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In the name of Allah, the Beneficent, the Merciful. This has arranged to one as the partial fulfillment of our accounting program. The financing and accounting program was valuable experience for us.
We found ourAssignment work challenging and interesting. We have tried our level best to follow the guidelines of you. The whole experience of thisAssignment enabled us to get an insight into the real life solution.
We will be happy toprovide further clarification regarding this Assignment whenever necessary. We are also grateful to the people who helped us tocomplete the Assignment. We must acknowledge our debt to our course instructor Departmentof Business Administration, University of Bangladesh for his valuable time, consideration andexpert touch on the report.
He has continuously helped, cooperated and advised us how toprevail over the problem; We have faced in preparing the Assignment. We are also thankful tohim for his valuable suggestions regarding the Assignment. We are grateful to the department of M. University of Bangladesh to give us suchopportunity of the practical situation of financial reporting.
Thanks to allStudents of MBA 28th, 27 th and 23 rd batch 3 4. Table of Context Particulars Page No. The cellphone was a luxury: a flouting accessory for the select elite. The mass could not contemplatemobile telephony as being part of their lives. Grameenphone started its journey with theVillage Phone program: a pioneering initiative to empower rural women of Bangladesh.
Starting its operations on March 26, ,the Independence Day of Bangladesh, Grameenphone has come a long way. Since its inception Grameenphone has built the largest cellular network in the country withover 13, base stations in more than locations.
Presently, nearly 99 percent of thecountrys population is within the coverage area of the Grameenphone network. Grameenphone has always been a pioneer in introducing new products and services in thelocal market. Grameenphone was also the first operator to introduce the pre-paid service in September There arecurrently nearly 2.
Today, Grameenphone is the leading telecommunications service provider in Bangladeshwith more than 36 million subscribers as of December Corporate Governance of Grameenphone:Grameenphone GP firmly believes that business operation means dealing with thestakeholders with trust and confidence and there is a link between stakeholders value andgovernance.
With that objective in view, GP has been working relentlessly to createlong-term stakeholders value through providing as well as maintaining vastlyinnovative, easy-to-use and best-value telecommunications services in the market. Inpursuing these objectives, the Board of Directors of the Company is committed to highstandards of Corporate Governance which it believes are critical to business integrity andperformance. As a responsible corporate citizen, GP is also committed to maintaining fullransparency and positive business conduct internally and towards the community with whichGP carries out its business, including its suppliers, customers and business partners.
At thesame time the Company expects that all its Board of Directors, employees andsuppliers would act with honesty, integrity and openness. In discharging such obligations, the Board of Directorsand the Management Team of Grameenphone are committed to maintaining effectiveCorporate Governance through a culture of accountability, transparency, well-understoodpolicies and procedures. The Board of Directors and the Management Team also endeavorto comply with all applicable laws of Bangladesh and all internally documented regulations,policies and procedures.
Hence, GP is a diligently transparent company and maintainshighest level of integrity and accountability practiced on a global standard.
The Board is responsible for ensuring thatthe business activities are soundly administered and effectively controlled. TheDirectors of the Board keep themselves informed about the Companys financial position andensure that its activities, accounts and asset management are subject to adequate control. The Board is alsoguided by a Delegation of Authority which spells out the practices and processes indischarging its responsibilities.
Stands as theperfect platform to perform and deliver. Board MeetingsThe AoA of the Company requires the Board to meet at least four times a year or more whenduly called for in writing by a Board member. Dates for Board Meetings in a year are decidedin advance and Notice of each Board Meeting is served in writing well in advance.
SuchNotice contains detailed statement of business to be transacted at each meeting. The Boardmeets for both scheduled meetings and on other occasions to deal with urgent and importantmatters that require attention. He acts to reasonably ensure that GP operates business asper the Articles of Association, decisions made by the Board and Shareholders, aswell as according to Grameenphone Policies and Procedures and applicable regulatorylegislations.
In furtherance to this, every Director has access to allinformation within the Company. These updates are by way of written briefings andmeetings with senior executives and, where appropriate, external sources.
Board CommitteesFor better, quicker and furnished flow of information and thereby exercising effectivegovernance, the Board has also constituted a number of Committees and has delegated certainresponsibilities to the Board Committees to assist in discharging responsibilities.
The roleof Board Committees is to advise and make recommendations to the Board. The Board appointsthe members and the Chairman of each Committee.
This enables a forward-looking andaction oriented approach towards managing the business. The resource allocations aredynamic and are based on the intended actions linked with the strategy.
It aims to build aculture of freedom through responsibility and thereby leading to increasedresponsiveness to surrounding changes. The model focuses on initiatives to minimize the gap between the targets KPIs andforecasts. The corporate level initiatives are cascaded down at divisional as well asindividual levels and reviewed and monitored on a continuous basis against the forecasts,which serves as a radar screen, showing the future outcome of actions undertaken.
One of its major cost and operational efficiency initiatives has been the swapping of networkequipment. This will not only improve the network quality and capacity, but will also reduce 8 9. Grameenphone has also made significant strides in green initiatives which havereduced its carbon footprint and led to increased utilization of solar energy. From year ,Grameenphone has undertaken a companywide Cost Transformation Project which aimstowards streamlining GP processes thereby optimizing costs and making the Companymore efficient in the years to come.
The purpose of BusinessReview is to ensure strategic control and follow-up of results based on the prevailing strategicobjectives and value drivers and key changes to risk exposure. Financial Review providesthe internal quarterly results follow-up for the Company. The purpose is to provide ananalysis of the economic and financial situations, which will then form the basis forexternal reporting and presentations, and to provide quality assurance for the financialreporting.
Transparency and accountability isensured at all stages from acquisition to disposal to protect the interest of Shareholders. Internationally accepted safety measures have been implemented and periodic physicalverification is undertaken on test basis to safeguard the assets and to ensurerepresentational faithfulness of reported numbers. All the assets are adequately insuredagainst industrial risks with local and international insurance companies.
Appropriate structure is in place as per corporate governance best practices to ensureindependence of statutory auditors. In addition to the audit of annual financial statements,the auditors also carry out interim audit and review the quarterly financials of theCompany.
In order to ensure organizationalindependence of Internal Audit, the Head of Internal Audit reports functionally to theAudit Committee and administratively to the Chief Executive Officer. Grameenphone Internal Audit is empowered to carry out its activities in Grameenphone andits subsidiaries. Grameenphone Internal Audit department discharges itsassurance and consulting activities through management of three distinct audit streams:Finance, Technology and General Business processes.
Additionally, a separate team isresponsible for quality assurance of internal audit activity.
Telenor, a telecommunication company from Norway , owns a Grameenphone was the first company to introduce GSM technology. Founder Iqbal Quadir founded Grameenphone to provide universal mobile phone access throughout Bangladesh, including its rural areas. After leaving his job as an investment banker in the United States, Quadir met and successfully raised money from New York-based investor and philanthropist Joshua Mailman. He then returned to Bangladesh and worked for three years to gain support from organisations such as Grameen Bank and the Norwegian telephone company, Telenor. Grameenphone received a license for cellular phone operation in Bangladesh from the Ministry of Posts and Telecommunications on 28 November The company started operations on 26 March , Independence Day in Bangladesh.
Assignment Point - Solution for Best Assignment Paper
Assignment Point - Solution for Best Assignment Paper
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