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ICAP Gold Medals for Students

KARACHI, Oct 30: The Institute of Chartered Accountants of Pakistan (ICAP) at a ceremony conferred gold medals on students on outstanding performance in the institute's professional examinations as well as foundation/ modular examinations. This was announced by the Executive Director of ICAP, Aslam Dossa, here on Wednesday. He said that Osman Ali gold medal was conferred on Muhammad Saad Faridi ...

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Ex-CIA boss to regulate US auditors

Former Central Intelligence Agency (CIA) chief William Webster has been appointed as chairman of a new body set up to regulate the US accountancy profession. The new agency is designed to prevent accounting scandals of the kind that engulfed corporate America earlier this year, leading to the collapse of Enron and Worldcom. Mr Webster saw off a challenge from rival ...

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Rules specified for Sales Tax disputes resolution

ISLAMABAD (October 27 2002) : The Government has specified a set of rules that shall apply to all cases of disputes brought for resolution under section 47A of the Sales Tax Act, 1990. Under the new rules, any registered person or a class of persons may submit an application to the Chairman Central Board of Revenue under section 47A for ...

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Ombudsman holds medicine trader's registration for general sales tax illegal

ISLAMABAD (October 27 2002) : Since medicines are exempt from sales tax, the Federal Tax Ombudsman, Justice Saleem Akhtar, has held that registration of a wholesaler of medicines with turnover exceeding Rs five million is not legal. The complainant, Kamran Distributors, of Rawalpindi, had submitted that when sales tax on medicines was levied on manufacturers from February 2, 2002, the ...

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Tyco's former general counsel says auditor knew of loans

The former general counsel for Tyco International Ltd., indicted for falsifying documents to conceal $14 million in loans, said in court papers yesterday that the conglomerate's outside auditors, PricewaterhouseCoopers knew about the payments. The documents, filed in a Manhattan court, also said that ex-general counsel Mark Belnick told the auditors he owed more to Tyco than they had calculated. Lawyers ...

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Every 10th Public Comapny in US Restated their Accounts

One in 10 publicly traded companies made financial restatements because of accounting irregularities in the past five years, the U.S. General Accounting Office said Wednesday. Annual restatements from accounting irregularities will increase 170 percent to a projected 250 by the end of 2002 from 92 in 1997, according to the report. The report cited weaknesses in corporate management at the ...

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Pakistan's foreign exchange reserves up to record $8.445 billion

KARACHI (October 25 2002) : Pakistan's foreign currency reserves rose $169 million to a record $8.445 billion in the week ended Oct. 17, said State Bank of Pakistan, the central bank. The country revised foreign currency reserves target last month to $10 billion for the year ending June 30, 2003 from earlier estimates of $7 billion. But after continuous flow ...

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Securities, Exchange Commission notifies list of Authorised Insurance Companies

LAHORE (October 25 2002) : Securities and Exchange Commission of Pakistan (SECP) has notified as many as 51 insurance companies, including four foreign companies for carrying out insurance business in Pakistan. According to sources in SECP, only the notified companies have been authorised to make transaction regarding non-life/general insurance business in Pakistan. These companies have been registered under Section 6 ...

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New banking company on the cards

KARACHI (October 25 2002) : A new banking company would be formed following amalgamation with Crescent Investment Bank Limited, Pakistan Operations of Mashreq Bank and International Housing Finance Limited. Crescent Investment Bank and International Housing Finance Limited signed an agreement with Mashreq Bank, a banking company incorporated under the laws of the United Arab Emirates. In terms of the agreement, ...

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