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PwC, UBS sued for $100 mln over HPL scandal

DALLAS, Oct 17 (Reuters) – Three HPL Technologies Inc. (HPLA) shareholders slapped accounting firm PricewaterhouseCoopers and UBS Warburg with a lawsuit Thursday in a bid to recover $100 million in damages, claiming the two firmsassisted the softwaremaker in overstating revenues, a lawyer for the plaintiffs said. HPL Technologies in July ousted its chairman and Chief Executive David Lepejian after disclosing ...

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Pak-Swiss agreement for avoidance of double taxation

ISLAMABAD, Oct 15: Pakistan and Switzerland, on Tuesday inked a convention for the avoidance of double taxation between the two countries. The two sides exchanged the document initiated by Vakil Ahmed Khan, Member Direct Taxes, CBR and Eric Hess, Deputy Head of the Division for International Fiscal Law and Double Taxation matters Federal Tax Administration of Switzerland. The Convention is ...

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Judge fines Arthur Andersen $500,000

A federal judge fined accounting firm Andersen $500,000 and sentenced it to five years probation for obstructing justice in a probe of client Enron, a hollow punishment as the auditor is all but out of business. The sentencing comes exactly a year after Enron Corp. released a dismal third-quarter earnings report that sparked its rapid spiral into bankruptcy and harsh ...

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CPA – AICPA issues New Audit Standard for Detecting Fraud

Institute of Certified Public Accountants today announced that it had approved a new standard, Statement on Auditing Standards (SAS) 99: Consideration of Fraud in a Financial Statement Audit, that gives U.S. auditors expanded guidance for detecting material fraud. The standard is the cornerstone of a multifaceted effort by the AICPA to helprestore investor confidence in U.S. capital markets and to ...

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Depreciation deduction on used machinery import allowed

ISLAMABAD (October 15 2002) : The government has decided to allow the deduction of depreciation on second-hand plant and machinery while calculating income tax on assets. It would be instrumental in encouraging import of machinery from industrialised countries, undergoing restructuring selling of high labour-cost machinery. Mostly small and medium enterprises in textile sector would be able to import this machinery. ...

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Shaukat Aziz may continue as finance minister

ISLAMABAD (October 15 2002) : As the tremors of election results jolt the power corridors, one decision seems to be undisturbed and that is the continuation of economic reform agenda and its managers, Shaukat Aziz & Co. According to sources, President Pervez Musharraf has categorically conveyed his desire to Shaukat Aziz that he “must continue after the elections”. The PML ...

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SEC promises absolving companies

ISLAMABAD, Oct 15: With a view to further streamlining the working of companies, the Securities and Exchange Commission. of Pakistan ) SEC) has decided that companies who will file their statutory returns up to Dec 31 without additional fee, would be absolved of any liability arising from the default in filing such returns within the prescribed period. The Companies Ordinance, ...

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Auditing Guidance Free Electronically in 2003

In an effort to make International Standards on Auditing (ISAs) more widely available to the world's accountants the International Auditing and Assurance Standards Board has announced that all final pronouncements issued by the Board would be available free electronically through the IFAC web site effective January 1, 2003.

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IFAC Releases Paper on Financial Reporting on the Internet

(New York/August 26, 2002) — Recognizing the increasing use of the Internet as a medium for communicating financial information, the International Federation of Accountants (IFAC) has developed a paper outlining the responsibilities of directors and management to ensure high-quality transparent reporting through this medium. Entitled “Financial Reporting on the Internet – Responsibilities of Directors and Management,” the paper describes control ...

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