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Study Reveals Emerging Online Security Threats

While viruses and spam continue to proliferate, they have been joined by two emerging threats: spyware and phishing, according to the September issue of Consumer Reports (CR), which takes an in-depth look at the state of online security. “For now, keeping spam out of your life requires setting up a fortress around your computer with help from your Internet service ...

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Plan launched for disposal of 11,316 pending audit cases

ISLAMABAD (September 10 2004): The Central Board of Revenue (CBR) has launched a plan for the disposal of 11,316 pending cases selected for audit under Universal Self-Assessment Scheme (USAS). Out of the total 11,316 pending audit cases, 10,565 were non-corporate cases as on August 1, 2004. Under the crash programme, the CBR has intensified its efforts to considerably bring down ...

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PCAOB Releases Findings on Big Four

The Public Company Accounting Oversight Board in the US recently revealed findings from a six-month investigation of the nation's Big Four accounting firms. The limited inspections mandated by the Sarbanes-Oxley Act were conducted between June and December 2003 to provide the board with a baseline understanding of the firms' internal systems of quality control over auditing. The PCAOB said the ...

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New Publication Addresses Audit Issues Arising From the First-Time Adoption of IFRS

To help auditors address reporting issues arising from the first-time adoption of International Financial Reporting Standards (IFRSs), the staff of the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) along with staff of professional accountancy bodies, national standard setters, and audit firms have prepared a series of key questions and answers in a document ...

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Paper Clarifies Internal Auditing's SOX Role

The Institute of Internal Auditors (IIA) in the US has issued a position paper clarifying the role of the internal auditor in Sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (SOX). SOX specifies the roles of management, audit committees and external auditors, but it does not specifically address the roles internal auditors must play. Internal Auditing's Role in ...

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Change of Nomenclature of CPE and CPD Credit Hours

With a view to gradually start conforming to International Education Standard on Continuing Professional Development (CPD) IES 7, the Council of ICAP at its meeting on 31 July 2004 has approved the following changes in Directive 8.01 with immediate effect: Whenever the term ‘Continuing Professional Education’ or its acronym ‘CPE’ occurs, it would be substituted by the words ‘Continuing Professional ...

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Computer Crashes: Scarier Than the IRS?

While nine out of 10 Americans agree that technology has made their lives easier, they are more likely to fear losing everything on their computer than they fear public speaking, death or an IRS audit! This was the finding of a national survey by the Geek Squad 24 Hour Computer Support Task Force. “When people say they worry more about ...

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Duty drawback on PSF-based textile items to be raised

ISLAMABAD (August 25 2004): The Central Board of Revenue (CBR) has decided to enhance duty drawback rates on the export of polyester staple fiber (PSF) based textile products including blended garments, wearing apparel/made-ups, polyester-viscose staple fiber blended yarn and 100 percent polyester staple fibre yarn from July 1, 2004. The CBR will replace schedule-II, schedule-VI and schedule-XXXVI of the standard ...

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Services sector grossly under-taxed: CBR Chairman Yusuf

ISLAMABAD (August 24 2004): The Chairman Central Bureau of Revenue, Abdullah Yusuf has said that services sector was grossly under-taxed, as the sector contributed 50 percent of the GDP while its receipts were quite low. Talking to a group of economic journalists, Abdullah said that tax on agriculture was a political and constitutional issue, but the multilateral agencies-the World Bank, ...

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ACCA announces June 2004 examination results

The Association of Chartered Certified Accountants (ACCA) has announced results of its examinations held in June 2004. The results were emailed to students on Monday, August 23, 2004. ACCA further states that all candidates who have registered with ACCA’s website will be able to view their own results on ACCA’s website from the same date.

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