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Summary Of Flat Cargo Bhd Essay

763 words - 4 pages

FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM
The case portrayed Flat Cargo Berhad (FCB), a public listed company which known as one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries where the subsidiaries primarily provides air freight services and aircraft ground handling services. As the only Intra-Asian overnight express cargo operator based in Malaysia, FCB provides air freight transportation involving aircraft charter and leasing. Due to landing rights in Asia Pacific region, FCB has the opportunity to provide express air services to international integrators, freight forwarders and major airlines within the ...view middle of the document...

He is unwilling to risk his firm reputation by having client that has scandal. However he hopes that FCB is not a problematic company as they have a good business model and also a well-known company.
The problems faced by Mr Chuah Mun Soong were due to the inconsistencies in the accounts of Flat Gargo Berhad (FCB) that was reported by his subordinates. The first issue that was identified as inconsistent was despite very good reviews made by various investments houses and also great turnover and dividend payout reported, Rating Agency Malaysia (RAM) has only rated FCB’s Medium Term Notes to AA3. This indicates that FCB has a very weak ability to pay back their debt.
As according to the FCB’s Audit Working Papers for 2005, there are few inconsistencies found which significantly bother Mr Chuah. Firstly, the auditors were unable to validate the existence and purchases procedures of the aircrafts that were reported to have been purchased by FCB in 2005. Besides, a non-functional abandoned aircraft roughly costs RM231 million was found in a hangar. In addition, few of confirmation letters for debtors were returned due to changes of their mailing address and a large numbers of sales transactions that engaging to small clients were identified without supporting documents. FCB also mistakenly recorded a loan received from Hong Kong based company in the debtors’ account. Lastly, there were also few
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