global
ISSUE 15ASPIRATION AND
EXPECTATIONALL CHANGE AT WORK
ASIA-PACIFIC PARTNERSHIPTHE RCEP TRADE DEAL IS WORLD'S LARGESTTECHNOLOGY MARCHES ON

IMPROVING THE NUMBERS IN ACCOUNTANCYEXPERIENCES TO SAVOURURUGUAY'S NEW FORCE IN HOSPITALITY

The networkfor doingbusiness

2 UHY GLOBAL January 2023

WORD OF WELCOME

IN THIS ISSUE

4FEATUREThe race to embrace
digital tech

18

FEATURE
Impact of world’s
largest trade deal

22

UHY
SERVICES
Delivering forour clients

8

SERVICEFEATURE
Meeting theoutsourcing
challenge

9

GLOBALNEWS10

PERSPECTIVESHow the workplaceis evolving

14

23

SERVINGCLIENTS,SERVINGCOMMUNITIES24

FEATURECan blockchain
change how we
do business?

CLIENT
STORY
Taste of success for
hospitality innovator

28

COGS &WHEELS
The future of
hybrid working

16

PROFILE
Meet Susana
Blancas, UHY
partner in Peru

29

GLOBALUHY MEMBERS’
DIRECTORY

WORD OFWELCOME
Welcome to the 15th issue of UHY
Global, our twice-yearly businessmagazine for organisations withan international outlook. As UHY’s
chairman it is my responsibility,
together with the continued
support of the UHY Board andour independent member firmsin over 100 countries, to guidethe network and our clients
through 2023’s economicallyand socially challenging times.
Globally, 2022 saw many
economies struggle and with
continued uncertainty surrounding
the war in Ukraine, climatechange, energy supply and postpandemic inflationary pressures,
the next twelve months show few
signs of respite for most of us. I
am pleased however to record,
through the pages of this issueof UHY Global, many positive
outlooks for people and businessaround the world, demonstratingthat innovation, cooperationand forward thinking can prevail
when all else seems gloomy.
We have much to thanktechnology for, and the willingnessof workforces to embrace thechange that it is enabling. In
The March of Technology, we
explore some of the impacts it
is having on the professional
services sector; while in The
Business of Blockchain, we ask
how likely it is that revolutionary
technology will spread beyond thesphere of cryptocurrencies. The
answer, it seems, is very likely.
Technology adoption accelerated
during the pandemic, but anotheroutcome has been the capabilityof people in some jobs andprofessions to work from home.
Together with a fundamental

reassessment of working andcommuting practice, this has led tothe emergence of a new dynamic
in the employment market in
the last year. In The Challengeof Change, our UHY colleagues
in different countries discuss
how employers are adjusting toa generational shift in employee
attitudes and expectations.
Meanwhile, on the world stage in
2022 there was a landmark trade
moment that had nothing to dowith the pandemic. In January the
Regional Comprehensive Economic
Partnership (RCEP) came into force
in the Asia-Pacific region, creating
the world’s largest free trade deal,
worth 30% of global GDP. Twelve
months on, we take a look at the
RCEP and untangle some of thedetails. UHY member firms arewell represented in the region
and can help clients to explore
the new trading opportunities
that the RCEP brings.
In this issue of UHY Global we
also consider the rise of hybrid
meetings and conferences, thegrowing popularity of outsourcing,and our usual round-up of global
news and people stories fromacross our network. I hope youfind some thought-provoking
content that matters for yourown business. If you want to
explore additional narratives,
check out our online editionat https://uhy.com/Global15.
I wish you a prosperous
and safe 2023.
Subarna Banerjee
Chairman, UHY International

ALL AROUND THE WORLD

The World Cup will
provide a strong

boost for attracting
foreign investment

and promoting theState of Qatar.

WORLD CUP'S WIDER GOALSQATAR 2022 INVOLVED A RECORD WORLD CUP FINANCIAL OUTLAY, BUT THE VAST SUMSINVESTED IN INFRASTRUCTURE ARE ALSO AIMED AT A FUTURE BEYOND FOOTBALL
Andrzej Kubik/Shutterstock.com

T

he Qatar World Cup has
been a festival of both
football and firsts – the firsttime the world’s premiersporting event has been
hosted in the Middle East,and the first time by a Muslim
country. Qatar is also thesmallest nation ever to host thecompetition, and the first to
stage the tournament during anorthern hemisphere winter.
To put it another way, Qatar 2022 wasa World Cup like no other, and theuniqueness of the event has been apparent
since the moment the state’s successful bid
to host the tournament was announced.
A LONG-TERM STRATEGY
In 2010, Qatar had little footballing
history and virtually no World Cup
facilities. Today, it has hosted the world’s
most watched celebration of sport, which
speaks volumes about the scale of thecountry’s ambitions and the strength of
its resolve. It also reaffirms the appealof hosting the Word Cup for nations
that want to advertise themselves tothe world in spectacular fashion.
That is certainly true of Qatar, which canboast yet another first. The country has
spent an estimated USD 220bn since2010 on stadiums and infrastructure,a huge amount even by World Cup
standards. An initial economic boost fromthe tournament of around USD 20bn is
expected. While this might suggest a huge
deficit, Moamen Elsalawy, partner at Qatarimember firm UHY Ammo & Co, explains
short-term financial gain is not the goal.
“Qatar’s hosting of the World Cup isdesigned to have a positive impact on
the whole of the Middle East and all
Arab countries, because it will shedlight on the Arab and Islamic culturesin the region,” he says. “It will be an
opportunity for millions of people tovisit the region and to be introduced toancient Arab and Islamic civilisation.
“The World Cup will also provide astrong boost for attracting foreign
investment and promoting the State of
Qatar, and it will reflect positively on
the country’s future as an investment
and tourism destination that is
capable of rising to any challenge.”
NATIONAL VISION
The aim of Qatar’s World Cup organisers
was always to create a positive image ofthe country and the region that would
linger for generations. And while USD
220bn is a lot of money to spend fora ‘feelgood factor’, most of it would
probably have been spent anyway
because the tournament is part of
the Qatar National Vision project. Thisinitiative aims to transform the country
into an “advanced society capable ofsustaining its development and providing
a high standard of living for its people”.
To that end, the vast majority ofthe money invested since 2010 has
gone on hotels, cultural centres,
startup hubs and transport links,
rather than football stadiums.

The need to comfortably host,entertain and move 1.2 million visitors
for the month-long tournament
may have hastened some of theseprojects along, but they are clearly
investments for the long term.
One example is the innovative M7 building,a futuristic five storey construction in
downtown Doha described as an "epicentre
for innovation and entrepreneurship indesign, fashion and technology". Then
there are the 76km and 37 stationsof the Doha Metro, the country’s firstpartially underground rail system, andStadium 974, the first ‘fully demountable’stadium in World Cup history.
VIBRANT CENTRES
After the tournament, Moamen says
the sporting infrastructure that remains
will be put to good use. “The stadiums
and the surrounding areas will turn into
vibrant centres of community life, forming
one of the most important pillars of
the World Cup legacy. Qatar is working
to build facilities and infrastructure forthe benefit of future generations.”
That is the crux of the matter. Qatar has
spent vast sums for a relatively small
financial return. But the World Cup ispart of a much wider plan to diversify
and rejuvenate the economy of theoil and gas-dependent nation. While
Qatar’s huge infrastructure investments
were designed for hosting a spectacularWorld Cup, they will continue todrive new technology, tourism, designand sports sectors, and nurture an
ambitious entrepreneurial class. n

4 UHY GLOBAL January 2023

FEATURE – THE MARCH OF TECHNOLOGY

THE MARCH OFTECHNOLOGYWITH ACCOUNTING FAST BECOMING A DIGITAL PROFESSION,THE ADOPTION OF CLOUD, AUTOMATION, AI AND MORE IS
CREATING HUGE OPPORTUNITIES FOR PROACTIVE FIRMS –AND NEW RISKS FOR THOSE LAGGING BEHIND

T

he pandemic stalled or
slowed many things inbusiness, but digitisation
was not one of them. In
fact, data suggests that
lockdowns accelerated thedigitisation of customer andsupply chain interactions,and internal operations,by three to four years.
As business embraces digital technology,
business service providers must do sotoo. Accountancy has been developing
as a digital profession in recent years,
but the pandemic has made it go
further and faster. For example, despite
the return of face-to-face meetings inmost global jurisdictions, many service
providers now offer a virtual meeting
option to facilitate more frequent orconvenient client communications.
Virtual communication is only the tipof a technological iceberg, however.
The march of technology is creating
huge opportunities for the accountancy
profession across many service lines. At
the same time, it is creating significant risk
for those in danger of being left behind.
“The use of technology by our clients
continues to grow by leaps andbounds,” says Steven Chong, group
chief transformation officer for UHY in
Malaysia. “That creates an imminent riskfor professionals who cannot integrate orconnect with that technology. The threat
to those still living in a ‘bricks and mortar’world is becoming a reality by the day.”With that in mind, what are the digitaltrends most affecting professional
service providers and their clients,
and what technology is becominga ‘must have’ for accountants?
REPLACING MANUAL INPUTS
The first thing to note is that service
providers, businesses and countries are allat different stages of technology adoption– what is becoming mainstream in one
jurisdiction may still be in its infancy
in another. But we can discern a clear
pattern, which begins when technology
is used to replace routine manual tasks.
“We have to be flexible, because clientsare adopting technology at different
speeds,” says Rebecca Roberts, senior
manager and head of cloud accounting at
UHY Hacker Young in the UK. “For somesmaller clients, the idea of being able toscan a box of receipts into an accounting
app, rather than entering the details
manually, is still quite revolutionary, even
if the technology has been around forseveral years. But in general, these things
are becoming part of everyday life.”
Scanning receipts straight into accounting
software, alongside other innovations
like digital invoicing, is a gateway to thepower of digitisation. This entry-leveltechnology saves large amounts of time
for both bookkeepers and small businessclients, and improves the accuracy of
information in accounting systems.
In a similar way, robotic process
automation (RPA) also creates businessefficiency and is likely to be one of the

UHY GLOBAL January 2023 5

We have to beflexible, because

clients are adopting
technology at

iStock.com/iambuff

different speeds.

6 UHY GLOBAL January 2023

most important drivers of competitive
advantage for finance professionals in
the next few years. Barbara Jedrzejek,
partner and chief finance officer at
UHY ECA, Poland, believes RPA has a
key role to play in the streamlining ofaccounting and financial processes.

FEATURE – THE MARCH OF TECHNOLOGY

There are now

endless opportunities
to adopt andintegrate all sorts oftools and facilities

example, can happen in almost realtime. By integrating a range of cloud
platforms – bank accounts, accounting
systems and invoicing solutions, forexample – a wider array of back-officetasks can be digitised and automated.

“Due to the ongoing trend ofdigitalisation of accounting andfinance, resulting in more structured
data and greater standardisationof processes, this area seems to be
an ideal candidate in the search forprocesses with automation potential.

Again, the immediate benefits of
RPA are likely to be focused on time,
accuracy and employee satisfaction(as hitherto mundane manual tasks
are automated). But when tax records,
receipts, invoices and other potential
data sets are standardised and digitised,much more also becomes possible.

When you have systems that talk toeach other in real time, the result
is efficiency, accuracy, speed – anda huge amount of shared data.
Unstructured data was once regarded
as something of a nuisance, because
small and medium-sized businesses inparticular had no way of using it. But
powerful cloud-based software canmanipulate data in a way that was once
unthinkable, at least beyond the largest
multinationals. As Steven says, dataas the ‘new oil’ is not a new concept.
What is new is that the ability to extract
value from data is filtering down to
all sectors and strata of business.

"In recent years digitalisation has also
been driven by regulators and tax
authorities through the digital filing oftax returns and Standard Audit Files,
as well as the wider implementationof national e-invoicing platforms."

AHEAD IN THE CLOUD
Much of that potential is due tothe wholescale transition to cloudcomputing. Cloud applications can beaccessed from anywhere and on any
device, which means bookkeeping, for“With the right tools, data can
democratise what used to be theexclusive realm of multi-million-dollar
systems,” he adds. “There are now
endless opportunities to adopt andintegrate all sorts of tools and facilities“Robotic process automation can be
implemented in almost any area offinancial activity,” she says. “But it has
the greatest potential in areas that involvetime-consuming, repetitive activities that,by their nature, are relatively easy todescribe in a computer-readable format.

iStock.com/gorodenkoff

from the technology
marketplace.

FEATURE – THE MARCH OF TECHNOLOGYfrom the technology marketplace,at a fraction of the cost of what alarge corporate might have paid forsimilar outcomes in the past.”
Data that can be efficiently collected,
validated and standardised is
opening up huge opportunities
for business. It is revolutionisingaccounting in much the same way.
THE ERA OF BIG DATA
Business data is valuable – and themore of it you have, the more valuable
it tends to be. But that is only true if
you have technology that can validate
its accuracy, put it into a usable
form and analyse it for insight.
Increasingly, that is where artificial
intelligence (AI) and machine learning(ML) technologies come into play.
AI-powered software can scan paper
documents for useful information,
which is then digitised and fed into
other systems. Algorithms can monitor
real-time transactions for unusual
behaviour that might suggest fraudulent
activity. ML allows programmes likethese to refine themselves over time,
becoming more accurate and more
useful as they accumulate more data.

iStock.com/gorodenkoff

Barbara says AI and ML are beginningto streamline complex systems in the tax
arena too. “The appropriate use of bots
to collect inputs for tax statements canincrease control over a company’s tax
processes and minimise the risk of humanerror, which in the world of realtime tax
reporting can be crucial,” she says. “Thisis because the automated algorithms
used by tax authorities will identify
any irregularities and interpretationsin the tax returns received.”
In fact, modern cloud accounting
software includes a dashboard of data
points that updates in real time. Businessleaders will know quickly if an invoice has
not been paid or a deadline is due. But
intelligent apps continually scan this datafor insight, and this allows accountants
to dig deeper, using up-to-the-minuteinformation to help clients make better,evidence-led business decisions.

What does this mean for professional
services like accounting? “If utilised
properly, this technology can hasten
the transition from service providers
to business advisors,” says Rebecca.
Steven agrees. “The modern narrative
for the accountant is to position
ourselves as a valued advisor to theclient, as opposed to doing back-room,
mundane paperwork that clients rarely
appreciate. Access to comprehensive
analysis of data, benchmarks, up-to-date
reports and so on is the sweet spot.”
AI-powered accounting is gradually
coming of age. By finding patterns in large
datasets, AI allows finance professionals
to embed themselves as businessstrategists. “For example, by analysing
current and historical data, an algorithm
might predict your company cashflow,
and highlight any upcoming issues,” says
Rebecca. “It would then be the role of
the advisor to begin a conversation about
the business impact of that informationand suggest possible solutions.”

In the future,computers will beable to replace
humans inperforming more
complex tasks.

THE FUTURE IS HERE
All of this is available now, though
Steven acknowledges a lag between‘voluntary and forced adoption’. Some
professional service firms are getting
ahead of the curve, while others are
waiting for market demand to force theminto action. The worry is that, by thetime they act, late adopters will have lost
ground to more proactive competitors.
Realistically, the direction of travel isset. Steven’s team is already using thecloud and client data in sophisticatedways. It has also just launched
SmartLedgers, a cloud-based bookkeeping
platform, in conjunction with UHY
Advisory and Secretarial Knowledge
Limited (UHY ASK) in Hong Kong.
In the UK, Rebecca’s team offers an app
stack that includes cloud accounting,automated cashflow AI and scanningsoftware, to name just three. Barbara
and her colleagues in Poland, meanwhile,
are taking the lead in helping clients
digitise and automate main document
flows within the company, andimplementing Power BI-based reportingfor the online presentation of financial
reports and key business metrics.
The next stage of evolution is not far
away as the technology already exists.
“In the future, computers will be able
to replace humans in performing
more complex tasks, such as analysing
regulations, drawing conclusions basedon data or making predictions based on
predictive analysis,” says Barbara. The
widespread uptake of AI in audit analytics
seems to be one logical next step.
Whatever the form and speed oftechnological adoption, Rebecca says
the one certainty is that it will happen.
“My job title is head of cloud accounting,but in five years the role won’t exist.
Cloud, automation, AI – those things
will just be what we do.” n8 UHY GLOBAL January 2023

SERVICE FEATURE – OUTSOURCING FOR EFFICIENCY

iStock.com/Liubomyr Vorona

OUTSOURCING FOR EFFICIENCYTAKING OVER CLIENT BACK-OFFICE FINANCE FUNCTIONSIS BECOMING A KEY SERVICE FOR UHY FIRMS GLOBALLYAs our in-depth featurein the last issue of UHY
Global showed, the market
for outsourced businessservices, from payroll andaftersales care to accountingand HR, is growing fast.
Currently valued at more than
USD 232bn, the businessoutsourcing sector is expected
to register a compound
annual growth rate (CAGR)
of 8.5% until at least 2028.
Organisations look to third parties todrive efficiency, to give them access to
specialist and hard-to-find talent, andto free up time and space to focus oncore activities. While businesses onceemphasised the control that comes fromdoing everything in-house, today evensmall and medium-sized enterprises
are looking at the cost and efficiency
gains that outsourcing can bring.
Accounting and payroll functions areamong the most likely to be outsourced,
but that is only possible where providers
offer high quality outsourcing services.
The UHY global network provides
a range of cost-effective, highly
professional outsourced services tonational and international clients.

A TRUSTED PARTNER
More and more of our member firms
offer outsourced payroll, reconciliation,
financial statement preparation and
CFO services, to name just a few. UHY
will get to know a client’s requirements
in detail before suggesting the mostappropriate path forward. Our aim is
to become an extension of our clients’teams and a trusted partner, rather thansimply a provider of ad hoc services.

THE NEXT STEP
Some UHY member firms have taken thenext step and have become outsourcing
specialists. In Colombia, UHY Consultores
S.A.S.'s unique selling point is its expertisein outsourcing and assurance. The firm
is qualified to deliver a wide range ofbusiness process outsourcing including
accounting, tax, payroll and administrative
back office, which are all offered ascomplete end-to-end standalone services.

One excellent example is Client
Accounting Advisory Services (CAAS),
the specialist outsourcing service
of US member firm UHY Advisors,
Inc., which offers a full suite ofcustomisable solutions. CAAS national
practice leader Kane Polakoff says
a combination of standardised,
repeatable operating procedures andscalable technology enables deliveryof cost-effective services that create
efficiencies for clients, and free up
their time for higher-value activities.

Outsourcing is becoming a key service
line throughout the UHY network
and is not just a client-facing benefit– it also enables our member firms tohelp each other. For example, UHY
Haines Norton (Auckland) Ltd in New
Zealand solved a resourcing challenge
by collaborating on audit assignmentswith UHY member firm Chandabhoy &Jassoobhoy in Mumbai, India, ensuring aseamless service for an important client.

Around the world, UHY member firms
offer similar services, managing client
back-office finance functions either
completely or in part. In Nigeria, UHY Maaji& Co offers outsourced accounting andbookkeeping services. In Australia, member
firm UHY Haines Norton in Sydney, findsthat CFO services and payroll are themost common outsourcing requests.

Businesses are turning to outsourcing
because it offers efficiency and scaleat reasonable cost. The UHY network
is adding new value with a range ofoutsourced services that leave clients
free to focus on their core activities,
knowing their back-office financefunctions are in safe and reliable hands.
For more information, visit
www.uhy.com or email info@uhy.com nGLOBAL NEWSUHY GLOBAL January 2023 9

ASIA INITIATIVE TAKES OFF

iStock.com/Kerrick

Meeting in Bali, Indonesia, in September
2022, government ministers and tax
commissioners from member countries,
along with development partners,

including the Asian Development
Bank Group and the World Bank,
established baseline actions for all
members and complementary measures
for members seeking enhanced
cooperation on specific areas.
The high-level work plan builds on theJuly 2022 Bali Declaration, which confirms
members’ political commitment tocapacity building and cooperation on tax
transparency. The baseline actions aim
to ensure effective implementation anduse of tax transparency standards, andinclude participation in the Convention
on Mutual Administrative Assistancein Tax Matters and establishing an
exchange of information (EOI) function.

IASB FIVEYEAR FOCUS“The sharing of experiences andviews on the tax transparency agenda
contributes to building an invaluable
regional dynamic, which is very
promising for the future of the Asia
Initiative,” said Mr Suryo Utomo,
chair of the Asia Initiative anddirector general of the Directorate
General of Taxes of Indonesia.
The Asia Initiative is supported by theOECD Global Forum on Transparency
and Exchange of Information for
Tax Purposes. Open to all Asian
jurisdictions, it gives a regional voice
to the promotion of international tax
transparency, EOI, and tackling tax
evasion and illicit financial flows.

UK-SINGAPORE DIGITAL PACT
A Digital Economy Agreement (DEA)
between the UK and Singapore
is the first digital-only trade
agreement between individual
Asian and European economies.

The International Accounting Standards
Board (IASB) has outlined its priorities
to 2026, confirming a focus on
digital financial reporting and theaccessibility of existing standards.

Signed in June 2022, the DEA builds
on the countries’ existing bilateral
trade relationships and comprises
agreements for programmes ofcooperation in fintech, digital
customs, cybersecurity, digital
identities, electronic trade documents
and electronic invoicing, to support
open and inclusive digital markets,
the free flow of data, consumer
and business safeguards, digital
trading systems, financial services
and technology partnerships.

With increased use of digital financial
information, the IASB has identified theneed to consider its impact on accounting
standards, alongside improving its
usefulness, quality, accessibility andcomparability. Activities will include
a focus on the International Financial
Reporting Standards (IFRS) Accounting
Taxonomy and involve engagement withstakeholders including regulators andpreparers of financial statements. This will
also include working with the International
Sustainability Standards Board (ISSB) toensure consistency and compatibility with
the IFRS Sustainability Disclosure Taxonomy.

iStock.com/AndreyPopovCollaboration with the ISSB is also expected
as the IASB seeks to improve understanding
and accessibility of accounting standards
and to ensure their consistent application.

The DEA also includes a commitment
to strengthen the UK-Singapore
Fintech Bridge established in 2016,
boosting cooperation in digitalfinancial services and supporting
the expansion of UK and Singapore
fintech firms. Cooperation on digital
customs will include explorationof ‘single window’ interoperability
and supply chain digitisation.
Establishing digital-only trade rules
and interoperability between digital
economies, DEAs are a relatively new
phenomenon. The Digital Economy

Unsplash/Duy Nguyen

Members of the Asia Initiative haveagreed a high-level work plan to enhance
tax transparency across the region.

Partnership Agreement (DEPA), signed
electronically in June 2020, includes
Chile, New Zealand and Singapore,and is open to all World Trade
Organisation members – Canada
and South Korea have applied formembership. The European Union
has a DEA with Japan, and ASEAN
economies are considering a regional
DEA. Singapore also has DEAs in placewith Australia and South Korea.

10 UHY GLOBAL January 2023

MEETING THE
CHALLENGE
OF CHANGE

iStock.com/AsiaVision

THE PANDEMIC ACCELERATED
GENERATIONAL CHANGES IN THE WAY
WE WORK – AND IN WHAT WE WANT FROM
WORK. PROFESSIONAL SERVICES FIRMS
NEED TO ADAPT TO A WORKFORCE WITHEVOLVING ATTITUDES AND ASPIRATIONSPERSPECTIVES – MEETING THE CHALLENGE OF CHANGEPERSPECTIVES – MEETING THE CHALLENGE OF CHANGE

W

orkplaces and working
patterns have always
evolved, but in the past thepace of change has been
gradual and manageable.
By contrast, the pandemic has
ignited a workplace revolution.
Writing in Forbes, businessleader Madhu Chamarty argues
that this revolution "could
be defined by the moment inwhich talent, more than capital,
becomes the most criticalfactor for business".

That is because, in many sectors andgeographies, talent is in short supply.
Research from global workforce solutions
company Manpower Group finds that,in 2022, three in every four companies(75%) have reported talent shortages
and difficulty hiring – a 16-year high.
Nor is this necessarily a temporary
phenomenon. A report by organisational
consulting firm Korn Ferry estimates
that, by 2030, more than 85 million
jobs could go unfilled around theworld because there are not enoughskilled people to take them.
This skills shortage could hardly havearrived at a more volatile time for
workforce relations. The pandemic
has created an expectation of remoteand flexible working and swept aside
traditional objections around productivity
and control. At the same time, newtechnology is coming on board – including
artificial intelligence (AI) and machinelearning (ML) – that is threatening some
jobs while supercharging others.
Perhaps most importantly of all, an influxof Generation Z workers (those bornroughly between 1995 and 2010) isbringing new ideas, values and ambitions
into the workplace. Among these, it isreported that Generation Z places lessvalue on salary than previous generations
and increasing importance on working
practices and the wider environment.
These are trends that cannot be ignored.
Shifting workforce demographics, attitudes
and aspirations mean the world of work

is in flux. Against this background,
traditional recruitment and retention
strategies may fail to deliver. Workplace
conventions are being turned upside
down and every sector, professional
services included, is feeling the effects.
“The expectations in today’s postCovid workplace are totally different
to those of just two and a half years
ago,” says Sungesh Singh, managing
director of New Zealand member firm
UHY Haines Norton (Auckland) Ltd.
“Not only are remote and hybrid
working and work-life balance major
factors, but a general resource shortage
has also created greater expectations
in regard to career development.”

The expectations
in today’s post

Covid workplace aretotally different tothose of just two anda half years ago.

Ken Shemie, partner at UHY Victor
LLP in Montreal, Canada, confirms
the trend. “With the worker shortage
we are experiencing, employees are in
great demand and are constantly being
approached with promises of a better
opportunity,” he says. “The result is that
employees have become more demanding
and they are looking for a better worklife balance, more mentorship andopportunities for growth, and a good work
environment where they feel appreciated.”
GENERATIONAL CHANGE
The desire for decent pay,
opportunities to climb the corporate ladderand recognition for good work
is not new. But today there is a
generational difference in what
employees expect from work
beyond those fundamentals.

UHY GLOBAL January 2023 11

We have to guard against stereotyping
generations, but research shows thatworkers in previous generations placed
more value on long careers with wellestablished companies, while employees
born in the last 30 years or so tend to beless loyal and more mobile. This is perhaps
best exemplified by what the New YorkTimes describes as a ‘techlash’ on college
campuses. Jobs at Facebook, Google andApple were seen as golden tickets for
ambitious graduates just a few years ago,but big tech recruiters are now having
trouble filling graduate programmes.
Big tech has lost its allure for younger
people, at least partly because of recent
revelations around impact and influence.
Technology firms once promised to ‘dono evil’. Now they stand accused, fairly
or not, of undermining some of thebasic tenets of democratic society.
And what is true in tech is also true
more widely. Younger generations
are looking for employers that match
their values as well as their ambitions.
They want to work for organisations
they see as good global citizens.
With that in mind, Sungesh says
businesses that want to attract the besttalent must take corporate social andenvironmental responsibility seriously.
“Today there is much greater awarenessof a business’s ESG (environmental,social and governance) and CSR(corporate social responsibility) record
and we find that this absolutely
comes into play with both existingand potential employees,” he says.
LIFE OVER JOB
In other words, younger employees
want flexibility, freedom and analignment of values. They wanted thesethings before the pandemic, but Covid
showed what is possible – including
a transition to home working almost
overnight. At the same time, the talent
shortage has given them the power todemand more from the organisations
they work for. What it all amounts tois what Franci Žgajnar, director at
UHY d.o.o., Slovenia, calls ‘life over job’.
“Younger generations definitely prefer
this and the question then is, what is asuitable motivation for them, to keep

12 UHY GLOBAL January 2023

them working hard and achieving inyour organisation? Career change isquite acceptable to them,” he says.
That is perhaps the root of the issue. In aworld with more roles than candidates,
the appeal of a job for life is not what
it once was. Younger generations werealready comfortable with the idea of aportfolio career – one that combines
multiple income streams. Increasingly, they
are also prepared to leave secure and well
paid employment if it fails to match their
expectations in other ways, even if doing
so means taking what older generations
might consider a backward step.
“I find that the new generation of
employees lives in the present and is lessconcerned about the impact of careerdecisions in the long term,” says Ken. “Itis no longer about what I must do for myemployer in order to succeed. Now, it iswhat my employer is willing to do for me.”Sungesh takes the same view. “Thefactors that currently motivate professional
employees the most are flexibility andfreedom, with career paths being asecondary factor,” he says.

We have to beconcerned aboutwork-life balance.

“The younger generation, inparticular, feel that work flexibility is
no barrier to career transition.”
THE NEED TO ADAPTIn practical terms, how do
professional service providers adapt
to this rapidly changing world?
Where possible, some form of flexible
working model is almost certainly
necessary, though realistically it is likely
to be in the form of hybrid work rather
than a fully remote strategy. And officiallyor otherwise, businesses need to show
empathy when it comes to issues likeparental leave and family responsibilities.

Modern professionals also want lifelong
learning opportunities, to equip them forwhat they regard as an uncertain future.
And technology should be employed
to take over basic data input andbookkeeping tasks, leaving employees free
for more creative projects. In accounting,even less experienced employees may
reasonably ask why they are being tasked
with ‘drudge’ work when software
is available to take away the pain.
Wellbeing programmes will also help
to show employees that your company
cares, and with a new focus on
work-life balance, managers should
keep intrusive out-of-hours calls andemails to an absolute minimum. As
we have already seen, a focus on ESG
will help align corporate values withthe personal principles of a growing
proportion of your workforce.
GETTING THE BALANCE RIGHT
For some managers, this will take asignificant shift in attitude. “We have to
be concerned about work-life balance,”says Franci. “As senior staff, we need to
ask if it is really necessary for staff to beavailable for calls or video conferences at

iStock.com/LightFieldStudios

PERSPECTIVES – MEETING THE CHALLENGE OF CHANGE

any time. And if staff are working
remotely, how much control do we reallyneed?” Sungesh admits that getting thebalance right can be tricky. “From a firm’s
perspective, the challenge is to manage
the productivity of, say, working
from home arrangements whilebalancing employee expectations. We
believe flexibility works best when
considered on a case-by-case basis
rather than as a blanket policy.”

Firms that get

the balance rightstand to benefit ina number of ways.

As Sungesh suggests, firms are likely
to meet these challenges in theirown way, based on their own unique
circumstances. Some will travel far andfast, creating flatter, more employee
focused organisational structures andrewarding work on the basis of output
rather than hours. Others may be content
to implement limited hybrid working andtweak ESG policies in the first instance.
Whichever it is, Franci argues that there
needs to be compromise on both sides.
On ESG, for example, staff need to beaware of the cost and accept the fact thateven companies that want to do theirbest will not be able to do everything.
Ken agrees that realism is required
as both sides navigate the changing
landscape of the post-Covid working
world. “Those (employees) who succeed
will be more practical and realistic andnot idealistic in their beliefs,” he says.

With that in mind, the key message
is that firms need to do something tomeet a new generation of employees
halfway. Working life is changing rapidly.
Younger generations have very different
priorities to their older counterparts insome areas, and talented people are not
short of options. Organisations that failto recognise and act on these realities
may find themselves in the recruitment
and retention slow lane, struggling
to keep their crucial human resources
healthy, happy and engaged. n

iStock.com/ProfessionalStudioImages

But firms that get the balance rightstand to benefit in a number of ways.
Employees of all generations who feel
listened to and valued will work diligently
for your business and provide the best
possible service to clients. They will not
simply be workers. They will be partners
and colleagues determined to make adifference and help clients prosper.

UHY GLOBAL January 2023 13

14 UHY GLOBAL January 2023

CLIENT STORY

SOUTH AMERICA,SUSHI AND SUCCESSMAGNUM MIXES URUGUAYAN HOSPITALITY WITH INTERNATIONAL FLAVOURSAND A UNIQUE ATMOSPHERE. WITH THE HELP OF UHY GUBBA & ASOCIADOS, THISAMBITIOUS HOSPITALITY BUSINESS IS PREPARING TO SHARE ITS SECRETS WITH THE WORLDM

agnum is one of Uruguay’s
best kept secrets but it
might not be a secret for verymuch longer. The heart of thisgrowing hospitality business isfour premium locations, two inMontevideo and two in resortcity Punta del Este, enhanced
by a calendar of summer beachmusic festivals and other events.
In gastronomic terms, Magnum offers
a fusion of international flavours mixed
with a dash of Peruvian exuberance.
But Magnum realised some time agothat it did not simply sell food – it soldexperiences. Today, the brand focuseson gastronomy, private events, catering,mass parties, selling advertising contracts
and the nightclub that currently
operates in Montevideo. As a result,the business has grown substantially.
If you come to a Magnum location for thefood, you will stay for the atmosphere.
Depending on the location, Magnum
brings you lively bars, sophisticatedterraces and intimate cellars and livingrooms. The mix of food, atmosphere,
entertainment and experiences is awinning formula. In fact, it is so successfulthat the company has advanced plans
to expand beyond Uruguay’s borders.
AN AMBITIOUS BUSINESS
Magnum is a limited liability company ina solid financial position, with projectedsales of USD 11m in 2022 and an
EBITDA rate (earnings before interest,
tax, depreciation and amortisation) of
25%. The company employs 150 people
year round but that number increases
to 250 during the summer season.
The business has always been ambitious.
Its well-considered plan was to create afirm foothold in the local market before

taking the Magnum concept overseas.
Magnum CEO Ignacio Salvo says that,from the start, those plans have relied on
the involvement of an accounting partnerthat combines deep market knowledge
with excellent technical services.
“Our plan was always to expand into
the local market and then continue toexpand our brand beyond Uruguay’sborders,” Ignacio says. “The only way toachieve that was with the guidance of aprofessional services firm that guaranteed
the support and advice we needed.”

Magnum turned
to UHY Gubba& Asociados,

UHY’s member

firm in Uruguay,
from day one.

Magnum turned to UHY Gubba &Asociados, UHY’s member firm in
Uruguay, from day one. The UHY firm
provides Magnum with accounting,payroll and tax consultancy services, aswell as intelligent, highly knowledgeablebusiness consulting. That combination
has helped Magnum expand to four
permanent locations in Uruguay andwill again be invaluable as the businessattempts to establish itself further afield.
“Their assistance in all areas has beenvital for our company but especiallybusiness consulting, which has beenhugely important for our domestic
and cross-border expansion strategy,”says Ignacio. “With the help of UHY

Gubba & Asociados, we have achieved
sustained growth and expansion, andare now looking to land overseas.”
THE HUMAN TOUCH
Ignacio says Magnum appreciates thefirm’s technical skills, but it is the humanelement that really stands out. “Themost valuable part of our commercial
relationship has been, in addition to thegrowth of our firm, the close relationshipsthat have been established between
our team and all of our contacts at
UHY Gubba & Asociados,” he adds.
“We initially chose UHY Gubba &Asociados for the highly professionaland competitive level of service they
offer, but in addition we have found thatthe closeness of (managing partner) Hugo
Gubba and his entire management team,their interest in our business and the easewith which we communicate makes ourjob much easier and more comfortable.”That high level of service will continue
as Magnum prepares for the next phaseof its ambitious strategy. The businesswill test the waters with a locationin the United States before finalisingfurther expansion plans. So far thecompany has required the services
of UHY Gubba & Asociados, but thepositive nature of the experience means
Ignacio and his team would be happy touse other members of the global UHY
network if that becomes necessary.
For now, Magnum will continue its
strategy of targeted, fiscally responsible
growth. The company’s expansion
has not been at the expense of goodfinancial housekeeping, and thebusiness lives within its means.
As it looks forward, its partnershipwith UHY Gubba & Asociados will
ensure that growth is the resultof robust financial planning andastute business intelligence. n

CLIENT STORYUHY IN THE HOSPITALITY SECTOR
Experts at UHY member firms havea deep-rooted understanding of thehospitality, leisure and tourism sector.
They provide audit, accounting, tax
and business consultancy services toclients, as well as sector-specific advice
including the development and financingof new projects. In a highly competitivemarketplace where brand reputationis crucial, UHY professionals also haveextensive knowledge around licensing
and intellectual property rights.

MAGNUM/ Manual de marca

LO G OTIP O

16 UHY GLOBAL January 2023

PERSONAL PROFILEer route to where she is now
H
has not been straightforward
but Susana’s entrepreneurial

RISING HIGHA SUCCESSFUL LAWYER IN PERU WHO TOPPED UP
HER SKILLS WITH A US ACCOUNTANCY DEGREESO SHE COULD FAST FORWARD HER CAREER IN
THE UNITED STATES, SUSANA BLANCAS, SENIORPARTNER, UHY BLANCAS SANDOVAL & ASOCIADOS,PERU, EMBODIES THE FOCUS, COURAGE AND
INNOVATIVE SPIRIT THAT MARKS OUT
THE UHY NETWORK'S MOST INSPIRING PEOPLE

ambition is stronger thanever. She sets a great example
for other female leadersacross UHY and particularly
those in Latin America.

“I have always made bold shifts in mypersonal life and career to ensure I canmake the most of any given situationand now it is paying off," says Susana. "Theaccountancy firm that my father-in-law set
up in Lima, Peru, many years ago has been
an associate member of the UHY network
since 2012. In 2020 my husband, Carlos
Sandoval, as managing partner of the firm,
achieved full membership. The benefits ofthis latest move have been tremendous
for us and our client base is flourishingas we have one of the region’s fastest
growing economies which is attracting
substantial international investment.”
A CAREER JOURNEY
As a young lawyer based in Lima in the
1990s, Susana had been working for alegal firm and the Peruvian tax authority inher country’s capital city and was happy.
But like so many contemporaries, Carlos,
who grew up in the Netherlands, wasambitious and keen to leave Peru, which atthat time was enduring a period of extreme
terror and armed conflict. It was a difficult
choice to leave her homeland but after
marrying in 1996, Carlos and Susana madethe decision to set up home in Miami, US.
Once settled in America, Susana faced
problems trying to pursue her legal career.
She was unable to practise law withouta resident’s visa or a qualification thatwas recognised in Florida. She used hertime to study English and volunteer at
the Florida International University's Latin
American and Caribbean centre, helping tomanage major congresses and developing
an understanding of US corporate life.

Finally I was
realising my

potential and gaining
confidence daily.

Susana with son, Diego,
left, and husband
Carlos, in Miami“Attending a state law school to convert
my qualifications to meet US criteria
was prohibitively expensive and Carlos
was already studying for his Master’s
degree, so voluntary work suited mewell. I had time to look after my youngson, Diego, and I learned so much fromnew university friends,” says Susana.
“I look back on this happy time as abrilliant commercial grounding for me.”

UHY GLOBAL January 2023 17

Susana on Peru’s
famous Machu Picchu

When Carlos accepted a new position
as head of diversity at a majorbank, the family moved to North
Carolina where Susana decided toembark on an accountancy degree
at North Carolina University, from
where she graduated in 2008.
“At last I had professional qualifications I
could use in the US. As a bilingual Latina
woman with two degrees I was invited forhigh profile job interviews, but when thefinancial crash arrived major firms stopped
hiring. Everyone in Carlos’s team at work
was laid off except him, but he insisted
on moving back to Miami to continue
developing new commercial opportunities
for his employers in the wake of theeconomic crisis. Once again we relocated.
I found work as a financial advisor andbecame a licensed broker, and in time I was
employed by Wells Fargo Bank and then by
Morgan Stanley. Finally I was realising my
potential and gaining confidence daily.”
Outside the US, watched carefully by
Carlos, the economy in Peru had been
gaining real strength since 2010. Twoyears later he decided to take advantage
of his home country’s heightened status,
alongside Brazil, as one of Latin America’s
most thriving countries. After ten years in

The family celebrates
Susana’s graduation

Miami, Susana and Carlos packed theirbags again and returned to Peru in 2012.
“I was nervous about moving back to
Lima because we both had good jobs weenjoyed in Miami", says Susana. "Carlos
had never really worked in Peru but
was keen to help his father to develop
the scope of his accountancy firm.”
It is a move that has consolidated UHY
Blancas Sandoval & Asociados as one of
the region’s fastest growing UHY member
firms. Since returning to Lima, Susana has
built a strong legal services departmentthat she believes will be as big and as wellrespected as the accountancy offer if themember firm’s strategies are on course.
FAST TRACK SUCCESS“When we first moved back to Peru ourfirm’s focus was on governmental auditing
but we identified a strong need for broader
consultancy services because so many
important businesses were looking totrade in Latin America. We were new inthe market but our ideas, experience andconfidence were watertight. Being a partof the UHY network was incredibly useful
because 90% of our clients came fromabroad and the referrals opportunities
our membership gave us were vital. Ourbilingual team enabled clients to start theirbusinesses in Peru with the reassurance ofbeing able to speak in their own language.
“After 20 years in a different environment,
starting again in another country wasdifficult but clients were reassured byour experience of working in two suchdifferent cultures. We were ready forchange and our early strategies havehelped us to secure solid progress quickly.
“Our success is down to the way Carlos
and I complement each other’s skills atwork and operate very closely as a team.
We trust each other’s expertise completely.
We have also been helped enormously by

our close regional relationships with UHY
Consultores S.A.S. in Bogotà, Colombia
and UHY Macho & Asociados, Buenos
Aires, Argentina. Collectively we form astrong UHY presence in Latin America.
Roberto Macho, managing partner at
UHY Macho & Asociados and a UHY
Board director, supports all our crossborder work with the US, as well as
allowing us to use his Miami offices.”
Life for Susana and Carlos is still playedout across their familiar bases of America
and Peru and they have homes inboth countries. Susana spends mostof her time developing operationsin Lima while Carlos still conducts
much of his UHY work in the US.
“Many of our clients are Peruvian
businesses who want to expand to othermarkets and see Miami, and sometimes
Texas, as the best places to develop. These
are the people who really benefit from ourconsultation. As part of the UHY network
we are perfectly poised to take advantageof this appetite for growth,” says Susana.
ENJOYING PERU
Taking time out of the business is difficult,but Susana enjoys seeing more of her
mother, father and extended family
after years away. She also enjoys trips
to the desert area of Paracas, relaxing
at their country club or dining at someof the capital’s best restaurants.
“I am simply enjoying getting to know
Peru again and we visit our son in
America regularly too. He is working
very successfully for a not-for-profit
agency in Washington DC and has
no intention right now of joining his
parents in the accountancy world!”“I am a great believer in taking every
opportunity that life offers and embracing
it with everything you have,” says Susana.
“My career was challenging to build in
my earlier years but I would not swap any
formative experiences. My drive, ambitionand determination to deliver my very best,
while always making sure that people andtheir wellbeing are my focus, is as sharp
as it ever was. I love my home country ofPeru and the whole Latin American region,
and I am proud that the rest of the worldis now recognising all the opportunities
it offers. I will do my best to make sure
this continues long into the future.” n18 UHY GLOBAL January 2023

THE NEW HEART
OF GLOBAL TRADE?
IN ASIA-PACIFIC THE WORLD’S LARGEST FREE TRADE
AGREEMENT HAS COME INTO FORCE. BUT WHAT IMPACTWILL IT HAVE? OUR EXPLAINER UNTANGLES THE DETAIL

iStock.com/NikadaAs free trade deals go, the Regional Comprehensive Economic
Partnership (RCEP) is a very big deal. The agreement covers
around 30% of the world’s population and 30% of global
trade. The GDP of its member states stands at nearly USD 26tn,
significantly more than the USD 19tn of members of the European
Economic Area. It is the largest trading bloc in the world.
The RCEP came into force at the start of2022, after a decade of sometimes fraught
negotiation. It includes ten membersof the Association of Southeast Asian
Nations (ASEAN) – Brunei, Cambodia,
Indonesia, Laos, Malaysia, Myanmar,
the Philippines, Singapore, Thailand
and Vietnam – plus Australia, China,
Japan, New Zealand and South Korea.
It may become larger still. Hong Kong

has applied for membership, andthough India pulled out of the process
in 2019 over concerns around theprotection of local industries, there are
ongoing efforts to tempt it back.
The RCEP is certainly an ambitious attempt
to liberalise trade in the Asia-Pacific(APAC) region, and its impact is likely togrow in the coming years. But does itmake the region the new heart of global
trade? We weigh up the evidence.
TACKLING MORE THAN TARIFFSThe RCEP aims to eliminate tariffs onover 90% of goods over the next ten to
20 years. It will also attempt to prohibita range of non-tariff measures onimports and exports between member
states and encourage transparency. The
agreement is expected to be particularly
beneficial to those industries currently
facing the highest barriers to trade,such as electronic products, machinery,automobile components and some
agricultural and food products.
Importantly, the RCEP is focused onmodern economic realities.

FEATURE − THE NEW HEART OF GLOBAL TRADE?

As well as reducing tariffs on a broad
range of goods and services, it will
set new rules in areas like investing,competition, intellectual property anddigital copyright. The RCEP also sets out
a detailed set of rules of origin (ROO)
that will apply to businesses seeking toqualify their goods as originating for RCEP
purposes. This is important because it
is likely to lead to more integrated andflexible supply chains across the region.
Deborah Elms, executive director of
the Asian Trade Centre in Singapore,
believes the RCEP will significantly
boost Asian supply chains.
“It is a trade deal that sets up trade in
Asia, for Asia,” she says. “We don’t
have as much final production that
ends up in Asia. One of the reasons wedon’t have that is because trade in theregion, especially for finished goods,
is too difficult, too expensive – tariffs
in place, non-tariff challenges, andso on – so you have less trade in theregion than you should have. It’s nota perfect agreement, but the RCEP
makes it more likely that firms will
create supply chains in Asia, for Asia.”
RCEP VS. CPTPP
Seven members of the RCEP are also
members of the Comprehensive andProgressive Agreement for TransPacific Partnership (CPTPP): Australia,
Brunei, Japan, Malaysia, New
Zealand, Singapore and Vietnam.
The main difference between the twoagreements is that the CPTPP spans the
Pacific and was due to include the US
before the Trump administration pulled
out of the deal. Chile, Peru, Canada and
Mexico are still involved. The RCEP, bycontrast, was only ever envisaged as an
ASEAN-led initiative to boost trade in theregion focused on the twin economic
powerhouses of China and Japan.
To overcome wide economic andpolitical differences, the RCEP isnecessarily less comprehensive thanthe CPTPP. For example, it omits any
mention of labour laws, environmental
protection or nationalised industries.
Its economic property rules, though
important, are not as detailed as
those contained in the CPTPP.
Compromising on these kinds of issues

helped the RCEP – a largely ASEANled initiative – reach agreement withmajor players like China and Japan.
Japan’s membership, in particular, issomething of a coup. The country
had never before had free trade deals
with either China or South Korea.
A SIGNIFICANT AGREEMENTThe RCEP is a major agreement
and has significance in both theeconomic and political spheres.
Japan and China are both likely to benefit
substantially. The Japanese government
predicts that the RCEP will eventually
increase the country’s GDP by 2.7% andcreate 570,000 jobs. Southeast Asia stands
to benefit by USD 19bn annually by 2030,
forecasts suggest. The agreement mightalso give ASEAN nations easier access toChina’s Belt and Road Initiative (BRI) funds.

UHY GLOBAL January 2023 19

China, Japan and South Korea arecommitted to negotiations on theirown separate free trade deal. Thesetalks looked to be stuck, but thesuccess of the RCEP deal may havegiven them new momentum.
CHALLENGES TO CONSIDER
There is general agreement that
the RCEP is in the best economic
interests of participating countries.
It replaces multiple single agreements,
ensures the faster passage of goods
through customs and createscommon rules of origin. It replaces
piecemeal rules with overarching
standards. But like all agreements ofthis kind, it is far from perfect. For
example, any hopes for harmonisation
around labour laws and environmental
standards have been jettisoned – atleast for now – to reduce tensions.

The agreement is expected to be particularly
beneficial to those industries currently
facing the highest barriers to trade.

The US-based Brookings Institutecalculates that the RCEP could add
USD 209bn annually to world incomes,
and USD 500bn to world trade by2030, significantly boosting the global
economy. According to the Institute:“The new agreements will make theeconomies of North and Southeast
Asia more efficient, linking theirstrengths in technology, manufacturing,
agriculture, and natural resources.”
But there is a broader geopoliticalsignificance to the agreement, too,
especially for China. The RCEP is
likely to help China strengthen
relations with its APAC neighbours,
at a time when it is competing with
the US for influence in the region.

In addition, though the tariff reductions
are ambitious, many costs will reduce
only gradually over time. It may be
many years – perhaps up to 20 – before
some are eliminated altogether.
India dropping out of RCEP negotiations
also dealt a blow. As the world’s sixth
largest economy in terms of nominal
GDP, India’s presence would have given
the deal a third economic powerhouse.
However, the Modi government fearedthat certain local industries would beoverwhelmed by cheaper Chinese imports.
There are also concerns about theagreement’s ability to reduce non-tariff
trade barriers. More sceptical voices
have noted that nearly 600 harmful

20 UHY GLOBAL January 2023

FEATURE − THE NEW HEART OF GLOBAL TRADE?

interventions have come into force since
the deal’s signing in November 2020.

Though the tariff
reductions areambitious, many

costs will reduce
only gradually
over time.

According to Deasy Pane and Krisna
Gupta of the Center for Indonesian Policy
Studies, “these interventions include
various types of technical barriers totrade, trade remedies, subsidies, licensing,
local content measures and different
types of export measures. Meanwhile,
no commitment to prohibiting non-tariff
trade barriers is expressly stated in the
20 chapters of the RCEP legal text.”
SHIFTING THE TRADE BALANCE
Will the RCEP turn Asia-Pacific into
the new heart of global trade?
In some respects, it already is the heartof global trade. IMF forecasts put ASEAN
at the top of the chart in terms of trade
growth by volume through to 2026,

with South and Central Asia in second
place. China’s trade growth is set toslow in that period, but from a highbase. The RCEP is far from perfect, but
it is likely to boost those figures further
and ensure continued trade growthover the next decade and more.
Questions remain over how large that boost
will be. Optimistic forecasts suggest the
RCEP represents a sea change in intra-APAC
trade. More cautious voices argue thatnations in the region will have to overcome
some of their protectionist instincts forthe agreement to reach its full potential.
The RCEP certainly appears to be a
progressive step for the region. Importingand exporting businesses across APAC,
and those from outside with interestsin the region, will be keeping a close
eye on how it develops over time. n

shutterstock.com/xieyuliang

FEATURE − THE NEW HEART OF GLOBAL TRADE?

UHY GLOBAL January 2023 21

UHY STRENGTH
IN ASIA-PACIFICThe UHY network supports clients
across the Asia-Pacific region, withmember firms in 21 countries including
11 countries covered by the RCEP. As
well as offering specialist local andregional knowledge across a wide
range of sectors and services, ourmember firms in the Asia-Pacific region
work together with colleagues acrossthe UHY network to provide tailoredsolutions that best meet client needs.
AUSTRALIAUHY Haines Norton
www.uhyhn.com
CHINA
ZhongHua Certified Public Accountants
LLP
www.zhonghuacpa.com

iStock.com/PongMoji

INDONESIAUHY Hananta Budianto & Rekan
www.hananta.com
JAPAN
UHY Tokyo & Co.
www.uhy-tokyo.or.jp
KOREA
UHY Daeyoung Accounting Corp.
www.daeyoungcpa.co.kr
MALAYSIA
UHY
www.uhy.com.my
NEW ZEALAND
UHY Haines Norton (Auckland) Ltd
www.uhyhn.co.nz
PHILIPPINESUHY M.L. Aguirre & Co. CPAs
www.mlaguirreco.com
SINGAPORE
UHY Lee Seng Chan & Co
www.uhylsc.com.sg
THAILANDUHY Yongyuth Accounting
and Son Co., Ltd
www.uhy-th.com
VIETNAMUHY Auditing & Consulting Co. Ltd.
www.uhy.vn“The RCEP is not about who wins or loses
from the trade agreement. It is aboutpushing firms to be competitive.”
Michael Aguirre, managing partner,
UHY M.L. Aguirre & Co. CPAs,
Philippines
UHY ASEAN Group member“Enterprises from RCEP member
countries participated at the 5th
China International Import Expo in
November and cooperation continues
to open up new opportunities.”
Liqian Sun, partner,
ZhongHua CPAs LLP, China“Indonesia will have easier means toacquire better quality products, forconsumers and for production inputs.
Investors will look for opportunities inexport and import industries too, which
will help our businesses to grow andcompete in the global market.”
Hananta Budianto, partner,
UHY Hananta Budianto &Rekan, Indonesia“It is likely that the RCEP will makelocal manufacturing and supply
chain development easier for member
countries than for non-members likethe US, which could impact US
companies’ future competitivenessin the region.”
Melanie Chen, managing director,
UHY LLP, New York, United States

22 UHY GLOBAL January 2023

UHY SERVICESSERVING CLIENTS TODAY AND TOMORROW
Our clients appreciate how UHY’s cultureof working together can make a significant
difference to seamless international
engagements. We deliver because ourmember firms know each other well, wemeet and connect regularly, and we share
current thinking, specialist skills, andindustry knowledge across the world.
We also share a common set of standards:
not only the international quality standards
demanded of our profession, but also thevalues by which every UHY member firmholds itself accountable to its clients,
including integrity, innovation andinternational thinking.
UHY member firms offer thefollowing services:
CORPORATE SERVICES
Note: Not all of the services described in this publication
are provided by every UHY member firm. The provisionof some services may be restricted in some areas
depending on local legislation.

• AUDIT & ASSURANCE, including: statutory
audit, internal reviews, compilation andreview of financial statements, including
compliance with International Financial
Reporting Standards (IFRS), special purpose
and international audits.
• BUSINESS ADVISORY & ACCOUNTING,
including: accounting and bookkeeping,outsourcing, business plans and independent
business reviews, business valuations,financial planning and control, reviewing
management reporting systems, company
formations and company secretarial services
including appropriate commercial andtax-efficient structures for international
expansion and cross-border ventures, trusts
and foundations, pension funds, charitableand philanthropic structures, interim finance& management, payroll administration,
employee benefits and business systems.
• CORPORATE FINANCE, including: strategic
business advisory services, businessvaluations, due diligence, transactional
services (acquisitions, mergers, disposals,
MBOs, IPOs) across all industry sectors andgeographies, restructuring, exit strategies
and startups.

• CORPORATE GOVERNANCE & RISKMANAGEMENT, including: corporate
governance, risk management andconsulting including Sarbanes-Oxley
compliance services.
• CORPORATE RECOVERY & INSOLVENCY,
including: debt collection, corporate
turnaround, asset protection or repossession,or implementing good management
practices, refinancing, valuations, debt
management, insolvency planning, personal
liability protection.
• CORPORATE TAX, including: direct taxationand indirect taxation, international tax suchas tax-efficient structures for international
expansion and cross-border ventures,transnational group structuring,
VAT returns and advice, tax
consultancy and transfer pricing.
• FORENSIC ACCOUNTING & LITIGATIONSUPPORT, including: litigation support,
valuations, economic damages, fraud
evaluations, criminal proceedings and money
laundering issues.
• FUND SERVICES, including: fundestablishment and administration.
• INTERNATIONALISATION, including:business contact introductions, local
regulatory requirements and businessetiquette, local business tax environment,
business structuring and compliance,
personal taxation, recruitment and labour
law consultancy, transfer pricing, customs
and other fiscal areas.
• LEGAL, including: tax law,labour law, etc.

• MANAGEMENT CONSULTING& SOLUTIONS, including:internationalisation of businesses,
human resources and recruitment
services, information technology
and software solutions.
PRIVATE CLIENT SERVICES
Key services include: wealth management forindividuals and families, income tax and capitalgains tax planning, international tax planningfor expatriates and migrants, non-domicile
status, trust services and management,
inheritance planning.
OUR COMMITMENT TO QUALITY
UHY’s membership of the Forum of Firms,*
our commitment to International Financial
Reporting Standards (IFRS), and compliancewith ethical obligations set out by theInternational Federation of Accountants in its
global standard, Code of Ethics for Professional
Accountants, means our clients have access tothe same quality of professional services aslarger multinational players. We not only havethe global spread logistically but also the attest
compliance infrastructure to deliver atransnational service that any client of any size
can depend on.
We set quality goals and expectations for our
independent member firms to meet, in areas
such as client service efficiency and relationshipmanagement, professional work standards,
depth and breadth of products, services andgeographical coverage.
* The Forum of Firms is an association of international
networks of accounting firms. The Forum’s goal isto promote consistent and high quality standards ofcross-border financial reporting and auditing
practices worldwide.

SERVICES TO MEET NEW CHALLENGES
ESG
Environmental, Social and Governance(ESG) is fast becoming a parameter bywhich the sustainability and longer term
success of businesses may be reviewed.

GLOBAL MOBILITY
There are many potential fiscal andcompliance challenges in the seemingly
straightforward employment of people
outside their country of origin.

CYBERSECURITY
The failure of corporate cybersecurity
ranks among the top global risks,
as hackers and technologies havebecome more sophisticated.

CLOUD ACCOUNTING
Businesses have been accelerating
their adoption of new technology,
and most prominent has been
cloud accounting.

SERVING CLIENTS, SERVING COMMUNITIESUHY GLOBAL January 2023 23

PEAK OF THEIR POWERS"Lots of sweat, tears, blisters and achy
muscles – but we got there." A teamfrom UHY Hacker Young (East), UK,mustered all their reserves of grit andendurance to take on one of England’s
toughest mountain treks, the famous
Yorkshire Three Peaks Challenge, to raisemoney for children with brain tumours.
The gruelling event involved climbing
the three tallest mountains in the countyof Yorkshire on a 24.5-mile circuit, allto be completed in under 12 hours.
“It was tough going,” says Marie
Pegram, managing partner based in
the Letchworth office, “but one of ourvalues is teamwork and that really shone
through for this challenge. The supportand encouragement from the group thatcompleted the walk, as well as everyone
back in the office, was incredible. We
had constant motivational messages andeven a bit of karaoke!”
The team were fundraising for Tom’s
Trust, a charity that provides
psychological support for children
with brain tumours and their families.

A HELPING
HAND ON TAX“It was so rewarding to cross the finish
line knowing that we had smashedour fundraising target – the GBP
4,789 we raised will provide support
to four children and up to 12 family
members for 12 months,” says Marie.
“I’m so proud to be part ofthis incredible team.”Along with Marie, participants were:Ali Price, Stuart Hutchison, Ryan White,
Nick Harrison, James Hewitt, Steven
Giles, Nicola Scully, Zoe Underwood,
Emily Goodacre, Gemma Harvey,
Andrew Williams and Sam Robson.

WINNING WAYS
The team at UHY’s member firm in
Azerbaijan, UHY Audit LLC, were
offered an opportunity to backone of the country’s top runners
for the 2022 Tiblisi 10k run inneighbouring Georgia this year –and were delighted to oblige. Vugar
Abdullahev is one of Azerbaijan’s
elite runners and the country’s 2021
marathon record holder. A memberof the Baku Marathon Club, he camein fifth overall and first in his age
category at the event in September.
The team at UHY Audit LLC supports
a range of community activities ofwhich sponsorship is an importantpart. The firm recently sponsored ahigh profile national conference on
Islamic Finance hosted by UNEC, theUniversity of Azerbaijan State Universityof Economics in Baku, one of thebiggest education institutions in thesouth Caucasus. Equally impactful are
activities undertaken by individuals
at the firm, as managing partner
Hashim Aliyev, explains. “We aim tosupport many good causes locally –typically team members have beenworking with local orphanages andnursing homes to help people who
deserve attention. Our colleagues
Mehriban Ibadova (office manager)
and Narmin Valiyeva (tax and legal
advanced staff) have been particularly
active in recycling office waste andorganising our team participationin blood donation events.”

When the UAE announced thatfederal corporate income tax
would be introduced in 2023, it
set corporate corridors across theregion abuzz with conversations
about what the change will mean
for local and regional businesses.
UHY James, with offices in Dubai,
Abu Dhabi, Fujairah and Sharjah,has been helping clients and others
to understand and manage theimplications of the change. “We’resupporting government authorities,
consulate offices and business groups
as they get to grips with changes
to their corporate tax assessment,planning and structuring,” says CEO
and managing partner James Mathew.
As part of that role the firm joined
forces with the UAE’s Bangladesh
Embassy – reflecting UAE’s evolving
dynamics in the regulatory andtech space – for its Blockchain and
4IR Origins, Evolutions, Trends andCorporate Tax Readiness in the UAE
session. James, with associate partner
Amit Mehta and associate director
Ramesh Ponraj, addressed UAE-based
Bangladeshi entrepreneurs’ concerns
on corporate tax, including free zone
taxability, tax grouping advantage andthe overall impact of corporate tax.
The firm also shared insights andanswered questions from local
members of ACCA, the global body for
professional accountants. James adds,“With the new tax law coming into
force soon, we really want to guidepeers, businesses, authorities and clients
towards being well prepared to adopt
and embrace the new tax regime.”

FEATURE – THE BUSINESS OF BLOCKCHAIN

24 UHY GLOBAL January 2023

THE BUSINESSOF BLOCKCHAIN
THOUGH SYNONYMOUS WITH CRYPTOASSETS,
THE TRANSFORMATIVE POTENTIAL OF BLOCKCHAINTECHNOLOGY IN VARIOUS SECTORS AND INDUSTRIES IS
WELL KNOWN. BUT WITH WIDESPREAD ADOPTION YET TO
BE SEEN, CAN IT STILL CHANGE THE WAY WE DO BUSINESS?
Comprising blocks of encoded batchesof transactions, uniquely linked together,blockchain databases are based ona distributed ledger and are publicly
available. Decentralisation means there is
no requirement for third parties and hence
no third-party fees. All transactions arerecorded, and the transaction history is
stored permanently within the network,
meaning the data is fully transparent.
The unchangeable nature of the data
contributes to making blockchain innately
secure. Along with being hugely adaptable,
it is not difficult to see why blockchain
technology could revolutionise business.
Simon Denye, partner at UHY Hacker
Young, Manchester, UK, believes
blockchain is likely to have a significant
impact on the business community inthe coming years, driving competitionand ensuring fair market pricing.
“Any industry sector which lends itself
to automation and requires accuracy will
benefit greatly from blockchain,” he says.
“The added benefits of anti-fraud protection
and fewer intermediaries – therefore fewertransactional costs – all add to the appeal.”
TRANSPARENCY AND BEYOND
Three sectors that could benefit fromblockchain are supply chain management,
financial services and healthcare.
Supply chain management seems aperfect fit for blockchain disruption. The
technology could be used to provide
transparency and verification throughout
every step of the supply chain, and apermanent record even where there
are multiple supply chain partners.
There are numerous applications forblockchain in the financial services industry,including reducing transactional costs

for payment processing, especially forcross-border transactions. James Foster,UHY Hacker Young’s head of OMB andtech strategy, also points to the sector’s
ongoing interest in cryptoassets. "There
has been a lot of consumer interest in
cryptocurrency too,” he says. “Whilst manyfinancial service companies are capitalisingon this with their offering, there is still a lotof reluctance from larger institutions. This
reluctance will only have grown stronger
this year whilst crypto is in a bear market
and the high-profile news coverage of FTX
certainly will not have helped.”
Blockchain’s record-keeping capacities
also seem a natural fit for patient records
in the healthcare sector. In fact, its
ability to create anonymity and privacy
where necessary, and non-reliance onthird-party input, hold value in any
sector where there is a need to process
and maintain confidential records.
On top of this, it is important to think
about other technology that will
incorporate blockchain and what this
could mean for businesses. Jamesexplains that Web 3.0, referred to as
the next iteration of the internet, will be
decentralised using blockchain technology.
It is also believed that it will provide
the foundation for the metaverse, acombination of virtual and mixed reality
accessed through a browser or headset.
“While we don’t yet fully know what
the metaverse will look like, this has
the potential to radically impact manyindustries,” says James. "For example, it
could allow consumers to hold digitised
versions of physical items before theypurchase them, so it will have a big
impact on the retail industry. We havealready seen major brands trying toride this wave of consumer interest.”

Any industry sector
which lends itself

to automation andrequires accuracy
will benefit greatly
from blockchain.

UHY GLOBAL January 2023 25

iStock.com/metamorworks

26 UHY GLOBAL January 2023

FEATURE – THE BUSINESS OF BLOCKCHAIN

PLAYING CATCH-UP
At government level, some countries are
adopting blockchain technology faster thanothers. The platform has a key role to playas central banks around the world explore
the possibility of issuing their own digitalcurrencies. The European Central Bank,for example, has progressed to working
with five partners for a prototyping test
as part of the investigation phase of
the digital euro project, scheduled forcompletion in the first part of 2023.

CNE, introduced an Ethereum-based
platform for energy system data.
In Estonia, the government is working
with private companies to provide
universal authentication services,
applying blockchain technology toauthenticate identity and identity
documents. Malta is fast positioning itself
as a centre for blockchain technology,
encouraging investment and offering
a range of assistance programmes forcompanies working with blockchain.

But it is not just about currency. Chile
has been a pioneer of blockchain
in the energy sector since 2018,
when the national energy regulator,

In the Philippines, the government has
identified blockchain as a key technologicaltrend in the next ‘production revolution’.
Currently, the majority of the country’s

blockchain initiatives come from either
the private sector or academia, and it isstill considered an immature technology.
Fundamental changes are needed tosupport the digitisation of businesspractices in the Philippines, and a bill
filed in 2020 to establish a national
regulatory framework for blockchain
technology has not progressed.
Jonah-Lyn Colona, assistantquality assurance manager at
UHY M.L. Aguirre & Co. CPAs in
the Philippines, says a change in
how the population generally views
blockchain may be needed before
it is adopted more widely.
“As of now, the majority of the citizensof the Philippines are intolerant of
the current changes that blockchain
technology offers,” she says. Even withthe assurance of most technology
companies that blockchain is tamper-proof,
consumers still believe there are risks andloopholes in the technology. Lack of skills
may also contribute to negative views.

iStock.com/D-Keine“Considering that not all people are
well versed with technology, blockchain
may be limited to individuals who
know how the technology works."

In the Philippines,
the government
has identified

blockchain as a

key technologicaltrend in the next

‘production revolution’.

IMPROVING PROCESSES
Despite this, the Philippines is host to
61 registered cryptocurrency exchanges.
Of these, 44 are registered in the
Cagayan Economic Zone Authority (CEZA),
which is in the process of building the‘Crypto Valley of Asia’ in collaboration with
Northern Star Gaming and Resorts Inc.
“Most of our clients who have aninterest in blockchain are cryptocurrency
exchange service providers,” says
Jonah-Lyn. “Their interest as pioneersof trading crypto is to improve theirfinancial operations by increasing theirsales and digital investments and assets."
The Philippines has also seen an
increase in interest in digital technology
investment from banks, Operators ofPayment Systems (OPS) and other online
intermediaries such as digital gifting,voice ordering systems, digital gaming
and others – and a general interest in
using blockchain to improve accounting.
“Other clients interested in crypto
are more inclined to improving theiraccounting process – the technology
enables them to store transactions ina secured facility,” says Jonah-Lyn.
This is based on blockchain’s

UHY GLOBAL January 2023 27

Most of our clients

who have an interestin blockchain are
cryptocurrency

exchange service
providers.

capacity to help improve the way
transactions are initiated, processed,
authorised, recorded and reported.
“As an example, a hospital that will
use the platform may be able to reduce
cost in manpower and storage if theyshift to a secured but digital facility,”
she adds. “The accounting industry
may also be able to significantly
improve its reports with the triple-entry
bookkeeping blockchain introduces.”
CAUSE AND EFFECT
There are obvious caveats to blockchain’s
widespread adoption – not least theenergy needed for its use. “Maintenanceof this technology also requires highenergy, which may lead to a highcost – and high costs will discourage
potential users,” says Jonah-Lyn.
At a time when environmental, socialand governance (ESG) parameters
place high value on sustainability andenvironmental impact, this cost goesbeyond capital. “Blockchain, and inparticular crypto mining, has a notoriously
high carbon footprint,” says James. “In
this day and age, this will be one of
the key hurdles that any industry needs
to overcome for mass adoption.”
There are signs, however, that these issues
could be overcome. In September 2022,
the world’s second largest cryptocurrency,
ETH, merged with its Ethereum blockchain
to create Ethereum 2.0. This is the biggest
update to any cryptocurrency blockchain
network to date and looks set to makethe platform much more energy efficient.
Whatever regulatory and efficiencychanges are on the horizon, Jamesbelieves that blockchain technology
is not going away. "It undoubtedly
has the potential to change the way
we do business." he says. n

iStock.com/metamorworks

FEATURE – THE BUSINESS OF BLOCKCHAIN

ALL TOGETHER NOW
BUT ARE WE HYBRID?

I

n our regular Cogs and Wheels feature we look behind thescenes at some of the challenges facing a top 20 international
network in the professional services industry. In this issue, we
explore the concept and reality of hybrid meetings and events.

The pandemic has proved a gamechanger for meetings and events theworld over. As a result of lockdowns,
rapid adoption of technology and theneed for communication and business
continuity, virtual meetings took off,
powered by products such as Microsoft
Teams and Zoom. It was not long
before simple video meetings online
became more ambitious, incorporating
greater participant capacity, breakout
sessions, live chat and online polling.
Like many global businesses, the UHY
network learned quickly how to make themost of replacing regular international
events with online-only versions. UHY
CEO Rhys Madoc explains: “We usedvideo technologies to increase ourfrequency of personal communications
with member firms in the network, tosupport them where we could and act
as a catalyst and information hub. Our
usual face-to-face regional conferences
became a very focused schedule online.”
BACK TO THE FUTURE
Today, with most countries in recovery
and travel restrictions lifting, organisations
like UHY can move forward. In 2022 the
network’s many regional and international
meetings resumed as face-to-face events,
and the schedule for 2023 will include
conferences in Peru, Germany, Republic ofKorea, Spain and Argentina. But how far
has the online-only experience influenced
current and future events? According
to Rhys, the main driver for a successful

meeting, be it the UHY Board, a personal
development event or an international
conference, is building and strengthening
relationships − and this is best achieved
through face-to-face contact.
“Our member firms benefit the most fromin-person meetings, as working together
is one of UHY’s strategic strengths.
Our events provide a great opportunity
to consolidate and build on personal
and professional relationships, shareexperience, explore opportunities anddo business together at the most seniorlevel. Knowing each other well translates
directly into a better level of service forclients looking to operate internationally.
“It is important to provide theseenvironments again wherever we can.
We decided not to adopt a hybrid
model at this time, as everyone wanted
to ‘get back round the table’ and thathas proved to be the right decision.
At our Annual Meeting in Amsterdam
in October 2022, we had a record
number of delegates participating.”
EMERGING BENEFITSIn practical terms, Rhys believes that there
are clear benefits in incorporating a virtualcomponent, something the network
built into the first Annual Meeting post
pandemic in London at the end of 2021.
“It was a smaller event, as Covid
lockdowns reasserted themselvesin many countries at that time, andtravel was restricted,” says Rhys.

iStock.com/PixelsEffect

28 UHY GLOBAL January 2023

“It was in that sense a transitional
meeting and gave us an opportunity toinclude a hybrid format. Several of oursessions were livestreamed for remoteparticipants and we were able to monitor
online chat at the same time, so questions
from the floor included everyone.
“We learned a lot from that – about
technology, about moderating a sharedexperience, venue logistics and capability,
appetite from delegates and more. We also
know it could be an effective way to broaden
our reach and bring in delegates who would
not normally attend. There would be realvalue if we could offer a remote experience
to more member firm professionals andstaff without compromising the economics
of venues and live attendances.”
POTENTIAL
Planning has started for UHY’s 2023
events schedule, and Rhys is open to ideasthat support the UHY network’s ambition.
“Much of our content lends itself well toa hybrid approach,” he says. “Keynote
presentations, one-to-many information
sessions, even breakout groups can work
well with remote participants. Financeand venue logistics will inevitably playa major part in what we are, or are notable to offer, but my overriding goal is toprovide as much value as possible to ourmembers from our events programme.
We are very aware of what they like best,and have also learned important lessons
about what is possible in the future.
“One thing is certain, events willcontinue to underpin the UHY cultureof working together, enabling strong
and effective cross-border relationships
to support our clients.” nTHE NETWORK FOR DOING BUSINESS – DIRECTORY

UHY GLOBAL January 2023 29

GLOBAL MEMBERS DIRECTORY
THE NETWORK FOR DOING BUSINESS• A global network of auditing,accounting, tax and consulting firms• Over 8,900 professionals in more than
340 business centres in over 100 countries• Commercially focused services forclients with international business interests• Comprehensive resources and capabilities
In the International Accounting Bulletin World Survey
2022, UHY International ranks 20th largest accountancy
network by fee income.

AFGHANISTANUHY Shafiq Umar Daraz & Co Chartered
Accountants, Kabul
Contact: Muhammad Shafiq
Email: mshafiq@uhy-af.com
Website: www.uhy-af.com
ALBANIAUHY Elite sh.p.k, Tirana
Contact: Artan Xhiani
Email: info@uhy-elite.com
Website: www.uhy-elite.com
ANGOLA
UHY A Paredes e Associados-Angola
Auditores e Consultores, S.A., Luanda
Contact: Armando Paredes
Email: aparedes@uhyangola.com
Website: www.uhyangola.com
ARGENTINA
UHY Macho & Asociados,* Buenos Aires
Contact: Roberto Macho
Email: rmacho@uhy-macho.com
Website: www.uhy-macho.com
Also in: Tucumán
AUSTRALIAUHY Haines Norton
Contact: Michael Coughtrey
Email: mcoughtrey@uhyhnsyd.com.au
Website: www.uhyhn.com
Offices in: Adelaide, Brisbane*, Busselton, Dunsborough,Gladstone, Melbourne, Perth, Sydney*
AUSTRIAUHY-Tax Wirtschaftstreuhand GmbH, Linz
Contact: Stephan Schlager
Email: office@uhy.at
Website: www.uhy.at
Also in: Horn, Salzburg, Vienna, Villach
AZERBAIJAN
UHY Audit LLC, Baku
Contact: Hashim Aliyev
Email: office@uhy-az.com
Website: www.uhy-az.com
BAHRAINUHY El Sayed El Ayouty & Co,
Certified Public Accountants, Bahrain
Contact: Mohamed Alshayeb
Email: info@uhy-elayouty.com
Website: www.uhy-elayouty.com
BANGLADESHUHY Syful Shamsul Alam & Co, Dhaka
Contact: Syful Islam
Email: syful@ssacbd.com
Website: www.ssacbd.com
Also in: Chittagong

BELGIUM
UHY-CDP Partners, Brussels
Contact: Chantal Bollen
Email: c.bollen@cdp-partners.be
Website: www.cdp-partners.be
Also in: Liège

CZECH REPUBLIC
AUDITOR, spol. s r.o., Prague
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu
Also in: Brno, Pelhrimov

BOLIVIAHBA S.R.L*, La Paz
Contact: Marcia Berthin
Email: MBerthin@uhyberthin.com
Website: www.berthinamengual.com
Also in: Santa Cruz

DENMARK
inforevision, Copenhagen
Contact: Vibeke Düring Reyes Jensen
Email: vd@inforevision.dk
Website: www.inforevision.dk

BOSNIA AND HERZEGOVINAUHY Revident d.o.o., Mostar
Contact: Matko Knezevic
Email: matko.knezevic@uhy-ba.com
Website: www.uhy-ba.com
Also in: Grude, Sarajevo
BRAZILUHY Bendoraytes & Cia – Auditores Independentes*,São Paulo
Contact: Franklin Bendoraytes
Email: franklin.bendoraytes@uhy-br.com
Website: www.bendoraytes.com
Also in: Londrina, Rio de Janeiro
CANADAUHY Victor LLP, Montreal
Contact: Ken Shemie
Email: kshemie@uhyvictor.com
Website: www.uhyvictor.com
UHY Forbes Andersen LLP, Toronto
Contact: Paul Andersen
Email: paul@fa.ca
Website: www.forbesandersen.com
Also in: Milton
CHILE
UHY Guiñazú & Asociados SpA.,* Santiago
Contact: Ximena Guiñazú.
Email: xguinazu@uhy-cl.com
Website: www.guinazuasociados.cl
CHINA
ZhongHua Certified Public Accountants LLP,* Shanghai
Contact: Liqian Sun
Email: info@zhonghuacpa.com
Website: www.zhonghuacpa.com
Also in: Anhui, Beijing, Guangdong, Hangzhou, Henan,
Jiangsu, Shenzhen, Sichuan, Yunnan
COLOMBIAUHY Consultores S.A.S., Bogotà
Contact: Diego Charry
Email: diego.charry@uhy-co.com
Website: www.uhy-co.com
COSTA RICA
UHY Auditores y Consultores, S.A., San José
Contact: Omar Pérez Rosales
Email: operez@uhy-cr.com
Website: www.uhy-cr.com

DOMINICAN REPUBLICUHY Calderon Gonzalez & Asociados,
Santo Domingo
Contact: Arabellis Calderón González
Email: arabellis.calderon@uhy.com.do
Website: www.uhy.com.do
ECUADORUHY Assurance & Services Cia. Ltda., Quito
Contact: Freddy Cevallos Bustamante
Email: f.cevallos@uhyecuador.ec
Website: www.uhyecuador.ec
EGYPT
UHY United For Auditing, Tax, Advisory& Financial Services, Cairo
Contact: Ahmed Hegazy
Email: info@uhy-united.com
Website: www.uhy-egypt.com
UHY Waled Mounir and Muhammad
Arafa, Alexandria
Contact: Waled Mounir
Email: info@uhy-eg-alex.com
Website: www.uhy-egypt.com
EL SALVADORUHY Asesores Y Consultores, S.A De CV., San Salvador
Contact: Bryan Pérez
Email: bperez@uhy-sv.com
Website: www.uhy-sv.com
FRANCEUHY GVA,* Paris
Contact: Emmanuel Gayte
Email: emmanuel.gayte@uhygva.com
Website: www.uhygva.com
Also in: Lille, Lyon, Marseille, Montpellier, Saint-Denis De La
Réunion, Toulouse
GEORGIAUHY LLC, Tbilisi
Contact: Guka Ubiria
Email: gubiria@uhy-ge.com
Website: www.uhy.ge
GERMANYUHY Deutschland AG* Wirtschaftsprüfungsgesellschaft
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-deutschland.de

CROATIAUHY HB EKONOM d.o.o., Split
Contact: Helena Budisa
Email: split@uhy.hr
Website: www.uhyincroatia.com

Clostermann & Jasper Partnerschaft mbB, Bremen
Contact: Tobias Stuber
Email: info@clostermann-jasper.de
Website: www.clostermann-jasper.de
Also in: Hamburg

UHY RUDAN d.o.o., Zagreb
Contact: Vedrana Miletić
Email: info@uhy.rudan.hr
Website: www.uhyincroatia.com

Dr. Langenmayr GmbH
Wirtschaftsprüfungsgesellschaft, MunichContact: Johannes Bitzer
Email: munich@uhy-deutschland.de
Website: www.dr-langenmayr.de

CYPRUSUHY Antonis Kassapis Limited, Nicosia
Contact: Antonis Kassapis
Email: uhy@uhy.com.cy
Website: www.uhy.com.cy

Dr. Leyh, Dr. Kossow & Dr. Ott OHG, Cologne
Contact: Thomas Wahlen
Email: koeln@lko.de
Website: www.lko.deTHE NETWORK FOR DOING BUSINESS – DIRECTORY

30 UHY GLOBAL January 2023

UHY Lauer & Dr. Peters KG*, Berlin
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-berlin.deAlso in: Rostock
UHY Wahlen & Mannsky, Frankfurt
Contact: Stephanie Mannsky
Email: stephanie.mannsky@uhy-ffm.com
Website: www.uhy-wahlen.de
GHANA
UHY Voscon Chartered Accountants, Accra
Contact: Henry Djangmah
Email: info@uhyvoscon-gh.com
Website: www.uhyvoscon-gh.com
UHY Godwinson (Chartered Accountants), Accra
Contact: Godwin Azasu
Email: info@uhygodwinson-gh.com
Website: www.uhygodwinson-gh.com
GREECEUHY Axon Certified Auditors S.A., Athens
Contact: Stavros Nikiforakis
Email: info@axonaudit.gr
Website: www.axonaudit.gr
Also in: Crete

IRELANDUHY Farrelly Dawe White Limited, Dundalk
Contact: Alan Farrelly
Email: alanfarrelly@fdw.ie
Website: www.fdw.ie
Also in: Balbriggan, Dublin, NewryMALTA
UHY Pace, Galea Musù & Co, Lija
Contact: David Pace
Email: djpace@uhymalta.com
Website: www.uhymalta.com

ISLE OF MAN
UHY Crossleys LLC, Ballasalla
Contact: Andrew Pennington
Email: apennington@crossleys.com
Website: www.crossleys.com

MAURITIUS
UHY & Co., Moka
Contact: Dominique Samouilhan
Email: dsamouilhan@uhy.co.mu
Website: www.uhy.co.mu

ISRAELUHY Shtainmetz Aminoach & Co.,* Tel Aviv
Contact: Kobi Shtainmetz
Email: k@cpa.co.il
Website: www.cpa.co.il
ITALY
UHY Audinet Srl, RomeContact: Andrea D’Amico
Email: a.damico@uhyaudinet.com
Website: www.uhyaudinet.com
Also in: Florence, Padua
UHY Associati S.t.p.r.l. (Accounting, Payroll & Tax), Milan
Contact: Sabino Dente
Email: associati@uhyassociati.com
Website: www.uhyassociati.com

GUATEMALAUHY Pérez & Co,* Guatemala City
Contact: Omar Pérez Rosales
Email: operez@uhy-perez.com
Website: www.uhy-perez.com

FiderConsult Srl (Tax & Accounting), Florence
Contact: Simone Biagiotti
Email: s.biagiotti@uhyitaly.com
Website: www.uhyitaly.com
Also in: Milan, RomeHONDURASUHY Auditores y Consultores, S.A., Tegucigalpa
Contact: Omar Pérez Rosales
Email: operez@uhy-hn.com
Website: www.uhy-hn.com

JAPAN
UHY Tokyo & Co., Tokyo
Contact: Nobuyuki Hara
Email: info@uhy-tokyo.or.jp
Website: www.uhy-tokyo.or.jp
Also in: Kyoto, Nagoya

HONG KONG
Tai Kong CPA Limited,* Hong Kong
Contact: Robert Kong
Email: robertkong@tkcpa.com.hk
Website: www.tkcpa.com.hk

JORDANUHY Arab Auditors, Amman
Contact: Nabil Haddad
Email: nih@arabauditors.jo
Website: www.arabauditors.jo

UHY-Advisory and Secretarial Knowledge Limited
Contact: Allan Kong
Email: allankong@uhy-ask.com
Website: www.uhy-ask.com

KAZAKHSTANUHY SAPA-Consulting LLP, Almaty
Contact: Torebek Kurmanov
Email: office@uhy-kz.com
Website: www.uhy-kz.com
Also in: Aktobe, Astana, Atyrau, Shymkent, Ural’sk

UHY Prime HK CPA Limited,* Hong Kong
Contact: Michael Tsang
Email: michaeltsang@uhy-hk.com
Website: www.uhy-hk.com
HUNGARY
Bergmann Accounting & Auditing, Budapest
Contact: László Hegedus
Email: laszlo.hegedus@bergmann.hu
Website: www.bergmann.hu
Also in: Szeged
INDIA
Chandabhoy & Jassoobhoy, Mumbai
Contact: Sunil Hansraj
Email: sunil@cnj.in
Website: www.cnj.in
Lodha & Co,* Kolkata
Contact: R.P. Singh
Email: rpsingh@lodhaco.com
Website: www.lodhaco.com
Also in: Chennai, Hyderabad, Jaipur, Mumbai, New Delhi

KENYA
UHY Kenya, Nairobi
Contact: Daniel Kabiru
Email: dkabiru@uhy-ke.com
Website: www.uhy-ke.com
KOREA, REPUBLIC OFUHY Daeyoung Accounting Corp., Seoul
Contact: Sam Shin
Email: skshin@daeyoungcpa.com
Website: www.daeyoungcpa.co.kr
Also in: Incheon
KUWAIT
UHY Pillars Advisory, Kuwait City
Contact: Wael Arafa
Email: wael@uhypillars.com
Website: www.uhypillars.com
LEBANON
UHY Andy Bryan, Beirut
Contact: Elie Abboud
Email: beirut@uhy-lb.com
Website: www.uhy-lb.com

INDONESIAKAP Hananta Budianto & Rekan, Jakarta
Contact: Venancia Wijono
Email: venancia@hananta.com
Website: www.hananta.com
Also in: Semarang, Surabaya

LUXEMBOURG
UHY Finova S.àr.l., Luxembourg
Contact: Jürgen Fischer
Email: j.fischer@finova.lu
Website: www.uhyfinova.lu

IRAN, ISLAMIC REPUBLIC OF
Hadi Hesab Tehran, Tehran
Contact: Hamid Reza Keyhani
Email: keyhani@hadihesab.com
Website: www.uhy-ir.com

MALAYSIA
UHY,* Kuala Lumpur
Contact: Datuk Alvin TeeEmail: uhy-kl@uhy-my.com
Website: www.uhy.com.my
Also in: Johor Bahru, Labuan, Penang

MEXICOUHY Glassman Esquivel y Cía S.C.,* Mexico City
Contact: Oscar Gutiérrez Esquivel
Email: oge@uhy-mx.com
Website: www.uhy-mx.com
Also in: Monterrey, Querétaro, Villahermosa
MONGOLIA
Growth Finance Audit LLC, Ulaanbaatar
Contact: Gantuul Taivanbaatar
Email: gantuul@growthfinance.mn
Website: www.growthfinance.mn
MOROCCOUHY Ben Mokhtar & Co, TangierContact: Mohamed Ben Mokhtar
Email: contact@uhy-benmokhtar.ma
Website: www.uhy-benmokhtar.ma
UHY Maroc Decisionnel, Casablanca
Contact: Hassan Darbane
Email: h.darbane@maroc-decisionnel.com
Website: www.maroc-decisionnel.com
MOZAMBIQUE
UHY Auditores e Contabilistas Certificados,
Limitada, Maputo
Contact: Carlos Sitoe
Email: director.geral@uhy-mz.com
Website: www.uhy-mz.com
NEPAL
UHY Suvod Associates Chartered Accountants,
Kathmandu
Contact: Akash Suman
Email: akash@suvodassociates.com.np
Website: www.suvodassociates.com.np
Also in: Itahari
NETHERLANDSUHY Netherlands, Amsterdam
Contact: Bas Pijnaker
Email: Pijnaker@govers.nl
Website: www.uhynetherlands.com
Govers Accountants/Consultants,* Eindhoven
Contact: Paul Mencke
Email: mencke@govers.nl
Website: www.govers.nl
TIC Advisory B.V. Leusden
Contact: Jos Raben
Email: jraben@tic-advisory.nl
Website: www.tic-advisory.nl
NEW ZEALAND
UHY Haines Norton (Auckland) Ltd,* Auckland
Contact: Grant Brownlee
Email: grantb@uhyhn.co.nz
Website: www.uhyhn.co.nz
Also in: Helensville, Kumeu
NICARAGUA
UHY Auditores y Consultores S.A, Managua
Contact: Bryan Pérez
Email: bperez@uhy-ni.com
Website: www.uhy-ni.com
NIGERIAUHY Maaji & Co, Lagos
Contact: Gabriel Idahosa
Email: info@uhy-ng-maaji.com
Website: www.uhy-ng-maaji.com
Also in: Abuja, Benin City, Ebutte Metta, Ejigbo, Garki, Kaduna,Kano, Lokoja, Maiduguri, Owerri, Port Harcourt, Wuse, Yola

THE NETWORK FOR DOING BUSINESS – DIRECTORYNORWAY
Revisorgruppen AS, Drammen
Contact: Kirsti Armann
Email: post@rg.no
Website: www.rg.no
Also in: Akershus, Åndalsnes, Arendal, Bergen,
Førde, Kristiansand, Kvam/Norheimsund, Sarpsborg
PAKISTAN
UHY Hassan Naeem & Co, Lahore
Contact: Ibne Hassan
Email: ibnehassan@uhy-hnco.com
Website: www.uhy-hnco.com
Also in: Islamabad, Karachi
PANAMAUHY Botello & Marquez, Panama City
Contact: Diógenes Botello V.
Email: dbotello@uhy-pa.com
Website: www.uhy-pa.com
PERU
UHY Blancas Sandoval & Asociados, SAC,* Lima
Contact: Carlos Hugo Sandoval Zapata
Email: carlos.sandoval@uhy-bsa.com
Website: www.uhy-bsa.com
Also in: Miraflores (Lima), San Borja (Lima), Surco (Lima)
PHILIPPINESUHY M.L. Aguirre & Co. CPAs,* Makati City
Contact: Michael Aguirre
Email: ask@mlaguirre.org
Website: www.mlaguirre.org
POLANDUHY ECA Group, Warsaw
Contact: Michal Kolosowski
Email: michal.kolosowski@uhy-pl.com
Website: www.uhy-pl.com’
Warsaw, Wroclaw, Zabrze
Also in: Kraków, Poznan,
PORTUGALUHY Oliveira, Branco & Associados SROC Lda, Lisbon
Contact: António Oliveira
Email: geral.lisboa@uhy-portugal.pt
Website: www.uhy-portugal.pt
Also in: Azores, Funchal, Porto
PUERTO RICOUHY Del Valle & Nieves PSC,* San Juan
Contact: Rafael Del Valle-Vega
Email: info@uhy-pr.com
Website: www.uhy-pr.com
QATAR
UHY Ammo & Co, DohaContact: Moomen Elsalawy
Email: inquiry@uhy-qa.com
Website: www.uhy-qa.com
ROMANIAUHY Audit CD S.r.l., Bucharest
Contact: Camelia Dobre
Email: camelia.dobre@uhy-ro.com
Website: www.uhy-ro.com
SAINT LUCIA
UHY A.P. Walcott and Associates, Castries
Contact: Anthony Walcott
Email: awalcott@uhy-lc.com
Website: www.uhy-lc.com
SAUDI ARABIAUHY RIYADH BIN BULAYHID OFFICE, RIYADHContact: Elsayed Elboussery
Email: info@riyadhaudit.com
Website: www.riyadhaudit.com
Also in: Dammam, Jeddah
SERBIAUHY REVIZIJA d.o.o., BelgradeContact: Jasmina Macura
Email: ekirevizija@uhy-ekirevizija.rs
Website: www.uhy-ekirevizija.rs

SEYCHELLES
UHY Premier Financial Services Limited, Mahé
Contact: Vimal Damry
Email: vimal@premier-seychelles.com
Website: www.premier-seychelles.com
SINGAPORE
UHY Lee Seng Chan & Co,* Singapore
Contact: Sen Choon Lee
Email: info@uhylsc.com.sg
Website: www.uhylsc.com.sg
SLOVAK REPUBLIC
AUDITOR SK s.r.o., Bratislava
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu
SLOVENIA
UHY d.o.o., Ljubljana
Contact: Franci Žgajnar
Email: uhy@uhy.si
Website: www.uhy.si
SOUTH AFRICA
UHY Hellmann (SA), Johannesburg
Contact: Carlos Pedregal
Email: carlosp@uhy.co.za
Website: www.uhy.co.za
SPAIN
UHY Fay & Co,* Marbella
Contact: Bernard Fay
Email: bfay@uhy-fay.com
Website: www.uhy-fay.com
Also in: Barcelona, Madrid*, Malaga, Santa Cruz Tenerife,
Santander, Santiago de Compostela
SRI LANKA
UHY Centra Management Associates, Colombo
Contact: Ismath Abdul Sathar Mohamed
Email: asmismath@uhycentra.com
Website: www.uhycentra.com
Also in: Kandy
SWEDEN
Revisorerna Syd, Malmö
Contact: Mattias Nilsson
Email: info@revisorernasyd.se
Website: www.revisorernasyd.se
Winthers Revisionsbyrå AB, Stockholm
Contact: Ragnar Santesson
Email: info@winthers.se
Website: www.winthers.se

UHY GLOBAL January 2023 31

UGANDAUHY Thakkar & Associates, Certified Public
Accountants, Kampala
Contact: Sam Thakkar
Email: sam@uhy-ug.com
Website: www.uhy-ug.com
UKRAINE
UHY Prostor Ltd, Kyiv
Contact: Alexander Koinov
Email: a.koinov@uhy-prostor.com
Website: www.uhy-prostor.com
UNITED ARAB EMIRATESUHY James Chartered Accountants, Dubai
Contact: James Mathew
Email: james.mathew@uhy-ae.com
Website: www.uhy-ae.com
Also in: Abu Dhabi, Fujairah, Sharjah
UNITED KINGDOMUHY Hacker Young,* London
Contact: Subarna Banerjee
Email: london@uhy-uk.com
Website: www.uhy-uk.com
Also in: Abergavenny, Abingdon, Ashford, Belfast,
Birmingham*, Brighton & Hove, Bristol, Broadstairs,
Cambridge, Chester, Hungerford, Huntingdon, Letchworth,
Manchester*, Newbury, Newport, Nottingham, Sheffield,
Sittingbourne, Swindon, Winchester, YorkUNITED STATESUHY Advisors, Inc., Farmington Hills, Michigan
UHY LLP,* New York
Contact: Michael Mahoney
Email: mmahoney@uhy-us.com
Website: www.uhy-us.com
Also in: Albany (New York), Ames (Iowa), Ann Arbor(Michigan), Atlanta (Georgia), Catskill (New York), Columbia(Maryland), Des Moines (Iowa), Detroit (Michigan),
Farmington (Connecticut), Farmington Hills (Michigan),
Houston (Texas), Hudson (New York), Kansas City (Missouri),Kingston (New York), Long Island (New York), Miami(Florida), Nashville (Tennessee), New York City (New York),
Orange County (California), Port Huron (Michigan), Rye
Brook (New York), Salisbury (Maryland), Saratoga Springs(New York), St Louis (Missouri), Sterling Heights (Michigan),
Woodland Hills (California). UHY LLP is a licensed
independent CPA firm that performs attest services throughan alternative practice structure with UHY Advisors, Inc.
and its subsidiary entities. UHY Advisors, Inc. provides tax
and business consulting services through wholly owned
subsidiary entities that operate under the name of “UHY
Advisors”.

SWITZERLAND
Balmer-Etienne AG, Luzern
Contact: Stefan Wigger
Email: info@balmer-etienne.ch
Website: www.balmer-etienne.ch
Also in: Stans, Zürich

URUGUAYUHY Gubba & Asociados,* Montevideo
Contact: Hugo Gubba
Email: info@uhygubba.uy
Website: www.uhygubba.uy

TAIWANUHY L&C Company, CPAs, Taipei
Contact: Lawrence Lin
Email: lawrencelin@uhy-taiwan.com.tw
Website: www.uhy-taiwan.com.tw

UZBEKISTANUHY Tashkent LLC, Tashkent
Contact: Sarvarkhon Karimov
Email: s.karimov@uhy-uz.com
Website: www.uhy-uz.com
Also in: Khorezm, Navoi

THAILANDUHY Yongyuth Accounting
and Son Co., Ltd., Bangkok
Contact: Panit Mokarakorn
Email: panityas@uhy-th.com
Website: www.uhy-th.com
TUNISIAUHY CNBA, Tunis
Contact: Raoudha Ben Abdelkrim
Email: r.trojet@uhy-cnba.com
Website: www.uhy-cnba.com
TURKEYUHY UZMAN Sworn in CPA andIndependent Auditing Inc., Istanbul
Contact: Şenol Çudin
Email: uzman@uhy-uzman.com.tr
Website: www.uhy-uzman.com.tr
Also in: Ankara, Istanbul, Izmir

VENEZUELAUHY Servicios Legales & Tributarios, S.C., Caracas
Contact: Luis Sotillo
Email: l.sotillo@uhy-ve.com
Website: www.uhy-ve.com
Also in: Puerto Ordaz, Valencia*
VIETNAMUHY Auditing & Consulting Co. Ltd., Hanoi
Contact: Thanh Nguyen
Email: thanhnt@uhyvietnam.com.vn
Website: www.uhy.vn
Also in: Ho Chi Minh CityZAMBIA
UHY AMO Certified Public Accountants, Lusaka
Contact: Dion Banda Dault
Email: d.banda@uhy-amocpa.com
Website: www.uhy-amocpa.com* UHY firms asterisked signifies that they are registered with the Public Company Accounting Oversight Board (PCAOB). They are enabled under section 102 of the US Sarbanes-Oxley Act 2002 to
prepare or issue audit reports on US public companies and their subsidiaries abroad. Under section 103 of the Act, the PCAOB has established auditing and related attestation quality control, ethics
and independence standards, and rules to be used by registered public accounting firms, in the preparation and issuance of audit reports.

LET US HELP YOU ACHIEVEFURTHER BUSINESS SUCCESS
To find out how UHY can assist yourbusiness, contact any of our member
firms. You can visit us online atwww.uhy.com to find contact details
for all of our offices, or email us at
info@uhy.com for further information.

UHY is an international network of legally independentaccounting and consultancy firms whose administrative
entity is Urbach Hacker Young International Limited,a UK company. UHY is the brand name for the UHYinternational network. Services to clients are provided
by member firms and not by Urbach Hacker Young
International Limited. Neither Urbach Hacker Young
International Limited, the UHY network, nor any
member of UHY has any liability for services provided
by other members. © 2023 UHY International Ltd.

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The editorial opinions expressed in the magazine may
not necessarily be those of UHY International Ltd or its
member firms. Every effort is made to ensure accuracy
but the publishers cannot be held responsible for errors
or omissions. Currencies and US dollar equivalents
cited in UHY Global are correct at the time of writing.
Exchange rates will vary over time. No part of thismagazine may be reproduced in any form without
prior permission of UHY International Ltd. We thankall contributors. Design: Flex with UHY International.
Editorial: Flex with UHY International.
Photography supplied by UHY member firms,
their clients and from stock.