Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 028 May 29, 2003
Poll Results
ICAP's recent decision to set up a specified paper to test the competence of ACCA/ CIMA qualified students in certain areas has been met with a mixed response in the accounting circles. Some are of the opinion that ICAP has no right to do such a role reversal in the first place after allowing exemptions to ACCA/ CIMA qualified students for such a long time. Others are advocating that ICAP's taking away the exemptions was the correct thing to do but this specified paper is a step back from that stance. And others say that the specified paper is the most appropriate solution to this issue which should wash away the grievances of all parties. We asked our viewers for comments regarding this situation and this is how our readers have responded uptil now.

Setting up of Module-F Specified paper for ACCA/ CIMA qualifieds is...

a good decision by ICAP

 49%
a bad decision by ICAP 39%
Module-F Specified paper.. whats that?!! 12%
 

 
 

 
 
 
News
General
PM announces package to make KEPZ attractive- no cess on raw material imports from July 1
Multinationals remit $332 million from Pakistan
Conversion of Customs Intelligence Directorate into Revenue Board unit okayed
State Bank grants NOC to Atlas Bank
GST not to be imposed on bricks and cement blocks
Revenue Board to share profiling parameters for various types of registered taxpayers
Port Qasim storage capacity to rise by 30 percent
KESC gets Rs one billion as first tranche for restructuring
Govt borrowing through TBs shoots up to 23pc
Large Taxpayer Unit to introduce electronic filing system from July 1
Restaurants allowed power bill as input adjustment
Next budget to check withholding tax evasion
Tax system to be further simplified
Budget to phase out all, but auto, deletion plans
New anti-laundering law dilutes Swiss banking secrecy
CBR consultants proposals not to be part of budget
Second phase of reforms will need focus on Wapda, KESC and CBR- SBP governor
CBR issues draft of new income tax forms and certificates
SBP sells Rs23.4bn six-month T-bills
Practice
Japan banks shiver as auditors flex muscles
PricewaterhouseCoopers agrees to pay $1 million as settlement
Empowerment firm in South Africa sues Deloitte & Touche
ICAP chief's meetings with CAs in various cities
Body headed by a chartered accountant to settle sales tax disputes
Ban on auditors/ suppliers would create management headache for IT directors
SEC to require anti-fraud assurance
SEC adopts softer regulation of auditors
Student
ICAP - New NBFC Rules to be included from Winter 2003 exams
ICMAP - Circular issued regarding exam of Industrial Relations Ordinance 2002
ICMAP - Announcement regarding exam of IM Audit/ MIS-I in Professional-IV
ICAP - Notification issued regarding ACCA/ CIMA exemptions
Examination programme announced for Module F Specified paper for ACCA/ CIMA candidates

Featured Articles

Creating a risk-intelligent organization - by Rick Funston
In the aftermath of last year's debacles and governance meltdowns, stakeholders are demanding greater transparency about the risks an enterprise faces and a commensurate level of assurance about the robustness of the organization's risk-management processes and the achievability of its business, reporting, and compliance objectives.  Read the full article
 

The audit profession: Center stage - by Michael Williams

Auditing, in general, has received mixed reviews in light of last year's series of corporate failures. Although internal auditors have not been specifically implicated in any of the recent financial- reporting incidents, these events have nonetheless put somewhat of a damper on our reputation in the minds of clients and the general public. Read the full article
 
Articles for Students

The CPA Exam Alert - by SmartPros
After years in the making, the computerized CPA exam is slated to launch April 2004. Lorraine P. Sachs, Executive Vice President and Chief Operating Officer of National Association of State Boards of Accountancy (NASBA) in USA, addresses what computer-based exam candidates need to know now.  Read the full article
 

Audit Evidence - by Brian Pine
When external auditors are employed to express an opinion on the financial statements of an entity, they must ensure that they have sufficient appropriate evidence on which to base such an opinion. To answer the question "what constitutes sufficient appropriate evidence?" we need to re-examine the basic auditing premise that the financial statements of an entity merely embody the assertions of the management of that entity.  Read the full article
 

To whom it may concern - by Ian Herbert

A key skill in accounting is the ability to clearly communicate information to management. Consequently, it is a skill that examiners expect candidates to demonstrate in answering examination questions. Read the full article
 
Check out what they are talking about in our Forums
Alternative to being under Big 4 (in forum "Firms")
IAS 38 compliance (in forum "Accounting and Audit")
ERP Vs EAM (in forum "Technology")
Professional "Think-Tanks" (in forum "Accounting and Audit")
Withholding Tax Deduction (in forum "Tax")
e-Governance (in forum "Corporate Governance")
ERP Software (in forum "Technology")
Accounting Oversight Board in Pakistan (in forum "Accounting and Audit")
Gender Equality? anywhere?? (in forum "General Discussion")
Islamic Banking,Insurance,Accounting & Standards (in forum "Accounting and Audit")
Valuation of Internet Domain Names (in forum "Accounting and Audit")
Deferred Tax Regarding Depreciation (in forum "Accounting and Audit")
Lets share our Knowledge! (in forum "Students")
Let us introduce ourselves (in forum "Meet the members")
Input Tax Adjustment (in forum "Tax")
Future of ecommerce (in forum "Technology")
Revision of ACCA exemption ....... Right OR Wrong? (in forum "Students")
What is XBRL?  (in forum "Technology")
Best foreign job destination (in forum "Career")
 
Added to our Reference Library
Note: You will need Adobe Acrobat® to read the library items featured below. Download Acrobat Reader®
Lectures on areas of Islamic Finance by Maulana Taqi Usmani:
  The concept of Ijarah (143 Kb)
  The concept of Mudarabah (88 Kb)
  Principles of Shari'ah governing Islamic Investment funds (120 Kb)
  The concept of Musharakah (139 Kb)
 
   Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (333 Kb)
 

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