The Chinese shell companies apart from indulging in financial fraud may also become a threat to national security. India’s crack down on dubious Chinese entities assumes significance in this background.
Aahana Ashi
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To prevent fraud, it's important to understand the risks, identify schemes that could put your organisation at risk and implement policies to mitigate those risks. It is imperative to be proactive when trying to prevent fraud in organisations. While there are many types of fraud, the most common are asset misappropriation, financial statement fraud, and corruption. As a result, it is recommended that all business owners implement these five precautionary measures to prevent fraud in their organisations. Make Employees Aware/Set Up Reporting SystemIn order to prevent fraud, it's important that employees are aware of what the risks are and how they can help minimise them.
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DIRO Original 2021-09-21
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Aishwarya Bhasme 2023-10-07
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kpmg ng 2024-03-08
The Financial Reporting Council of Nigeria (FRCN) issued a Public Notice today, 5 August 2019, revoking its “Rule 4” titled “Transactions requiring registration from statutory bodies such as the National Office for Technology Acquisition and Promotion”. The revocation became effective on 11 July 2019 and would apply prospectively. Consequently, companies that failed to meet these requirements were unable to recognize the related expenses in their financial statements. The revocation of Rule 4 is a welcome development as it effectively lays to rest the controversies attendant to its promulgation in 2016. The Financial Reporting Council of Nigeria (FRCN) issued a Public Notice today, 5 August 2019, revoking its “Rule 4” titled “Transactions requiring registration from statutory bodies such as the National Office for Technology Acquisition and Promotion”. The revocation became effective on 11 July 2019 and would apply prospectively. Consequently, companies that failed to meet these requirements were unable to recognize the related expenses in their financial statements. The revocation of Rule 4 is a welcome development as it effectively lays to rest the controversies attendant to its promulgation in 2016.
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