Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 011  January 08, 2003

Weekly Poll Results
This week we asked our readers an interesting question which was tackled recently through his article by one of our contributors. The writer put the question what should be the top priority in your practice? This is how our readers have answered uptil now. 
Acquiring new clients 25%

More business from existing clients

24%
Increasing productivity and efficiency 35%
Reducing overhead 12%
Something other than the above choices 4%
 
 
 

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In this week's issue:
 
In the News

General
CED removal, change in sales tax collection system result in skewed data reporting
Pakistan's industrial production grew by 5.2 percent during July-September
Pakistan's banking sector marks decline in demand against high growth in deposits
Pakistan's 1999-2002 economic performance- GDP averaged at 3.3 percent, inflation at 3.8 percent
Three percent additional sales tax on spun yarn removed
SBP reduces export refinance rate by one percent
CBR to hire industrial experts for checking tax evasion
Karachi Stock Exchange index crosses 2700 mark
SBP allows third-currency exposures to importers
Pakistan is top share index in 2002, Germany worst
Subsidiaries allowed for Islamic banking
CBR to conduct 'desk audit' of taxpayers
Plan for pensioners soon- profit rates on savings schemes reduced
Non-compliance of minimum paid-up capital- 12 insurance companies stopped from further business
SBP develops new guidelines for loan write-off
Hubco not liable to taxation in Pakistan
Government amends sales tax refund rules to attract new exporters
Textile exports under SRO 410 to continue
Finance Ministry refuses to withdraw 23 percent advance income tax on electricity bills
Banks to deduct EDS from export proceeds
Consultants advise CBR to remove third schedule of Sales Tax Act
National Savings Schemes rate cut yet another stock market booster
Revenue Board defers decision on one percent surcharge waiver
Pakistan's exports depict 16.6 percent increase in July-December
 
Practice
KPMG talks of implementing IAS globally
The last gasp at Andersen
Unilever keeps faith with PwC despite higher charges
Auditors crack whip, preach tough love post-Enron
Auditor's insurance fees skyrocket
Changing the Definition of Cash Flow Helped Tyco
Accounting firm loses first round in fight over tax shelter documents
Pricewaterhouse Taking a Stand, and a Big Risk
ICMAP announces results of elections for 13th National Council
Indian FM asks chartered accountants to improve corporate governance
New plan to improve quality of auditing in the offing
 
Student
ICMAP - Notifiction regarding schedule of classes
ICMAP - IT Syllabus Revised
ICAP announces Winter 2002 PPT results
 
Featured Articles

Reporting Relationships of Internal Auditors - by Rahim Panjwani

The latest rash of high-profile accounting scandals is adding fuel to the debate over reporting relationships in the finance department. No longer satisfied with financial audits controlled exclusively by senior corporate executives and accounting firms, regulators and institutional investors are now insisting that publicly traded companies reorder some of those reporting relationships.  Read the full article
 

Should acquiring new clients be your top priority? - by Dr. Chandra Bhansali

Let's ask ourselves, "Why do we want to get more clients?" The answer, obviously, is to grow our business. And why do we want to grow our business? Certainly not to get busier. It has to be for raising our bottom line. So, we have established that the ultimate goal of why we want to get more clients is to make more money and be more profitable. Read the full article

 
Articles for Students

Make Your Resume Stand Out From the Crowd - by SmartPros

In any job market, it's important to put your best foot forward -- even at the beginning of the application process. A carefully prepared resume can distinguish you from your competition right off the bat and help increase your chances of being invited for an interview. So it's essential to invest time in creating a first-rate description of your skills and experience. Read the full article
 

Mind mapping - memory techniques - by Lorna Muir

How on earth can you retain all the information that you need? The answer is simply in effective revision. One technique that has been tried and tested over many years is Mind Mapping, but what exactly is it? 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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