Accountancy Newsletter
  Issue # 02  October 28, 2002
Although it has only been a week since we have launched this website, we have already received a ton of appreciation mails from our audience. Nearly all of you have liked our efforts uptil now, and quite a few of you have also recommended a few things which could be done to improve our product. Inshallah, you will see the recommended improvements being implemented and new items introduced in the coming days to our website. We thank all of our audience to be so active and engaging. Keep these feedback mails coming, we love to hear from you.

Thank you
The Accountancy team
Weekly Poll Results
We had asked you people about government's decision to introduce Daylight Saving Time. Was it good for businesses? This is how our audience has responded.
Yes 49%
No 12%
No Comments 18%
What is Daylight Saving Time? 21%
 
 
 

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In this week's issue:
 
In the News
During the week, several companies announced their financial results for the year, Hubco and PICIC noteworthy among that list. PICIC posted a record 33.5 percent dividend for the first time. Also during the week, the foreign reserves of Pakistan hit new heights of $8.445 billion. The Government is hoping that these could hit the 10 billion mark by next June. It was also seen that a new banking company is on the cards, and near boom conditions prevailed in the Karachi stock exchange. Also during the week, the government announced new rules for the resolution of Sales Tax disputes.
 
Coming to the professional news, the final rites of the Arthur Andersen saga were played out when the US Court found AA guilty in nearly all of the charges and fined it the maximum possible amount. PricewaterhouseCoopers was also made a co-defendant alongwith its audit client in a legal suit amounting to $ 100 million. Also during the week, it was learnt that an ex-CIA director will regulate auditors in the US, and in the wake of the turmoil that is in this industry, every 10th public company in the US has restated their  financial statements. State Bank of Pakistan also announced its new panel of auditors during the week.
 
On the student front, AICPA in US issued a new audit standard relating to detection of fraud. and the Board of Intermediate Education in Karachi announced its HSC-I Science (General) group examination results.
Featured Articles
Is the Avalanche headed for PricewaterhouseCoopers?
For Arthur Andersen, the scandal was Enron, and before that, Sunbeam and Waste Management. For KPMG, it was Xerox. Now, PricewaterhouseCoopers has its own client implosion to worry about: Tyco International Ltd. As the remarkable scale of misdoings at Tyco is revealed, the heat is rising for PwC, the firm that signed off on Tyco's financial statements for the past 8 years.  Read the full article
 
An Audit Report Investors can Trust
In the spring of 2001, I heard a poignant requiem pronounced for the ability of the large accounting firms to survive in their present form. A senior managing partner for one of the now-surviving Big Four firms - a man given to neither overstatement nor irony - said to me, with a father's considerable pride, that he had achieved his wish for his two grown children: that neither was electing to follow his footsteps into public accountancy. Read the full article
Articles for Students
Writing an effective Cover Letter
First impressions count. And your cover letter may be the first "first impression" you make on a prospective employer. This is your chance to highlight your qualifications and enthusiasm for the position and, in many ways, can be more important than the resume. In fact, our research has found that a strong cover letter can give job applicants a clear edge over their competition.  Read the full article
 
Interviewing your Interviewer
When preparing for an interview, most applicants practice responses to the questions they think they'll be asked. Perhaps equally important, however, is to prepare questions you plan to ask the interviewer. This is another way to demonstrate your knowledge and enthusiasm for the position, and it will help you decide if the job is right for you.  Read the full article
 
In our Reference Library
We have added latest IAS  and SIC summaries.
We have added another online publication: FINANCIAL INSTRUMENTS- APPLYING IAS 32 AND IAS 39 Summaries, Guidance and Examples
Our Accounting Ratios reference section is now complete and ready for your attention.
And in our online tools, we have added the multi-line calculator, a simple but powerful new computational tool. Now why doesn't any standard calculator carry these type of options?
 

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