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Tyco's former general counsel says auditor knew of loans

The former general counsel for Tyco International Ltd., indicted for falsifying documents to conceal $14 million in loans, said in court papers yesterday that the conglomerate's outside auditors, PricewaterhouseCoopers knew about the payments. The documents, filed in a Manhattan court, also said that ex-general counsel Mark Belnick told the auditors he owed more to Tyco than they had calculated. Lawyers ...

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Every 10th Public Comapny in US Restated their Accounts

One in 10 publicly traded companies made financial restatements because of accounting irregularities in the past five years, the U.S. General Accounting Office said Wednesday. Annual restatements from accounting irregularities will increase 170 percent to a projected 250 by the end of 2002 from 92 in 1997, according to the report. The report cited weaknesses in corporate management at the ...

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Ex-CIA boss to regulate US auditors

Former Central Intelligence Agency (CIA) chief William Webster has been appointed as chairman of a new body set up to regulate the US accountancy profession. The new agency is designed to prevent accounting scandals of the kind that engulfed corporate America earlier this year, leading to the collapse of Enron and Worldcom. Mr Webster saw off a challenge from rival ...

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SBP Announces its Panel of Audit Firms

KARACHI (October 24 2002) : The State Bank of Pakistan on Wednesday has announced to induct 36 Chartered Accountant (CA) firms in its panel of auditors. The Bank has included these firms in three categories. Category A includes 13 firms, Category B includes 12 and Category C includes 11 firms. Following are the categories and names of the auditing firms: ...

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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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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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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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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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