PKF TRU Announces New Director in Nepal

PKF TRU is pleased to announce the admission of Anjan Shah as a new director in the firm. Established in 1971, PKF are leaders in providing audit, taxation, business and financial advisory services in Nepal.

PKF TRU aims to give its clients full access to the resources and infrastructure of a major firm. The team of PKF is uniquely positioned to integrate in-depth expertise in international accounting and business practices with local know how.

The objective is to provide services of the highest possible standard to companies in Nepal and also bring an international perspective to the management of their business.

Anjan Shah

Anjan Shah

Anjan has immense experience in the field audit and advisory sector and has gained versatile professional experience while managing portfolio of domestic and international client’s needs which includes managing a range of IFRS/NFRS convergence services, External Audit, Internal Audit, Tax Audit, preparation of investment feasibility report, Tax advisory, Financial and Tax Due Diligence Audit, IFRS Training.

As director, will be leading and engaged in developing pool of qualified audit professionals in firm
and assisting the development and implementation of audit quality control policies and procedures in
line with International Standards on Quality Control.

PKF TRU in Nepal have staff strength of over 90 professionals. In addition, many other staff with varied background work on contractual basis with the firm.

Professional Qualifications:

  • FCCA (Fellow member of Association of Chartered Certified Accountant)
  • MBS, Tribhuvan University, Nepal
  • Master in IFRS equivalency certificate from ACCA

Thank you for your interest in PKF TR Upadhya & Co.

124 Lal Colony Marg,
Lal Durbar (Near Jai Nepal Hall),
Kathmandu, Nepal

Tel: (+977) 1 4410927 | 4420026

Fax: (+977) 1 4413307

Email: trunco@ntc.net.np

Audit Governance Changes

Audit governance ensures clarity over the purpose and responsibilities of the audit, that there’s an official mandate and clear departmental goals are in place.

Deloitte in the UK today announces changes to its audit governance structure, with the establishment of an independent Audit Governance Board.

Margaret, Baroness Ford of Cunninghame OBE, will be appointed as independent non-executive chair of the AGB when it is established, which will have a majority of independent non-executive directors, including Jim Coyle, Almira Delibegovic-Broome QC and Shirley Garrood, in addition to Baroness Ford.

Effective from 1 January 2021, the AGB will have responsibility for providing independent oversight of the United Kingdom audit practice, with a focus on the policies and procedures for improving audit quality and ensuring the Financial Reporting Council objectives of, and desired outcomes for, operational separation are met.

The creation of the AGB is the initial phase of Deloitte in the UK’s implementation of the principles for operational separation set out by the FRC in July 2020.

Alongside the establishment of the AGB and the independent non-executive appointments, Deloitte in the UK has also announced that Stephen Griggs will become managing partner for Deloitte in the UK.

Finally, Deloitte in the UK will also establish a new Colleague Advisory Forum, in line with the Corporate Governance Code, to support engagement on governance.

Made up of colleagues from a range of grades and parts of Deloitte in the UK, it will provide a more diverse perspective to the AGB and the firm’s UK Oversight Board, to help inform decision-making.

Olympic Committee Appoints PwC

PricewaterhouseCoopers is a multinational professional services network of firms, operating as partnerships under the PwC brand.

Speaking at the 134th session of the International Olympic Committee in Lausanne, chairman of the audit committee Baron Pierre-Olivier Beckers-Vieujant announced the committee’s recommendation to reappoint the Big Four firm.

The Olympic Committee is a non-governmental sports organisation based in Lausanne, Switzerland. It is constituted in the form of an association under the Swiss Civil Code.

The 134th session then approved the reappointment by show of hands.

In August 2018, the IOC invited Deloitte, EY, PwC and KPMG to submit their proposals in a closed tendering process, which were then assessed by a selection board.

Baron Beckers-Vieujant said the audit committee decided to only include the Big Four as it believed these firms were the only ones capable of delivering on expectations from a global point of view and in line with the IOC’s reputation.

He highlighted value for money and PwC’s commitment to reduce costs over the six-year term as key reasons supporting the choice – explaining that the Big Four firm had already offered to reduce costs in the first year from 402,000 Swiss francs to 391,000 Swiss francs.

PwC will serve a six-year term as the IOC audit committee wanted to align the appointment with the four-year Olympiad cycle.

He also noted that under Swiss law the firm has to be reappointed by vote on a yearly basis.

Last week, PwC was appointed auditor for pharmaceutical company Diurnal Group following a formal tender process and, pending shareholder confirmation the November AGM, will audit the company’s accounts for the year ended June 2020.

Grant Thornton names three executives to Audit Quality Advisory Council

As part of its continued commitment to ‘quality without question,’ Grant Thornton LLP has named three executives to the firm’s Audit Quality Advisory Council. The three-person council now includes two independent members – Chris Mandaleris and Ann Yerger – and Grant Thornton Partnership Board member Seth Siegel.

As advisers to Grant Thornton’s Partnership Board, the council will provide deep, practical and objective advice regarding ways Grant Thornton can continue to deliver high audit quality. In so doing, this council will champion the audit profession and its role in supporting the trustworthiness of our public markets.

“At Grant Thornton, we are committed to delivering the highest quality audits to our clients,” said Mike McGuire, CEO of Grant Thornton. “Chris, Ann and Seth bring more than 75 years of combined professional services experience to our council and we look forward to working alongside them to strengthen our position as a leader in the profession for quality. This group will, in turn, help make our firm the auditor of choice for companies committed to excellence.”

Mandaleris, a retired Ernst & Young LLP Audit partner, joins the Audit Quality Advisory Council after having spent 25 years working in EY’s Audit practice and having helped open the firm’s Greensboro, North Carolina office. Most recently, he was the senior deputy director in the Public Company Accounting Oversight Board’s (PCAOB) inspections division. After 13 years with the PCAOB, Mandaleris retired in 2016 and dedicated his time to serving the Greek Orthodox Church in the southeast as a volunteer strategy, governance and internal control advisor. He is a certified public accountant (CPA) in Alabama and a member of the American Institute of Certified Public Accountants (AICPA).

Yerger joins Grant Thornton’s council after spending the past 20 years at the Council of Institutional Investors, where she served as the executive director. She has also served as the executive director of EY’s Center for Board Matters, as a member of the PCAOB’s Investor Advisory Group, and as a member of the SEC’s Investor Advisory Committee. She also served on the U.S. Treasury Department’s Advisory Committee on the Auditing Profession. Yerger is currently a member of Spencer Stuart’s North American Board Practices and is an independent director of Hershey Entertainment and Resorts Company, where she chairs the nominating and governance committee and serves as a member of its compensation committee.

Siegel, who serves as an Audit partner and as Grant Thornton’s Florida Audit practice leader, will function as the council’s Partnership Board representative. He joined the firm in 1996 and has more than 20 years of public accounting and corporate finance experience. He provides services to both publicly-traded and privately-held entities with a focus on companies in a variety of industries, including financial services, private equity, real estate, hospitality and energy. Siegel is a CPA in Florida and a member of the Florida Institute of CPAs and the AICPA.

Jeff Burgess, national managing partner of Audit Services at Grant Thornton, sums up the additions of Mandaleris, Yerger and Siegel by saying this: “These new members not only reaffirm our focus on quality above all else, but the council itself complements Grant Thornton’s approach to providing the audit of the future, which is built around innovation and quality.”

If you would like to find out more information about Grant Thornton’s audit initiative, please visit https://www.grantthornton.com/auditinnovation

About Grant Thornton LLP

Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organisations of independent audit, tax and advisory firms. Grant Thornton, which has revenues in excess of $1.8 billion and operates 58 offices, works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organisations.

“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.