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Opinion

Top 10 Audit Deficiencies

How can auditors learn to more effectively detect financial statement fraud? One of the best ways is to “profit” from the mistakes of others. The information presented here is based on cases in which the SEC sanctioned auditors for their association with fraudulent financial statements.

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Irrational Ratios

Financial statements tell a story,” says accounting professor W. Steve Albrecht, “and the story should make sense.” If not, it’s possible the story is a fake. By standing far enough back from the numbers to get a good picture of the client’s business, auditors frequently can detect signs of financial statement frauds.

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E-commerce and its future in Pakistan

E-commerce is a very hot issue these days. After the revolution of Internet, more and more countries are getting involved in it. However, in general, if we use any type of electronic devices in getting orders and sending catalogues, like telephone, fax or any other such instruments, we are supposed to be applying electronic business techniques.

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Understanding the importance of communication

If there is one prerequisite that sets accountancy apart from other professions, it is the need to communicate clearly and concisely both internally and externally. Communication is the core activity of the accounting profession, transmitting information from one person to another, from one organisation to another – or a combination of both – and to the shareholders and other stakeholders of the organisation.

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Getting the Right Balance

For busy accountants, balancing personal and professional lives can seem an impossible task. Many of us often assume we have to sacrifice one to succeed at the other. Others try so hard to succeed in both areas that they end up feeling harried and out of control—as if they’ve failed in both worlds.

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IAS 41, Agriculture

International Accounting Standard IAS 41, Agriculture, is the first standard that specifically covers the primary sector. The Standard becomes operative for annual financial statements covering periods beginning on or after 1 January 2003 with earlier application encouraged.

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Humour at work

A good sense of humour is the least expensive of all medicines to beat stressful moments in our lives. Try to remember a tense situation when someone passed a witty comment or cracked a good joke and made everyone laugh. How did it feel? As if, the whole tension evaporated in thin air...

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Variance analysis – fixed overhead variances

Various definitions and terminology appear in texts in management accounting on the subject of the preparation and interpretation of fixed overhead variances; but the fixed overhead variance and the sub-analysis of this variance in standard absorption costing is shown as...

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An accountants guide to the top issues in technology

In the early 1980s, when desktop computing and communications capabilities became affordable, practitioners began to realize that understanding basic hardware and software—PCs, modems and spreadsheets—would give them a competitive edge. Since then, the potential rewards for technological proficiency have mushroomed.

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Career Success Strategies

Business is constantly changing, and so are the demands placed on accountants. New challenges arise, niche specialties emerge and accounting procedures continue to evolve. However, there are some techniques that can help you thrive in any environment.

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