Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 017 February 25, 2003
Weekly Poll Results
The news that ICAP is reviewing the future of exam exemptions claimed by ACCA / CIMA students has started a hot debate among the student community in our forums. So we have also asked for your opinion through this poll:  Should exam exemptions of ACCA / CIMA students be taken away by ICAP? This is how our readers have answered uptil now. 
Should be taken away by ICAP 52%

Should not be taken away

 42%
Huh... what exemptions??!! 6%
 
 
 
 

 
 
 
In this week's issue:
 
In the News
General
- Karachi Stock Exchange opposed to opening of fourth stock exchange
- Stocks more attractive for investment than securities, money market
- New draft rules for sales tax registration issued
- Moneychangers allowed to take out foreign currencies till March 15
- Non-banking finance companies- SECP delegates powers to SCD director
- Privatisation Commission all set for PSO pre-bid meeting on February 19
- Revenue Board rectifies budget error relating to filing of return
- Time for depositing sales tax by ginning industry extended
- Manufacturers get relief under 'Duty and Tax Remission for Export' scheme
- PTCL to be sold only if bid covered Rs 32 billion revenue- minister
- USDA official briefed about investment chances at Port Qasim
- PICIC Bank posts Rs 319.246 million after-tax profit
- Duty drawback rates on 11 textile items halved
- Pakistan not to accept decisions of WTO meetings
- Islamic banking- Pakistan hires experts from Malaysian bank for training
- Bankers seek right to possess property to boost housing sector
- Pakistan's commodity importers face war-risk premiums
- SECP to strictly pursue reforms agenda
- Revenue Board to review all Customs exemptions in next budget
- Moody's puts four Pakistani banks under review
- Government to develop database of textile machinery- makers, suppliers to be registered with FTB
- Mobilink gets ultimatum to improve service
- India’s IT sector braces for United States backlash
- KSE one of the hottest markets in the world
- Revenue Board seeks records of all companies to allocate national tax numbers
- India to be invited to join $3.5 billion gas pipeline project
- New sectors to be added to drawback regime
- Badla rates hit five-month low
- Husnain Cotex may issue Rs 315 million commercial paper
   
Practice
- KPMG To Take Waste Management Strategy To Ahmedabad, Bangalore
- Deloitte names William Parrett global CEO
- AICPA Tool Aids CPA Skills
- PwC leader in India takes over IGSI
- Clorox dismisses auditor Deloitte- SEC filing
- PricewaterhouseCoopers To Advise Maharashtra Govt On VAT System
- Deloitte to Settle Claims for $23 Million
- Research Shows Progress Towards Global Accounting Language, but Hurdles Remain
- KPMG study suggests powerful gray market for computer and networking equipment
- Agency to limit auditors' terms of service
- Deloitte & Touche targeted following insider leak
- Accounting Firms Find Hurdles in GAAP Convergence
- New international standard for governments addresses financial reporting under cash basis
   
Student
-

ICAP yet to decide the future of exemptions claimed by ACCA/CIMA students

- Computerized CPA exams to be launched in April 2004
   
Featured Articles

Do Accountants Have a Future? - by Jeremy Kahn
The last thing the Big Four needed was yet another scandal. But they've got one--this time over tax shelters. On a snowy Friday in February, dozens of men and women shuffled through Arthur Andersen's spacious Midtown Manhattan office. The place hadn't seen this much activity in months. But it wasn't a sign that the once-proud accounting firm decimated by the Enron scandal was suddenly springing back to life. Read the full article
 

A Culture Turned Against Itself at Andersen - by William J. Holstein

Arthur Andersen, the former accounting powerhouse that collapsed last year because of the Enron scandal, always tried hard to create a strong internal corporate culture. Carefully selected young recruits would attend the firm's boot camp in St. Charles, Ill. In a process that had overtones of Marine Corps training, they would be molded into Arthur Andersen people. Read the full article
 
Articles for Students

Fraud and its prevention - by Peter Plant
Fraud can come in a variety of different forms and can happen at all levels in an organisation. Over the past number of years the tendency to downsize has resulted in the removal of some basic controls (particularly segregation of duties) and increased the opportunity for fraud. In addition, with increased computerisation the sophistication and complexity of fraud has been escalating significantly. Read the full article
 

Spreadsheets with something extra - by Lois S. Mahoney and Judith K. Welch

Have you ever created a spreadsheet only to open it a couple of months later to discover you couldn’t remember how to update it or what data it needed? Or, if you prepared the spreadsheet for others in your organization, did they keep calling you for instructions on how to use it? Read the full article
 
Check out what they are talking about in our Forums
-

MODULE E V/S PE-1 (in forum "Students")
- CA - MODULE E - Study guidelines... (in forum "Students")
- Input Tax Adjustment (in forum "Tax")
- Trade Discount (in forum "Tax")
- Future of ecommerce (in forum "Technology")
- Revision of ACCA exemption ....... Right OR Wrong? (in forum "Students")
- Good Luck to Foundation Students !! (in forum "Students")
- What is XBRL?  (in forum "Technology")
- Should acquiring new clients be your top priority (in forum "Accounting and Audit")
- Should external auditors provide “Other Services" (in forum "Accounting and Audit")
- Should Accounting Firms publish their Financial Results (in forum "Crisis in the accounting industry")
- Are Auditors Really Independent!!! (in forum "Crisis in the Accounting Industry")
- Did Yousuf Adil deserve DTT Membership? (in forum "Firms")
- Best foreign job destination (in forum "Career")
 
In our Reference Library
- Technical Releases (Auditing) issued by the Institute of Chartered Accountants of Pakistan.
 
- Technical Releases (Accounting) issued by the Institute of Chartered Accountants of Pakistan.
 

Feel the urge to write something?

We invite all our audience to write articles for accountancy.com.pk. If the article is good and relevant to the theme of the website, we will publish this article along with giving credits to the article provider. If you are interested in writing for us and have any queries, we will be most happy to answer all of them. Submit your queries at
articles@accountancy.com.pk

Guidance on submission of articles
http://www.accoutancy.com.pk/article_submit.asp