1-10: Accounting and Audit - Accountancy Forum Topics

Are We Auditor Or Accountant

Once Accountancy profession was a respected profession but now we have been labelled as tax evaders and also perpetrators of many evils in the corporate circle. Although it is image has been built by TV dramas which were onair in previous year. ICAP did take very stringent actions to stop such things. but I think this is not the solution to the problem. I suppose it is noe time to rethink and redevise our profession considering a seperate role for Auditor and Accountant.

Auditors Have Failed The Small Investor

Hundreds of companies were listed on the stock exchanges in Pakistan during the 1990's. It is common knowledge that a very large number of sponsors of such companies indulged in over-invoicing of construction costs, plant and equipment and siphoned off money. Additionally, hundreds of listed companies continue to keep profits off their books through purchases and sales recorded at other than true market value; including foreign companies indulging in transfer pricing. I have yet to see any audit report disclosing doubts as to the accuracy of the accounts. How come its common knowledge but auditors pretend to be oblivious? It’s no point hiding behind words and explanations and not doing right by the small shareholder who depends entirely on the auditor's professional integrity.

Should External Auditors Provide “other Services"

Please feel free to post your comments regarding Rahim Panjwani's article here. Want to read the article? Click below. [url]http://www.accountancy.com.pk/articles.asp?id=29[/url]

Should Acquiring New Clients Be Your Top Priority?

Should acquiring new clients be your top priority?- By Dr. Chandra Bhansali If you want to grow your practice, acquiring new clients should NOT be your top priority. Sounds like a contradiction? But this may very well be the best strategy for growing your business. Here's why. Let's ask ourselves, "Why do we want to get more clients?" The answer, obviously, is to grow our business. And why do we want to grow our business? Certainly not to get busier. It has to be for raising our bottom line. So, we have established that the ultimate goal of why we want to get more clients is to make more money and be more profitable. The real issue then is: how can we raise our bottom line most effectively? Getting new clients is certainly one of the ways, but there are many other ways we can raise the bottom-line, including: - Getting more business from existing clients, - Reducing overhead, and - Increasing productivity. There is one more thing that, although not as apparent, is most crucial for growing your business and increasing your profits-making your clients happier. That's got to be at the top of the list, because the client that you keep is always money in the bank while the client you try to acquire will at first cost you money. What order would you rank the remaining items? Here is my pick for order of importance: - Generating more business from existing clients. It requires some imagination and proactivity, but it is a goldmine hidden right under your desk. - Increasing productivity and efficiency. Your time is money, and the less time you spend on any task, the more time you have to make more money. It's simple accounting you all know. - Getting more clients. It should be the next step after you have made the most of the above two approaches, because it costs more than the other two, even if it's due to free client referrals. - Reducing overhead. Don't confuse operating costs with overhead. Most accountants run their practice so barebones, they may need to increase their operating costs to raise their profit levels! Please share your thoughts about this issue here in this forum. Do you agree or disagree? True, many of you have grown your business successfully by doing things in a different order, but do you believe this is the most effective way of skinning the cat or are there better approaches you can try?

Need For Accounting Standard For Software

should we use revenue recognition methods of ias 11 in accounting for software developement or if someone is making a huge project of making movies which can take 2 or 3 years bcos under the definition of ias 11 it seems that those contracts r only for bridges or tunnels .what should we do ?

Excellent Book On Ias

I great new book on IAS is available at Adnan Book Stall, Urdu Bazar, Karachi IAS 2003 (INTERPRETATION AND APPLICATION OF IAS) 1000 Pages Approx. I feel that this should be in the book shelf of every one dealing with IAS, specially the students of Module E in ICAP

Further Qualifications

What do u think that either Chartered Accountants pursue for any further qualifications or not....if yes then which qulifications are the best compatible to our profession ?

Cash Flows

salam my ias book is lost .....as i am new to karachi i cant find any one to tell me what is the benchmark treatment of cash flows.........bppp book has that it is indirect method and icp ccountants megazine ha that is direct method.....i ma confused...... salam zia

Deferred Tax Regarding Depreciation

I know the calculation of deferred tax with relaised net profit,but unfortunately I do'nt know the calculation of deferred tax with the Depreciation. My confusion is how an asset can be depreciated for more time than it is used It is confusing in the book of Miegs&Miegs Thanks Dear Asif Bhai My question was that 1---- Deferred Tax Regarding Net Profit it was that tax will be levied on the income realised or profit realised and the unrealised profit will be deferred for the tax purposes of the next period. 2---- Deferred Tax Regarding Depreciation It was that tax will be levied on the profit less the amount acceleratedly depreciated."What is this accelerated depeciation"? and on what basis it is done? Edited by - khawerjavedqazi on May 08 2003 5:18:16 PM

Revenue Recognition

Once I gone through a question in which there was an Accrued Interest received added to the gross profit in the Income statement. My question is that by looking at the assumption of Accruals will it be a fair treatment.