Posts Tagged audit
The Auditor General of Pakistan (AGP) has uncovered a loss of Rs 3.5 Crore in state-owned oil and gas explorer Pakistan Petroleum Limited (PPL) in hiring of a consultant in a short time that also led to rejection of the bid for acquiring British Petroleum (BP) assets in Pakistan.
According to the audit report for 2010-11, lapse of a considerable time in hiring of the consultant to assess BP assets resulted in an inadequate evaluation of technical assets which ultimately led to rejection o
March 29, 2012
1 Comment Full Story
(EconomyAge) -- A.F.Ferguson, Pakistan’s member firm of PriceWaterCoopers, a huge market leader in audit industry, issued and cleared a certificate for its client, GlaxoSmithKline, a pharma giant, to issue bonus shares from free reserves.
According to Companies’ Rules 1996, proposed issue of bonus should not be less than twenty five percent of the enhanced paid-up capital.
According to documents received by EconomyAge, A.F.Ferguson gives a green single to GSK (GlaxoSmithKline). The l
March 18, 2012
1 Comment Full Story
By Ali Ahmad
In another interesting turn of events, Afghan government start blaming A.F.Ferguson & Co of Pakistan, a member of PriceWaterCoopers. The finance ministry of Afghanistan said that an “erroneous” audit and inadequate help from international banking advisers compounded financial problems at the embattled Kabul bank.
These comments came after a top U.S. Treasury Department official visited Kabul Thursday to discuss improving oversight of the n
March 9, 2011
1 Comment Full Story
By Michelle Murdoch
According to American Banker Mobile banking through mobile devices such as cellular phones, smart phones and personal digital assistants has more than doubled globally since 2008, with consumers in the Asia-Pacific region, Central and Eastern Europe and the United States at the forefront, new research from KPMG International suggests.
The New York-based audit, tax and advisory firm in late July released results from its Global Consumers and Converge
August 7, 2010
No Comments Full Story
This challenging question was the title of an event recently organized in Brussels by ACCA (the Association of Chartered Accountants) about the role of audit and how it can be enhanced to better meet stakeholders' needs. It is part of a series of round-tables organized by the global accountancy body throughout Europe and beyond, in order to produce a comprehensive study on the future of audit.
The findings of this study time in with the preparation of the upcoming overhaul of
May 7, 2010
No Comments Full Story
The concepts of materiality included in SAS No. 107 provide a framework for audit quality. They also provide opportunities for saving time by considering risk of material misstatement at both the financial statement and assertion levels. Here are some of the time savings opportunities:
Tolerable misstatement by financial statement classification will affect sample sizes determined statistically or non-statistically. Using a higher level of tolerable misstatement when risk at the assert
March 21, 2010
2 Comments Full Story
By Michelle Murdoch (International Representative)
After the collapse of Lehman Brothers, everyone is pointing finger as who were responsible but the bigger question in my opinion is-what exactly is the role of auditors?
The accounting behind the Lehman Brothers and the report was quite uncomfortable for everyone especially Audit Fraternity. According to an article in Accountancy Age, the claim from Anton Valukas, the bankruptcy examiner, is that the position of Lehman was misrepresented a
March 20, 2010
2 Comments Full Story
The role of audit must be re-examined by the accountancy profession, according to a leading industry voice.
Brendan Murtagh, president of the Association of Chartered Certified Accountants (ACCA), said the full benefits of the audit - to businesses, the economy and society as a whole ? are often not being realised.
He said that while audit has "a key role to play" as a source of public confidence in financial reporting, it can also play a valuable role in establishing and maintaining busin
March 18, 2010
No Comments Full Story
A record number of students took ACCA exams in December 2009, with 197,928 candidates taking 388,872 papers. This growth compares favourably with 187,335 students taking a total of 370,715 papers in June 2009.
The exams results, issued on 22 February, revealed that 6,678 students successfully completed their final exams to become ACCA affiliates.
'We are delighted that results are steadily improving throughout the professional level papers,' said Aude Leonetti, ACCA acting executive direct
March 16, 2010
No Comments Full Story
By Bilal Siddiqui (Karachi Editor)
Periodic or specific purpose adhoc audit conducted by external independent qualified accountant(s). Its objectives is to determine, among other things, whether
(1) the accounting records are accurate and complete
(2) prepared in accordance with the provision of GAAP
(3) the statements prepared from the accounts present fairly the organizations' financial position and the result off its financial operations.
How to Perform an External Audit
Exter
March 15, 2010
3 Comments Full Story
« Older Entries