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

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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.
72Financial StatementPresident’s Statement(b)As at the date of this report, the Council is not aware of any circumstances:(i) which would render the amount written off for bad debts and the amount of allowance made for doubtfuldebts in the Institute inadequate to any substantial extent;(ii) which would render the values of current assets in the financial statements of the Institute misleading;(iii) which have arisen which render adherence to the existing method of valuation of assets and liabilitiesof the Institute misleading or inappropriate; and(iv) not otherwise dealt with in this report or the financial statements of the Institute which would render anyamount stated in the financial statements misleading.(c)As at the date of this report, there does not exist:(i) any charge on the assets of the Institute which has arisen since the end of the financial year whichsecures the liabilities of any other person; and(ii) any contingent liability in respect of the Institute which has arisen since the end of the financial year.(d)In the opinion of the Council:(i) no contingent or other liability has become enforceable, or is likely to become enforceable, within theperiod of twelve months after the end of the financial year which will or may affect the ability of theInstitute to meet its obligations when they fall due;(ii) the results of the Institute’s operations during the financial year were not substantially affected by anyitem, transaction or event of a material and unusual nature; and(iii) no item, transaction or event of a material and unusual nature has arisen in the interval between theend of the financial year and the date of this report which is likely to affect substantially the results ofoperations of the Institute for the financial year in which this report is made.AUDITORSOoi Chee Kun and Ng Eng Kiat retire as auditors of the Institute at the forthcoming Annual General Meetingpursuant to bye-law 120 and in accordance with bye-law 121, they are deemed to be nominated for re-appointmentas auditors for the ensuing financial year.On behalf of the Council,DATO’ SERI AHMAD JOHAN BIN MOHAMMAD RASLANPresidentPUSHPANATHAN A/L S.A. KANAGARAYARVice-PresidentThis report is made pursuant to the Council’s resolution passed on May 12, 2012.
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PROGRESS THROUGH PARTNERSHIPSAnnual
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