Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 014  January 30, 2003

Weekly Poll Results
With ICAP Winter 2002 Professional examination results looming large on the students and the uncertain nature of these results, we asked our readers how many CAs will qualify in these exams. This is how our readers have answered uptil now. 
Less than 50 2%

50-75

8%
75-125 42%
125-200 31%
More than 200 1%
None of the appearing candidates 12%
All of the appearing candidates 4%
 
 
 
 

 

 
 
In this week's issue:
 
In the News

General
IMF and World Bank satisfied with Revenue Board restructuring process
Commerce Ministry may allow old boilers import
SECP cautions 19 stockbrokers to stay within exposure limit
PSO's profit in six months up Rs 1.644 billion
Rs 60m textile orders disrupted in Faisalabad
CAA directed to simplify terms to attract investment
SME Bank to provide Rs 2 billion credit facility in 2003
Three spinning companies to float Rs one billion TFCs
Weaknesses spotted in State Bank's foreign exchange regime monitoring mechanism
Revenue Board orders prompt GST recovery from six five-star hotels
Shell records four-fold profit rise, declares 95 percent dividend
Exporters with warehouses abroad may be subsidised
Two private airlines to start domestic operations
Relief to commercial exporters promised- CBR agrees to extend SRO 575 date to June 30
Pakistan State Oil sale pre-bid moot put off to February 19
Revenue Board asks cigarette makers to submit cost structure
SECP's annual report released, future agenda explained
CBR consultants recommend amendments in sales tax law
Tax anomaly forces closure of 16 ghee and oil units
 
Practice
KPMG faces audit charges
SEC limits auditor-client ties
SEC modifies rule to keep accountants from working too long with a specific company
KPMG launches WMB 2002 to assist companies in annual reports
Clorox names Ernst & Young as auditor, replacing Deloitte
Citigroup first in USA to report only GAAP earnings
New president of ICMAP
Former Andersen Chief- "Doing Nothing Is Not an Option"
UK accountants cheer SEC's view on auditors providing tax services
SEC in US Allows Auditors As Tax Consultants
Auditors pushed on watchdog roles
Ernst & Young selects RSA Security to help reduce costs and speed rollout of user access services
Top accountants forced to open books
Listed Firms in Korea May Have to Rotate Accountants
E & Y- "The worst is yet to come"
U.S. accounting rules could hurt earnings and more
Top Andersen fraud detective starts at rival Ernst & Young
Accountants seek to stay glamorous in UK
Accountancy reform 'does not add up'
 
Student
CIMA - New exemption policy effective from Feb 01, 2003
CIMA revises syllabus
CIMA - Updated examination format
 
Featured Articles

Why have an e-business strategy? - by Jack W. Boyer

This article is written for the CPA that consults with or works at a small to medium sized business with no e-business strategy. Many business people I talk to think that doing business over the Internet is expensive and risky. They ask me how long can I put this off? I've heard prospective customers tell me that they don't want to give their competitors too much information about their customers and methods of doing business. Read the full article
 

A to Z of successful investing - by Rahim Panjwani

Having a disciplined and simple approach to investing is what financial planning is all about. I have listed a few rules of thumb that will make you a successful investor. Following these simple guidelines will successfully allow you to accomplish the goals that you are saving for. Read the full article

 
Articles for Students

The importance of teams, leadership and communication - by John Ball

Teams — a group of individuals brought together with a specific purpose in mind — have been around since time immemorial. Yet it is only within the last quarter century or so that the importance of teams has been recognised as an important aspect of business. During this recent time much has been written about the need to understand the processes involved in team building and working. Teams, it must be remembered, are not created overnight, they have to develop, mature and sometimes eventually to end. Read the full article
 

A generic framework for developing an IS strategy - by George Bakehouse and Kevin Doyle

Planning an Information Systems strategy is a decision-making process. Such a crucial process should be undertaken carefully, systematically and with a firm understanding of the business context. This article describes and discusses a general framework that may be adopted when developing an Information Systems strategy. 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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