The need to review your Internal Controls

December 7, 2016
Introduction Organisations of all sizes need to both implement strong internal controls and monitor these controls to safeguard their assets, operate efficiently & effectively and in compliance with applicable laws and regulations. Without strong internal controls organisations open themselves up to a number of serious issues which can have very adverse effects. At Nexia our audit team can work with you to develop and/or enhance your organisations internal controls which can assist greatly in the on-going success of your business. Internal...

Global Ambition - A Case Study

December 6, 2016
For the purposes of this article, the company referred to in this article will be know as XYZ Limited. XYZ Limited has been a client of HFK Limited/Nexia New Zealand for a number of years. During this time we have developed an in depth level of understanding the Company’s internal processes, overall purpose and long term aspirations. XYZ Limited is a locally owned electronics manufacturer and is not required under any legislation to have an audit, however the main shareholder believes...

Data Analytics - The Competitive Advantage

December 6, 2016
Data analytics is the process of systematically applying statistical and/or logical techniques to describe, condense and evaluate data. Nexia New Zealand has recently adopted new data analytics software known as IDEA, with our overall goal being to enhance our computer-assisted testing to provide a more holistic or “big picture” approach without impacting our required levels of assurance. We operate in an industry where there is often an abundance of data and information available, however the true potential for this information is...

Voidable Transactions

October 4, 2016
Voidable Transactions Company Z was incorporated in July 2008. The company was owned and operated by a sole Director/Shareholder who worked as a ‘handyman’. Following the Christchurch earthquakes, the company struggled to compete with other construction companies and work began to diminish. This caused the company to fall behind on payments it had owing and was eventually wound up by way of Shareholder resolution. Prior to appointment of liquidators, the Director of the company, with some assistance from family, identified certain...

Over Ambition

October 4, 2016
Over Ambition Company Y was incorporated in March 2011 with a sole Director/Shareholder. The company grew very quickly and in a very competitive market saw significant success. However, due to this success, the company took on more work than what the staff could realistically produce. At the same time the management of the company did not understand how to account for its sales and expenses. This poor management led to a lack of funds available, despite large deposits being paid by...

Shareholder Relationship Breakdown & Disputed Debtors

October 4, 2016
Shareholder Relationship Breakdown & Disputed Debtors Company X was incorporated in August 2013 and began trading in October 2013. It operated in the construction industry, specialising in drywall and jib installation and plastering. The company has three Directors and Shareholders – two with 30% Shareholdings and the third holding the remaining 40%. Each of the Directors/Shareholders played a different role in the operation of the business. One Shareholder dealt with the accounts and business management, one Shareholder carried out the construction...

Spotlight On: The PPSR

October 4, 2016
Spotlight On: The PPSR When a company is placed into liquidation, the first thing creditors often say to us is “I just want my goods back”. However, through our work as Liquidators, we often see trade creditors who have neglected to protect themselves adequately under the provisions of the Personal Property Securities Act 1999 and we are unable to recognise their interests. The Act caters for all property except land and buildings, these are still only able to be registered with...

Advance planning your entrance into global markets

September 8, 2016
Manufacturers and distributors that conscientiously and assertively develop overseas markets typically have twice the growth rate of those that merely chase opportunities as they arise Many companies enter the global market or supply chain to fill a customer’s specific need. While this kind of happy accident can help you get your international feet wet, it comes with considerably more risk. It’s tough to fault a company for taking advantage of any growth opportunity that presents itself, but planning in advance is...

A leader is one who knows the way, goes the way, and shows the way.

August 22, 2016
Leadership Development 101 So… you’d like to implement a leadership development programme but aren’t quite sure where to start? Start with your business’ strengths and weaknesses in terms of succession. Your backup If your business has a pretty flat structure, and you are the key person, do you have a reliable 2IC who could step up if you were away for a while? Is there someone backing them up who could also step up? If you do, consider these people in...

To fight a big data security problem, think small

August 22, 2016
For spammers, small is the new big, as they try to avoid detection by sending fewer messages than ever before Following a report from Bloomberg, more light has been cast on what is called ‘artisanal spam,’ or ‘snowshoe’ spam. Rather like how an actual snowshoe redistributes the weight of the person wearing it, snowshoe spam involves redistributing the load of a spam message across multiple IP addresses. This is done to help avoid detection by filters designed to combat spam messages...
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