Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 7  December 05, 2002

We wish all of our audience a very Happy Eid Mubarak! May Allah bestow his blessings upon everyone on this Eid and always.

The Accountancy team

Weekly Poll Results
This week, keeping on the current theme of discussion in our forum, we asked our readers whether the firms should publicly announce their financial results or not. This is how our readers have answered. 
Yes 58%
No 37%
Don't Care 6%
 
 
 

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In this week's issue:
 
In the News

General
Securities, Exchange Commission reforms leave positive impact on capital market
State Bank asks banks to set a benchmark for lending to clients
Procedure to deal with complaints against income tax cases audit
SBP slashes export finance rate by 1 percent
SRO for GST, duty relief on CNG kits signed- notification on November 30
New procedure to determine monthly export shipment for sales tax refund
Over Rs 1,500 million stuck-up sales tax refund hits textile exports
State Bank guidelines for banks, DFIs to boost good governance
Pakistan Telecommunication Company fails to levy sales tax, excise duty on certain services for five
Badla rate shrinks
Fuel oil prices reduced by 3.4 percent
Central Board of Revenue processes hundreds of sales tax returns erroneously
Section 3B of Sales Tax Act not to be invoked for refund to pharmaceutical
Securities, Exchange Commission of Pakistan assumes NBFIs supervision
Investment companies, adviser rules to be amended
Clearance of wrongly picked audit cases in 15 days made mandatory
SBP updates bank branch licensing policy
Report- Multinational companies encourage under-invoicing
 
Practice
Discipline in public for accountants
KPMG prays for more merger work
Accounting Firms Report Slower Revenue Growth
Harvard Professor- Audit Fraud Not the Real Problem
KPMG Reports 3.9 Percent Growth
PwC in UK changes audit wording to lower liability
IASC Foundation and XBRL Primary Financial Statements (PFS) Taxonomy Release
 
Student
ICMAP - New press release regarding ICMAP Winter 2002 Exams
ICAP issues update to Advanced Taxation syllabus
CASA - Election Schedule for the two seats falling vacant at the next AGM
CISA - ISACA makes 2003 examination form available online
ICAEW - Admission details for Professional stage December exams available online
ICAP issues notification regarding Income Tax Ordinance 2001
 
Featured Articles

Should external auditors provide “Other Professional Services”?- by Rahim Panjwani

The ultimate responsibility for financial statements may lie with corporate managers, but by any measure, the audit firms have failed miserably in their role as financial watchdogs. And with their profession about to undergo a major overhaul, they have been a very quiet voice in the reform debate. There's a void of leadership in the audit industry. The firms are all in defensive mode. Read the full article
 

Outsourcing: Where's the Big Deal? - by Rahim Panjwani

These days most companies want their executives to focus on strategic issues rather than back-office work. Many, however, still choose to outsource specific functions piecemeal. Now a few big companies have become early adopters of "end-to-end HR outsourcing." Read the full article
 
Articles for Students

Getting the balance right - by Lorna Muir

A work-life balance is by its nature very subjective, and achieving a good balance between work, study and the rest of your life is no easy task. Balance for you will very much depend on your personality, how much study you need to do and the type of job you have. Read the full article
 
Standards and an IT auditor - by J.P. Pathak
The term 'standards' is defined in any profession irrespective of its nature, as the minimum expected level of performance desired from an individual or an activity relevant to the needs of that particular profession's domain or any of its segments. Information Technology (IT) auditing has been accepted as a distinct profession carved out of two distinctly separate professions of IT-based data communications and Auditing. Read the full article
 
In our Reference Library

 

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