Global Internal Audit Standard

This a release of a new standard by the Institute of Internal Auditor (IIA) last January 9, 2024 and will become effective on January 9, 2025 next year. The article below articulates some of the basic objectives and functions of the internal audit in a given organization mainly for the purpose to provide assurance to the Company Board in particular and other stakeholder generally on the company's effective governance, sound management of risk and robust controls on the financial process and other operational functions according to a given standard or rule. For more information on the standard reader can browse this link. 

   

Bumiputra Economic Position 2024

These are some takeaways from the reporting below:

(1) In the past three years (2021-2023?) Bumiputra owns only 1 out 97 listed firms (hugely disproportioned).

(2) Proposal on mandatory stability reporting of company's employees based on DEI policy. This would make supposedly the increase in Bumiputra participation and  in the economy and promote foreign investment?

(3) Bumiputra household income is 29% lower than Chinese.

(4) Median formal employee wages for Bumiputra is 45% lower than Chinese.

(5) Bumiputra equity ownership is at only 18.4% 

These numbers despite all the policies favor Bumiputra. For that matter proposal takeaway no.2 is no different in my view. That is why GISB probably a good model to study in order to stimulate Bumiputra economy less the ideology.

   

 

What is Non-Bank Financial Institutions?

The bank is where you deposit money for safekeeping or investment and others, make payment and apply for financing. Well other non bank can do a similar function but probably with limitation and more focus to a more specific purpose like protection for Takaful or retirement for Pension Fund. The apparent limitation is probably for retail financing which is mainly handled by Banks.  

Halal in Taiwan

 

Antara punca perceraian

 

More younger millionaires in Malaysia

The stories told to us that most of them started early in their teens. Dedication, hard work and seizing opportunity at every availability are some of the ingredients to success. But how about the schooling and other form of formal education. There is a trend not to continue studies in pursue of wealth or to put it mildly for the betterment of livelihood. Perhaps educational system as it is today should be revamped as AI is now starting to gain momentum and impacting today's business, politics and even day to day errands.

   

Shia Followers Apprehended in Kedah Malaysia

It will be interesting to see whether there will be a formal charge in Kedah Syariah Court to these suspects. In the past, followers of religious sects or cults considered as deviant form of Islam would claim as non Muslim to avoid prosecution since Shariah Court has no jurisdiction over non Muslim in Malaysia. They will also potentially seeking declaration from the Civil Court that the action taken for their arrest as unconstitutional on the ground of constitutional guarantee on freedom of religion. Of course theologically Shia is accepted as part of Muslim community albeit misguided, nonetheless there are some fatwa in Malaysia which declare them other wise, similar to Ahmadiyyah which was declared by Fatwa as not part of Muslim ummah.