Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 008  December 14, 2002

Weekly Poll Results
This week we asked our readers about the mandatory rotation of auditors after 5 years. Would it be a good step, or would it not be. This is how our readers have answered. 
is a correct decision of SECP 35%

is a wrong decision of SECP

37%
will keep the auditors on their toes 8%
umm... i don't know 3%
mandatory rotation.. what's that? 17%
 
 
 

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In this week's issue:
 
In the News

General
SBP updates bank branch licensing policy
KSE stocks touch 8 1/2-year high
Federal Tax Ombudsman rectifies sick unit owner's tax assessment
Foreign exchange reserves reach $9.01 billion
$10.4 billion export target achievable- commerce minister
$1 billion US waiver to span 38 years
Fauji Fertiliser, Pak-Saudi merger allowed
No proposal to remove advance income tax on power bills
Water and Power Development Authority plans Rs 7 billion bond issue in January
Two leasing companies join Credit Information Services
Union, Al-Falah banks to issue bonds for raising capital
Banks to charge export development surcharge on exports proceeds from January
Housing provides Rs 150 billion investment opportunities
 
Practice
PwC in UK changes audit wording to lower liability
Accountancy shake-up puts goodwill in short supply
Accounting practices of UK software companies problematic
PwC's audit disclaimer causes alarm
SEC Proposal in US Seeks to Redefine Accounting Firms
Curse of the failed auditor
Microsoft Launches Small Biz Manager 7.0
Auditors tell Bush to pay up poll dues
Raytheon CFO Resigns Over Fair Disclosure Flap
KPMG sued by Missouri agency for role in collapse of insurer - report
SEC Enforcement Chief in USA Urges Action Against Auditors' Firms
Experts- Fraud, Ethics Top List of Profession’s Concerns
CA firms to follow SECP procedure for fee payment to sales tax special auditors
Corrupt accountant handed 14-year term
Former KPMG Consulting lays off 4% of staff
 
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

In all material respects, auditors' assurance falls short - by Jim Peterson

In a world of daily decisions, from the trivial to the truly significant, the advice above would seldom be considered satisfactory. Yet every day, investors make decisions based on an auditor's opinion that "the financial statements present fairly, in all material respects, the financial position of the Company."  Read the full article
 

Creating value from values – The purpose of business is greater than profits - by Rahim Panjwani

Many people spend a lot of time thinking, writing and talking about value. But as I look at the crisis of confidence plaguing corporate world, I am forced to consider a deeper question – in our unending quest for value, do we have to compromise our values? What is the relationship between values and value? Indeed, what is the purpose of a business?  Read the full article

 
Articles for Students

Becoming a superstar in your career - by SmartPros

Every profession, from athletics to accounting, has its superstars. While their chosen career paths may differ, high achievers all possess similar attributes, including the desire to do whatever it takes to be the absolute best for their teams and themselves.  Read the full article
 
Mergers and acquisitions - a problem of culture - by Geoff Gravil
History has proved to be a rather critical judge of many mergers and acquisitions during the second half of the twentieth century. In the 1960s and 1970s conglomerate organisations were in fashion. It was assumed that management and commercial success in one type of industry could be easily be transferred to other unrelated industries. Read the full article
 
 

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