaysian Code on Corporate Governance and other best practices.

  • Providing advice on sc listing rules, companies act 1965 and other relevant capital market requirements.

  • Drafting governance charters, policies and statements.

  • Advising and formation of relevant board committees with their terms of reference.

  • Drafting director appointment letters and advising on appointment processes.

  • Conducting board assessment reviews.

  • Providing governance training to board and key management, etc.



 

Get the right support and guidance on corporate governance, risk and compliance issues
 Article

Businesses are always exposed and challenged with governance, risk and compliance issues. And in today’s business landscape, compliance risks arising from regulatory and governance requirements are increasingly more complex and changing drastically. Effectively tackling the issues will help save huge financial and non-financial costs to the business. 



Salihin Business Management Sdn Bhd (SBM) empowers businesses to effectively comply with governance and regulatory requirements. We can assist companies, government agencies, GLCs and NGOs to identify, mitigate, monitor, exploit and manage compliance associated risks, from incorporation, running to cessation of business. 





We are an approved Company Secretary by the Companies Commission Malaysia (CCM).

Increasing exposure to tax risks is inevitable. We develop strategies to those risks
 Article

As business dealings are becoming increasingly complicated, tax rules and regulations are getting more complicated as governments are relentlessly sealing tax leakages in the face of economic uncertainty and dwindling growth. The implementation of Goods and Services Tax (GST) in Malaysia in 2015 comes with no surprise to us. Exposure to tax related risks, whether from direct or indirect tax, could cripple even giant businesses.



With a proven track record of authority in tax affairs, our tax professionals are dedicated to effectively and efficiently plan and strategize your tax to save you a colossal cost of doing business. SALIHIN has designed a comprehensive tax services to help you to minimize your exposure to tax risk in order to optimize your tax savings through tax planning.



 



Our Tax Service offers you consultation on any of the following services:




  • Mergers & and Acquisitions Tax Advisory

  • Corporate Tax Compliance and Planning

  • Transfer Pricing

  • Tax Audits and Investigations

  • Tax Appeal

  • International Tax Consulting

  • Real Property gain tax

  • Tax Accounting

Right Brain, Right Skill and Right Attitude Are Our Essentials
 Article

At SALIHIN, we seek for people who are inspiring, talented, dedicated and passionate to work with like-minded people to deliver value. We are what we are today because of our people with the right brain, right skill and the right attitude. Our working atmosphere people are treated with respect and giving a helping hand to one another to succeed.



At SALIHIN, we offer responsibility not a job because it is the responsibility that will contribute directly to the success of SALIHIN and our clients. It is also a responsibility guided by Islamic accountability to Allah and consistent perfection in whatever we do.



Working at SALIHIN comes with endless opportunities to grow your career. As one of the fast growing accountancy firms in Malaysia, we welcome talents, capabilities, and expertise with strong leadership qualities, flexible and dynamic, self-initiators, positive attitude to change and able to work with diverse team of professionals.



Looking for a vibrant and dynamic environment to contribute value while advancing your career above the limit of the sky?. Whether you are intern, fresh graduate or experienced we have a responsibility for you with an attractive compensation package. Learn more about all the responsibilities within SALIHIN to see how your capabilities can help us grow and where you can develop your career.



 

Articles You Might Be Interested In

SALIHIN FIT RUN'17

Posted on 19/10/2017 (ayed)

Pihak pengurusan firma dengan kerjasama SRC akan mengadakan SALIHIN FIT RUN'17 seperti butiran yang berikut:-



 



Tarikh: 18 November 2017

Hari : Sabtu

Tempat : Taman Botani (KBG), FRIM Kepong



 



 



alt text



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MIA Appoints Salihin Abang As New President

Posted on 29/08/2017 (admin)

KUALA LUMPUR, Aug 25 (Bernama) -- The Malaysian Institute of Accountants (MIA) has appointed Salihin Abang as President and Datuk Narendra Kumar Jasani as Vice-President, effective today.



"Salihin Abang succeeded Datuk Mohammad Faiz Azmi, whose term ended on July 26, 2017, while Narendra succeeded Datuk Zaiton Mohd Hassan, whose term ended on July 15, 2017," said MIA in a statement today.



Salihin, who is the Founder and Managing Partner of SALIHIN, was elected as MIA Council member on Sept 19, 2015.



He is also the president of the Malaysian Accounting Firms Association, a member of the Association of Malay Chartered Accountants Firms committee, a member of Malaysian Association of Tax Accountants, a fellow member of Chartered Tax Institute of Malaysia and an associate member of Certified Practicing Accountant (Australia).



 



Salihin received his Bachelor of Accounting from International Islamic University Malaysia in 1997 and obtained his Masters of Science in Accounting from the same university in 2008.



 



Source : http://www.bernama.com/bernama/v8/newsindex.php?id=1385525

Effect of Tax Reduction

Posted on 27/12/2016 (admin)

If we take a cut in income tax, it could also have an effect on the supply side of the economy.




  • Lower income tax rates may encourage people to work longer. Overtime is more worthwhile if you get to keep more of your income. This is the substitution effect – work is more attractive with lower tax rates.

  • However, there is also the income effect. With lower tax rates (and effectively higher wages), it is easier to get your target income by working fewer hours. Therefore, tax cuts may not increase labour supply because people don’t need to work more, if work is more highly paid.



There is much debate about the extent to which tax cuts increase productivity and economic growth. If marginal tax rates are very high e.g. 80%, cutting tax rates is likely to have some increase in labour supply and productivity. But, with tax rates of 20 or 30%, cutting income tax rates is no guarantee of increasing productivity and growth.



Source:



http://www.economicshelp.org/blog/13566/economics/the-effect-of-tax-cuts/

Rahmat Di Sebalik Kejatuhan Ringgit

Posted on 27/12/2016 ()

Kerajaan tidak gagal dalam menangani kejatuhan nilai ringgit bahkan lebih bijak serta berhemah dan memahami erti sebenar tentang penyusutan nilai ringgit ini apabila kejadian sebegini berlaku di setiap 10 atau 20 tahun sekali.



 



Apabila nilai ringgit jatuh secara mendadak maka kerajaan mungkin akan menyekat beberapa aktiviti berat seperti pembelian barangan dari negara asing dan dari luar negara untuk mengekang sedikit prasarana asing supaya dapat membuat sejumlah pembelian berkos tinggi secara perlahan dan berhemah sehingga nilai ringgit kembali pulih.



 



Kerajaan tidak berhasrat untuk menyangga nilai ringgit walaupun perangkaan menunjukkan jelas bahawa ringgit mulai menyusut secara drastik ke paras yang kritikal atau ke paras terendah kerana inilah waktunya yang dapat memberi sedikit peluang bagi pengurup wang negara atau mereka yang berurus niaga hadapan wang dapat meraih keuntungan.



 



Para pelancong asing terutamanya yang datang dari negara-negara Eropah dan negara-negara di blok barat dapat menikmati pertukaran wang mereka yang lebih baik apabila mereka datang untuk melancong ke Malaysia.



 



Begitu juga kepada penduduk dalam negara sendiri dapat menikmati keuntungan yang berlipat ganda dari hasil perniagaan matawang bersama negara-negara jiran seperti Thailand, Indonesia yang sememangnya boleh menjadikan satu tarikan terhadap ekonomi apabila mereka melancong ke negara tersebut dengan dapatan penambahan dari nilaian Rupiah atau Bath yang jauh lebih menguntungkan apabila berlakunya penyusutan nilai matawang tersebut.



 



Sewaktu berlakunya era penyusutan nilai ringgit ini penulis lebih kepada memberi cadangan kepada kerajaan Malaysia supaya dapat mengandakan untuk lagi usaha untuk membina 'satu empayar pelancongan negara' ke tahap yang lebih tinggi ertinya kerajaan Malaysia perlu membuat berbagai 'promosi pelancongan ' yang hebat terhadap seluruh warga Barat dan Eropah untuk datang melawat Malaysia sebagai 'Tahun Melawat Malaysia sepanjang Tahun ' .



 



Apabila berlakunya penyusutan nilai ringgit sebegini maka 'promosi pelancongan Eropah ' menjadi satu agenda tahunan negara untuk memperkenalkan secara drastik promosi sebagai ' Malaysia Indah ' di mata dunia dan sekali gus menarik pelancong untuk datang ke Malaysia.



 



Pelancong dari Eropah tentu tertarik dari pakej tawaran yang kerajaan berikan dan akan bertambah gembira apabila pertukarn wang mereka lebih menguntungkan apabila mereka datang ke Malaysia.Sebagai contoh satu pinggan nasi lemak berharga 5 ringgit Malaysia namun bagi pelancong yang datang dari 'Great Britain mereka akan berkata ' wow! Ini nasi lemak cuma 1 URO, oh! very cheap!'.



 



Begitu juga sesakali bagi rakyat Malaysia yang pergi melancong ke Bali Indonesia dan harga makanan di sana amat murah berbanding dengan tukaran wang ringgit Malaysia.Sebab pernah berlaku di suatu ketika nilaian pertukaran ringgit berbanding dengan nilai rupiah mencecah sehingga 5000 kali ganda .Contohnya 200 ringgit Malaysia bersamaan dengan satu juta rupiah Indonesia.



 



Sebenarnya berlakunya penyusutan nilai ringgit ini adalah juga sebagai satu ' Rahmat ' bukanya satu bentuk. ' Alamat Kiamat' terhadap ekonomi di sesebuah negara.



 



Oleh itu belajarlah dengan erti 'kesabaran' .Seluruh para pemimpin negara perlu bersikap positif terhadap apa yang berlaku untuk berdepan dengan unjuran dari penyusutan nilai ringgit ini ke arah satu bentuk pendekatan yang lebih realistik dan boleh membawa kepada sesuatu yang lebih menguntungkan.



 



Bagi seluruh badan perusahaan dan perniaga besar , natijah dari keadaan penyusutan nilai ringgit ini mungkin akan membawa sedikit kerugian namun kerugian ini bersifat sementara bahkan akan dapat sesuatu yang lebih menguntungkan secara keadaah yang dapat mengatasi permasalaan dengan membuat suatu 'post mortem ' semula dengan suatu cara perniagaan yang akan mendapat lebihan keuntungan mungkin yang berlipat kali ganda dalam jangka masa pendek atau panjang apabila keadaan nilai ringgit kembali stabil.

SALIHIN Strategic Reflection Retreat 2017

Posted on 27/12/2016 ()

Bersediakah anda untuk cabaran ekonomi 2017 ? 



kredit : Cabaran ekonomi 2017



Recent Articles

Sustainability Reporting Service

Posted on 24/02/2017 ()

 



Sustainability: Why does it matter?



The dynamism of business environment has resulted in challenges along social, environmental, ethical, and economic atmospheres. Specifically, World Economic Forum reported in 2016 that about 60% of global risks profile of major business organisations emanated from environmental and societal issues such as energy prices and availability, supply chain reach and resilience, regulation, and public sentiment.



 



No immunity



 



No business organization is immune to these systemic challenges and societal responses. Changing these threats to opportunities is possible through sustainability reporting as this would ensure the continual improvement of business operations that guarantee long-term resource availability through environmental, socially sensitive, and transparent performance.



Sustainability is about developing solid, all-inclusive growth based on a foundation of economic, social, and environmental commitment




  • Social (e.g. religious and ethnic diversity, community, employee rights)

  • Economic (e.g. shareholder and stakeholder value, corporate governance)

  • Environmental (e.g. emissions, water, energy)



"Development that meets the needs of the present without compromising the ability of future generations to meet their own needs."



 



Sustainability service offerings



 



At SALIHIN, we aspire to leverage our deep expertise in sustainability reporting to bring significant insights that are most valuable to your business.



 



Our competences and capabilities



 



Expertise and thought leadership




  • Our Sustainability practitioners are recognised expertise in the industry with requisite experience in assurance, reporting, carbon, energy management, risk, supply chain, and strategy.



 



External engagement and collaboration




  • SALIHIN demonstrate her commitment to Sustainability through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia.



 



Credentials




  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of Sustainability offerings.



 



Inter-functional synergies




  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients



 



Tools and methodologies




  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects.



 



Speak To Us Today!



 



 

Enterprise Risk Management

Posted on 24/02/2017 ()

 



Risk within an enterprise can come from various sources. By implementing an enterprise risk management (ERM) framework, organization can reduce the likelihood of unexpected disruptive business events in their environment.  By focusing resources on critical areas of your operations, we at SALIHIN will help you to identify control deficiencies and other threats to your business goals and remediate the problems. 



 



















Risk Management Process



 


 

Our offering covers:



 


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  • Organizational risk tolerance and risk management objectives

  • Organizational governance and control structures

  • Risk management policy and procedures

  • Audit risk management programs

  • Best practices to resource-constrained public entities

  • Trading and hedging strategies

  • Selecting & implementing risk information systems

  • Best practice risk gap analysis

  • Risk modeling

  • Real options modeling

  • Decision analysis modeling

  • Custom analytics

  • Hedge and portfolio optimization

  • Trader coaching

  • Corporate training




 



 



 



 

Integrated Reporting Services

Posted on 23/02/2017 ()

 



The economy is facing a new value paradigm. These changes, however, are not reflected in the way we measure or report value. Traditional corporate reporting models have failed to adapt to an uncertain economy and account for the increase in intangible assets. Traditional metrics for measuring value and economic progress no longer provide a complete picture.





Responding to these challenges, through integrated reporting (IR) in which financial statements serve as concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value over the short, medium and long term, become paramount.





An integrated report benefits all stakeholders interested in an organization’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policy-makers.



 



So, where do you begin?



 



To begin with companies need to generate relevant and reliable financial and non-financial information with an objective way of measuring their progress towards more integrated reporting and integrate the business activities with value creation processes.



 



Important questions...




  • Would I invest in my company or choose to work for it based on what is presented externally?

  • Is the market value of my company a fair reflection of the business?

  • Are we telling a consistent story to all of our stakeholders? 



 



How can SALIHIN be of help?



As Malaysian firms have been slow to adopt integrated reporting, Salihin consulting aspires to leverage our great expertise in integrated reporting to bring significant insights that are most valuable to your business.



 



Services offering



Our specialists can help you at each step of your integrated reporting journey. Specifically, we can service in all the six areas of integrated as follows:













































 



Organisational overview and the external environment


 

  • Establish vision, strategy and goals as per integrated reporting

  • Design systematic framework to assist in identifying your major stakeholders

  • Engage with your internal and external stakeholders to highlight what they want and identify current gaps Service offerings

  • Facilitate workshop for stakeholder engagement process



 



Opportunities and risks


 

  • Set up reporting framework to identify risks and opportunities

  • Advise on enterprise risk management 

  • Process and risk mapping facilitation



 



Strategy and resource allocation


 

  • Measuring your total impact along your value chain to identify risks and demonstrate contribution across economic, social and environmental dimensions



 



Business model


 

  • Establish a comprehensive business value chain 

  • Set up system to measure, value and track performance targets

  • Design your internal and external integrated reporting



 



Governance


 

  • Assistance with designing and development of combined assurance Approach

  • Internal Audit based control reviews



 



Future outlook


 

  • Develop a blueprint for the future, reflecting risks and opportunities across the value chain

  • Assurance on process and assumptions leading to forward looking statements


     

Our competences and capabilities



 



Expertise and thought leadership




  • Our practitioners are recognised expertise in the industry with requisite experience in financial and non-financial reporting skill in areas such as financial capital, human capital, social capital, intellectual capital.



 



External engagement and collaboration 




  • SALIHIN demonstrate her commitment to integrating reporting through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia. 



 



Credentials 




  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of integrated reporting offerings. 



 



Inter-functional synergies 




  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients.



 



Tools and methodologies 




  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects. 




 



Speak to us today



 

Sustainability Reporting: A Snap look!

Posted on 17/02/2017 ()

 














 



The sphere of economy has been characterised by capitalism where the soul aim of business is“business”.



The feature of this phase of economy as be the of use of labour has machinery, little or no consideration for immediate environment as business believe that the only responsibility it has is to pay taxes and government is responsible with the “rest”.  Hence, the financial reports are prepared based on a set of guidelines and rules (GAAP) to showcase the financial performance and return to the owners.



 























Growing by the understanding that corporate organisations are responsible to wide range of stakeholders, especially the general public, the concept of sustainability was coined.  As defined by the World Commission on Environment and Development (1992), it is “a development that meets the needs of the present without compromising the ability of future generations to meet their own needs."  In essence sustainable development is about five key principles: quality of life; fairness and equity; participation and partnership; care for our environment and respect for ecological constraints - recognising there are 'environmental limits'; and thought for the future and the precautionary principle".


   
Sustainability was basically built on three pillars namely economic, social and environments.
   


 



 



 



 



 



 



 



 



 



 



 



 



 



 



 


















Environmental Sustainability

Ecological integrity is maintained, all of earth’s environmental systems are kept in balance while natural resources within them are consumed by humans at a rate where they are able to replenish themselves.



 


Economic Sustainability

Human communities across the globe are able to maintain their independence and have access to the resources that they require, financial and other, to meet their needs. Economic systems are intact and activities are available to everyone, such as secure sources of livelihood.
   























Universal human rights and basic necessities are attainable by all people, who have access to enough resources in order to keep their families and communities healthy and secure. Healthy communities have just leaders who ensure personal, labour and cultural rights are respected and all people are protected from discrimination. The concept was well accepted by the organisations from global north and south, especially the ethical once. It cut across all the disciplines such as engineering, economic, finance, human resource, and accounting
     

We cannot just add sustainable development to our current list of things to do but must learn to integrate the concepts into everything that we do." [i]


     


































From accounting point of view, the incorporation of sustainable effort of corporate entities in the financial statements is the main concern. In order to achieve this, a new format of account, sustainability report, was developed. A sustainability report is a report published by a company or organization about the economic, environmental and social impacts caused by its everyday activities. A sustainability report also presents the organization's values and governance model, and demonstrates the link between its strategy and its commitment to a sustainable global economy.
   
Sustainability reporting is a systematic presentation of financial and non-financial data in order to compare the present with past and progress concerning the predetermined yardsticks. While financial information is majorly drawn on the firm’s financial accounting system in line the enabling financial reporting standards and framework, non-financial information means that it is not presented in monetary terms and is not based on an accounting standard. Though, non-financial information can be both quantitative, such as tons (or units) of greenhouse gas, or qualitative, such as governance processes, the reputation of an organization or the organization’s impact on the state of biodiversity.
   
“The importance of sustainability now goes far beyond environmental issues, as the need to behave responsibly becomes a key aspect of strategy and operations.” [ii]
   
As a result, for sustainability to be measurable and reportable, performance indicators need to be developed and consistently adhered to by the respected organisations.  For sustainability reporting to be meaningful, it needs to be connected to the strategy of an organization.  Therefore, the indicators need to be relevant for the organization. Few of the important elements of sustainability reporting compared with financial reporting are presented in Table 1
   















































                      Table 1: Differences between sustainability reporting and financial reporting



 


  Financial reporting viewpoint Sustainability reporting viewpoint
Time-scale Backward looking Forward looking
Basic Accounting Standards No Standard
Focus Issues that organization directly controls Wider sustainability impacts
Economic View Material Non-tangible
Data Financial Non-financial
Materiality Financial importance All relevant information to readers
Users Shareholders and investors Known and unknown Stakeholders


 



Sustainability reporting has taken many different forms. There are stand-alone reports that can be published annually or biannually. Alternatively, sustainability reporting can happen via a suite of reports that are also published online. Although currently it is most common for organizations to publish environmental or social information in separate reports, there are also approaches that combine them with the annual financial report . Sustainability reporting can be considered as synonymous with other terms for non-financial reporting; triple bottom line reporting, corporate social responsibility (CSR) reporting, and more. It is also an intrinsic element of integrated reporting; a more recent development that combines the analysis of financial and non-financial performance.



 



Significance of Sustainability Reporting



There are benefits corporate organisation would have by practising sustainability reporting. These are not limited to the following:





Financial performance





The advocators of sustainability reporting contended that disclosure offers reporting companies a wide spectrum of intangible benefits, such as employee loyalty and consumer reputation which could improve the financial performance of firms directly or indirectly.





Building trust 





Transparency about non-financial performance can help to reduce reputational risks, open up dialogue with stakeholders such as customers, communities and investors, and demonstrate leadership, openness and accountability. 





Improved processes and systems 





Internal management and decision-making processes can be examined and improved, leading to cost reductions by measuring and monitoring such issues as energy consumption, materials use, and waste. 





Progressing vision and strategy 





Comprehensive analysis of strengths and weaknesses, and the engagement with stakeholders that is necessary for sustainability reporting, can lead to more robust and wide-ranging organizational visions and strategies. Importantly, companies can make sustainability an integral part of their strategies. 





Reducing compliance costs





Measuring sustainability performance can help companies to meet regulatory requirements effectively, avoid costly breaches, and gather necessary data in a more efficient and cost-effective way. 





Competitive advantage 





Companies seen as leaders and innovators can be in a stronger bargaining position when it comes to attracting investment, initiating new activities, entering new markets, and negotiating contracts.



 



 



________________________________________________________________________________________



[i] Bruntland Report for the World Commission on Environment and Development (1992)



[ii] The Dorset Education for Sustainability Network



[iii] PWC



[iv] Eccles & Krzus (2010).

Financial Reporting Standards Services

Posted on 10/02/2017 ()

 



The globalisation of capital markets and quest for improved foreign direct investments have enhanced harmonisation of financial reporting standards across the world. Hence, on 1 August 2008, the FRF and MASB announced their plan to bring Malaysia to full convergence with International Financial Reporting Standards (IFRSs) by 1 January 2012 as the changeover from Financial Reporting Standards (FRSs) to Malaysian Financial Reporting Standards (MFRSs), equivalent to IFRSs will help place Malaysian businesses on a level playing field with its international counterparts.



The challenge is to keep updated with the changes and new standards that are being released on a regular basis as successful MFRS compliance requires efficient systems and hands-on advisory.  Responding to these challenges will take productive time and efforts to be utilised in your core business activities.



 



How can SALIHIN be of help?



 



SALIHIN's dedicated professionals leverage on years of experience of IFRSs to provide standardized reporting services, as well as the industry’s highest levels of insight and technical knowledge.



 



Services offering



 



Our IFRS specialists can assist you navigate the complexity of the Standards so you can focus your time and effort on running your business. SALIHIN provides services in the following areas:





  • Reporting and Compliance




  • Designing financial reporting system based on MFRSs




  • Advising on accounting polices based on MFRSs framework




  • Conducting staff training on MFRSs at your convenience





 



Our competences and capabilities



 



Expertise and thought leadership





  • Our practitioners are recognised expertise in the industry with requisite experience in financial and non-financial reporting skill in areas such as financial capital, human capital, social capital, intellectual capital.





 



External engagement and collaboration





  • SALIHIN demonstrate her commitment to integrating reporting through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia.





 



Credentials





  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of integrated reporting offerings.





 



Inter-functional synergies





  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients





 



Tools and methodologies





  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects.



SALIHIN Premier Solutions (SPS) Accounting Software is driving a new development in the role of the corporate accountant

Posted on 20/01/2017 (admin)

In this new era of globalization and technology, software savvy is now among the most marketable job skills a professional accountant can possess. As what has been said by Sarah Perrin in AB Magazine, “technology will support more real-time reporting and analysis, as well as a transition from retrospective to predictive analysis”. Thus, from that connotation, it can be predicted that by time, software is changing the role of tomorrow’s accountants. To keep up with the changes, there are number of things every future accountant should know about how software is affecting their profession.



Therefore, SALIHIN-UMT Teaching Accountancy Firm (TAF) has conducted training on accounting software namely SALIHIN Premier Solutions (SPS). This training is aimed to produce  highly qualified students with vast knowledge in accounting software targeting accounting students of Faculty of Business and Management in Universiti Malaysia Terengganu (UMT) and also Universiti Sultan Zainal Abidin (UniSZA).



Beyond core accounting modules such as the general ledger, accounts payable, and accounts receivable, SPS functionality exists for bank reconciliations, cash management, financial statement compilation, asset depreciation, and beyond. With experienced consultants in area of accounting, taxation and IT, the students are equipped with necessary skills in exploring how accountants work and experience real data with real assessment. Upon completion of this training with passing marks in the assessment given, a certificate of completion is given to the students.The two-days training has yield a professional student that is industry-ready and efficient in accounting skills.