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Should auditors report on clients tax obligations?

KARACHI: The matter regarding auditor’s report to include an opinion as to whether companies have strictly adhered to their withholding tax obligations under the Income Tax Ordinance-2001 is under discussion between the Institute of Chartered Accountants of Pakistan (ICAP) and the Central Board of Revenue (CBR). ICAP in a press note issued Monday said that it recognizes in principle and ...

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Watson Wyatt and Sidat Hyder form Consulting Alliance

KARACHI – January 06, 2007 – Watson Wyatt, a leading global consulting firm and Sidat Hyder, the Pakistan-based consulting firm, have agreed to form a strategic alliance. The alliance gives Watson Wyatt, already one of the world's leading actuarial and human resources consultants, a significant presence in Pakistan. the alliance provides Sidat hyder and its clients, access to Watson Wyatt's ...

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AGP develops system-based audit

ISLAMABAD (January 05 2007): The Auditor General of Pakistan has worked out a new methodology for conducting system-based audit of government organisations under the Pifra (Project to Improve Financial Reporting and Auditing). Sources said on Thursday that the AG Office wanted to conduct audit under the new mechanism in Karachi and Lahore by February 2007. The two major cities would ...

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SECP Asks Listed Companies to Adopt IFRS

ISLAMABAD (December 20 2006): The Securities and Exchange Commission of Pakistan (SECP) has asked the listed companies to follow International Financial Reporting Standards (IFRSs) for maintaining of balance sheets and profit and loss accounts. According to the recently issued SRO.(I)/2006, the SECP has directed that IFRSs 2, 3, 5, and 6, issued by the International Accounting Standards Board, shall be ...

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AF Ferguson / PWC may face ban on practice

KARACHI (November 08 2006): The Institute of Chartered Accountant of Pakistan has referred A F Ferguson, member of PricewaterhouseCoopers (PWC), to its Investigation Committee to see if the firm has engaged in professional misconduct. The Investigation Committee will begin its deliberation on November 8. It may be recalled that A F Ferguson (Ferguson), representative of global firm PWC in Pakistan, ...

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Ex-CEO of Software Giant gets 12 years prison for Accounting Fraud

The former chief executive of Computer Associates International Inc. was sentenced to 12 years in prison and was fined $8 million on Thursday for his role in a massive accounting fraud scandal at one of the world's largest software companies. Sanjay Kumar, 44, had faced up to 20 years behind bars after pleading guilty in April to obstruction of justice ...

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ACCA Pakistan to Conduct Corporate Governance Survey

The recently set up Pakistan Institute of Corporate Governance (PICG) was established to promote and help improve upon corporate governance practices in Pakistan. PICG is now launching a corporate governance survey to determine the current state of corporate governance practices in the country. ACCA Pakistan would be providing assistance in this regards. The Securities and Exchange Commission of Pakistan (SECP) ...

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E&Y, PwC Top Employers for Working Mothers in the US

Big Four accounting firms Ernst & Young and PricewaterhouseCoopers are recognized as two of the best companies in the U.S. for working mothers, according to an annual survey by Working Mother magazine. Both firms make an appearance in the magazine’s top 10 of “100 Best Companies” list, which celebrates employers who are “head and shoulder above the  mainstream” with flextime plans, ...

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SEC Invests $54 Million for XBRL System for Corporate Filings

The Securities and Exchange Commission in US has awarded four separate contracts totaling $54 million to develop an interactive data system for corporate filings so that the public has easier access to the information. Interactive data, known as XBRL or eXtensible Business Reporting Language, has high priority on SEC Chairman Chris Cox's to-do list. The SEC instituted the XBRL Voluntary ...

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AICPA, AAA, IAASB Launch Joint Research Project

Three international accounting bodies have joined forces to launch a research initiative that will provide a better understanding of users’ perceptions of the financial statement audit and the auditor’s report. The research is intended to independently examine the perceptions of users of financial statements in countries around the world. The American Institute of Certified Public Accountants (AICPA), the American Accounting ...

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