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Tag Archives: Accounting Profession News

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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KPMG Becomes Bearing Point

Following in the wake of the consulting/auditing debacle, KPMG has taken the bull by the horns and changed the name of its consulting division to Bearing Point, a peculiar choice if ever there were one. Apparently the firm ran through a list of more than 500 name before it finally settled on the nautically themed moniker. KPMG Consulting isn't the ...

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Ford Rhodes and Sidat Hyder merge

Ford Rhodes Robson Morrow and Sidat Hyder Qamar & Co have merged to create one of the largest professional entities in Pakistan. The two well-known Chartered Accountant firms in the country have completed the work on their proposed merger. The new firm will come into effect from October 1, 2002. The newly created firm will work as a member firm ...

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PricewaterhouseCoopers in Tyco Spotlight

BOSTON/NEW YORK (Reuters) – Tyco International Ltd. has become a headache for its outside auditor PricewaterhouseCoopers, whose work is under the microscope of a small army of investigators poring over several controversial deals that happened on the accounting firm's watch. PricewaterhouseCoopers (PWC) on Monday said it was cooperating as an “information provider” with the Manhattan district attorney's office on its ...

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