https://www.um.edu.mt/library/oar/handle/123456789/9585 Mon, 06 Apr 2026 00:10:11 GMT 2026-04-06T00:10:11Z https://www.um.edu.mt/library/oar/handle/123456789/10463 Title: The valuation of Gozo Channel Company Limited for potential privatisation : an analysis Abstract: The aim of this study was to calculate the fair market value of Gozo Channel Company Limited for potential privatisation. The discounted cash flow method and the free cash flow technique were used to value the Company. The objectives of the study were achieved by interviewing the Company's management, analysing the Company's strategic and financial position, and forecasting the Company's performance to derive the Company's future free cash flows. The predicted cash flows were discounted using the Company's weighted average cost of capital, to translate these cash flows into present value. The valuation of Gozo Channel Company Limited indicated that the Company has a fair market value of €2,931,818. Further studies revealed that the Company is improving both its revenue and its cost efficiency, and therefore, it is predicted that the Company will improve its financial results in the foreseeable future. In addition, several arguments are presented involving the political affiliation of Gozo Channel Company Limited. It has been argued that if the Company were privatized, its fair market value would substantially increase given the expected synergies experienced upon privatisation. Description: M.ACCTY. Wed, 01 Jan 2014 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/10463 2014-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/10462 Title: The policing of fraud and the role of Maltese auditors : an investigation Abstract: The primary aim of this dissertation is to identify and evaluate whether and to what extent forensic specialists need to be introduced within the Economic Crime Unit, in order to appropriately account for, detect and prevent fraud. Design: This study was conducted through a number of semi-structured interviews with the Economic Crime Unit, two district officers, the Big Four Audit firms, one medium-sized audit firm, one banking expert and a private investigative expert. Secondary research was also conducted in relation to the subject matter. Findings: Results indicate that all audit respondents have appropriate structures, policies and procedures set up to ensure that fraud is properly accounted for. Only one of the local interviewed institutions provides forensic services, whilst the residual offer these services only as special assignments. Results exhibit police-auditor collaboration as an infrequent occurrence where third parties are only recruited within an investigation through a magisterial enquiry and the majority of times owing to additional evidence required by the ECU or upon a client's request. Financial resources appear to have increased since Malta's entry into the European Union, although not parallel to the Economic Crime Unit's requirements, whilst manpower and other in-house knowledge seem to have remained unchanged. The idea of organising forensic curriculums, predominantly targeting IT Forensics, and the establishment of one coordinating body connecting all the different law enforcement institutions enticed the majority of respondents. Conclusions: As law enforcement authorities and the audit profession move towards a new era of responsibility, forensic auditing can act as a powerful prospective ally. However for the local nation to reap the full benefits this profession has to offer, its awareness has yet to be enhanced. Value: In light of the recent financial scandals this study discloses welfare possibilities that the accountancy profession can offer for police fraud investigations. Description: M.ACCTY. Wed, 01 Jan 2014 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/10462 2014-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/10461 Title: Investing to satisfy ECO-certification criteria : case study Abstract: Sustainable tourism is what national authorities are aiming for when introducing schemes such as the ECO-certificate. However, amidst the list of criteria needed to be satisfied, there is not any information concerning the financial impact on hotels this implementation would have. Therefore, it was necessary to provide some of this information through this research. Design: The objectives of the research were reached through a feasibility study. This addressed specifically the financial aspect of investing in the ECO-certificate criteria. After choosing some criteria from the list, application of several investment appraisal techniques would have indicated whether the projects were feasible. To enhance this study, several suppliers were contacted in order to obtain different quotations and get a wider perspective. In addition, some stress testing was done, where scenarios were thought of in order to predict possible project turnouts. Findings: The suppliers contacted offered a variety of options through which substantial savings could be made. A range of between 20%-50% savings could be made separately by installing photovoltaic systems, room energy management systems and water saving measures. Several alternative scenarios were brought up to assess the risk of having several variables occurring such as the absence of the Malta Enterprise grant for solar panels. Conclusion: A few of the alternative scenarios promised a higher return than the others, ultimately ending up as being the most attractive investments of all. Moreover, the findings of this research were generally positive and encouraging. Offering high returns, when compared to the cost of capital invested by the hotel, these investment projects are to be considered. Moreover, the payback period of the investments adequately compensates for the returns achievable. Lastly, being in possession of an ECO-certificate might yield revenue increases from higher accommodation rates. Implications/Value: From the results obtained, what can be concluded is that hotels which are looking for good investments, should consider switching their operation to a more sustainable one by undertaking these profitable projects. Moreover, the variety of different options available on the market allows the investor to choose according to his own requirements. Description: M.ACCTY. Wed, 01 Jan 2014 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/10461 2014-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/10460 Title: Party state funding and its implications for financial reporting : the perception of the Maltese electorate Abstract: The objective of this research is to identify the perceptions of the Maltese electorate on the enactment of legislation on party financing and party state funding. A law on the financing of political parties should fight corruption, eliminate partitocracy and patronage and enhances the confidence of the electorate in political parties. Design: The objective is achieved by identifying what form of state funding could be acceptable, whether full set of financial statements should be drawn up and published, whether political parties should be tandem with limited liability companies and what possible disclosures would be required to ensure transparency and accountability. A telephone survey was undertaken with the Maltese electorate. A sample was chosen from the 13 electoral districts in the April 2013 Electoral Register and statistical tests were performed from the data obtained. Findings: The study shows that the Maltese electorate expects political parties to audit and publish their financial statements and will use such statements for voting decision-making. In addition, the study shows that the Maltese electorate is against party state funding, against capping donations to parties and expects parties to disclose a breakdown of the amounts of donations they receive. It is unclear whether parties should disclose the identity of the donors. The expenditure of the parties on election campaigns is of utmost interest to the Maltese electorate. Conclusions: The study concludes that political parties should not be state funded, should be honest, transparent and accountable to society. This means that political parties should be considered in tandem with limited liability companies. Donations to political parties should be permitted but should be regulated. Value: As political parties are considered as public interest entities, they should adopt IFRS or GAPSE. More accounting information and accounting regulation will enhance transparency and accountability of political parties. Description: M.ACCTY. Wed, 01 Jan 2014 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/10460 2014-01-01T00:00:00Z