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Corrupt accountant handed 14-year term

AOMORI – An accountant was sentenced Thursday to 14 years in prison for embezzling 1.45 billion yen from an Aomori Prefectural public housing authority, most of which he funneled to his Chilean wife. Yuji Chida embezzled the sum over 165 occasions between October 1994 and October 2001 from the Aomori Prefectural Housing Supply Public Corp., where he was in charge ...

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Former KPMG Consulting lays off 4% of staff

BearingPoint, the IT services company formerly known as KPMG Consulting, is significantly paring down its staff in Germany, Austria and Switzerland to balance its workforce with market demand. About 700 jobs are being cut, leaving the company with 2,100 employees in these countries. BearingPoint's global workforce will fall from 17,000 to around 16,300, a company spokesman said yesterday. The company ...

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Experts: Fraud, Ethics Top List of Profession’s Concerns

New York (Dec. 14, 2002) — With the nation’s auditors under the microscope of both public and regulatory scrutiny, a consortium of experts from the accounting and legal professions revealed a host of new strategies to help ensure thorough audit standards as well as policies to manage exposure to risk. The recent adoption of SAS 99 — Consideration of Fraud ...

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Two leasing companies join Credit Information Services

KARACHI (December 14 2002) : Two leasing companies ORIX Leasing Pakistan Limited and Askari Leasing Limited (Askari) have joined the Data Sharing Programme of Credit Information Services (CIS). In 2002, CIS launched its Data Sharing Programme enabling its members to share their negative clients portfolio on a give-and-get basis. Members pool in information in News-VIS central data pool on their ...

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Union, Al-Falah banks to issue bonds for raising capital

KARACHI (December 14 2002) : Pakistan's two banks plan to issue bonds this month to raise their minimum capital requirements, encouraged by a central bank ruling earlier this year to use bonds for this purpose, financial sources said on Friday. The State Bank of Pakistan wants local commercial banks to double their minimum paid-up capital by the end of 2002 ...

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KPMG sued by Missouri agency for role in collapse of insurer – report

KPMG LLP has been sued by the Missouri Department of Insurance for allegedly contributing to the 1999 collapse of General American Mutual Holding Co, in part by helping the insurer to use a risky product that eventually led to its downfall, The Wall Street Journal reported. The lawsuit contends that KPMG allowed misrepresentations in the insurer's financial statements and didn't ...

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SEC Enforcement Chief in USA Urges Action Against Auditors' Firms

WASHINGTON — The Securities and Exchange Commission in the US, while continuing to prosecute individual auditors who abet corporate fraud, also should take action against accounting firms themselves, the agency's top enforcement official told the besieged industry on Thursday. The SEC needs to shift its approach and hold accounting firms responsible for audit failures by their partners — even when ...

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Raytheon CFO Resigns Over Fair Disclosure Flap

New York (Dec. 12, 2002) – Defense contractor Raytheon’s chief financial officer Frank Caine resigned Wednesday after being sanctioned for giving out key financial information to analysts and big investors before alerting the public or the press. Caine had been with the company since 1999 and was being replaced by Edward Pliner, who has served as corporate controller since 2000. ...

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ICMAP – Notifiction regarding schedule of classes

The Institute of Cost and Management Accountants of Pakistan has released this notification regarding commencement of classes: “Students are hereby informed that the admission in Foundation-II to Professional-IV stage (Coaching & Correspondence) will commence from December 2, 2002 on first come first served basis. The tentative date for the commencement of classes (Foundation-II to Professional-IV) for Summer 2003 session is ...

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Fauji Fertiliser, Pak-Saudi merger allowed

KARACHI (December 11 2002) : The High Court of Sindh on November 21, 2002, allowed a petition for the merger of Fauji Fertiliser Company Limited with Pak-Saudi Fertilisers Limited. The Court sanctioned a 'Scheme of Amalgamation' between the two Companies in terms of which the entire undertaking of Pak-Saudi Fertilisers as at July 1, 2002, stands transferred and vested in ...

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