Archive for February, 2012
As we reported earlier that SECP is giving a brand new opportunity and new line of business to Pakistani audit firms - making a mandatory requirement for Insurance Sector to audit its policies, a list of finalized audit firms is now finalized by the Securities and Exchange Commission of Pakistan, told us source close to the matter.
In a press statement, SECP said:
Recognizing the critical role played by firms of Chartered Accountants in the statutory auditing process of financial state
February 24, 2012
1 Comment Full Story
Members of the Institute of Chartered Accountants of Pakistan (ICAP) deliberated on the revised ‘Code of Ethics for Professional Accountants’ issued by the International Ethics Standards Board for Accountants (IESBA) on Thursday, in a seminar at ICAP House.
Speaking on the occasion, AF Ferguson and Company Partner Farrukh Rehman elucidated that the most important amendments had been made in procedures for drafting conventions, the conceptual framework approach and the independen
February 24, 2012
No Comments Full Story
In an interesting action by the Securities and Exchange commission's vigilance task force, two auditors, which were not named so far by any party, were penalized for not following ICAP's Quality Control Review and Code of Corporate Governance.
According to its press release, SECP has finalized the penal actions against the statutory auditors of two companies for their failure to act in conformity with the statutory requirements. The audit reports issued by them did not bring out materia
February 21, 2012
No Comments Full Story
The International Federation of Accountants (IFAC) has published its Fifth Annual Global Leadership Survey. IFAC received 123 responses to the survey from a total of 93 member bodies and associates in 71 countries and jurisdictions, as well as four affiliates, regional accountancy organisations, and groupings.
Some of the key findings of the survey include:
The following issues were rated highly:
reputation and credibility of the profession
the needs of small and medium siz
February 20, 2012
No Comments Full Story
We got two pieces of news for you. A very good one and a very bad one. Let's start with the good one first. According to the press release of IFRS, the Foundation has announced the publication of the following translations:
Azeri translation of the 2011 requirements, and new and revised standards issued since 1 January 2011. These documents can be accessed on the eIFRS site (eIFRS subscribers only).
French translation of the exposure draft Revenue from Contracts with Customer
February 14, 2012
1 Comment Full Story
The UK must continue to offer non-university routes into the accountancy profession, according to a leading industry body.
Mark Protherough, executive director for learning and professional development at the Institute of Chartered Accountants in England and Wales (ICAEW), said talented individuals should be able to become accountants without holding a degree.
He explained that around one in five ICAEW accountants currently chooses a non-university route into the profession, and this
February 12, 2012
No Comments Full Story
The SECP registered 356 companies in January as compared to 271 companies during previous month, showing an increase of 31%. During the current financial year, a total of 1,942 companies have been registered compared to 1,700 during corresponding period of previous financial year, reflecting an increase of 14%.
An increase in incorporation of companies has been witnessed which is a sign of healthy growth and development of the corporate sector. The private companies have the highest sha
February 12, 2012
No Comments Full Story
The Professional Accountants in Business Committee (PAIB) of the International Federation of Accountants (IFAC) has released a report considering trends in investor demand for, and use of, environmental, social, and governance (ESG) information.
The report notes that ESG information is increasingly used by investors to understand an organisation's key ESG factors and how they impact overall performance over a longer time horizon. The reporting includes an appendix which outlines the cor
February 9, 2012
No Comments Full Story
The First Pak-Saudi Accountancy Seminar was held at the Marriott Hotel here on Feb. 1 with over 175 members of the accounting industry and a large number of Saudi finance professionals in attendance.
The seminar was organized by the Institute of Chartered Accountants of Pakistan (ICAP) KSA chapter, which operates under the patronage of the Embassy of Pakistan in the Kingdom, with support from the Saudi Organization for Certified Public Accountants (SOCPA).
Speakers at the seminar i
February 7, 2012
No Comments Full Story
The IFRS Foundation has announced the publication of Arabic translation of IFRS for SMEs training Module 7 Statement of Cash Flows.
The Arabic translation is available on the IASB's Arabic-language training modules webpage.
The Education Initiative is developing 35 stand-alone training modules—one for each section of the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs).
The IFRS Foundation is grateful to the Arab Society
February 7, 2012
No Comments Full Story
« Older Entries