Journalist needs information

[Tausif]

hi dear Friends , I am a Reporter of Daily Financial Post Karachi paksitan. I need your cooperation for the reporting of financial crimes which are taking place in various financail circles.I assure u that ur name would be striclty kept in confidence so please let me know u can either call me at my cell no of 0333-2278904 or email me at [email protected].
thanks a lot
your faithfully
Tausif

[Pracs]

Tauseef ...

are u looking for whistle blowers ?? what kind of a legal cover would a whistle blower have apart from a journalist's word, that it would be confidential ?

More of for personal enlightenment are there / or what are legal covers to a person who may find himself/herself in such a position in Pakistan ?

[Augustus]

I totally agree with Pracs that there is no protection available to whistle blower in pakistan. So, Mr. journalist, even u peaople have no protection and daily march on roads regarding new act relating to journalists... what sort of protection u will provide to other persons...isn't funny? anyways if u are interested to find out some finacial crimes here in pakistan, u must run after some practicing chartered accoutnant then u will realise how they are using the name of eithcs, religion and islam and betraying every field with which they have concern.... no hard feeling plz

[Goodman]

Hi

Under what legal provisions can a whistle blower be apprehended? I think none?

However, rules of prof. conduct can be a problem regarding confidentiality of client info. Now there is a way out for ACCA members under MLR (Money Laundering Regulations 2003) and ACCA has specifically mentioned that client confi. in cases of financial crimes is not an issue provided it comes within the framework of MRL. I dont know the ICAP's standing on this issue.

[Goodman]

forgot the mention that ICEAW has the same standing as ACCA.

[Moon]

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if u are interested to find out some finacial crimes here in pakistan, u must run after some practicing chartered accoutnant then
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Salam

Well mr.augustus you should enter into pratical field before raising these kind of un-ethical remarks. Every practicind Chartered Accountant has to sign a document containing besides other things a confidentiality statement that the matters relating to its client shall be kept confifdential. even a trainee student undertakes to follow the rules, all the trrainee students will agree with me. ISA also requires the disclosure of confidentiality behabvior. You should better be careful before this kind of pin point. CA is a noble profession and CAs have integrity which the other professions [in the current period] lacks.

Invest your hard work today for a success benefit tomorrow

[Pracs]

Yes, the profession is self regulated and more so compared to Doctors as in the PMDC.. or Lawyers under the various Bars. CA's have been reprimended by the institute and in some cases had their membership cancelled / suspended depending on the kind of crime/negligance a memeber is involved in. I would not like to go into specifics.

I think a lot of preceived 'crimes' committed by CA's may fall into Tax planning and engineering, which by the way is legal world wide. Apart from this I have'nt heard any financial scams initiated by a CA in Pakistan. Or am I just ignorant ?

[Augustus]

Well Mr. Moon, i already said no hard feelings but i m sure u took it very persona. First i want to clear that i m also from a c.a profession and have completed my articles, but it dosn't mean that i should protect the c.a profession at any cost.. cuz i m also in it? i don't think so this should be the criteria. As far as my information and readings are concern then please you must read the newsletter of May2001, in which a chartered accountant was quilty and his crime was of ethical nature as he signed an auditor report even when he was not a chartered accountant... what do u think is this a ethical behaviou. and what ICAP did with him.. just reprimant? don't u think they just save a chartered accountant. Moreover, confidentiality document is not a testament. if u know ur crime is involved in financial crimes then instead of going to court u may simply resgin and leave ur client.. but how many c.a do this. i m sure if u have completed ur articles then u must be aware of this situation where trainee is sure there is a financial crime but in the end unqualified report was issued.. so we should live in real world not that i m c.a so i should protect this prfoession bla bla bal

Hope u won't mind any more

[Moon]

Salam

Well the question was the disclosure of confidentiality for which i argued. I agree that the auditors are aware of the financial crime, the matter is whether they can disclose that crime that has come to their knowledge. the answer is, leagally no. So, as you are a CA student, realizing the fact should not refer the question of the forum towards the CAs as there are more than instances where auditor could not be able to identify the fradulant activity but the management knows all.

No hard feelings on my site, but you know the words speak....


Invest your hard work today for a success benefit tomorrow

[Moon]

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Yes, the profession is self regulated
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Salam

Well this one quote of yours explains the whole story. there are always some persons who try to break the law and thus those should be penalized, to what extent it is determined by the institute. If the law contains the loopses, what a CA can do to it..... the tax machinery should be capable of assessing and addressing those issues......

[Goodman]

there was a topic on Ernst young, dont know where is it gone now.

update..
today EY legal team was due in court. another problem has risen. The documents are reported to have an expert evidence which EY thinks should be withdrawn before the hearing next year.

The figures at stake is 2.6 Billion pounds damages for professional negligence and

another 1.37 Billion breach of duty by the directors.

[s_o_h_a_i_b]

mr joournalist.....
what incentive will you give us for reporting such a crime .....
apna faidda to dekh rahoo hoo humain kia hooga .... hehehehe
think about it
Saboora