Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 035 August 09, 2003

Poll Results
Should CA firms be allowed to market their services?
Yes 65%
No 35%
 

 
 

 

 
 
News

General
SRO 372 amended- 30 pharma items get duty relief
People enrolled prior to July 1, 2000 entitled to exemption from sales and additional taxes
Revenue Board members to be reduced to six or seven
CIRC turns down fresh valuation request
Faysal Bank's H1 profits almost tripled
CBR to set up 'Customs and Tax Fraud Division'
Oilseeds imports decline on levy of 20 percent sales tax
Banks advised to settle write-off cases by end-August
Central Depository Company slashes tariff by 10 percent
Lahore Stock Exchange suspends trading in shares of 15 companies
MCB and Tripack sign Rs 1 billion term finance deal
Revenue Board examining proposal to devise individual profiles of warehouse owners
SECP simplifies statutory returns format
State Bank exceeds sales target of treasury bills
Audit to be carried out by factory premises collectorate
SECP to take action against 32 companies
State Bank picks four more dealers

Practice
KPMG UK’s fraud barometer shows record level of fraud
PwC Consulting Settles Lawsuit Over Staff Bonuses
Ernst & Young chief urges EU and US regulators to end dispute
New accounting rule to add US$5b to Citigroup assets
IFAC task force proposes more accountability for accountants
IFAC proposes member obligations for convergence of accounting standards
SBP inspectors and banks external auditors to share information
Bank auditors to share findings with SBP

Student
ICAP announces Summer 2003 Professional / Final Examination Results
ICMAP - Summer 2003 Examination Results Announced
ICAP - Clarification issued regarding computer practical exam
ACCA - Last date for submission of ACCA/CAT forms announced
CIMA - Exemption fees changed from 30 June 2003
ICMAP - Announcement regarding exam of IM Audit/ MIS-I in Professional-IV

Featured Articles

'World has changed' for accounting firm Ernst & Young - by Carrie Johnson

A year ago, the Sarbanes-Oxley Act created an entirely new system for regulating accountants, an attempt to transform them into better watchdogs who could prevent the kind of massive financial scandals that pummeled investors in recent years. Read the full article
 

Accountant! It is time to reform thyself - by Roopen Roy

As the noise on level playing field, rotation, advertising and fair competition is rising, the real issue is being brushed under the oriental rug — the regulations of the ICAI has remained unaltered, although the world around us has completely changed. The Rip Van Winkle that has now woken up after years of slumber is ICAI’s Code of Ethics (CoE). Here is a sampler: a CA firm cannot advertise or solicit business. Read the full article
 
Articles for Students

Commitment, coordination and communication in IS development - by George Bakehouse and Kevin Doyle

This article will discuss the relevance of the three Cs (commitment, coordination and communication) when developing and implementing information systems (IS). Empirical research and experience suggest that these three conditions are necessary, at the least, to implement IS successfully. However, the successful application of the three Cs alone will not guarantee a successful information systems project, though it can be concluded that unsuccessful application of the three Cs may lead to possible project failure. Read the full article
 

Writing Your Way to Success - by Accountemps

Writing skills have become increasingly important for accountants as their roles expand. Whether it's crafting a memo, preparing a report for executives, or developing materials for clients or colleagues, accounting professionals need to be effective writers in order to advance in their careers. Read the full article
 
 
Check out what they are talking about in our Forums

Should marketing be allowed to CA firms? (in forum "Firms")
SECP Vs. Chartered Accountants (in forum "Accounting and Audit")
Should there be Mandatory Rotation (in forum "Accounting and Audit")
IT graduate to ACCA (in forum "Students")
Company in the process of winding up (in forum "Accounting and Audit")
ICAP's passing criteria (in forum "Career")
IAS-36 and Country Risk (in forum "Accounting and Audit")
Losses Carried Back & Carried Forward (in forum "Tax")
Internet resource for SROs (in forum "Students")
Final examination result 2003 (in forum "Students")
Women in accountancy (in forum "Students")
Financial reporting of private companies (in forum "General Discussion")
Bank Audits (Deposits) (in forum "Firms")
ACCA to CA (in forum "Students")
What is CIMA? (in forum "Students")
Disposal cost of 'available for sale' investments (in forum "Accounting and Audit")
Rate The Firms (in forum "Firms")
Comparatives on Half Year Ended Accounts (in forum "Accounting and Audit")
Can anyone tell me about actuarial sciences (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)
  The concepts of Salam and Istisna' (128 Kb)
  Musharakah and Mudarabah as modes of finance (190 Kb)
 
  Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (333 Kb)
 

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