Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 036 August 20, 2003

Poll Results
Should CA firms be allowed to market their services?
Yes 74%
No 26%
 

 

 

 
 
News

General
Federal Tax Ombudsman allows full audit in suppressed income case
Revenue Board suspends operation of Section 73 of Sales Tax Act
CBR cost accountants, auditors promoted
CBR adopts methods to penalise delinquent tax officers
ICI earns Rs 419 million after-tax profit in six months of 2003
Rs900m NBP facility for textile unit
State Bank invests $25 million in Islamic bond
PSO may post Rs4.1bn profit for 2002-03
PSO sets new dividend record
SECP notifies rules for filing appeal
LHC orders to freeze four illegal foreign exchange brokers' accounts
State Bank further liberalises foreign exchange regime
SBP issues guidelines on risk management
ATM switches to be interlinked- State Bank order
SBP asks banks and DFIs to submit weekly report of investment in shares and badla market
Muslim Commercial Bank board told of Rs 2.11 billion pre-tax profit
55 entities issued notices for doing illegal banking
Investment banks demand income tax levy at companies rate
Tax return forms in Urdu soon

Practice
Bank auditors to share findings with SBP
Auditors Recipe For Clean Reporting
WorldCom Wins Approval for $750 Million Settlement
PwC's controversial partner suspended
Big Four may have too much power- US Governement
Accountants 'in fear of new software'- Survey
XBRL added to most new accounting software
Accountants 'at a crossroads'- CIMA Ex-president
SEC settles case with PwC

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

The rise and rise of Deloitte & Touche - by Chris Quick

Senior partners at Price-waterhouseCoopers will have been spluttering over their mineral waters last month as they read the annual results of their closest rival Deloitte & Touche. They may have enjoyed a bit of schadenfreude over the last year as tales emerged of culture clashes between Deloitte staff and their new colleagues from Andersen, but Deloitte’s audacious takeover of a large part of Andersen UK’s former business a year ago this month has put PwC’s position as Britain’s biggest firm in danger.  Read the full article
 

Train Your Enterprise to Execute Strategy: Creating a Strategic "Line of Sight" - by Mario Bognanno

The success of organizations that effectively implement strategy and get breakthrough results using the Balanced Scorecard demonstrates the critical importance of executing strategy throughout the organization. Executives must find a way to translate the strategy in a way that motivates individuals throughout the organization to make strategy everyone's everyday job.  Read the full article
 
Articles for Students

Turn Excel Into a Financial Sleuth - by Anna M. Rose and Jacob M. Rose

One of our small business clients—we’ll call him Bob—recently expanded his one-store, family-run retail operation into a four-store chain. As many small business owners have to do, Bob had to relinquish some hands-on control when his business grew. He had to hire new employees for each store, and he worried about the possibility of bookkeeping errors and, even worse, fraud.  Read the full article
 

References can make or break a job offer - by SmartPros

Keeping in touch with your references is an important step in the job search process, according to a new survey by temporary staffing firm Accountemps. Senior managers polled said they typically speak with at least three references before considering someone for a position.  Read the full article

 
 
Check out what they are talking about in our Forums

Info on acturial sciences (in forum "Students")
Auditors Liability (in forum "Accounting and Audit")
Stock Valuation, Accounting Policy (in forum "Accounting and Audit")
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")
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")
 
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)
 

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