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Tag Archives: Accounting Profession News

ICAEW, ICAP Sign Memorandum of Understanding

KARACHI: The Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Pakistan (ICAP) have signed an MoU for enhanced cooperation and assistance. The objectives of the understanding are to strengthen international accounting ties, enhance cooperation, exchange information and experience and provide assistance to each other in the accountancy profession, which would contribute immensely ...

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Accounting Firm BDO Seidman to Pay $170 million

Aug. 15, 2007 (Associated Press) — MIAMI – Accounting firm BDO Seidman must pay $170 million in compensation and provide punitive damages for its negligence in failing to reveal massive fraud in a financial services company backed by a Portuguese bank, a jury decided Monday. Six jurors deliberated only an hour to lay financial blame on BDO Seidman and find ...

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Japan Agrees to IFRS Convergence by 2011

Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced today an agreement (known as the Tokyo Agreement) to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs), a process that was started in March 2005. As part of the agreement the two ...

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India announces convergence with IFRSs for public interest entities from 2011

The Council of the Institute of Chartered Accountants of India, at its 269th meeting being held these days at New Delhi, has decided to fully converge with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board from the accounting periods commencing on or after 1st April, 2011. Like in other countries such as Australia, New Zealand and ...

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Islamic Finance Scholar Joins AAB as Director Shariah Services

KARACHI (May 02, 2007) – Mufti Mohammad Hassaan Kaleem, an eminent scholar specializing in Islamic Finance and Insurance has joined A A Baig & Co, Chartered Accountants as Director Shariah Audit, Advisory and Trainings and spearheads the Shariah Services Division of the firm. 'We continuously strive to add new expertise and resources in our services portfolio which would enable us ...

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ICAP Rejects CBR's Proposal to Certify Clients Regarding Income Tax Payment

KARACHI: External auditors of companies have refused to certify that their clients have paid their income tax and other federal taxes. Sources at the Institute of Chartered Accountants of Pakistan (ICAP) said on Tuesday that ICAP had rejected the proposal of the Central Board of Revenue (CBR) that the external auditors must certify as part of their certification process that ...

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Ernst & Young Focuses on Restoring Investor Trust

Ernst & Young notes that with increasing globalization and larger numbers of companies going public, professional services firms and financial reporting must be committed to restore investors' trust, especially in emerging markets. E& Y notes record high in Global IPO activity in 2006 with US$227 billion through 1,559 IPOs increasing from US$167 billion raised in the whole of 2005. The ...

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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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