Annual Report 2011 - The Malaysian Institute Of Certified Public ...

President’s Statement Financial Statement71In accordance with bye-law 5, the following Council Members retire at the forthcoming Annual General Meetingand, being eligible, offer themselves for re-election:Goh Lee HwaMohamed Raslan Abdul RahmanPushpanathan a/l S.A. KanagarayarTan Chin HockDr Veerinderjeet SinghDato’ Yeo HowDatuk Robert Yong Kuen LokeYong Yoon ShingIn accordance with bye-law 13, the following Council Members, who were appointed to fill casual vacancies, willretire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election:Abdul Rauf RashidOng Chee WaiCOUNCIL MEMBERS’ BENEFITSThe Institute is a company limited by guarantee and thus has no shares in which the Council Members could havean interest. The Institute has also not issued any debentures.Since the end of the previous financial year, no Council Member of the Institute has received or become entitled toreceive any benefit (other than a benefit in terms of fee received by a Council Member for updating of the MICPAstudy manual as disclosed in the financial statements) by reason of a contract made by the Institute or a relatedcorporation with the Council Member or with a firm of which the Council Member is a member, or with a companyin which the Council Member has a substantial financial interest.Neither during nor at the end of the financial year, was the Institute a party to any arrangements whose object isto enable the Council Members to acquire benefits by means of the acquisition of shares in or debentures of anycorporate body.OTHER STATUTORY INFORMATION(a)Before the financial statements of the Institute were made out, the Council took reasonable steps:(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the makingof allowance for doubtful debts and satisfied themselves that all known bad debts had been written offand adequate allowance had been made for doubtful debts; and(ii)to ensure that any current assets which were unlikely to realise their values as shown in the accountingrecords in the ordinary course of activities have been written down to an amount which they might beexpected so to realise.