Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 013  January 22, 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 27%

More business from existing clients

23%
Increasing productivity and efficiency 34%
Reducing overhead 12%
Something other than the above choices 3%
 
 
 
 

 

 
 
In this week's issue:
 
In the News

General
Government to charge Hubco Rs 802 million as 'first fill'
Pakistan's exports seen crossing $10 billion mark
Securities Exchange Commission to develop 'Corporate Governance Index'
Revenue Board may extend tax payment period to 180 days
Collectors asked to charge 20 percent general sales tax on coconut oil
Euro emerging as a stronger currency
Duty relief allowed on eight new pharmaceutical raw materials
Account books misplaced while in Revenue Board custody
Jurisdiction of big units transferred to respective collectorates
Furnace oil prices increased by up to 5.14 percent
Asian Development Bank sees Pakistan surpassing 4.5 percent growth target
Imported drugs retail margin raised to 15 percent
Banks and development finance institutions asked for report on loan write-offs
Ghee units allowed input tax adjustment
Scheduled banks assets up by 18 percent in 2002
SECP stays filing annual return on present format
Pakistan wants to repay costly loans ahead of schedule
State Bank sets Rs 30 billion treasury bills auction target
Duty drawback allowed on printing inks, sanitary ware
White oil pipeline project- duty, tax relief restored for machinery imports
Over Rs 0.35 million reinsurance premia on life insurance remittance allowed
 
Practice
Auditors barred from holding listed companies shares
Ernst & Young admits failure over provision for Equitable losses
International Auditing and Assurance Standards Board Seeks Comments on Audit Risk Guidance
E&Y unveils PayIndex product for corporates
Accounting Rules in USA Changed to Bar Tactics Used by Enron
FASB Tightens Rules on Special Purpose Entities
Accountant gets jail time in fraud in the US
Reforms to exorcise auditing's dark side
Big accounting firms difficult target for SEC
PwC Outlines Strategies for Internal Control Framework
Accounting firms offer to open their books to public scrutiny in UK
Deloitte chief quits amid contorversy
SEC modifies rule to keep accountants from working too long with a specific company
KPMG launches WMB 2002 to assist companies in annual reports
Citigroup first in USA to report only GAAP earnings
Top-level reshuffle at KPMG India
 
Student
CIMA - New exemption policy effective from Feb 01, 2003
CIMA revises syllabus
CIMA - Updated examination format
 
Featured Articles

Making Sense of ASPs - by Sheri Jacobs

In today's Internet economy, small to medium-sized business owners are experiencing rapid growth, leaving them little time to waste on day-to-day business operations. They are starving for a way to streamline day-to-day business processes without having to blow their budget on expensive, overly sophisticated ERP systems. In addition, businesses need the flexibility to quickly increase the size of their systems as their business grows in order to maintain strong customer relationships. As a result, these businesses are turning to Application Service Providers (ASP) as a cost-effective solution. Read the full article
 

XML Capabilities for ERP Software - by Doug Potter

ERP software vendors are currently engaged in a rapid race to extend their package software capabilities to include XML message processing over the Internet. While widespread implementation of this technology is still years away, the XML messaging will have a wide impact on businesses and on ERP software capabilities. Read the full article

 
Articles for Students

Put The Human Resources Department On Track - by Debra Norman

A growing company or organization needs a Human Resources Information System (HRIS) to successfully manage every employee. With a number of HRIS software packages on the market, it is essential to choose the right one. These Human Resources (HR) systems usually consist of three modules that seamlessly integrate together: human resources management, payroll processing and recruiting administration. Read the full article
 

Using Temporary Work as a Job Hunting Tool - by Accountemps

Companies of all sizes employ temporary workers as part of their business strategies. Many temporary and project professionals fill management- and executive-level positions. Temporary work is also an effective tool for job seekers looking for a full-time opportunity. Read the full article
 
In our Reference Library

- Technical Releases (Accounting) issued by the Institute of Chartered Accountants of Pakistan.
 
- 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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