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Aviation is one of the most regulated industries in the world. The massive expansion and growth of aviation in the South-East Asia region has brought up many challenges in ensuring airworthiness of aircraft, both in the civil and military aviation domain. These challenges not only affect the safe operations of aircraft but also result in various issues in the areas of cost, infrastructure, human capital and resources. From the point of view of civil aviation, local authorities in the region have taken several initiatives to tackle these challenges, based on the foundations laid out by the International Civil Aviation Organization (ICAO). When it comes to military aviation, agencies, such as the Directorate General Technical Airworthiness (DGTA) of Malaysia, have initiated the regulation of the compliance of military aircraft operations. There has also been an increased focus on awareness of the importance of airworthiness and safety as well as the development of a risk-based approach which is both proactive and cost-efficient.

Aviation is one of the most regulated industries in the world. The massive expansion and growth of aviation in the South-East Asia region has brought up many challenges in ensuring airworthiness of aircraft, both in the civil and military aviation domain. These challenges not only affect the safe operations of aircraft but also result in various issues in the areas of cost, infrastructure, human capital and resources. From the point of view of civil aviation, local authorities in the region have taken several initiatives to tackle these challenges, based on the foundations laid out by the International Civil Aviation Organization (ICAO). When it comes to military aviation, agencies, such as the Directorate General Technical Airworthiness (DGTA) of Malaysia, have initiated the regulation of the compliance of military aircraft operations. There has also been an increased focus on awareness of the importance of airworthiness and safety as well as the development of a risk-based approach which is both proactive and cost-efficient.

The American Institute of Certified Public Accountants (AICPA, 2002) No 99: Consideration of Fraud in a Financial Statement Audit (SAS 99). SAS 99 describes fraud as a purposeful act that results in a material misstatement in financial statements. We performed a literature review and discussed the attributes of 250 US listed Chinese firms such as political connections, reverse merger, location in China, auditor's reputation and corporate governance in order to build a model to predict red flags. We find that red flag companies have these characteristics. (1) U.S listing via reverse merger. (2) earning management, (3) poor corporate governance. (4) hire small and obscure audit firms, investment banks and law firms to assist in their effort to gain listing. (5) lack accounting standards and (6) political connection. We conclude that US listed Chinese firms displayed these red flags that can identify their potential to commit fraud and misrepresent financial information.

"Small and medium enterprises (SMEs) form the largest pool of enterprises in most countries. Asian governments have developed a plethora of SME assistance schemes but not many do not appear to be effective. One reason for this may be a potential clash in policy objectives. This paper develops a taxonomy for classifying SME assistance schemes based on four broad policy orientations - welfare, efficiency, building champions and transactioncost-reduction. This taxonomy may be used as a basis for the development of propositions which can be tested so that a tool can be developed for evaluating the effectiveness of government initiatives in the development of SMEs."