Is Ernst & Young about to exit Pakistan?
Ernst & Young, the global accounting and professional services firm that goes by its brand name EY, is re-evaluating its relationship with...
Customs officers grapple with each others over fraudulent import scam worth $1.4bn
ISLAMABAD: Customs officers are reportedly grappling with each other's over fraudulent imports scam worth $1.4 billion.
Sources said that Syed Shakeel Shah has...
Special audit of PIA-owned Roosevelt Hotel recommended
Profit of the New York hotel plunged from $21m in 2008 to $3m in 2017
ISLAMABAD: The auditor general of Pakistan has been...
Summit–Sindh Bank merger takes another turn, share swap ratio revised again
Ahsan Raza Durrani appointed as acting president and chief executive officer/executive director as Sindh Bank-Summit Bank merger has come under scrutiny due to alleged financial irregularities.
AOB removes Qadeer & Company from its register of auditors
ISLAMABAD: The Audit Oversight Board (AOB) has removed Qadeer & Company Chartered Accountants from its register of auditors of public interest companies.
The...
Fresh audit reveals PIA’s market share greatly diminished between 2008-2017
According to the audit report, the state-owned airline couldn’t continue as a going concern without the assistance of the government since it had accumulated a loss of Rs361 billion till December last year
NAB starts graft probe against Customs DG
-- Complainant claims DG created and operated an unlawful “incentive system” at Faisalabad Dryport
ISLAMABAD: The National Accountability Bureau (NAB) has formally started its...
Auditors decline to certify PIA’s financial statements citing ‘missing record’: Report
The sources said the reason for the records went missing were pertaining to the transfer of its previous system into Oracle Enterprise Resource Planning (ERP), which kept a day-to-day record of business transactions
Objections against KASB Bank-BankIslami amalgamation disposed of: SBP
Previously, shareholders of defunct KASB Bank had sought a minimum compensation of Rs14.2 billion from the State Bank of Pakistan (SBP), terming the Rs5.9 billion negative valuation of the bank, determined by AF Ferguson, mala fide and dubious
Saudi Arabia to announce slight rise in oil, gas reserves after audit – source
For almost 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP
Rs128 million fraud in IESCO uncovered by auditors
IESCO is accused of having made excessive and incorrect payments to contractors and auditors have recommended them to be recovered
Has CPEC hit a major roadblock?
China’s infrastructure building spree across the nation seems to have been halted due to Pakistan’s inability to pay its loans
Two senior executives depart from Abraaj: Report
Previously, Bloomberg reported last week KPMG was said to be undertaking an internal review into its audits of the world’s largest emerging private equity house
Abraaj shutting down London office, as woes mount
Earlier this week, Bloomberg reported Abraaj’s fund unit had received an offer of $1 from private equity firm Actis, sources aware of the development disclosed
Naqvi shouldn’t be blamed for Abraaj’s disintegration, says lawyer
Mr Naqvi’s lawyer Habib Al Mulla, executive chairman of Baker & McKenzie said the Abraaj scandal had inflicted “some damage” to Dubai’s reputation and raised fingers at the local regulators including DFSA