ICAB will soon set up a Quality AssuranceDepartment to monitor the quality of work ofits practising members. This was announced

by the ICAB President, Mr. Md. Humayun KabirFCA at the CPE Seminar on International Standardon Quality Control 1 (ISQC1) held on June 15,2008 at ICAB Auditorium in Dhaka. In thisconnection, the President stated that the recruitmentprocess of qualified Reviewers has already beeninitiated and all necessary financial and technicalsupport would be provided by the Institute. Keynote Paper Presenters, Mr. Akhtar SohelKasem, Member Council, Past President andChairman Quality Assurance Board, ICAB and Mr.Gareth Jones, Quality Assurance Department,ICAEW, emphasized the importance of a strongQuality Control framework for the members of theInstitute to enhance the image of the auditingprofession in compliance to the national and

June 2008

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICAB News BulletinNo. 225

Seminar at ICAB

Humayun Kabir Lays Emphasis on Quality Assurance

MEMBER OF:

International Federation ofAccountants (IFAC)

International AccountingStandards Board (IASB)

South Asian Federation ofAccountants (SAFA)

Confederation of Asianand Pacific Accountants(CAPA)

In This Issuep Humayun Kabir Lays

Emphasis on Quality

Assurance

p ICAB To Become IFAC

SMO Compliant

p Workshop Held on 'Audit

Practice Manual, its

Launching and

Implementation'

p New Arrivals in the ICAB

Central Library

p Admission as Associate

p Admission as Fellows

p Permission to Start

Practice

p Permission to Train

Articled Students

p Permission to Join as

Partner1

p Permission to Form

Partnership

p New Branch

p IAASB Reports on

Progress in Achieving

Clarity and Convergence

p Better Investment

Decisions

p Meetings and Programmes

held in the Month

of June 2008

p Circular

ISSN 1993-5366

Mr. Md. Humayun Kabir FCA, President-ICAB is seen on the dais with paper presenters (L-R) Mr. Gareth Jones, Regional DirectorQuality Assurance Department, ICAEW, Mr. Akhtar Sohel Kasem FCA, Member Council, Past President and Chairman QualityAssurance Board, ICAB, Session Chairman, Mr. Anwaruddin Chowdhury FCA, Member Council and Past President-ICAB and Mr MdSyful Islam FCA, Vice President-ICAB.

ICAB To Become IFACSMO Compliant

The Institute of Chartered Accountants of Bangladesh(ICAB) has confirmed IFAC to adopt/implement theStatements of Membership Obligations (SMOs) whichwill guide and assist ICAB in improving Professional &Technical Standards as well as helping ICAB to keep thefocus on actions to meet the expectations of the keystakeholders. In a letter to IFAC, Mr. Md. Humayun Kabir FCA,President-ICAB informed IFAC that the Councilconstituted a high powered Sub-Committee headed by thePresident to chalk out an Action Plan for compliance of allthe SMOs.A sub-committee of ICAB elaborately discussed the policyrecommendations and agreed to adopt and implement allthe SMOs in phases within October 2008. The SMOs are:1. Quality Assurance 2. International Education Standards3. IAASB Pronouncement 4. IFAC Code of Ethics 5.International Public Sector Financial Reporting StandardsIPSAS 6. Investigation and Discipline and 7. InternationalFederation for Reporting Standards

A view of the audience of the Seminar on "International Standard on Quality Control 1".

ICAB News Bulletin No. 225

international requirements and standards.The speakers also spoke on the need forinteracting closely with the Government ofBangladesh regarding the World Bankfunded Twinning Project of ICAB, underwhich ICAEW is providing technicalsupport for capacity building. They saidthat International Standards on QualityControl would immensely benefit themembers of the Institute in providingassurance services. As part of this process,Mr. Gareth Jones who was in Bangladeshto assess the progress of the QualityControl programme of ICAB and its future

plans assured full cooperation inimplementing the Quality AssuranceFramework and programme.International Standard on Quality Control1 (ISQC1) was issued by the InternationalFederation of Accountants (IFAC) toestablish a framework for firms to controland monitor the quality of their work. Itshould be read closely with Interna tionalStandard on Auditing 220, which wasearlier adopted by ICAB. The mission ofthe International Federation ofAccountants (IFAC) is to serve the publicinterest, strengthen the worldwideaccountancy profession and contribute to

the development of strong Internationaldiscipline in the field of commerce,industry and the economy as a whole byestablishing and promoting adherence tohigh-quality professional standards, saidMr Jones.Mr. Sohel Kasem stated that ISQC 1 wasunder review of the Technical andResearch Committee of ICAB, who arealso waiting for the revised version ofISQC 1, which is expected to be issued byIFAC in September, 2008. highlighted the seven key areas of ISQC 1

including documentation, leadership, andethical requirements, which were aimed to

June-2008 2

Speaking in the Seminar (Left to right): Mr. Anwaruddin Chowdhury FCA, Member Council and Past President-ICAB, Session Chairman, Mr Md Humayun Kabir FCA,President-ICAB, Mr. Gareth Jones, Quality Assurance Department, ICAEW and Mr. Akhtar Sohel Kasem FCA, Member Council, Past President and Chairman QualityAssurance Board, ICAB Paper Presenters and Mr Md Syful Islam FCA, Vice President-ICAB.

ICAB News Bulletin No. 225

June-2008 3

Seen in the Workshop are Mr. Md. Humayun Kabir FCA, President-ICAB (extreme right), Mr. Gareth Jones, Regional Director of Quality Assurance Department ICAEW, UK(Middle) and Mr Juris Reinhards, Project Head, Twinning Project (Bangladesh) (extreme left).

The Institute of CharteredAccountants of Bangladesh(ICAB) organized a Workshop on

Audit Practice Manual on 09 June 2008 atICAB Auditorium.The workshop wasattended by the practicing accountants ofdifferent audit firms of the country. Mr.Gareth Jones, Regional Director of QualityAssurance Department of ICAEW, UKconducted the workshop which wasinaugurated by Mr Humayun Kabir FCA,President-ICAB. Mr Kabir in his inauguraladdress drew the attention of the membersparticipating in the Workshop that quality

assurance of Audit, Audit reports and thefinancial statements are the prima facierequirement of the accountancy andauditing profession to ensure transparency,accountability and good governance of theentities audited in particular and thefinancial environment and culture ingeneral. Mr. Kabir was hopeful in hisdeliberations that the workshop wouldyield optimum benefit to both thepracticing and non practicing members ofthe Institute. He stressed on themethodical, meticulous, systematic andthorough application and practice of the

Audit Practice Manual (APM) presented inthe Workshop by Mr Gareth Jones asguidelines to audit procedure and controland review of audit work to ensure qualityaudit in accordance with BangladeshStandards on Auditing (BSAs). About two weeks before holding theworkshop a three member team of theTwinning Project twice visited six auditfirms which were chosen on the basis ofpredetermined selection criteria to act asPilot firms for implementation of the AuditPractice Manual (APM).The three memberteam consisted of Mr. Gareth Jones

Twinning ProjectWorkshop Held on 'Audit Practice Manual, its

Launching and Implementation'

give firms reasonable assurance that they are complying withprofessional standards and regulatory/legal requirements. He alsoshared the UK experience with the Institute and assured ICAB offull support from ICAEW in implementing ISQC 1.Session Chairman and Past President-ICAB, Mr. AnwaruddinChowdhury FCA, Member Council and Past President-ICAB alsohighlighted the need for quality control in the work done by the

Institute members and also discussed about similar programmes inthe neighbouring countries. Mr. Chowdhury presided over thequestion and answer session and then concluded the discussions bysumming up. Md. Md Syful Islam FCA, Vice President-ICAB offered vote ofthanks to the audience. n

ICAB News Bulletin No. 225

June-2008 4

Regional Director Quality Assurance Department of ICAEW, UKMr Juris Reinhards Project Head, Twinning Project (Bangladesh)and Mr Anwarul Karim FCA Technical Consultant of the Project.The objectives of the visit were to discuss and plan the pilot-testingof the new draft Audit Practice Manual and to receive initialfeedback about the draft APM. Each of the Pilot firms agreed to animplementation time table by applying the manual to a number ofaudits selected by each firm. Initially, the implementation will bereviewed and supervised by the individual firms with subsequentvisits by ICAEW staff. It is planned to extend the member of pilotfirms by another 3-5.

Mr. Gareth Jones presented a critical review of accounts

questionnaire and disclosure checklist, justification of audit report,

final analytical review form, summery of unadjusted errors, audit

standard review and audit highlights report, among other issues

relating to audit control. He disclosed that the pilot firms which

they visited agreed to a timeframe for the implementation of the

APM.Further elaborating his presentation Mr. Jones said that the

APM is a focused, precise and comprehensive guide. This can be

used in all sorts of external audits in full compliance with the

Bangladesh Standards on Auditing. The manual is highly user

friendly, easy to understand and can be used also as a training tool.

All audit areas are well covered in the manual. There are 216 pages

in the APM and in total 62 forms, checklists, questionnaires on

planning, internal control evaluation, risk assessment, sampling,

materiality, substantive procedures and finally the audit completion

procedures.

Broad outlines of the major sections included in the Manual are:

1. Audit Planning:i. Audit Planning summary

ii. Acceptance procedure form

iii. Audit planning checklist

iv. Planning memorandum

2. Materiality determination work sheet3. Audit Risk Assessment:i. Audit risk summary

ii. Audit risk checklist

iii. Risk response summaryiv. Specific risk action planv. Detailed risk assessment4. Review and evaluation of internal control and accounting system:System & control summaryInternal control questionnaireReview of design and implementation of controlOperational effectiveness of controlInternal control evaluation5. Audit sampling determination work sheet6. Fifteen different audit programs covering assets, liabilities,

profit & loss, VAT and Income Tax7. Audit Completion section:i. Partner completionii. Audit completion file listiii. Audit standard review questionnaireiv. File completion questionnaire

A view of the audience of the Workshop on "Audit Practice Manual, its Launching and Implementation".

ICAB News Bulletin No. 225

June-2008 5

SI. # Author/Publisher Title01. Ministry of Finance Medium-Term Budget Framework 2008-09 to 2010-II02. Ministry of Finance Demands for Grants and Appropriations (Non-Development

and Development)03. Ministry of Finance Annual Budget 2008-09; Consolidated Fund Receipts04. Ministry of Finance Annual Budget 2008-09; Annual Financial Statement05. Ministry of Finance Annual Budget 2008-09; Budget in Brief06. Ministry of Finance Budget Speech 2008-0907. Ministry of Finance Finance Ordinance 200808. Planning Commission Annual Development Programme (ADP) 2007-0809. Planning Commission Barshik Union Karmashuchi 2008-0910. Ministry of Finance Bank-O-Arthik Pratishttanshamuher Karjabale 2007-0811. Russel Ash Whitaker's World of Facts12. ICAB Suggested Answers on Information Technology, Professional

Examination (PE)-I13. IASB International Financial Reporting Standards (IFRSs) 200814. SEC Securities Related Ordinance, Act, Rules and Regulations

(updated to June 2007)15. ICAI Insurance Brokering16. ICAI Suggested Answers on Diploma in Insurance and Risk

Management17. ICAI The Companies Accounting Standards Rules, 200618. ICAI Guidance Note on Audit of Banks19. ICAI Checklist for Disclosures under Accounting Standards20. KPMG LLP Shaping the Canadian Audit Committee Agenda

(Canadian AuditCommittee Institute)

21. CA (The Canadian Integrity in the Spotlight; Audit Committees in a High Risk WorldInstitute of CharteredAccountants)

22. The Economist The EconomistNewspaper Ltd.

23. Magazine Readers Digest, June 200824. ICAEW Accountancy, June 200825. SAFA SAFA Annual Report 200626. CAPA 17th CAPA Conference 2007

New Arrivals in the ICAB Central Library

v. Justification of audit report8. Audit work management, e.g. time andcost budget forms9. Audit permanent file documents:i. Background informationii. Know your client checklistiii. Significant accounting policiesiv. New client checklist

At this stage of the workshop Mr Jones

announced with pleasure that for the

Bangladesh audit profession certainly a

new era has approached which would

represent a leave towards the full

implementation of Bangladesh Auditing

Standards and from now on the BSAs will

be fully integrated into the day to day

audit work, and work papers of audit

firms. This is an exciting stage in the

transformation of ICAB to be a more

modern professional body and is one of the

key stages recommended in the recently

approved ICAB Strategy by the Council-

ICAB said Mr. Jones.Mr. Gareth Jones said audit planning isessential to maximize efficiency, avoid

unnecessary work, save time/costs, ensurequality work and enhance job satisfaction.He also highlighted the issues of ethicalsafeguards, making planning checklist,planning summery, planning memorandumand audit team planning meeting.Referring to BSA 315, Mr Jones stressedthe need for understanding the entity/itsenvironment and assessing the risks ofmaterial misstatement. He also mentionedBSA 330 and the auditor’s procedures inresponse to assessed risks. The auditsystems and internal controls, the need fortesting of controls, understanding the

entity/control environment, evaluatingdesign/implementation of controls andwalking through tests tracing transactionsthrough audit system were also discussedin his paper. About assessment of risks, hesaid BSA 315/330 require auditor toidentify/assess risks of materialmisstatement of financial statements. Headvised auditors to use professionalskepticism to assess risks and makespecific risk action plan. While discussingplanning materiality, Mr. Jones askedauditors to use professional judgment,consider implications for profit/loss,turnover, and gross/net assets of company.About audit evidence, he suggestedcovering all balance sheets and profit &loss areas, cross reference of detailedworking papers, and incorporatingsummery sheets concluding on relevantassertions, e.g. existence, ownership,valuation, completeness and classification.Besides, auditors need to follow statutorycompany rules and regulations, know theirclients, record meetings/telephoneconversations with clients, update leadschedules to agree to final accounts,examine related party transactions andcover post-balance sheet events. Whilereviewing files, auditors should removeold sets of draft accounts and only reviewpoints where it is absolutely necessary, Mr.Jones suggested.At the last phase of the workshop theparticipants enjoyed a lively interactionand conclusion was drawn by summing upthe issues discussed. n

ICAB News Bulletin No. 225

June-2008 6

Name Effective DateMr Md Fokrul Islam ACA (890) 03 June 2008PartnerAhsan Kamal Sadeq & Co.,Chartered Accountants99 Kazi Nazrul Islam Avenue (5th floor)Dhaka-1215

Mr Abdulla-Al-Mahmud ACA (915) 03 June 2008PartnerHaque Shahalam Mansur & Co.,Chartered AccountantsShaj Bhaban (6th floor), B-1127 Bijoy NagarDhaka-1000

Mr Md Zahurul Islam ACA (916) 03 June 2008PartnerZAHUR & MOSTAFIZChartered Accountants49/1/A, Purana Paltan Line, PaltanDhaka-1000

Mr Mohammad Mostafizur Rahman ACA (920) 03 June 2008PartnerZAHUR & MOSTAFIZChartered Accountants49/1/A, Purana Paltan Line, PaltanDhaka-1000

Admission as Associate

The following members have been granted permission to trainArticled Students with effect from the date mentioned against theirnames:Name Effective DateMr Md Moktar Hossain FCA (728) 12 May 2008PartnerSF Ahmed & Co.,Chartered AccountantsHouse No. 25, Road No. 13ABlock-D, BananiDhaka-1213

Mr Md Asaddar Ali FCA (88) 12 May 2008Partner & Branch InchargeKM Hasan & Co.,Chartered AccountantsSylhet Branch OfficeEast ZindabazarSylhet-3100

Permission to Train Articled Students

Admission as Fellows

The following member has been admitted as Associate of theInstitute with effect from the date as shown against his name:Name Effective DateMr Md Mohiuddin Ahmed ACA (1046) 15 April 2008142/B Green RoadDhaka-1215

The following members have been admitted as Fellows of theInstitute with effect from the date mentioned against their names:Name Effective DateMs Shama Rukh Alam FCA (724) 03 June 2008Group Finance DirectorDuncan Brothers (Bangladesh) Ltd.Camellia House22 Kazi Nazrul Islam AvenueDhaka-1000

Mr Subrata Chakroborty FCA (816) 03 June 2008Management AccountantUnilever Bangladesh LtdZN Tower, Plot No. 2, Road No. 8Gulshan-1, Dhaka-1212

Permission to Start PracticeThe following members have been granted permission to StartPractice as Public Accountants with effect from the date againsttheir names as partner of the Firms mentioned with their names:

Name Effective DateMr ASM Nayeem FCA (353) 03 June 2008PartnerACNABINChartered AccountantsBSRS Bhaban (13th floor)12 Kawran BazarDhaka-1215

Mr Md Raghib Ahsan FCA (689) 03 June 2008PartnerSyful Shamsul Alam & Co.,Chartered Accountants15 Dilkusha C/ADhaka-1000

Mr Md Abul Basher ACA (840) 03 June 2008PartnerMA Fazal & Co.,Chartered Accountants29 BB AvenueDhaka-1000

IAASB Reports on Progress inAchieving Clarity and

ConvergenceThe International Auditing and Assurance StandardsBoard (IAASB), an independent standard-setting boardunder the auspices of the International Federation of

Accountants (IFAC), has released its 2007 annual report whichhighlights its work in enhancing the clarity of internationalstandards and notes progress in achieving global convergence tointernational auditing standards. The report also details theIAASB’s consultation and outreach program and offers a previewof its proposed future strategy.A central part of the IAASB’s work program over the past year hasbeen the redrafting of its international standards to make themclearer and to promote their adoption and translation. During 2007,the IAASB approved seven final International Standards onAuditing (ISAs) and 21 exposure drafts as part of its Clarityproject. It also announced that the effective date for all finalredrafted ISAs will be for periods beginning on or after December15, 2009. The IAASB plans to complete the redrafting of all ISAsby the end of 2008.To further promote international convergence of standards, theIAASB engaged in extensive consultation and coordinationactivities in 2007 with international regulators and organizations,national auditing standard setters, and other stakeholders. TheIAASB also continued to receive oversight from the Public InterestOversight Board and obtained input to its work program andtechnical projects from the IAASB Consultative Advisory Group(CAG). A report from David Damant, Chairman of the IAASBCAG, is included in the annual report.Throughout 2007, the IAASB actively consulted with stakeholdersand users of its standards regarding the development of itsproposed future technical strategy and work program. The annualreport presents highlights of the proposed future strategy, whichthe IAASB is reviewing at its meeting in New York City this week. The 2007 IAASB annual report can be downloaded from its homepage at http://www.iaasb.org. Printed copies, which will beavailable later in March, may be obtained by sending an email withyour mailing address and the quantity desired to pr@ifac.org andconclusion was drawn by summing up the interactions. n

ICAB News Bulletin No. 225

June-2008 7

M/s A Wahab & Co., Chartered Accountants has been permittedto open a new branch at Dhaka. Details are as follows:Name and Address Effective DateM/s A Wahab & Co., 03 June 2008Chartered AccountantsPlot # 234 (1st floor), Lane # 3(W)DOHS, Baridhara, Dhaka

New Branch

Mr Md Raghib Ahsan FCA (689) was permitted to join as partnerwith M/s Syful Shamsul Alam & Co., Chartered Accountants, 15Dilkusha C/A (6th floor), Dhaka-1000 and practice as PublicAccountant with effect from 03 June 2008. The existing partners ofthe Firm are:Mr AKM Shamsul Alam FCA (584)Mr Md Syful Islam FCA (615)Mr Md Golam Kibria FCA (796)

Mr Abdulla-Al-Mahmud ACA (915) was permitted to join aspartner with M/s Haque Shahalam Mansur & Co., CharteredAccountants, Shaj Bhaban, Flat No. B-11 (6th floor), 27 BijoyNagar, Dhaka-1000 from 03 June 2008. The existing partners ofthe Firm are:Mr Md Nurul Haque FCA (195)Mr Syed Mansur Ahmed FCA (87)

Permission to Join as Partner

Name Effective DateMr Md Mosharref Hossain FCA (334) 2 June 2008Partner & Branch InchargeK M Alam & Co.,Chartered Accountants45 Cemetry Road (1st floor)Khulna-9100

Mr Md Nurul Haque FCA (573) 29 June 2008PartnerNurul Faruk Hasan & Co.,Chartered AccountantsGreen Sayera A-1House # 125, Road # 2, Block # ANiketon SocietyGulshan-1, Dhaka-1213

The following members have been granted permission to formpartnership and start practice as Public Accountants under the name& style with effect from the date mentioned against their names:Name Effective DateMr Mohammad Abul Fazal FCA (67) 03 June 2008Mr Md Abul Basher ACA (840)29 BB AvenueDhaka-1000

Permission to Form Partnership

Name Effective DateMr Md Fokrul Islam ACA (890)Mr Md Sadequr Rahman FCA (278) 03 June 2008M/s Ahsan Kamal Sadeq & Co., Chartered Accountants99 Kazi Nazrul Islam Avenue (5th floor)Dhaka-1215

Date Meetings/Programmes01.06.08 Review Committee for Published Accounts & Reports (RCPAR)02.06.08 Articled Students Committee (ASC)03.06.08 Executive Committee (EC)05.06.08 Council08.06.08 Project Development & Implementation Committee (PDIC)09.06.08 Workshop on Audit Practice Manual09.06.08 Adviser of In-Charge of the Ministry of Health & Welfare and Food

& Disaster Management09.06.08 Technical & Research Committee (TRC) Sub Committee10.06.08 Council11.06.08 Faculty of Business Studies, University of Dhaka11.06.08 Board of Studies (BoS) Sub-Committee14.06.08 RCPAR (Sub-Committee)15.06.08 Seminar-International Standard on Quality Control 1 (ISQC 1)16.06.08 Professional Development Committee (PDC)17.06.08 Review Committee for Published Accounts & Reports (RCPAR)19.06.08 Quality Assurance Board (QAB)23.06.08 4-Member Council Sub-Committee25.06.08 Technical Research Committee (TRC) Sub-Committee26.06.08 Council29.06.08 Articled Students Committee (ASC)

ICAB News Bulletin No. 225

June-2008 8

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: 880-02-8119399 E-mail: secretary@icab.org.bd Website: www.icab.org.bd

Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: icabctg@spctnet.comUK Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail:hossain@ahmed13.fsworld.co.ukNorth American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: sarwarchowdhury@hotmail.com

The Honourable praticing members of the Institute be informed thatconsidering tremendous present price hike in all categories ofexpenses resulting the increase of the cost of living, the Council-ICAB in its meeting held on 05 June, 2008 approved enhancementof monthly allowance of Articled Students as under effective 01July 2008.

All Practicing Members of the Institute entitled to Train ArticledStudents are requested to comply with the foregoing decision of theCouncil-ICAB accordingly.

N I Chowdhury FCASecretary-ICAB

ALL PRACTICING MEMBERS OF THE INSTITUTE ENTITLED TO TRAIN ARTICLED STUDENTS

CIRCULAR

The Institute of Chartered Accountants of Bangladesh1/15/ICAB-2008 23 June 2008

1st year Tk. 2,000/-2nd year Tk. 2,500/-3rd year Tk. 3,000/-4th year Tk. 3,500/-

Meetings and Programmes held in the Month of June 2008Better InvestmentDecisionsRecognizing that professionalaccountants in business play animportant role in helping their

organizations deliver long-term value, theInternational Federation of Accountants(IFAC) Professional Accountants inBusiness (PAIB) Committee has releasednew guidance on the use of discounted cashflow analysis and net present value inevaluating investments. Entitled ProjectAppraisal Using Discounted Cash Flow,this guidance was released as part of thePAIB Committee’s new program to developInternational Good Practice Guidance onfinancial and management accountingtopics. Discounted cash flow analysis andestimating the net present value of cashflows involve fundamental principles offinance that support disciplined financialmanagement in organizations. Professionalaccountants in business have a role inpromoting and explaining the importance ofthese principles in their organizations,particularly where the connections betweenthe application of financial principles andrelated financial theory are not easilyunderstood or accepted.This new guidance will help professionalaccountants in business to promote theimportance of generating long-term value intheir organizations,“ states Edward Chow,Chair of the PAIB Committee. „Professionalaccountants have a significant role inensuring that their organizations focus ondecisions that maximize expected value,rather than on their short-term impact onreported earnings. Companies with goodrecords of value creation generally havebetter shareholder and investor acceptance.“

Courtesy: Internet