Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 010  December 30, 2002

Weekly Poll Results
This week we have asked our readers a very pertinent question which was tackled recently through his article by one of our contributors. He put the question whether external auditors provide “Other Services" or not? This is how our readers have answered uptil now. 
Yes ... why not! 36%

No ... why?!

44%
Not Sure 5%
What other services? 15%
 
 
 

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In this week's issue:
 
In the News

General
Customs empowered to impose sales tax on misdeclared baggage
Telecom sector stands deregulated from January 1
Chemicals used in production of leather goods- procedure for sales tax record-keeping simplified
SECP relaxes rule for quarterly accounts circulation
Exporters told to get registered for claiming sales tax refund
Three foreign exchange companies to start work from Jan
CBR disallows tax adjustment on diesel used in generators
New procedure for recovery of excess sales tax refund
SECP penalises five companies
Income Tax exemption applicable to coal-gas-fired power plants
Duty drawback allowed on ceramics, pottery items
KSE outperforms world stock markets, registers 109 percent growth
86 percent growth in foreign exchange reserves helps strengthen rupee
Cut in leasing rates pushes car sales up
 
Practice
Post-Enron accounting firms thrive despite reforms
Panel in India rules out compulsory rotation of auditors
Ex-Andersen Partner Charged With Fraud
Accountants may pull out of audits
Nonaudit services on the decline
New business reporting model beginning to emerge-timeliness, reliability, transparency to improve
AICPA increases emphasis on industry-specific accounting guidance
 
Student
ICMAP - Notifiction regarding schedule of classes
ICMAP - IT Syllabus Revised
ICAP announces Winter 2002 PPT results
 
Featured Articles

Recession: What Does it Mean to Investors? - by Rahim Panjwani

Increased jobless claims and shrinking economic output. How does this affect us as investors? What does a jobless person have to do with my portfolio? What does shrinking output have to do with my blue chip shares? Well, all these indicators are part of a larger picture determining the strength of the economy and identifying whether or not we are in a period of recession or expansion. Read the full article
 

The auditor as consultant - by Sam M. McCall

Energized in part by the new definition of internal auditing, many internal auditors currently find themsleves performing a much broader spectrum of activities than ever before. In particular, the addition of consultative services to the internal auditor's defined set of competencies has introduced an entirely new dimension to the profession. Read the full article

 
Articles for Students

Effective report writing - by Mustafa Muchhala

Most of us have been involved in writing a report at some time, either in our working lives or our personal lives. Be it an audit report, a director’s report or simply an insurance claim report, it is very important for any report to effectively communicate information to the report user. Read the full article
 

10 Tips for Crafting Eye-Catching Cover Letters - by Peter Newfield

Your cover letter presents your intentions, qualifications and availability to a prospective employer in a succinct and appealing format. As your first chance to make a great impression, a personalized letter indicates you are serious about your job search. Your resume can give the nitty-gritty of dates, places of employment and education, but your cover letter must entice the reader to consider you amidst hundreds, or even thousands, of candidates for any one job opening.  Read the full article
 
In our Reference Library

Selected Opinions issued by the Technical Committee of ICAP in downloadable PDF format.
Volume I
Volume II
Volume III
Volume IV
Volume V
Volume VI
 
Introduction to ERP: Overview of ERP Systems
ERP Systems: Audit and Control Risks
Fraud Auditing in a SAP Environment
SAP Audit Work Program
 
We have also made available for the first time anywhere, Sales Tax Act 1990 , the Income Tax Ordinance 1979 and the new Income Tax Ordinance 2001 in PDF format, complete with section-wise bookmarks for your download.
 

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