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COURSE FOCUS
BUSINESS, ACCOUNTING & FINANCE
Truth in numbers
2 course focus
Investigating hidden
values
In the span of two months,
Argentine striker and five-time
World Player of the Year Lionel
Messi experienced an emotional
roller coaster that overshadowed
all his years as a professional
footballer.
After winning the Spanish La
Liga and Copa del Rey with
Barcelona in May, Messi not only
missed an important penalty and
lost the final of the Copa America
Centenario with Argentina, but
was also handed a 21-month prison
sentence after being found guilty of
Forty-four
per cent of the
organisations
surveyed
believe local law
enforcement is
not adequately
resourced to
investigate
economic
crime, leaving
organisations to
fend for themselves.
tax fraud.
While his footballing career
remains intact due to the
complexities of the Spanish legal
system, sections of the media and
the wider public are labelling him
a criminal. The three counts of tax
fraud against Messi and his father,
however, would not have taken
place without the involvement of
meticulous and organised forensic
accountants.
Thorough professional
analysts
With a combination of financial
Where to study?
ALTHOUGH there is no single
pathway to become a forensic
accountant, a relevant education
will groom individuals with the
necessary skills and knowledge
to carry out investigations and
make meaningful presentations
of the facts. In Malaysia, your
journey can begin at:
l Asia Pacific University of
Technology and Innovation
(APU)
Bachelor of Accountancy
(Hons) in Accounting and
Finance with a specialism in
Forensic Accounting
Master of Accounting in
Forensic Analysis
l Universiti Teknologi
MARA (UiTM)
Master in Forensic
Accounting and Financial
Criminology
It is important to note,
however, that many auditors
and even general accountants
made the transition into forensic
accounting
after years of
experience in
the field and
after training
courses with
professional
bodies.
relevant laws
and legal
systems,
have
interpersonal
skills and be
able to
communicate
well.
Some
forensic
accountants
take courses
in sociology,
psychology,
law
enforcement,
criminal and
business law,
and
information
systems to be
better in
their work.
course focus 3
4 course focus
Understanding
Muslim
consumers
Assoc Prof Dr
Muhd Yunus Ali
says there is a
rising need to
focus on the
Muslim
consumers.
Globally recognised
As the director of graduate studies for four
years at the university, Assoc Prof Yunus
was tasked with developing the PhD and
graduate programme, and in 2011, he began
developing the Islamic marketing units for
advanced-level undergraduates of the
Bachelor of Business and Commerce
programme.
Islamic marketing research is still in its
infancy. Thats a challenge that is discussed
at major conferences on Islamic marketing.
The positive thing is that mainstream
marketing and business journals have
acknowledged the potential growth of
Islamic markets in spite of this, he says.
Assoc Prof Yunus research efforts in the
field of Islamic marketing have been
recognised internationally, most recently
through the Islamic Marketer of the Year
Award presented at the 7th Global Islamic
Marketing Conference in Casablanca,
Morocco, on May 5.
In November last year, three groups of
Islamic marketing students from the School
of Business were selected to present at the
Academy for Global Business Advancements
12th World Congress.
One of the research papers that Assoc Prof
Yunus co-wrote with his students, Muslim
Consumers Halal Consumption: The Role of
Emotional and Religiosity Factors in Buying
Attention, won the Best Paper Award of the
conference.
Multidisciplinary approach
Currently, were building an Islamic
business education programme at Monash
under the halal ecosystem platform. In the
long run, we plan to offer a major in Islamic
business in the School of Business and to
Marketing challenges
One of the main challenges in Islamic
marketing is satisfying the needs of the
diverse Islamic market, which is not a
homogenous one.
A recent research showed that there are
conservative Muslims, New Age Muslims,
liberal Muslims and social pragmatist
Muslims. Their expectations are different,
he says.
Another problem faced by Islamic
marketers is the lack of a unified halal
standard that is accepted internationally, as
different countries abide by their respective
halal certification.
In Islam, there are different schools of
thought and religious scholars have different
opinions. Another project we plan to look
into is how to develop a halal score to rank
the different certification for integrity, he
says.
While Malaysia enjoys good government
support for halal products and is
internationally recognised as among the
pioneers in establishing a halal standard, its
weakness lies in the implementation stage,
Assoc Prof Yunus says.
Every time there is a change in state
government, there are different agendas so
efforts differ by state. Every state has halal
manufacturing hubs but they are
underutilised. There also needs to be
stronger effort in marketing Malaysian
products internationally, he says.
course focus 5
Business
studies for
every niche
INFRASTRUCTURE University
Kuala Lumpurs (IUKL) Faculty
of Business and Accounting
(FBA) offers the Bachelor of
Business Administration (Hons),
with various majors that aim to
prepare students for
management positions or
professional careers in various
departments and industries.
The entrepreneurship major
provides students with the
option to either develop the
market and manage their own
business or pursue a career with
a company. Students will be
required to develop business
plans, business goals and
strategies to achieve these goals.
The finance and banking
option educates students
on the operations of financial
institutions and markets as well
as the financial management of
business operations.
Students will be exposed to
processes surrounding monetary
resources of organisations and
gain insight on banking,
investments, insurance, tax and
loans, whereas the Islamic
finance and banking major
features financial aspects in
Islamic modes.
The human resource
management major will
equip students with people
management skills and
motivational techniques for
employees to accomplish
organisational goals, as a quality
workforce is essential to ensure
its success.
IUKLs fifth major is
international business, which
aims to equip students with
strategies to meet the demands
of foreign environments as well
as develop their understanding
of the culture, politics, language
and customs of countries.
The marketing option
prepares students to reach out to
consumers in the market. This
major is the most creative, as
students will be involved in
advertising, marketing
campaigns, developing
marketing materials and also
6 course focus
Pre-university
The CIE A-Levels is the most
recognised pre-university
programme in the world. Students
can select from a range of A-Levels
Law
Business
(From left) Goo Yee San, BACs chief executive officer Murali Kandasamy and
Joshua Lai Wah Ern.
Campuses
BACs Kuala Lumpur campus
comprises three premises, which
are all within walking distances of
one another. The BAC 2 building
houses a law library, computer
laboratories, a gym, dance studio,
moot court, cafeteria and the Sky
Garden rooftop caf.
The Petaling Jaya campus
NOTTINGHAM University
Business School has been
awarded renewal of a major
independent accreditation,
EQUIS, for the maximum length
of five years. This achievement
places the school among a select
global group of business schools
that hold the full five-year
accreditation. Extensive visits
earlier in the year by an
international EQUIS peer review
team assessed all the schools
operations in the UK, China and
Malaysia.
EQUIS is one of the three
prestigious accreditation
schemes for leading institutions
in business education. It is
granted and run by, the
European Foundation for
Management Development
(EFMD), which is based in
Brussels, Belgium. EQUIS is a
mission-based accreditation
with an international focus.
Achieving the coveted fiveyear accreditation signals
EFMDs confidence in the
schools quality and allows
Nottingham to position itself as
one of the worlds top business
schools offering an outstanding
education.
Uniquely, Nottinghams EQUIS
accreditation applies to all
Nottingham University Business
School operations on campuses
in the UK, China and Malaysia. It
is the only UK business school to
hold EQUIS accreditation in
three locations.
It takes several years to
prepare for the rigorous process
of accreditation. EQUIS assesses
business schools as a whole,
including not only all
programmes but also all
activities and sub-units of the
institution covering teaching,
research, business connections,
executive education provision
and community outreach,
alumni relations, student
opinion, administration and
resources.
EQUIS focuses on a strong
interface with the world of
business, internationalisation
and contribution to the
community, which are
increasingly important attributes
of leading business schools. We
are grateful for the involvement
of our alumni and corporate
friends and associates in
contributing to this success, says
Prof Alistair Bruce, dean of
Nottingham University Business
School.
The dean of Nottingham
University Business School
Malaysia Prof Lee Chew Ging,
course focus 7
Nottingham University Business School offers top-quality business higher education in Malaysia and in the region.
8 course focus
Learning by doing
STUDENTS of the Berjaya Business
Schools Entrepreneurship
Development course were given
the opportunity to turn their ideas
into small businesses by putting
knowledge gained in the classroom
into creating simulated real-world
skills.
At Berjaya University College
of Hospitality (Berjaya UCH), the
Young Entrepreneurs Fair 2016
was created as a platform for
students to showcase their business
gumption. Its aim is to provide
students with the opportunity to be
fully engaged in business through
immersion methodology, or
learning by doing.
As part of their coursework
assessment for each trimester,
students were required to work
in teams to conceptualise a
business idea, prepare a budget
and marketing strategy, organise
and eventually manage the
business.
This trimesters Young
Entrepreneurs Fair had a unique
theme The Enchanted Cruise
providing an effective platform
of active pedagogies to foster the
spirit of entrepreneurship. On the
day of the fair, the students were
given the freedom to conduct the
businesses of their choosing,
subject to a few ground rules.
Business consisted of food and
beverages, games and retail
products. Students involved were
from different programmes
including business, retail,
hospitality, culinary arts, event
management and tourism.
The infallible synergy between
these students saw them learning
the fundamental skills of working,
communicating and strategising
together as a team. The students
Deputy vice-chancellor Prof Lee Chai Buan (fifth from left), executive director/
vice-chancellor Prof Emeritus Walter Wong (sixth from left) and Berjaya
Business School dean Assoc Prof Dr Chin Sze Kim (seventh from left) posing
with students at the launch of the Young Entrepreneurs Fair.
Tan Chuan Yi of ATC has achieved First Class Honours from the University of
Londons International Undergraduate Laws Programme.
course focus 9
The Chartered Financial Analyst designation is the professional standard for those who intend to
have a career in the finance and investment management industry.
Building a future
in finance
IN an effort to provide job seekers with an
avenue to meet potential employers in the
financial industry, CFA Society Malaysia is
collaborating with prestigious local and
foreign financial institutions and regulators
to organise the CFA Society Malaysia Career
Day 2016 on Aug 28 at Aloft Kuala Lumpur
Sentral from 10am to 5pm. Admission is free.
This event is an amazing opportunity for
candidates of the CFA and Claritas Programs,
university graduates and undergraduates
who aspire to build a career in finance and
investment management. This flagship event
is a great platform for participants to
interact with and gain insights from
inspiring managers of top organisations.
Portfolio manager
16%
Research analyst
Chief-level executive
7%
Consultant
7%
Risk manager
6%
5%
Relationship manager
5%
Financial advisor
5%
10 course focus
Careers in
forensic
accounting
IN line with the Governments efforts to
focus on accounting as a major contributor
to the nations economy, accounting courses
continue to be a popular choice among
students across universities in Malaysia.
But amid the financial scandals that have
rocked the corporate world within the last
decade and the current economic downturn,
forensic accountants are becoming ever
more vital. Forensic accounting and fraud
investigation is one of the fastest-growing
areas of accounting and the world will need
these experts to ensure financial transactions
are always performed legally and ethically.
Here are some of the areas that will
continue to require the services of forensic
accountants:
l Private and corporate sector As
suspicions of fraudulent activity within a
company can arise at any point in time,
some large corporations and public-listed
companies may have forensic accountants
permanently on their payroll. Discovering
misconducts internally costs less compared
to hiring third parties and reduces chances
of a publicised scandal.
Other companies may decide to hire
external experts only when they are
confident of a misdeed or abuse of power.
Over the years, many accounting firms are
also expanding their forensic and fraud
services.
l Agencies (such as the police and
Inland Revenue Department) Working
together with law enforcement, forensic
accountants may be hired to investigate
anything from possible cases of money
laundering, identity theft-related fraud, tax
evasion to even tracking terrorism activity
course focus 11
Best advice on
Australian education
respective institutions.
The fair, featuring 27 renowned
Australian universities, is the
gateway for prospective students
and parents looking for a wide
12 course focus
Word on
the industry
TO learn more about forensic accounting
and its importance in Malaysia, Course Focus
speaks to Geetha A. Rubasundram, lecturer
at Asia Pacific Universitys School of
Accounting, Finance and Quantitative
Studies.
What is the job market like for
accountants in general? And what is the
scenario specifically for forensic
accountants in Malaysia?
Malaysia needs about 60,000 accountants
to support the transformation into a
developed nation by 2020. The profession
faces a growing challenge in Malaysia as
many highly skilled accounting professionals
are moving to international locations, hence
causing a shortage.
There is growing awareness of the role of
forensic accountants as well as the aspects
that constitute fraud, the risks and impact of
fraud. Hence, a lot of auditors have added
relevant forensic accounting or fraud
investigation certifications.
Are forensic accountants only involved
in matters where there is suspicion of a
crime being committed or do they have
other roles?
Forensic accountants combine accounting
knowledge with investigative skills in
various litigation support and investigative
accounting circumstances. Investigating
fraud is just one part of the story. They also
conduct forensic analysis of financial data,
trace funds, damages calculation in civil
litigations, proactive risk assessments and
assets for recovery.
Can general accountants or auditors make
the transition into forensic accounting?
Are there specific challenges for
accounting professionals wanting to
make this transition?
Being a certified accountant or Certified
Public Accountant does provide an
advantageous leap into the role of a forensic
accountant, but it may not necessarily
provide the required skills and knowledge
to carry out investigations or be an expert
witness. Forensic accountants need to know
the right manner to obtain evidence as any
mishandling of evidence can severely
Associated bodies
Institute of Certified Forensic
Accountants
Malaysia Institute of Accountants
Malaysian Association of Certified
Fraud
Examiners
Association of
Chartered
Certified
Accountants
CPA Australia
Forensic accountants
need to be highly
specialised and have
in-depth knowledge.
Geetha A. Rubasundram