Monday, 1 July 2013
ADVERTISE
ADVERTISE
To make a public announcement of the intention to purchase goods, services or construction with the intention of increasing the response and enlarging the competition. The announcement must conformto the legal requirements imposed by established laws,rules, policies and procedures to inform the public.
To make a public announcement of the intention to purchase goods, services or construction with the intention of increasing the response and enlarging the competition. The announcement must conformto the legal requirements imposed by established laws,rules, policies and procedures to inform the public.
ADDENDUM
ADDENDUM
An addition or supplement to a document; e.g., items or information added to a procurement document.
An addition or supplement to a document; e.g., items or information added to a procurement document.
ACQUISITION
ACQUISITION
The act of acquiring goods and services (including construction) for the use of a governmental activity through purchase, rent, or lease. Includes the establishment of needs, description of requirements, selection of procurement method, selection of sources,solicitation of procurement, solicitation for offers, award of contract, financing, contraction administration, and related functions.
The act of acquiring goods and services (including construction) for the use of a governmental activity through purchase, rent, or lease. Includes the establishment of needs, description of requirements, selection of procurement method, selection of sources,solicitation of procurement, solicitation for offers, award of contract, financing, contraction administration, and related functions.
ACCEPTANCE
ACCEPTANCE
The act of accepting by an authorized representative; anindication of a willingness to pay; the assumption of a legal obligation by a party tothe terms and conditions of acontract.
The act of accepting by an authorized representative; anindication of a willingness to pay; the assumption of a legal obligation by a party tothe terms and conditions of acontract.
Tuesday, 25 June 2013
Greece's Piraeus Bank tops minimum recap target in rights issue
Greece's Piraeus Bank will raise more than 19.5 percent of the funds it needs to plug a 7.33 billion euro capital hole from private investors in a rights offering that ends later on Tuesday, a senior bank official told Reuters.
Piraeus is the third major Greek lender, after Alpha and National Bank, to raise at least 10 percent of its common equity issue from private investors, a requirement under a recapitalization program forbanks to stay privately run.
"Private sector take-up willbe more than 19.5 percent,near 20 percent," said a senior banker at Piraeus who declined to be named. Meeting the minimum threshold meansPiraeus will not need to resort to issuing costly contingent convertible bonds, or CoCos.
Piraeus is the third major Greek lender, after Alpha and National Bank, to raise at least 10 percent of its common equity issue from private investors, a requirement under a recapitalization program forbanks to stay privately run.
"Private sector take-up willbe more than 19.5 percent,near 20 percent," said a senior banker at Piraeus who declined to be named. Meeting the minimum threshold meansPiraeus will not need to resort to issuing costly contingent convertible bonds, or CoCos.
Saturday, 22 June 2013
UBS AG will surrender its Indian banking license and close its banking unit, covering fixed income, forex operations and credit services,
(Reuters) - Swiss bank UBSAG will surrender its Indian banking license and close its banking unit, covering fixed income, forex operations and creditservices, a source with direct knowledge of the matter told Reuters on Saturday.
However, UBS will continue its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services, said the source, who declined to be identified as the information was not yet public.
"That doesn't mean that we are closing down our India operations. We will be closing a very small business unit, to focus on our key strength," said thesource. "It's part of our global strategy."
A UBS spokesman declined to comment.
UBS has a full-fledged banking license in India with a single branch in Mumbai and was focusing on the wealth management business, covering foreign exchange, fixed income and credit services.
Indian newspapers reported on Saturday that UBS would surrender its banking license.
Earlier this year, Morgan Stanley sold its private wealth management business to Standard Chartered, in a sign of growing consolidation of Asia's wealth management industry, which is struggling with rising regulatory costs and wafer-thin advisory fees.. (Reporting by Indulal PM; Editing by Clarence Fernandez)
However, UBS will continue its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services, said the source, who declined to be identified as the information was not yet public.
"That doesn't mean that we are closing down our India operations. We will be closing a very small business unit, to focus on our key strength," said thesource. "It's part of our global strategy."
A UBS spokesman declined to comment.
UBS has a full-fledged banking license in India with a single branch in Mumbai and was focusing on the wealth management business, covering foreign exchange, fixed income and credit services.
Indian newspapers reported on Saturday that UBS would surrender its banking license.
Earlier this year, Morgan Stanley sold its private wealth management business to Standard Chartered, in a sign of growing consolidation of Asia's wealth management industry, which is struggling with rising regulatory costs and wafer-thin advisory fees.. (Reporting by Indulal PM; Editing by Clarence Fernandez)
Friday, 7 June 2013
Basic elements of the unqualified audit report.
(a) Basic elements of the unqualified audit report.
Describe clearly the circumstances in which an adverse opinion and a disclaimer of opinion would be appropriate and give two examples, one each, to illustrate your answer. (A full audit opinion is not required).
1. Title
Audit reports should be addressed to the members of the company on whose behalf the audit is undertaken.
2. Introductory paragraph
It identifies the financial statements audited to distinguish such information from other documents that have not been subject to audit e.g. chairman’s report.
This paragraph also refers to the accounting convention under which the financial statements have been prepared.
3. Statement of responsibility of directors and auditors. This states that it is the responsibility of the directors to prepare financial statements that show a true and fair view.
4. Basis of opinion (scope paragraph)
Audit carried out in accordance with IAS, ISA and Company’s Act requirement and other statutory requirements.
5. A statement that the audit was planned and performed to obtain reasonable assurance that financial statements are free from material misstatements.
6. It should describe an audit as including:
a. Examining on a test basis evidence to support the financial statement amounts and disclosures.
b. Assessing the accounting policies used in preparing the financial statements
c. Assessing the significant estimates made by directors in preparation of financial statements.
d. Evaluating the overall financial statement presentation.
7. It should clearly state the auditor’s opinion as to whether the financial statements give a true and fair view in accordance with financial reporting framework and their compliance with statutory requirements. In particular whether the balance sheet and the profit and loss account show a true and fair view of the state of the financial position of the company and its financial performance.
8. It should date the report as of audit completion date i.e. when the auditor receives all evidence required to support his opinion.
9. It should be signed in the audit firm’s name and should name the audit firm office.
b) The ISA attempt to ensure that the report of the auditors is clearly understood by giving guidelines to auditors as to how the report should be constructed and what details it
Describe clearly the circumstances in which an adverse opinion and a disclaimer of opinion would be appropriate and give two examples, one each, to illustrate your answer. (A full audit opinion is not required).
1. Title
Audit reports should be addressed to the members of the company on whose behalf the audit is undertaken.
2. Introductory paragraph
It identifies the financial statements audited to distinguish such information from other documents that have not been subject to audit e.g. chairman’s report.
This paragraph also refers to the accounting convention under which the financial statements have been prepared.
3. Statement of responsibility of directors and auditors. This states that it is the responsibility of the directors to prepare financial statements that show a true and fair view.
4. Basis of opinion (scope paragraph)
Audit carried out in accordance with IAS, ISA and Company’s Act requirement and other statutory requirements.
5. A statement that the audit was planned and performed to obtain reasonable assurance that financial statements are free from material misstatements.
6. It should describe an audit as including:
a. Examining on a test basis evidence to support the financial statement amounts and disclosures.
b. Assessing the accounting policies used in preparing the financial statements
c. Assessing the significant estimates made by directors in preparation of financial statements.
d. Evaluating the overall financial statement presentation.
7. It should clearly state the auditor’s opinion as to whether the financial statements give a true and fair view in accordance with financial reporting framework and their compliance with statutory requirements. In particular whether the balance sheet and the profit and loss account show a true and fair view of the state of the financial position of the company and its financial performance.
8. It should date the report as of audit completion date i.e. when the auditor receives all evidence required to support his opinion.
9. It should be signed in the audit firm’s name and should name the audit firm office.
b) The ISA attempt to ensure that the report of the auditors is clearly understood by giving guidelines to auditors as to how the report should be constructed and what details it
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