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PwC, UBS sued for $100 mln over HPL scandal

DALLAS, Oct 17 (Reuters) – Three HPL Technologies Inc. (HPLA) shareholders slapped accounting firm PricewaterhouseCoopers and UBS Warburg with a lawsuit Thursday in a bid to recover $100 million in damages, claiming the two firmsassisted the softwaremaker in overstating revenues, a lawyer for the plaintiffs said. HPL Technologies in July ousted its chairman and Chief Executive David Lepejian after disclosing ...

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Pak-Swiss agreement for avoidance of double taxation

ISLAMABAD, Oct 15: Pakistan and Switzerland, on Tuesday inked a convention for the avoidance of double taxation between the two countries. The two sides exchanged the document initiated by Vakil Ahmed Khan, Member Direct Taxes, CBR and Eric Hess, Deputy Head of the Division for International Fiscal Law and Double Taxation matters Federal Tax Administration of Switzerland. The Convention is ...

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CPA – AICPA issues New Audit Standard for Detecting Fraud

Institute of Certified Public Accountants today announced that it had approved a new standard, Statement on Auditing Standards (SAS) 99: Consideration of Fraud in a Financial Statement Audit, that gives U.S. auditors expanded guidance for detecting material fraud. The standard is the cornerstone of a multifaceted effort by the AICPA to helprestore investor confidence in U.S. capital markets and to ...

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Judge fines Arthur Andersen $500,000

A federal judge fined accounting firm Andersen $500,000 and sentenced it to five years probation for obstructing justice in a probe of client Enron, a hollow punishment as the auditor is all but out of business. The sentencing comes exactly a year after Enron Corp. released a dismal third-quarter earnings report that sparked its rapid spiral into bankruptcy and harsh ...

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Auditing Guidance Free Electronically in 2003

In an effort to make International Standards on Auditing (ISAs) more widely available to the world's accountants the International Auditing and Assurance Standards Board has announced that all final pronouncements issued by the Board would be available free electronically through the IFAC web site effective January 1, 2003.

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SEC promises absolving companies

ISLAMABAD, Oct 15: With a view to further streamlining the working of companies, the Securities and Exchange Commission. of Pakistan ) SEC) has decided that companies who will file their statutory returns up to Dec 31 without additional fee, would be absolved of any liability arising from the default in filing such returns within the prescribed period. The Companies Ordinance, ...

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IFAC Releases Paper on Financial Reporting on the Internet

(New York/August 26, 2002) — Recognizing the increasing use of the Internet as a medium for communicating financial information, the International Federation of Accountants (IFAC) has developed a paper outlining the responsibilities of directors and management to ensure high-quality transparent reporting through this medium. Entitled “Financial Reporting on the Internet – Responsibilities of Directors and Management,” the paper describes control ...

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Karachi Board of Secondary Education Supplementary Examination 2002 from 24th

KARACHI, Oct 15: Karachi Board of Secondary Education Tuesday notified all concerned that SSC Supplementary Examination-2002 is scheduled from October 24. It was further mentioned that admit cards and programme of examination/date sheets for candidates of SSC part II Annual Examination 2002 of Science and General Groups are ready for distribution among the heads of concerned schools town-wise w.e.f. October ...

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Ford Rhodes Sidat Hyder Holds its First Dinner

October 15, 2002, Karachi: The newly merged accounting firm, Ford Rhodes Sidat Hyder & Co held a dinner cum get-together today at a lawn close to the firm's PIDC office in Karachi. This was the first time that the staff of the two former accounting giants which consists of around 1,200 professionals got to meet each other in person. On ...

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