03-26-2007, 02:24 AM
Dears,
I saw these posts first time and am quite suspecious.
So much of wrong info is being used. MCB is still being audited by Riaz Ahmad and Co as a joint audit with THK-KPMG. I am talking about year 2006 not about year 2005. Has anybody doubts. Capricorn your sorry was not required. Your info was correct. And yes, MCB would still be audited by Riaz Ahmad and Co and KPMG as joint audit for year 2007. Has any body any doubt?
Please post correct info THK students. Riaz Ahmad and Co might be completing 5 years in MCB and might not be its auditors in year 2008 but I am not sure about it. However, AFF left MCB as it completed 5 years and rotation was due.
These audits have been changed due to rotation as per code of corporate governance and does not show some snatching effort by THK or others. If THK has taken audits from AFF then why it forgets that it has also lost audits due to rotation like Pearl Continental that has been gone to Anjum Asim and like Askari Commercial Bank that has gone to FRSH.
AFF, THK and FRSH are biggest firms in Pakistan and may have varying positions in the opinion of different guys. Yes, in Islamabad THK is doing very good but Islamabad THK has also lost some good partners like Faisal Masood and Kashif Azeez Jahangiri etc. No doubt Safiullah and Kazmi have good names but they should make efforts to retain the partners. Qualification ratio at THK islamabad is quite low. THK Islamabad has hired chartered acountants from Khalid Majeed, Anjum Asim and Riaz Ahmad. Why dont you produce chartered accountants ur ownself. THK should improve the students urge to qualify. Otherwise it will go down.
Further, DG Cement's auditors were AFF for the year 2006 and even for the year 2007. It is not with THK-KPMG. Mr. Abdur.Rehman should correct his info and record. Furthermore for the year 2005 and 2006 SNGPL' auditors were FRSH and Riaz Ahmad and Co (Jointly). It was also not with KPMG. I dont know who are the auditors of SNGPL for the year 2007.
Internationally, based upon revenues, ranking is as given below (year 2006)
1.PriceWaterHouse (AFF)
2.Deloitte (MYASCO)
3.Earnst and Young (FRSH)
4.KPMG (THK)
So, internationally KPMG has come at fourth position i.e. above Grant Thornton (Anjum Asim) that is at 5th number.
Further, KPMG and Deloitte are facing some allegations internationally and have also paid penalties for misconduct. Like, KPMG has paid USD 456 million to avoid legal consequences at USA for severe professional misconduct on account of advising the clients for evasion of taxation. Anybody can go on www.wikipedia.org and can search KPMG in its search browser and will find the result.
In early 2005, the United States member firm, KPMG LLP, was accused by the United States Department of Justice of fraud in marketing abusive tax shelters. Under an agreement, KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes and agreed to pay $456 million in penalties in exchange for a deferred prosecution agreement. KPMG LLP would not face criminal prosecution if it complied with the terms of its agreement with the government. On January 3, 2007, the criminal conspiracy charges against KPMG were dropped. [1] However, Federal Attorney Michael J. Garcia stated that the charges could be reinstated if KPMG does not continue to submit to continued monitorship through September 2008.
Before the settlement, the firm, on the advice of its counsel Skadden, Arps, Slate, Meagher & Flom LLP, removed several tax partners and admitted "unlawful conduct" by those partners. The firm agreed to cooperate with DOJ's investigation and help prosecute former partners who had devised and sold the tax shelters. Additionally, the firm hired former U.S. district judge Sven Erik Holmes to monitor its legal and regulatory affairs.
Same is the case with Deloitte that is also accused of professional misconduct and has paid penalties. It was Deloitte's illegal activity regarding the Adelphia scandal. This scandal was documented in the press in 2005.
This does not mean that other firms have never been interrogated. AFF has been so many times interrogated. Currently a leasing company was the hottest issue against AFF but it was cleared by SECP where it was interrogated by Asad Ali Shah (partner of MYASCO) on behalf of SECP who relieved the AFF. I personally know AFF in so many cases accomodates its clients and do not qualify in normal circumstances. Recently CALLMATE became another scandle for AFF.
Likewise, FRSH has also been examined by SECP and even fines have been levied on its partners at Karachi for professional misconduct. Examples could be searched from SECP's website.
Every firm has its merits and demerits. I am not from AFF but I know that in Pakistan AFF is always on top specially due to huge number of its qualified students working all over in Pakistan. Majority of CAs are from AFF.
THK is very good at Islamabad but at Lahore it is poor. It tried to establish office at Faisalbad but failed. At Karachi THK is also very good.
FRSH is very good at Karachi and Lahore. AT Islamabad it is on 3rd position in my view but still FRSH fellows may have other views of which we should keep regard.
All top ten firms are good for students as every one cannot get into big four.
We should respect each other. Otherwise, every one has good as well as bad points.
Best regards,
Kamran.
I saw these posts first time and am quite suspecious.
So much of wrong info is being used. MCB is still being audited by Riaz Ahmad and Co as a joint audit with THK-KPMG. I am talking about year 2006 not about year 2005. Has anybody doubts. Capricorn your sorry was not required. Your info was correct. And yes, MCB would still be audited by Riaz Ahmad and Co and KPMG as joint audit for year 2007. Has any body any doubt?
Please post correct info THK students. Riaz Ahmad and Co might be completing 5 years in MCB and might not be its auditors in year 2008 but I am not sure about it. However, AFF left MCB as it completed 5 years and rotation was due.
These audits have been changed due to rotation as per code of corporate governance and does not show some snatching effort by THK or others. If THK has taken audits from AFF then why it forgets that it has also lost audits due to rotation like Pearl Continental that has been gone to Anjum Asim and like Askari Commercial Bank that has gone to FRSH.
AFF, THK and FRSH are biggest firms in Pakistan and may have varying positions in the opinion of different guys. Yes, in Islamabad THK is doing very good but Islamabad THK has also lost some good partners like Faisal Masood and Kashif Azeez Jahangiri etc. No doubt Safiullah and Kazmi have good names but they should make efforts to retain the partners. Qualification ratio at THK islamabad is quite low. THK Islamabad has hired chartered acountants from Khalid Majeed, Anjum Asim and Riaz Ahmad. Why dont you produce chartered accountants ur ownself. THK should improve the students urge to qualify. Otherwise it will go down.
Further, DG Cement's auditors were AFF for the year 2006 and even for the year 2007. It is not with THK-KPMG. Mr. Abdur.Rehman should correct his info and record. Furthermore for the year 2005 and 2006 SNGPL' auditors were FRSH and Riaz Ahmad and Co (Jointly). It was also not with KPMG. I dont know who are the auditors of SNGPL for the year 2007.
Internationally, based upon revenues, ranking is as given below (year 2006)
1.PriceWaterHouse (AFF)
2.Deloitte (MYASCO)
3.Earnst and Young (FRSH)
4.KPMG (THK)
So, internationally KPMG has come at fourth position i.e. above Grant Thornton (Anjum Asim) that is at 5th number.
Further, KPMG and Deloitte are facing some allegations internationally and have also paid penalties for misconduct. Like, KPMG has paid USD 456 million to avoid legal consequences at USA for severe professional misconduct on account of advising the clients for evasion of taxation. Anybody can go on www.wikipedia.org and can search KPMG in its search browser and will find the result.
In early 2005, the United States member firm, KPMG LLP, was accused by the United States Department of Justice of fraud in marketing abusive tax shelters. Under an agreement, KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes and agreed to pay $456 million in penalties in exchange for a deferred prosecution agreement. KPMG LLP would not face criminal prosecution if it complied with the terms of its agreement with the government. On January 3, 2007, the criminal conspiracy charges against KPMG were dropped. [1] However, Federal Attorney Michael J. Garcia stated that the charges could be reinstated if KPMG does not continue to submit to continued monitorship through September 2008.
Before the settlement, the firm, on the advice of its counsel Skadden, Arps, Slate, Meagher & Flom LLP, removed several tax partners and admitted "unlawful conduct" by those partners. The firm agreed to cooperate with DOJ's investigation and help prosecute former partners who had devised and sold the tax shelters. Additionally, the firm hired former U.S. district judge Sven Erik Holmes to monitor its legal and regulatory affairs.
Same is the case with Deloitte that is also accused of professional misconduct and has paid penalties. It was Deloitte's illegal activity regarding the Adelphia scandal. This scandal was documented in the press in 2005.
This does not mean that other firms have never been interrogated. AFF has been so many times interrogated. Currently a leasing company was the hottest issue against AFF but it was cleared by SECP where it was interrogated by Asad Ali Shah (partner of MYASCO) on behalf of SECP who relieved the AFF. I personally know AFF in so many cases accomodates its clients and do not qualify in normal circumstances. Recently CALLMATE became another scandle for AFF.
Likewise, FRSH has also been examined by SECP and even fines have been levied on its partners at Karachi for professional misconduct. Examples could be searched from SECP's website.
Every firm has its merits and demerits. I am not from AFF but I know that in Pakistan AFF is always on top specially due to huge number of its qualified students working all over in Pakistan. Majority of CAs are from AFF.
THK is very good at Islamabad but at Lahore it is poor. It tried to establish office at Faisalbad but failed. At Karachi THK is also very good.
FRSH is very good at Karachi and Lahore. AT Islamabad it is on 3rd position in my view but still FRSH fellows may have other views of which we should keep regard.
All top ten firms are good for students as every one cannot get into big four.
We should respect each other. Otherwise, every one has good as well as bad points.
Best regards,
Kamran.