global
ISSUE 17

FACINGFACTS

HOW AI IS SHAPING
ACCOUNTANCY’S FUTURE

FUELLING AMBITIONSOIL ECONOMIES RACE TO DIVERSIFY

PLAYING BY THE RULESNAVIGATING CROSS BORDER COMPLIANCE

HAZY OUTLOOK

MAKING SENSE OF GLOBAL UNCERTAINTY

The networkfor doingbusiness

2 UHY GLOBAL December 2023

WORD OF WELCOME

IN THIS ISSUE
COVER STORY4FEATUREThe promise andthe pitfalls of AI

8

SERVICEFEATURE
Helping clientsto navigate ESG

9

GLOBAL NEWS10PERSPECTIVES
Experts debate
economic future

13

CLIENT
STORY
Success is in the air
for turbine firm

14

CLIENT
STORY
Strong bond aids
move to Europe

15

UHY
SERVICES

16

PROFILE
Meet Steve McCarty,
CEO in the US

18

FEATUREOil statesweigh up options
for the future

22

CLIENT
STORY
Wellness pioneers
in great shape

23

COGS &WHEELS
Putting people first

24

SERVINGCLIENTS,SERVINGCOMMUNITIES26FEATURE
Creating a cultureof compliance

29

GLOBALUHY MEMBERS’
DIRECTORY

WORD OFWELCOME
Welcome to issue 17 of
UHY Global, our six-monthly
magazine for businesses withan international outlook. Witha mix of features, discussion
and insights provided by our
network of member firms acrossthe world, UHY Global aims toprovide a window on some of
the biggest challenges facing
us as countries, companies,
communities and citizens.
As new year 2024 is celebrated
around the world, we leave behinda difficult and challenging year
in which war persists, climate
worsens, inequality widens andeconomies struggle. Yet it has
also been a year of landmark
progress: the world’s firstlegislation on artificial intelligence(AI), the admission of the African
Union into the G20 group ofnations, and the adoption ofnew, more rigorous international
audit standards in our own
profession, to name a few.
In this issue of UHY Global, we
take a look at how some of these
themes are playing out acrossthe world. While the European
Union’s AI Act is making its way
through the legal process, artificial
intelligence is already a reality
in the accounting profession. In
our feature No Pain No Gain, we
consider how professionals areembracing AI tools and creating
added value in client relationships.
Likewise, regulation andcompliance with standards.
At UHY our member firms areheld accountable for meetinginternational accounting
standards. But they also have a
critical role to play in advisingclients how to navigate anincreasingly complex regulatory
world. In Culture of Compliance,
we take a closer look at what
this means for businesses,
and how we can help.
ESG (Environmental, Socialand Governance) reportingis also set to become a key
requirement. Our network
already has many member firms
which advise and support clientson sustainability issues, but as
ESG standards evolve, and thelegislative net widens, we knowthat many more businesses willsoon need our expertise. In
our service feature Taking Real
Responsibility, we explain the
network’s ESG assurance andreporting initiative designed tohelp clients set, measure andmeet sustainability goals.
Finally, I am indebted as always
to the support and loyalty ourmember firms receive from theirclients. We value longstanding
relationships and new ones,
and are lucky enough to workwith some amazing businesses.
We feature three of them inthis issue: an industry-leading
adhesives brand consolidating its
European presence, a wind turbine
installation specialist expanding
into Latin America, and a highprofile husband and wife teambuilding an online health andnutrition business in Australia.
I wish all our readers aprosperous 2024.
Subarna Banerjee
Chairman, UHY International

ALL AROUND THE WORLDUHY GLOBAL December 2023 3

RUNNING WITH IT

SPORT HAS THE POWER TO CHANGE LIVES. NOW IN ITS FIFTH DECADE,THE MEN’S RUGBY WORLD CUP IS NO EXCEPTION.
PA Images/Alamy Stock Photo/Ross KinnairdT

he Rugby World Cup 2023
has marked the 200th
anniversary of the game’s
legendary founding in 1823
when William Webb Ellis,
a student at Rugby School
in England, UK, allegedly
picked up the soccer ballduring a game and ran withit, breaking all the rules. Thisdisruptive action sowed theseeds for the modern game.

In September and October, 20 teams
from around the world (the largest
participation to date) gathered in France
to compete in the four-yearly tournament,
to win the coveted Webb Ellis trophy. But
the Rugby World Cup (RWC) has always
been about much more than a trophy.
MAKING A MARK
From 1987’s inaugural RWC hosted inAustralia and New Zealand, to the latest
event played out across France, many
rugby-loving nations have experienced
the buzz over 10 tournaments. England,
Wales, Scotland, Ireland, Japan andSouth Africa have all enjoyed hosting
RWC matches, and in 2031 the USA willhold the tournament, for the first time.
Celebrations like the Rugby World Cup
can really put a host nation ‘on themap’. A well-executed tournament will
boost the local economy, create a lasting
infrastructure for the future, unlock newinvestment streams for the sport, andprovide a shop window for everything

the country has to offer. At grass roots
level, the RWC encourages new players
to take up the sport, and invites millionsof television viewers around the world toenjoy the game, many for the first time.
Winning the RWC has a similar positive
impact. Bringing home the trophy
boosts national pride, creates heroes
and role models for new generations,and brings people together from every
walk of life in celebration of their team’s
collaborative and hard-earned success.
The rising popularity of the women’s
game has added extra impetus, andthe sport’s governing body, World
Rugby, has developed a strategic
blueprint for global development
and growth, including a hostingmodel for countries to optimise theiropportunities for commercial success.

Every RWC offers opportunity for the
betterment of communities, providing
a common goal to rally round andbreaking down cultural barriers.
Fans from all over the world cometogether to enjoy the games, theatmosphere and the camaraderie.
FRANCE 2023
Over 2.5 million match ticket sales forthe event have seen a healthy influx offoreign visitors and a boost for the
French economy, with net revenue
from the event alone predicted to
exceed EUR 800 million. France’s
service businesses have also been busy.
“The French are fervent supporters,
and of course UHY GVA is too,” says
Emmanuel Gayte, managing partner at
UHY GVA in Paris, whose colleagues
attended the opening games.

BRINGING COMMUNITIES TOGETHER
Perhaps the greatest example of thetournament’s wider benefit to country
and community is the 1995 RWC, heldin South Africa just two years after theend of apartheid. Previously barredfrom participating in the competition onpolitical grounds, the host nation fieldeda team of black and white players.

“These matches have set the pace forconversations and festive events. We
could really feel the excitement mounting
throughout the summer, typically a periodof rest for the country. The tournament
has been a real accelerator for business.
My congratulations go of course to ourwinners South Africa and to every team– it has been a thrilling tournament.”

The ‘Springboks’ as they are known,
went all the way to the final, and won it,
beating New Zealand with a winning drop
goal in extra time. The then President
Nelson Mandela famously presented thetrophy wearing a Springboks cap andshirt. The RWC had become a beacon ofhope and reconciliation for the country.

With what is hoped will be a lasting
economic and social legacy for France
and the men’s game, and with thewomen’s Rugby World Cup, hosted byEngland, to look forward to in 2025,
the sport and its global communities
are in good health. William Webb
Ellis would be very proud. n

4 UHY GLOBAL December 2023

FEATURE – NO PAIN, NO GAINNO PAIN, NO GAIN

WHATEVER YOUR OPINION OF THE TECHNOLOGY, ARTIFICIAL INTELLIGENCE IS
HERE TO STAY. UHY FIRMS ARE EMBRACING SOME OF THE LATEST AI-POWEREDTOOLS, WHILE KEEPING A WATCHFUL EYE ON UPCOMING DEVELOPMENTS.

A

few short years ago,
Artificial Intelligence(AI) was little more than anearnest discussion topic for IT
professionals, sci-fi fans andfuturologists. Everybody else
had heard of it, but most of
us were not quite sure what it
did. Today, it is everywhere.
Thanks to the advent of ChatGPT andother ‘generative’ AI tools, the potentialof AI, for good and ill, is the lead story
on evening news shows and the causeof heated debates in homes, coffee
shops and offices around the world.
Will it take our jobs? Will it take over
the world? Conversely, will it makeour lives easier and more fulfilling?
That debate is mirrored in the professional
services arena, where AI also provokes
mixed emotions. The technology is alreadybeing used in some areas of accountancy,and has the potential to be used inmany more. But will it make some jobs
in the professions obsolete? And might
the reliance on smart, self-teaching
technology for our financial good healthhave unintended consequences?
AI THE GAMECHANGERAt the moment, nobody can be certainof the answers to these questions, but
a few things seem clear: AI is a gamechanger, potentially the most disruptive
force since the industrial revolution,and unquestionably here to stay.
“AI is now merging with our everyday
lives, whether that is in professional
services like accounting or in many otherareas of life,” says Allan Kong, director,
UHY-ASK in Hong Kong. “It is merging
to an extent that makes it unstoppable.
But I am optimistic. I think it will bringmore benefits than problems.”
In accountancy at least, this optimistic
view is widely shared. Michael Antovski,
chief operating officer for US member

firm UHY Advisors, Inc., believes AI
has been part of our professional andpersonal lives for a number of years, evenif we haven’t categorised it as such.
“We should embrace it, but be intentional
about how we use it,” he says. “Asfar as accountancy is concerned, I am
optimistic that AI will bring benefits
to our profession as a whole, andenhance our colleagues’ careers.”
THE CASE FOR OPTIMISM
Where does this optimism springfrom? Partly, it is down to the positive
impacts AI, machine learning androbotic process automation (RPA) arealready having on the profession.
UHY Hacker Young, UHY’s member firmin the UK, uses a number of AI-type tools
in its operations already. DataSnipper,
for example, can automatically identify
and highlight important information in
mountains of documents, from bankstatements to handwritten notes. It
does not just accomplish this document
scanning faster than a human ever could,

As far as

accountancy

is concerned, I
am optimisticthat AI will bring
benefits to our

profession as awhole, and enhance
our colleagues'
careers.

it is also more accurate and thorough.
“Humans would most likely miss someof the valuable data these documents
contain,” says James Astley, a partner
in UHY Hacker Young’s audit group.
“We also use an AI-powered financial
risk platform. We can upload an entire
ledger, potentially millions of lines oftransactions, and it will identify thoseit considers high risk, based on certain
criteria. For example, if a payment
was made at midnight on a Saturdaynight via a corporate account, thatmight warrant further investigation.”
It has always been the job of accountants
to highlight atypical transactions.
Increasingly, new AI tools are helping
them to analyse vast volumes of
documents and transactional data quickly
and accurately, freeing up time that canbe spent with clients to investigate anddiscuss anomalies. In this way AI canchange the service that professionals
offer, often enabling additional insights
to help improve client businesses further.
MULTIPLE ROLES
These are far from the only roles AI
might carry out in the accountancy
field. In the US, Michael talks about
document software that reviews
contracts and provides analysis thatthe firm’s human professionals thenuse to tailor the advice they provide toclients. While in Hong Kong, Allan andhis team have been developing theirown AI-powered accounting platform
for SMEs called SmartLedgers. This
will be able to perform bookkeeping,accounting and consultation services
for client companies. The platform iscurrently in development, having been
granted support from the Hong Kong
Science Park Incubation Programme.
SmartLedgers is a multifaceted
programme that automates basic
accounting tasks for SMEs and thenperforms data analysis to provide valuablebusiness insight. “Our aim is for the AI

FEATURE – NO PAIN, NO GAIN

iStock.com/Grafissimo

UHY GLOBAL December 2023 5

6 UHY GLOBAL December 2023

to automatically provide informationsuch as the company’s best-selling item,
or its poorest performing months,” says
Allan. “Eventually, it will provide sector
comparisons with similar businesses,
offering improvement suggestions basedon comparisons with the market as awhole or its leading performers.”
In these scenarios, the benefits of AI
powered tools are obvious. SmartLedgers
is aimed at smaller businesses that may
struggle to hire full time accountants,
or consultants. These companies do notnecessarily have the in-house resources totake full advantage of the mountains ofvaluable customer data at their disposal.
In the near future, AI will scan, analyseand make suggestions based on thatdata automatically, making businesses
more customer focused and efficient.
INTERNAL ADVANTAGES
There are other benefits, too. Michaelsays the AI tools his firm currently uses
are as much a benefit to employees
as clients. “Pre-AI, the contract review
process, for example, was done manually
by our colleagues,” he adds. “AI allows
colleagues to focus more on the review
itself and be consultative with the results.”
Proponents of AI often cite this timesaving role as a reason for optimism.
Technology in general, and AI in particular,
iStock.com/peterhowell

FEATURE – NO PAIN, NO GAIN

can automate routine and repetitive
tasks, allowing professionals to focus
on more complex, sensitive or higher
value activities. AI-powered accountancy
will be less about bookkeeping andmore about business advisory.
And AI is also being used internally, tohelp accountancy firms operate more
effectively. In the UK, James says thefirm has been using AI-type tools toanalyse data from door passes. By doingso, it can provide valuable insight into

how office space is being used, andhow smoothly the switch to permanent
hybrid working is progressing. Thiscan lead to the more efficient use of
space. It is also possible to integrate AI
tools with smart building functionality
and cut utility and security costs.
THE PITFALLS OF AI
With all these benefits, it is no surprisethat AI is generally welcomed byprofessional services providers. It offers
the potential to turn information into
insight in a way that was previously
either impossible or so labour
intensive as to be impractical.
But there are caveats. Michael mentions
that we should use AI ‘intentionally’,
and that information produced by AI
needs to be verified by other means.

AI is also
being usedinternally, to help
accountancy

firms operate

more effectively.

Technology experts stress the need tobe sure of what AI is doing and impose
limits on its actions. AI is progressing
all the time and through machinelearning can teach itself to be betterat the tasks assigned to it. We should
be cognisant of the possibility thatwhat AI identifies as the optimum way
may not be the securest way, or theway that best ensures data privacy orsafeguards regulatory compliance, andbuild in relevant checks and balances.

UHY GLOBAL December 2023 7

iStock.com/nay

There are also challenges around AI
implementation. “A key issue is finding
the talent that can understand andimplement these powerful tools,” says
James. “On top of that, the profession
needs people who can communicate thebenefits of AI to staff and clients alike.”
Technology is sometimes seen as a greatleveller. In this interpretation, small firmsthat embrace the right technology
can do the kinds of things that werepreviously only available to larger
competitors with deeper pockets. Thatis true of data analytics, for example.
But AI implementation also has thepotential to widen the gap between thetechnological haves and have-nots. The
tools may become increasingly affordable.
The talent to understand, implement, tailor
and maintain them probably will not.
“There are clearly questions for firms’
recruitment and training processes,” says
James. “Accountants are not traditionallyoverly comfortable with technology.
That is changing but AI has added
urgency to the process. Accountants
increasingly need the technical skills tounderstand and apply AI and explain its
benefits to colleagues and clients.”

We are alreadyplanning on

implementing thistechnology in

SmartLedgers.

THE FUTURE OF AI IN ACCOUNTANCY
These are real concerns, but theimplementation of AI in professional
services is likely to accelerate anyway.
The train has left the station and the
direction of travel appears set.
So how might the near future lookwhen AI has infiltrated further into
the accountancy technology stack? It
will probably involve chatbots. “It is
certainly possible for an AI-poweredchatbot to answer basic accountancy

queries with the support of ChatGPTand Open AI,” says Allan. “We are
already planning on implementing
this technology in SmartLedgers.”
James thinks an obvious role for AI is in
the new client take-on process. Letting AI
source, check, verify and file the relevant
documentation would save time andmoney for everyone involved. Software
could also create tailored engagement
letters, and guide clients through basic
technical onboarding. The human touch isan important part of building relationships
and trust in professional services, but
having to contact a human just to request
a document alteration can be frustrating.
There will be much more to the
AI-driven future, of course. As asociety and a profession, we areprobably some way from grasping
the technology’s full potential. But
grasp it we must. Professional services
firms who fail to understand thegame-changing importance of AI
are at risk of falling behind. The AI
revolution has only just begun. n
UHY Contributors:
Michael Antovski, UHY LLP, US
James Astley, UHY Hacker Young, UK
Allan Kong, UHY-ASK, Hong Kong

8 UHY GLOBAL December 2023

SERVICE FEATURE – ESG

TAKING REALRESPONSIBILITY
UHY’S ESG REPORTING AND ASSURANCE SERVICES WILL ENABLE CLIENTS TO
INTEGRATE MEASURABLE NON-FINANCIAL PERFORMANCE INTO THEIR BUSINESSAND COMPLY WITH NEW INTERNATIONAL STANDARDS.
iStock.com/Antonio_DiazUnder market pressure to‘be greener’, businesses
have for a long time
struggled to demonstrate realcommitment to the cause.
For some, the investment required toadapt products, policies and processes has
proved to be an obstacle to meaningfulchange, compounded by a lack ofcommon non-financial standards andmetrics. Others have been accused of‘greenwashing’ – creating the illusionthat they are environmentally friendly andsustainable when often they are not.
As climate concerns deepen, and societal
challenges increase, people are looking
to businesses to play their part. The
rise to prominence of environmental,social and governance (ESG) indicators
as a potential means to judge businessintegrity and resilience is no coincidence.
ESG is being driven by multiple
stakeholders. Policymakers and regulators
want a net-zero future for everyone.
Investors, lenders and other providersof financial capital understand thatproven business sustainability is a plus
factor for future returns. Customers andcommunities vote with their feet, andtheir money, rewarding those brands
they see as demonstrating socially andenvironmentally-aligned values. Employees
want to work in businesses they believe
are responsibly run, green and diverse.
Now, some of the fundamental

barriers to effective climate and social
responsibility are being dismantled.
Regulators, standards bodies including
the accounting profession, and global
thinktanks are addressing the issuesof accountability and governance,measurement and impact of non-financial
performance in business strategy andoperations. ESG is the common label.
Europe is leading the charge, and in 2023
the European Union (EU) introduced its
new Corporate Sustainability Reporting
Directive (CSRD)1, which builds more
stringency into the former NFRD (NonFinancial Reporting Directive) and casts
the net wider. Large Public Interest
Entities will be obliged to conform in
2024, and they will be joined in 2025 bylisted SMEs and in 2026 by other sizes
and classes of European business, andnon-European entities trading in the
EU. It will be a wake-up call for many.
A GLOBAL APPROACH
Roman Seredyn‘ ski is managing partner of
UHY ECA Group, the network’s member
firm in Poland, UHY Board director andchair of UHY’s international special
interest group for ESG. He believes
that authorities beyond the EU will bepaying close attention to the CSRD;
where Europe leads, others will follow.
“New standards for ESG reporting arebeing developed in many countries andregions of the world,” he says. “In thisrespect, ESG is in its infancy, but a lot ofimportant work has already been done in

the area of sustainability standards.
As a global network serving
multinational clients, it is of paramountimportance that our member firms
stay up-to-date with national andinternational regulations and standards,
both in non-financial reporting, andin ESG assurance. Non-financial audits
and reporting will become a necessary
measurement of business performance,
and we aim to be ready to offer ourclients the advice and support they need.”
Roman’s ESG group is developing acommon methodology for UHY member
firms worldwide. “It is important that
we offer seamless ESG support to ourclients across borders, just as we do for
our financial audit, tax or accounting
services,” he says. “We have two global
teams focused on reporting and assurance
products and processes. Working
together is fundamental to the way we
do business in UHY. Sharing knowledge
and best practice, collaborating
and innovating, and enjoying great
relationships across the network is thebest way to serve our clients.” n
For more information on UHY’s
range of auditing, accounting, tax
and business advisory services, email
info@uhy.com, or visit www.uhy.com.
Sources:1
You can read more about the EU’s Corporate
Sustainability Reporting Directive in our
feature ‘A Sustainable Stride Forward’, whichappeared in the June 2023 issue of UHY
Global. You can find it on www.uhy.com.

GLOBAL NEWSUHY GLOBAL December 2023 9

provisions of the act come fully into force.
Given rapidly changing technology, which
can outstrip the process of law making,businesses will be encouraged to meet
AI obligations early, through initiatives
such as the AI Code of Conduct, a setof non-legally binding AI standards,
and the AI Pact, a commitment tocomply with the future AI Act.

BRAZIL
TAKES G20
FORWARDSGLOBAL TAX REFORMS
clear that the framework of rules forcorporations operating physically ina jurisdiction were inadequate for
rapidly evolving digital economies,a second ‘pillar’ was developed toensure a minimum corporation tax
rate regardless of physical presence.

The Organisation for Economic
Co-operation and Development(OECD) has been working toward a
global transformation of internationaltax rules since the BEPS (Base Erosion
and Profit Shifting) project whichbegan in 2013. When it became

Luiz Inacio Lula da Silva, president of Brazil,
is the new president of the G20 group ofnations, following the 2023 presidency
of Indian prime minister Narendra Modi.
Lula assumes the role at one of the mostchallenging times in the G20’s history.

iStock.com/imagedepotpro

Lula will preside over an enlarged G20, thegroup having admitted the African Union(comprising 55 countries) to membershipin September, providing a significant seatat the table for nations of the ‘Global
South’, the world’s developing economies.
But shifting geopolitical and economic
alliances elsewhere, continued economic
fragility and the challenge of climate,
are likely to make consensus difficult.

Now, from 2024, OECD’s GloBE(Global Base Erosion) Rules are set
to achieve a minimum tax of 15%
for in-scope MNEs across much of
the world, following (currently) 138
OECD and G20 signatories supporting
Pillar Two. The EU, for example, hasrequested its member governments
legislate for GloBE by 31 December
2023, though there are transition
periods, exemptions and ‘safe
harbour’ arrangements that ensure
the principles and practice has timeto embed. Nevertheless, Pillar Two isa laudable collaborative achievement
across governments aimed at a more
equitable distribution of tax income.

The outgoing presidency was noteworthy
for its G20 New Delhi Leaders’ Declaration
including 12 pledges ‘for the planet, people,
peace and prosperity’. It remains to be
seen how Lula will use his presidency tomake good on the group’s commitments
to sustainable growth for developed anddeveloping nations, financial reform,
equality and diversity, among others.

iStock.com/natatravel

UK FLEXIBLE WORKING
UK employees will be able to request
greater flexibility in the way theywork under the new Employment
Relations (Flexible Working) Act whichis expected to come into force later in
2024. Under the revised legislation,
employees will be able to request
flexible working as soon as they
start work (currently, only after 26
weeks) and employers must consider
all requests and outline any reasons
for rejection within two months.
Businesses and employment advisors
have given a mixed reaction, withmany critics believing the measures
do not go far enough, in lightof the flexible working realities
ushered in during Covid and theshift in employee expectation that
followed. Consultation is ongoing.
iStock.com/monkeybusinessimages

The world’s first comprehensive AI(artificial intelligence) law has been
officially adopted by the European
Parliament and agreement regarding its
final text is expected in 2024, possibly
ahead of European elections in June.
Use of artificial intelligence in the EU will
be regulated by the new AI Act. A twoyear transition is anticipated before theiStock.com/sinonimas

EU LEADS ON AI LAW

10 UHY GLOBAL December 2023

PERSPECTIVES – SEEKING CERTAINTY

SEEKING CERTAINTY

WHAT DOES THE FUTURE HOLD? WE ASK UHY SPECIALISTS FROM AROUND THE WORLDTO ASSESS TODAY’S CHALLENGES AND THE POTENTIAL FOR BUSINESS IN 2024.

The global downturn
has affectedeconomies aroundiStock.com/GCShutter

the world.

The global economy faces
an unprecedented seriesof challenges. Hopes for astrong post-pandemic recovery
have been hit first by highinflation and then by the highinterest rates central banks
have employed to try to bringinflation under control.

At the same time, confidence has
been rocked by geopolitical tensions.
Russia’s war in Ukraine has led tospiralling energy and food prices insome regions, and disruption to global
supply chains. Tensions between
China and the US, and the West moregenerally, have threatened to exacerbate
a long-standing trade war between
the world’s two largest economies.
INFLATION WITH INTEREST
The global downturn has affectedeconomies around the world, but
Europe’s geographical proximity to
the tragic events in Ukraine, and theirreliance on (and subsequent weaningoff) Russian oil and gas, means thecontinent has been badly hit.
“Inflation and interest rates are still on
an upward trend here,” says Vedrana
Miletic‘, partner at UHY’s Croatian
member firm UHY RUDAN d.o.o. “Theincrease in interest rates during the last
two years has had a negative effect on
income, cash flows, budgets and debt
ratios for our clients, and especially forclients that had long term loans withvariable interest rates and without
the possibility of reprogramming.”
Croatia’s challenges have been
exacerbated by the country’s switchfrom the Kuna to the Euro at the
beginning of the year, which contributed
to the inflationary environment.
In the Americas, Argentina has had
its own local difficulties to deal with.
“Argentina is going through a periodof high inflation, the highest in thelast 24 years, and interest rates are
skyrocketing as a result,” says Roberto
Macho, managing partner at UHY Macho& Asociados, UHY’s member firm in the
country. “In a presidential election year,
uncertainty has been the name of the

UHY GLOBAL December 2023 11

game and chances are that interest rates
and inflation will continue to increase until
the new government settles in office.”
For both countries, global headwinds
have been given further momentum by
testing local circumstances. That is also
true in Australia, where the interest rate
stands at 4.1% at time of writing, thehighest it has been since 2013. Inflation
is currently around 6%. Australia is along way from the war in Europe, but its
economy does rely to a significant degree
on the export of raw materials to China.
“Given our reliance on exports ofresources and primary produce,
China’s economic position and ourrelationship with China both have alarge impact on the profitability of ourmajor industries,” says Craig Coleman,partner at UHY Haines Norton in Perth.
Like Australia, Malaysia is a long way
from European problems but may finditself caught in the crossfire of any
ramping up of the trade war between
China and the US, both of whom it doessignificant business with. Nevertheless,in line with a number of other Southeast
Asian economies, Malaysia is weathering
current storms better than most.
“Economic growth hit 14.2% in thethird quarter of 2022 after the economy
opened up, and GDP expansion was stillat 5.6% in the first quarter of 2023,”
says Datuk Alvin Tee, group managing
partner, UHY Malaysia, in Kuala
Lumpur. “It dipped to 2.9% in the latest
quarter under review, but inflation fellslightly in the same period as well.”Malaysia has benefitted from a strong
post-pandemic reopening effect, resurgent
domestic demand and the return of highnumbers of tourists from overseas.

Wages have risen

but are not keeping
up with rising

prices caused byinflation, high interest
rates and thecurrency switch.

spending spree, and many countries
are experiencing another pandemic
hangover: a reduced labour force.
“The main challenge for businesses
here in Australia at present is the lack ofsuitably qualified and skilled people,” says
Craig. “There is great concern aroundthe viability of many companies in theconstruction industry, for example, where
the combination of a worker shortage,high interest rates and rising material
costs, coupled with the fixed-price natureof that industry, is causing severe issues.”
In Croatia, Vedrana sees the same
workforce issues. “One of the main
challenges we have is the employment ofcompetent personnel,” she says. “Thatproblem has been present for sometime and it worsened during 2023.”
High inflation has exacerbated the
problem, she adds. Wages haverisen but are not keeping up withrising prices caused by inflation, highinterest rates and the currency switch.
“Eventually this results in a labour
shortage in the market and growing
inequality between rich and poor.”“We have experienced a spillover
effect from the war in Ukraine,” says
Datuk Alvin. “This is because of the
disruption to supply chains and thelower-than-expected global economic
growth, but the government moved
quickly to minimise impact with fueland certain food price subsidies.”

Everywhere, inflationary pressure has
undermined economic activity andhighlighted deep rooted economic
fragility. “Clients are obviously affected
because in this environment prices
are very difficult to predict,” says
Roberto. “Sometimes they would
rather stop selling than risk selling
below the restocking price.”

THE GLOBAL TALENT CRISISOne of the causes of inflation in manynations was a consumer-led post-Covid

Craig agrees: “The combination of aworker shortage, and high interest rates
and inflation, is making it difficult for

iStock.com/RapidEye

PERSPECTIVES - SEEKING CERTAINTY

12 UHY GLOBAL December 2023

A BRIGHTER FUTURE
So what will 2024 bring? In Malaysia, thecentral bank predicted growth of 4-5%
in 2023 as a whole, and gradually fallinginflation. Despite continuing risks suchas slower external demand, Malaysia isrelatively optimistic for 2024 and beyond.
“With continued employment andwage growth, high tourist numbers
and a number of large infrastructure
projects underway, we’re reasonably
confident for 2024,” says Datuk Alvin.
“But there are potential issues, including
slower-than-expected growth in China.
So growth is likely to be driven moreby resilient domestic spending.”

The world should
become morepredictablein 2024.

between income and prices to start
narrowing over the next year, which
could spark the beginnings of aconsumer-led recovery. Craig suggests
that, in Australia, economic conditions may
deteriorate slightly before they improve.

Elsewhere, our specialists see signsof a slow recovery for the global
economy in 2024, but one that iscomplicated by local factors.

LEAN AND LIGHT
What does all this mean for UHY’s
business clients, and how do they increase
resilience while preparing themselves for
new opportunities? A global economic
recovery is likely at some point.

“The world should become morepredictable in 2024,” says Roberto.
“However, in Argentina I see a country
with many challenges ahead and acrisis that will be tough. Depending on
how the new government weathers
the storm, the outlook for 2025 atleast could be a promising one.”

Upgrading and streamlining technology
stacks can cut costs today while preparingorganisations for the shocks of tomorrow.
“Those businesses that can harness
technology and use it to its fullest
extent, particularly in this environmentof people shortages, will have the best
opportunity for success,” says Craig.

In Croatia, Vedrana expects the gap

Vedrana suggests businesses spendsome time taking stock, by identifying
and focusing on profitable services andproducts while keeping standards high.
A ‘portfolio cleanse’, stripping away
unproductive service lines or subsidiarybusinesses, might also be in order.
What is more, even in difficult times,
there are opportunities for those who arealert and agile enough to grasp them.
“In every crisis there are opportunities,”says Roberto. “Those clients who canreact quickly to change and keep theirbusinesses lean and light will have thechance to displace the slow-moving‘elephant’ businesses that might fall, in
the new paradigms of a changing world.”
UHY’s global network can help national
and international organisations seek amore certain future. With portfolios ofaccountancy, tax, audit and businessadvisory services combined with local
knowledge and global reach, UHY
member firms will support businesses
to streamline their operations,focus on core competencies andface change with confidence. n
UHY Contributors:
Craig Coleman,
UHY Haines Norton (Perth), Australia
Roberto Macho,
UHY Macho & Asociados, Argentina
Vedrana Miletic‘,
UHY RUDAN d.o.o., Croatia
Datuk Alvin Tee,UHY Malaysia
iStock.com/izikMd

iStock.com/RapidEyebusinesses to maintain margins, because
input costs continue to increase evenas consumer spending starts to fall.”PERSPECTIVES – SEEKING CERTAINTYCLIENT STORY

GENERATING CHANGEZONDA ENERGY, A MAJOR PLAYER IN WIND TURBINE INSTALLATION AND MAINTENANCE, IS
RELYING ON THE UHY NETWORK TO HELP FULFIL ITS LATIN AMERICAN EXPANSION PLANS.
Zonda Energy is one of the essential cogs
in the machine of the alternative energy
industry. The company specialises in theassembly of wind turbines, using cranesof up to 1,350 tons and electromagnetic
installation. It offers an end-to-end
service to clients, including the transportof turbines by land and sea as well as
post-installation repair and preventative
maintenance. The company has overa decade of experience in the sector
and major customers include Siemens
Gamesa, Vestas, Acciona, Nordex,
Enercon, General Electric and Goldwind.
Zonda Energy is headquartered in
Spain but does business across muchof Latin America including Mexico,
Chile, Brazil and Peru. It operates as alimited company in Spain and throughsubsidiary entities in other jurisdictions.
THE NEED FOR REGIONAL EXPERTISE
When Zonda Energy first started to dobusiness in Central and South America,
it looked for an accountancy firm that
could help realise its ambitions. Mexico
would be its first working jurisdiction
UHY IN THE ENERGY SECTOR
From onshore wind and solar power to
upstream oil and gas exploration, UHY
member firms work with many leading
players across the energy spectrum.
Our clients are businesses involved atevery stage of energy infrastructure,generation and distribution, helping themto maximise opportunities and comply
with ever-greater regulatory challenges.

outside Europe, and its ultimate aim
was to establish a chain of subsidiarybusinesses throughout the region.
“We knew we needed to be advisedby professionals with expertise in theirsubject, excellent knowledge of local
legislation and access to outstanding
global support from their fellow
member firms around the world,” says
executive director, Ramon Arroyo.
With this mission in mind, the company
contracted UHY Glassman Esquivel y Cía
S.C. Mexico, and after an early pause
during the pandemic, partner José Carlos
Villegas and his team now provide Zonda
Energy with a full suite of accounting,tax, payroll and invoicing services.
AN EXPANDING BUSINESSWith the Mexico operation established,
Zonda Energy started to look further
afield. Wind power generation in Latin
America is on an upward curve, withinstalled capacity reaching 34 gigawatts
in 2020 and plenty of untapped potential.
The company understood that its turbine
infrastructure services would be in highdemand in the region as investment
in renewables continued to grow.
To grasp that opportunity, it has so far
opened further facilities in Chile, Brazil
and Peru. In each case it needed an
accountancy partner with local knowledge
and global reach and, having received
excellent service in Mexico, Ramon
asked the team for recommendations.
José Carlos was happy to make personal

introductions to other UHY firms in
the region - UHY Blancas Sandoval &Asociados, SAC in Peru, UHY Giñazú &Asociados in Chile and UHY Bendoraytes& Cia in Brazil - via video conference.
All three firms were taken on, andin each case, UHY provides a rangeof services that helps Zonda Energy
establish and maintain itself in newmarkets. “In all territories, UHY offersa full service that allows us to focus all
our efforts and resources on the coreareas of our business,” says Ramon.
“We appreciate the flexibility UHY
offers, alongside a comprehensive andappropriate service and cost, together
with easy and continual communication.”
A TAILORED SERVICE
With wind becoming an increasingly
important part of the energy mix inCentral and South America, further
expansion is a distinct possibility.
If that happens, Zonda Energy will
be happy to call on the services of
the UHY global network again.
“Not only is UHY a business networkwith a size and reach similar to oneof the Big Four, but it has the virtueof understanding the situation on the
ground, and the needs and complexities
of individual clients,” says Ramon.
“This allows them to give companies
like ourselves a service that is both
affordable and tailored to ourparticular circumstances.” nCLIENT STORY

iStock.com/Jrleyland

14 UHY GLOBAL December 2023

A STRONG HOLD ON GROWTH
ORIGINATING FROM A FORMULA FIRST USED ON TEAK IN INDONESIA, NEWS ABOUT ANADHESIVE WITH INCREDIBLE STRENGTH SPREAD FAST AND TWO DECADES LATER, DEMANDFOR GORILLA GLUE PRODUCTS CONTINUES TO ACCELERATE. WITH THE HELP OF UHY MEMBERFIRMS ACROSS EUROPE THE BUSINESS’S NEW AMBITIONS ARE FLOURISHING.
“We had always planned to expand into
Europe from the UK, but Brexit broughtchallenges that none of us were
equipped to deal with,” says Richard
Allen, head of European Accounting,
Gorilla Glue Europe Ltd. “This was
unfamiliar territory for all British
businesses in our situation and we
needed specific help to facilitate ourgrowth, firstly into the Netherlands andlater into Germany. I had worked with
UHY in previous companies, so for me
it was the only network I wanted tosupport us. I was sure from the outsetthat UHY had all the resources tosteer us through this critical period.
“From the beginning I have been
impressed by the effortless way member
firms communicate. There is never any
need to repeat instructions and I haveabsolute confidence that everythingnecessary is always being done to
get us where we need to be.”STAYING CLOSE
As each new member firm was instructedby Richard, Michelle Dale, VAT director,
UHY Hacker Young, Manchester, UK,coordinated communications between
Niall Donnelly, head of corporatetax, UHY Farrelly Dawe White Ltd.,
Dundalk, Ireland; Martin Kuijpers,
VAT specialist, Govers Accountants/
Consultants, Eindhoven, Netherlands
and his colleague, Lomme Van Dam,international business tax advisor, also
from Govers Accountants/Consultants.

“Together, these people from different
parts of the world in the UHY network,
used their collective expertise to help
us become legal entities and deal
with rigorous compliance issues in the
Netherlands and Germany. They got
us established quickly and continue tohelp us to build up the entity structure.
On top of this, their detailed advice
and day-to-day support with matterssuch as VAT returns and payroll aresecond to none,” says Richard.

We have always

trusted that we werein the best hands.

“It has been immensely stimulating tobring together member firms from across
UHY to make sure that Gorilla Glue
meets all its EU VAT compliance issues
in a post-Brexit commercial world,” says
Michelle. “This is an example of thestrength of our international network
performing at its best and I am proud
to be part of an evolving relationshipwith an inspirational business.”
SEAMLESS SUCCESS“The excellent work of UHY has seen
us successfully expand into Europe andovercome any obstacles prompted by new

legislation,” says Richard. “I have beenable to get on with my regular job within
Gorilla Group Europe without constantly
having to provide background information.
I will always be grateful to UHY for the factthat our success in Europe is attributable
to their rock-solid advice and expertise.
“We are reporting a turnover for the
UK entity of about GBP 35m and close
to EUR 10m in the Netherlands. It is
too soon to know what our German
figures will be, but confidence from ourleadership team at Gorilla is higher thanit has ever been because that outstanding
service from our accountancy partner isinstantly there whenever we reach out.
“Without hesitation I will recommend
UHY to anyone seeking accounting andconsulting services. In a complex postBrexit world they have made our lives
remarkably straightforward. We havealways trusted that we were in the best
hands and we continue to do so.” n
UHY IN THE RETAIL AND
MANUFACTURING SECTORSUHY member firms help retail andmanufacturing sectors to maximise theopportunities offered by moving into
new markets. Our experts offer tailoredaccountancy services such as tax planningand compliance, financial reporting,strategic planning and risk assessment.
UHY experts can also support with
supply chain management by identifying
potential cost savings and mitigating risk.

UHY SERVICESUHY GLOBAL December 2023 15

SERVING 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 financeand management, payroll administration,
employee benefits and business systems.
• CORPORATE FINANCE, including:strategic business advisory services,business valuations, due diligence,transactional services (acquisitions, mergers,
disposals, MBOs, IPOs) across all industry
sectors and geographies, 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.

• 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• CORPORATE TAX, including: direct
taxation and indirect taxation, internationaltax such as tax-efficient structures forinternational expansion and cross-borderventures, transnational group structuring,
VAT returns and advice, tax consultancy
and transfer pricing.

status, trust services and management,• FORENSIC ACCOUNTING & LITIGATIONSUPPORT, including: litigation support,
valuations, economic damages, fraud
evaluations, criminal proceedings andmoney laundering issues.

Reporting Standards (IFRS), and complianceinheritance planning.
OUR COMMITMENT TO QUALITY
UHY’s membership of the Forum of Firms,*
our commitment to International Financial
with ethical obligations set out by theInternational Federation of Accountants in its
global standard, Code of Ethics for Professional
Accountants, represents our aim to provide
clients with consistent, seamless, professional• 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 andlabour law consultancy, transfer pricing,customs and other fiscal areas.
• LEGAL, including: tax law,labour law, etc.

and timely cross-border services.
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.

16 UHY GLOBAL December 2023

LEADING WITHGRATITUDE‘A TOUGH BUSINESS THAT IS GETTING TOUGHEREVERY DAY’ IS HOW STEVE MCCARTY, CHIEF
EXECUTIVE, UHY ADVISORS, US, DESCRIBES HISPROFESSION. IN AN INCREASINGLY SHIFTINGGLOBAL BUSINESS ENVIRONMENT, CAN HE REALLY‘MAKE ACCOUNTANCY FUN AGAIN’?

PERSONAL PROFILEn his role as UHY Advisors,
ISteveUS, CEO and chairman,
McCarty has pioneered

innovations so significant thatthey might have earned him achance to sit back and watch
his legacy unfold – but his
impulse to find new ways toserve clients and colleagues
is as dynamic as ever.
Service has always been a theme in
Steve’s family. Growing up in Detroit withseven older brothers, his father Robert
was a police officer who had enlisted
in the Second World War when he was
15. His mother Jean managed the familychequebook. “She’s the one who taught
me dollars and cents,” says Steve.
Steve wanted to join the police department
but his father dissuaded him, and as threeof his brothers went into accountancy
it seemed like a better pathway. “My
brother advised me to stay in public
accounting and become a partner. Dannywas my mentor and driving force.”
HEALTHY BALANCE
Paying his way through college, Stevegot a job at a hospital, where he learned
the nuts and bolts of accounting. He
and a friend also set up a bookkeeping
business, quickly realising a desire to help
businesses achieve their goals. With his aim
to become a Certified Public Accountant(CPA) he joined the tax team at UHY
in Sterling Heights, Michigan in 1992,
working for Dennis Petri (partner, UHY LLP
and managing director, UHY Advisors, Inc.).

Through UHY I havemet some of themost fascinating andcaring people fromall around the world.

“I wanted to stand out in a firm of smart
people so I took the Certified Managerial
Accountant exam,” says Steve. “Thismade me think about providing costaccounting services to clients, working
with manufacturers to look into theengine of their operation to determine
every cost, where they make money andwhat needs to change. I love walking
the shop floor of a client business,
I’m more at home there than in theboardroom. That’s where you find theinformation to help them flourish.”
Steve moved into audit and continued
to deliver on UHY Advisors’ Next Level ofService commitment. He became partnerin 2004 and his interest in transactions
was solidifying into a business plan,

UHY GLOBAL December 2023 17

HEART AND HOME

Steve with his wife Kristen anddaughters Megan and Jenna

first for a National Transaction Teamand then for Corporate Finance.
“I love to challenge clients to achieve
their goals. Advisors can get stuck justproviding compliance services but at
UHY our culture is to lean in and get
involved. We think of ourselves as afull-service firm, offering everything the
dynamic middle market client needs.”
HELPING CLIENTS TO FLOURISH
Creating UHY’s Corporate Financeteam is one of a long list of Steve’s
innovations since joining over 30 years
ago. “Transactions are challenging,people need informed advice. We
help clients think about businessstructure, working capital, employment
agreements, succession plans.”
The Corporate Finance success earned
Steve a place on the UHY Advisors'board and in 2019 he became CEO
and chairman. When Covid struck, theteam quickly focused on colleagues
and clients. “We were worried but weagreed that we were going to growand take care of our people and help
our clients survive. I would say it shaped
the firm’s legacy and maybe helped
me be a better leader, understanding
where it is important to take risks.”
CLIENTS ACROSS BORDERS
Steve is an enthusiastic participant in
UHY’s global network activities anda strong advocate of the power ofinternational collaboration. “Regular
Here: young Stevewith his dad Robertmeetings with our international colleagues
are the mark of a healthy network andwe all want each other to win,” he says.
“Through UHY I have met some of themost fascinating and caring people. We
feel like an international family as opposed
to just a business network. We care about
each other, our firms and our clients.”
Since becoming CEO Steve has presided
over substantial growth and a doublingof UHY’s offering. UHY was named oneof the Fastest Growing Firms in the US
2023 by Accounting Today magazine1
with 38.78% growth, the highest
ranking it has ever achieved on that list.
That success, says Steve, boils down topeople – and according to him, his teamshould enjoy the same regard as clients.
“I lead from the front and would not
ask a colleague to do something I would
not do. I am a mentor, entrepreneur,
advocate and I lead with gratitude.”
GRATITUDE AND LEGACY
It may not be an obvious management
buzzword, but gratitude is a guiding
principle for Steve. “The Next Level ofService applies to our people as well as
our clients. We expect a lot from ourprofessionals and we should not only be
grateful but express gratitude, often.”
Legacy is also a priority, and spurred
Steve to launch UHY Advisors’ Emerging
Leader programme in 2021. It remains
one of his proudest achievements.
“What excites me about our professionis that anyone can become a partnerat UHY without waiting for someone
to retire. Be an entrepreneur and
UHY will change your life.”
Asked what ambitions he still has, Stevesays: “Making UHY the best firm possible
and leaving a lasting legacy. I hope to write
a book about deals I have participated in,partners that influenced me, and how we
can make public accounting fun again!”

Steve is proud of his Irish heritage andhonoured to be named in Irish America
magazine’s Business 100 Hall of Fame in
2018. “Growing up one of eight sonsmade me very family focused,” he says.
His own family are smaller but close– he and his wife Kristen celebrated
their 30th anniversary in 2023 andthey have two daughters, Megan, whoworks in cybersecurity and Jenna whois studying computer engineering.
Outside work Steve unwinds by boxing,
and over the years has run many charity
events. One that is close to his heart
honours his brother who encouraged
him to become a public accountant
all those years ago. Danny (pictured
below) sadly died of lupus aged just 40.
“I am proud of the fundraiser I put on
every year for the Lupus Foundation.
We have raised hundreds of thousandsof dollars in Danny’s memory.”
As he looks to the future, Steve reflects:“Together we are stronger and the bestis yet to come. I am so grateful.” Apartfrom Danny, he knows who he owes
his gratitude to – his biggest hero. “My
Dad. I think he would be proud.”In an uncertain economic environmentis this possible? “Of course! It is a toughbusiness getting tougher every day but
we are not pencil pushers, we are badass
CPAs and consultants! We can establish
accounting at UHY as one of the most
attractive career paths out there. I want
our colleagues to embrace our firm,
and together we will create a careerand life full of incredible opportunity.”
Reflecting the positive outcomes of all his
hard work, Steve was recently named oneof the top 10 Elite Managing Partners of
CPA firms in the USA. (See page 24). n
Sources:1
Accounting Today’s 2023 Top 100
Firms and Regional Leaders.

18 UHY GLOBAL December 2023

FEATURE – GREEN AMBITIONSGREEN AMBITIONSHOW OIL-RICH STATES CREATE SUSTAINABLE FUTURES.

As the world transitions torenewables, oil and gas
revenues will not last foreverat current levels. So what are
middle eastern states doing
to diversify their economies?
At the end of 2023 Dubai, United ArabEmirates (UAE), hosted the United
Nations Climate Change Conference,
also known as COP28. The conference isconsidered a milestone on the journey toclimate security and net zero that started
with COP21 in Paris eight years ago.
It is an interesting choice of venue,
because oil and gas continue to play a
critical role in the UAE economy. Nearly athird (30%) of the UAE’s GDP is directlybased on the oil and gas industry.
The same is true for much of thewider Middle East. Saudi Arabia is theworld’s leading exporter of oil, whichmakes up around 40% of Saudi GDP.
In Qatar, oil and natural gas exports
account for over 50% of GDP andalmost 70% of government revenues.
Can a region so heavily dependent on
fossil fuels transition to sustainability?
Doing so will require a significant
diversification away from oil andgas dependence and a wideningof the region’s economic base.
Governments in the Gulf recognise this.
Across the region, major efforts areunderway to stimulate non-oil sectors liketourism, technology and construction,
but authorities face a difficult balancing
act. Strategies must address the climate
crisis and encourage diversification
without undermining growth, which
has historically been driven by oil andgas. In this article we will look at how
three major hydrocarbon economies in
the region are meeting this challenge.
OPENING ECONOMIESOne thing we can say with certainty
is that in the UAE, Qatar and Saudi
Arabia, change is happening. There is arecognition that fossil fuels will becomea declining part of the global energy
mix. The ambition is to successfully
diversify their economies while the oil

FEATURE – GREEN AMBITIONSUHY GLOBAL December 2023 19

One thing we cansay with certainty
is that in the UAE,
Qatar and Saudi
Arabia, change
is happening.

iStock.com/alexeys

and gas revenues continue to flow.
“The UAE government has acomprehensive economic diversification
strategy aimed at building a model where
forward-looking strategies are adopted,
foreign trade is promoted and economic
competitiveness takes centre stage,”says James Mathew, CEO and managing
partner at UHY James Chartered
Accountants, UHY’s member firm in UAE.
A number of countries in the region
have produced vision statements thatoutline their commitments to sustainable
development. Saudi Arabia’s Vision
2030 is steadfast in its commitment toeconomic diversity, the better ‘to build athriving country in which all citizens canfulfil their dreams, hopes and ambitions.’
Basil Alsalman, CEO and partner at UHY
Riyadh Bin Bulayhid Office, UHY’s member
firm in Saudi Arabia, believes this vision
is essential to the future prosperity of
the kingdom. “Oil and gas will remain
essential parts of our national income,”
he says. “However, there will be newsources of revenue in order to reducethe country’s dependence on oil.”
Qatar too has launched its National
Vision 2030, which aims to serve asa roadmap to the country’s future.
Pillars of the vision include sustained
economic prosperity and ‘environmental
preservation for future generations’.

are some of the largest investors in
renewable energy. There are soundeconomic reasons for this. The less oil
and gas they use domestically, the morethey have for export, which brings inforeign revenue. At the same time, Gulf
states are realistic about the future,
and want to be leaders in the next
generation of energy technologies,
just as they were in the last.

“Achieving the vision means creating
a balance between an oil-based
and a knowledge-based economy,
and guaranteeing a stable andsustainable business environment,”
says Moomen Elsalawy, partner foraudit and tax at UHY Ammo andCo, UHY’s member firm in Qatar.

In many Middle Eastern states, oil and gas
revenues are being used to stimulate otherareas of economic activity. Government
investment is proving crucial in widening
the economic base and creating
the conditions for entrepreneurshipand private sector success.

INVESTING FOR THE FUTURE
Environmental preservation is not theend of oil and gas. But it does meanusing oil and gas revenues to diversify
economies and prepare countries for atime when fossil fuels play a significantly
smaller part in the global energy mix.
Perhaps counter-intuitively, Gulf nations

A good example of this is Qatar’s
successful hosting of the 2022 FIFA World
Cup. The tournament was a central partof the Qatar National Vision project, andthe vast majority of the money invested
in the event went on hotels, cultural
centres, start-up hubs and transport
links, rather than football stadiums.

20 UHY GLOBAL December 2023

FEATURE – GREEN AMBITIONS

iStock.com/ssuaphoto

conducting business, solid complianceframeworks, and a wide array ofjurisdiction choices position UAE as astable economy offering a strategic
geographical location and a market ofgrowing opportunities,” says James.

Qatar used the tournament as a spark to
ignite the development of a number of
economic sectors, including construction,
digital innovation and tourism.
“Football was a way for Qatar to build
facilities and infrastructure for the benefit
of future generations,” says Moomen.
Saudi Arabia too, has poured money
into non-oil projects. “The government
has established some huge projects
and continues to do so,” says Basil.
“For example, they are establishing
more projects related to tourism,
entertainment, new ports andairports and new cities. There are also
projects in Makkah and Madina for
visitors to the two holy mosques.

Despite rising"One especially ambitious projectis NEOM, a proposed city of ninemillion people that will run on
100% renewable energy."

on its own.

In the UAE, one standout initiative is thegovernment-driven Sandooq Al Watan,a national fund to help smooth thetransition away from crude oil, heavily
focused on the technology sector. In
addition, the country is committed toinvesting USD 163bn into renewable
and clean energy technology by 2050.
FOREIGN DIRECT INVESTMENT
Despite rising oil and gas revenues in
the post-pandemic era, government
investment will not be enough on

oil and gas

revenues in the

post-pandemicera, government
investment will
not be enoughits own. In all three countries, publicmoney is intended to spur private
sector involvement, not replace it. Andin each, there have been dedicatedefforts to create environments more
conducive to foreign investment.
In this, the UAE has made great strides.
“Reforms, like 100% foreign ownership,technical advantages in the ease of

Qatar is also opening its economy andtaking away impediments to tradeand investment. Moomen mentions
low nominal tariffs on imports, “withmost tariff lines at 5% or less".
He adds: “Qatar began to ease restrictions
on direct foreign investment (outsideof oil and gas) a number of years
ago. And although majority Qatariownership is required in some sectors,
100% foreign ownership is permitted
in a growing list including industry,
agriculture, health, tourism, education,energy, mining and service sectors.”
Saudi Arabia, meanwhile, has recently
announced that it will allow 100%
foreign ownership of companies in
new special economic zones. Foreign
investors are already permitted toown 100% of companies in thewholesale and retail sectors.
AN ENCOURAGING START
For oil and gas rich nations in the
Middle East and around the world, thejourney to more mixed and sustainableeconomies will be a long one. But
many have made a strong start.

FEATURE – GREEN AMBITIONSIn the UAE, non-oil GDP totalled
USD 85bn in the first quarter of 2023,
a 4.5% year-on-year increase. Non-oil
foreign trade crossed the USD 0.6tn mark,recording an annual growth of 17%.
Construction and manufacturing are
growing, and tourism is thriving. The
Emirate of Dubai received 14.36 million
overnight visitors in 2022. It expects to
attract 40 million new visitors by 2031.
Meanwhile, global commercial realestate firm Cushman and Wakefield
forecasts Qatar’s 2023 GDP growthat 2.6%, with a 3.3% growth in non
oil sectors. Non-oil GDP growth in
Saudi Arabia is currently around 5.2%.
The service sector now accounts foraround 35% of the country’s wealth.
In each of these countries, oil and gas
revenues are being put to work to boost
the attractiveness of the wider economy.
Construction, tourism, manufacturing
iStock.com/GCShutter

UHY GLOBAL December 2023 21

and the digital economy have all seen asignificant increase in activity across theGulf region, and essential infrastructure is
being expanded and updated. In addition,
a number of countries in the Middle East
are positioning themselves to become
leaders in renewable energy production.
In each case, economies are making
themselves more attractive to foreign
direct investment, with robust businessfriendly laws and a welcoming attitude
to overseas entities. Although there
is a long way to go it is clear that theUAE, Qatar and Saudi Arabia haverecognised the need for economic
diversity and are putting strategies
in place to make it happen. n

UHY Contributors:
Basil Alsalman, UHY Riyadh Bin
Bulayhid Office, Saudi Arabia
Moomen Elsalawy, UHY Ammo and Co, Qatar
James Mathew, UHY James
Chartered Accountants, UAE

For oil and gas

rich nations in the
Middle East andaround the world, thejourney to more mixed
and sustainableeconomies will bea long one. But

many have madea strong start.

22 UHY GLOBAL December 2023

CLIENT STORYFIT FOR THE FUTURE

FROM OPENING A BEACHSIDE CAFÉ IN SYDNEY, AUSTRALIA, IN 2006, TO CREATING AN
ONLINE BUSINESS ATTRACTING OVER 50 MILLION GLOBAL VISITORS, THE HEALTHY CHEF
IS A GROWING AUTHORITY IN AUSTRALIA'S HEALTH AND WELLNESS SPACE.

S

taying true to its original
singular philosophy of'healthy by nutrition', this is abusiness that was ahead of its
time when it launched 17 years
ago and still today, is regarded
as an industry trailblazer.
The Healthy Chef has protected its
reputation for innovation and expertiseby introducing new thinking and new
product ranges that constantly trigger freshinterest across all social media platforms.
The firm's website thehealthychef.com
now attracts almost as much traffic fromthe US as it does from its home country
and their e-commerce app is often rated
UHY IN THE ONLINE RETAIL SECTOR
Technology is continuing to drive dramaticchange in consumer behaviour andaccess to products and services. UHY
member firms work with clients acrossthe retail and consumer products sector
to deal with the challenges and toembrace new ways of doing business. The
advance of online retailing has enabledbusinesses to access new customers
more effectively than ever before.
At the same time, increasing levels ofdisposable income in many parts of
the world are opening up significant
opportunities for retailers and brands tomove into new markets with huge growthpotential. Clients can tap into local market
knowledge and experience from UHY
member firms across the world. In addition
to core accountancy services, UHY experts
provide sector-specific advice across a
range of industries and markets, as well
as working with clients on projects suchas online development and fulfilment,
stock loss control and fraud prevention.

© Image source: Healthy Chef, reproduced with permission

number one in its field across Australia.
Co-founders and husband and wife team,Paul and Teresa Cutter (pictured above),
have stayed close to their original desire to
start a conversation about living healthily
and make it an accessible goal for all of us.
“The idea came from a newspaper
lifestyle column that Teresa wrote in
1996. Her early interest spawned cookery
books, a health café, our partnershipwith the luxury Sofitel hotel chain
and the gradual release of premium
quality nutritional supplements,” says
Paul. “We exceed customers’ growing
hunger for better futures with products
such as wild and sustainable marine
collagen, protein powders, superfoods,
wholefood vitamins, magnesium, healthysnacks and functional beverages.”
INTERNATIONAL APPETITES
As a predominantly online business
The Healthy Chef’s main warehouse,
outside Sydney, holds all stock andfacilitates onward travel to national
distributors and state distributors
in Perth, Western Australia.
“Because our US customer basehas multiplied, we are consideringinternational markets and exploring
the logistics of establishing US and
UK distribution networks. The interestis there but the cost of mailing is
prohibitive. This is where we look to UHY
for support and advice,” says Paul.
“I have been working with Grant Priest,
director, UHY Haines Norton, Perth, forover 30 years. Grant has advised us at every
stage and helped us plan meticulously

and his colleague, Keti Vrdoljak, isalso an invaluable support to us.”
Whilst The Healthy Chef continues toconsolidate its position as a successful
e-commerce business, Paul and Teresa will
rely heavily on the support of Grant andhis team as they navigate their business’s
transition to growing their retail direct,
wholesale and international reach.
“Competition is fierce and many new
starters have serious financial backing,but our pedigree for offering productswith measurable benefits means thatpeople are confident about buying
from us and they stay loyal.”
TEAM DELIVERY“At UHY Haines Norton our focus is always
on how we add best value to client ideas
and business plans,” says Grant. “The only
way to achieve this is to fully understandtheir industry and to get to know clients
personally – if we get this right, thetechnical side of a working relationshipfalls naturally into place. We have always
enjoyed working with Paul and Teresa andwe look forward to supporting them todevelop their international business.”
Paul shares Grant’s belief that a dynamic
partnership is invaluable – “The beauty
is that the UHY Haines Norton teammatch creativity with practicality andwill always surprise us. One year theybought 100 of our cookery books as client
Christmas gifts. The gesture paid off forboth of us because their customers weredelighted with their original presents andour profile grew in all the right places.
Teamwork at its very best,” says Paul. n

COGS AND WHEELSUHY GLOBAL December 2023 23

PEOPLE POWER
I

n our regular Cogs and Wheels
feature we look at how
putting people first has beena smart move for recruitment,
development and retention oftalent across the network.

One of the toughest growth challenges
that professional accountancy firms faceis finding the right people and keeping
them. Fortunately, the UHY network andits member firms have plenty of initiatives
in place to meet the challenge, having
long recognised the importance of putting
people first. From innovative recruiting
strategies, development programmes
and training, to a culture and brandthat everyone can be proud of, the closeworking relationships between firms
mean successful programmes and provenideas spread quickly through the network.

recruits on board in just three months.
It was a courageous move that has paid off
handsomely - the firm was recently ranked#12 in the fastest growing US accounting
companies list, produced by Accounting
Today, and people powered client service
is a big part of the reason why. The
future looks bright too, as the firm’s
team of over 20 experienced recruiters
continues to secure promising new talent
for its high school, college, graduate andprofessional programmes. With initiatives
for wellbeing, diversity and emerging
leaders embedded into strategy, the US
firm is proving that people power works.

HIRE NOT FIREAs the network's largest employers, ourfounding firms – UHY LLP (incorporating
UHY Advisers, Inc) in the US and UHY
Hacker Young Group in the UK – areoften the first to pioneer these initiatives.

LIVING THE BRAND
Likewise, defining its client and people
focused values has been a significant
contributor to strategy development
for UHY Hacker Young in the UK. Like
its network counterpart in the US, thefirm understands that people make thedifference. Under the guiding purpose
Helping You Prosper, everyone at the firm
has participated in defining and agreeing
what this means for clients, for teams,
for communities and for each other.

The pandemic has had a profound effecton the recruitment market. But while
many accountancy practices chose to
cut costs by letting people go, the hiring
team at UHY Advisors in the US took the
opposite approach, bringing 150 new

While each UHY member firm isindependent, defining itself culturallyaccording to local needs, and operating
within its own set of strategic goals andvalues, being part of the UHY network
adds a compelling international dimension.

iStock.com/Goodboy Picture Company

UHY partners and professionals welcome
new clients from across the world with
passion, integrity and a common service
ethic. Because UHY colleagues in the
network know each other well, theycan enable effective new engagements
through fast, responsive and assured
introductions. People live the brand andare the brand, which is why UHY can claim
to be the network for doing business.
INTERNATIONAL SUPPORTA comprehensive events, training anddevelopment programme for all firms in
the network is key to enabling the cohesive
collaboration of member firms that clients
appreciate so much. Networking, learning
together, and sharing ideas and initiatives,
create a close-knit professional community.
Every year, UHY business meetings in
EMEA, Asia-Pacific and the Americas
provide time and space to do this,while delegates from all member
firms come together for the network’s
Annual Conference and AGM, mostrecently held in Buenos Aires.
The UHY Forum is a flagship future leadersdevelopment event held each year in Spain,
and for many participants marks the startof an exciting career journey and longlasting international friendships. Subarna
Banerjee, UHY’s chairman, is a UHY Forumalumnus. Cross-border secondment of staff
and teams is also encouraged, combining
personal development benefits withpractical resourcing and client support.
An online training and development
programme runs throughout the year,
covering personal skills, technicalupdates and network initiatives.
There are learning opportunities withan international context to benefit
everyone, from managing partners toadministrative staff, from accountants tobusiness development executives. Many
courses carry continuous professional
development/education (CPD/E) hours,
to supplement local training initiatives
that member firms develop themselves.
It is fair to say that people power ishere to stay. Hard-working relationships
with clients often become enduring
friendships based on trust, respect andintegrity – as well as results. People
make the difference at UHY, and we aim
to make the difference for them. n

24 UHY GLOBAL December 2023

SERVING CLIENTS, SERVING COMMUNITIESSERVING CLIENTS,SERVING COMMUNITIESBUILDING FUTURESIN PUERTO RICO
decided it was time to transition his
practice after 18 years in business.

Carlos (left)
and Rafael

Thirty-five years after opening its doors
in 1988, UHY Del Valle & Nieves PSC,
Puerto Rico, marked this big anniversary
with a move to new offices and, despite
enduring major natural disasters suchas hurricanes and earthquakes, deep
economic downturns and a global
pandemic, this member firm continues
to keep its eyes firmly on the future.
“We work with clients to turn real
challenges into great opportunities,”says tax partner, Rafael Del Valle.
“They come to us for trusted advice about
their most critical business decisions andit is our duty to stay ahead of the gameabout anything that could possibly impact
their success. We still have three original
staff members and 40% of our teamhave been with us for over 15 years.”“This loyalty and the fact that weare now placed 14th in the CPA firm
rankings of Puerto Rico, are all the
proof we need to know that we arestill providing outstanding client service
and our reputation is secure,” says
audit partner, Carlos Nieves Vega.
Rafael and Carlos became ownersof the firm in 2006 when original
founder, Humberto Torres Rodriguez,“We have continued to build on
Humberto’s exceptional groundwork andour value proposition is still to offer ourclients the expertise of an international
accounting business without ever losing
our local client-centric ethos,” says Rafael.
“We are proud of the scope and resourcesthat belonging to a global network
afford us, but we remain personallyinvolved in the team effort to exceed
our clients’ needs and expectations.”
The team at UHY Del Valle & Nieves
PSC, has doubled to 40 since Rafael andCarlos took over as partners, and both
men are still ambitious for growth.
“We have a portfolio of more than
300 local and international clients,”
he says. “More than 40% of ourclients are based in real estate and theconstruction industry so we work hard
to stay innovative in these fields, plus
over half our clients have been operating
for more than 25 years, so we focus on
supporting them to plan and prepare
for the succession of their business.”“We have used our anniversary year tosponsor various educational activities
and professional organisations, plus
we are inviting colleagues, friends andsuppliers to a festive celebratory party.
Looking ahead, we hope that our new,state-of-the-art offices will attract thenext generation of great accountants
and this will guarantee our succession
to providing the very best client service
for decades to come,” says Carlos.

STATES OF
EXCELLENCEAt UHY we are proud of our reputation
for delivering to clients around theworld. In 2023 our US member firms
UHY Advisors, Inc., and UHY LLP,
and some of their professionals haveattracted a number of awards.
UHY Advisors has been listed as oneof the Fastest Growing Firms in the US
2023 by Accounting Today magazine.
Steve McCarty, chairman and CEO of UHY
Advisors (Profile feature, page 16) earned
Accounting Today’s MP Elite award, whichcelebrates 12 partners who demonstrate
outstanding leadership from public
accounting firms of all sizes across the US.
UHY LLP, Orange County, California
was named one of 2023’s Best Places
to Work in Orange County by a local
business journal. “We were delighted
to be ranked sixth in the large company
category,” says audit partner Crystal Li.
“Our people (pictured) are our greatest
asset and we are grateful to them formaking our firm a great place to work.”
UHY LLP in Maryland was named one of
local newspaper Daily Record’s top three
reader’s choice accounting firms for 2023.
Managing director and partner at UHY
Advisors, Farmington, Connecticut,
Neha Nathwani, was named in Hartford
Business Journal’s ‘40 under 40’, anhonour that recognises outstanding
young professionals excelling in theirindustries. Neha specialises in healthcare,foreign reporting and compliance andwas promoted to MD three years after
joining UHY. Two years ago, Neha won
the journal's Women in Business award.

SERVING CLIENTS, SERVING COMMUNITIESUHY GLOBAL December 2023 25

EMMA TAKES UHY GOLD
Celebrating the climax of a prestigious
event and a big moment in her
career, Emma Simpson is pictured
receiving the UHY Leadership
Forum Award at the network’s
flagship international educationand development programme.

pieces. If I can reduce my clients’stress levels, then they can get on
with doing what they do best.”
The annual forum, held in Grazalema,
Spain, in September, was foundedover 20 years ago by Bernard, a former

UHY chairman and Board member.
The four-day event is designed
to nurture UHY talent throughsharing knowledge, mentoring by
business experts, networking anddeveloping a deeper understandingof business and client needs.

Emma, a director at UHY Haines
Norton (Auckland) Ltd., New Zealand,
received the award from Bernard Fay,
joint managing partner of UHY Fay &Co, Spain, and Bas Pijnaker, partner,
Govers Accountants/Consultants,
Netherlands, and UHY Board member.
Emma's award recognises the Forum's
top performer, as voted by the
programme's presenters and tutors.
“This amazing award was wonderfulrecognition after an experience that waschallenging, fun and so rewarding,”says Emma. “It was also the highlightof a very exciting year for me. I only
joined the Auckland team in April
and it has been fantastic to expand
on the opportunities that come withjoining a successful network like UHY.
I enjoy solving complex problems anddemystifying them into manageable

Bernard Fay (pictured left) with
Emma Simpson and Bas Pijnaker

LEADING AND LEARNING“What really struck me was therelentless focus on people and making
sure we inspire all those around us.”Subarna Banerjee (pictured) went backto school this summer – completing a
Leading Professional Service Firms course
at the prestigious Harvard Business
School (HBS) in Boston, USA. As chairmanof UHY International and managing
partner at UHY Hacker Young, UK,
Subarna knows a thing or two about
leadership, but opportunities to learn,connect and grow are as embedded
in UHY’s culture for senior leaders as
they are for all our professionals.
HBS says the aim of the six-day course
is to ‘provide the frameworks needed
to develop and retain talent, deliver

outstanding client service and build aflexible corporate culture that can exploit
disruptive innovation and market trends’.
It explores how leaders can service clientsand motivate colleagues while building astrategy and vision fit for current times.
“I learned so much not just fromthe course but from my fellow
students and in particular my brilliant
study group, who were professionals
from all over the world,” says Subarna.
“In these challenging times, it isimportant that leaders candemonstrate resilience and awillingness to listen and learn.”
Subarna had been recommended thecourse by leaders from UHY's US member
firms: Gerald Townsend (Midwest regional
managing director, UHY LLP and a

UHY Board member), Steve McCarty (CEOand chairman, UHY Advisors) and Mehmet
Sengulen (a UHY LLP managing partnerand UHY Advisors managing director),
who had all attended a few years earlier.

FEATURE – CREATING A CULTURE OF COMPLIANCE

26 UHY GLOBAL December 2023

CREATING A CULTURE
OF COMPLIANCE
ORGANISATIONS THAT TRADE ACROSS BORDERS FACE A COMPLEXAND EVOLVING NETWORK OF LOCAL AND INTERNATIONAL REGULATIONS.

K

eeping a portfolio of global
entities in good legal
standing requires expertise,investment and an eye on
upcoming developments.
Companies naturally haveto abide by the rules andregulations of the country inwhich they headquarter, but
those which operate acrossborders also have to comply
with jurisdictional rules.

Increasingly, multinational businesses
have to observe a growing set ofinternational regulatory standards,
monitored by organisations like theOrganisation for Economic Cooperation
and Development (OECD) and the
Financial Action Task Force (FATF).
This network of sometimes disparate,
sometimes interlinked, laws createsa huge amount of complexity. Global
subsidiary management is considered acost centre for business, but the need tomeet the requirements of this spider’s webof rules means it is one that is becoming
increasingly important to the overall
health of international organisations.
With that in mind, it is no surprisethat surveys suggest the pressure
on companies to remain compliant
is growing, and with it the cost.

Research1 for LexisNexis found thatthe cost of financial crime compliance
had risen to USD 274.1bn in 2022,
up from USD 213.9bn in 2020.
Financial crime is only one of several
compliance areas that cross-borderbusinesses have to consider. Others
include privacy, data protection,
labour, direct and indirect taxation
and, increasingly, Environmental,
Social and Governance (ESG) factors.
None of it is getting easier.

Regulatory scrutiny
has increased

for cross-bordercompanies, as
has taxation.

GROWING COMPLIANCE OBLIGATIONS
Globally, transparency is the watchwordof the times. Governments are cracking
down hard on tax avoidance and money
laundering schemes. Know your customer(KYC) rules place more responsibility on
businesses to ensure their customers
are legitimate. Rules around ultimate
beneficial ownership - or who is ultimately

benefiting from profits generated bya business - serve a similar purpose.
A number of international bodies aretrying to harmonise and simplify corporate
regulations around the world, withlimited success. The OECD’s Pillar Twoframework, for example, is an attempt
to set a minimum global corporate tax
rate for large multinational businesses.
But while some countries have adopted
it in full, others have delayed adoption,some have adopted it partially andothers have no plans to adopt it atall. For international businesses, suchinconsistency is a daily frustration.
“Due to globalisation, firms now haveto deal with a variety of occasionallyconflicting legal frameworks,” says Franklin
Bendoraytes, a partner at UHY’s member
firm in Brazil, UHY Bendoraytes & Cia.
“Governments have been under pressure
to tighten laws as public knowledge offinancial crimes like money launderingand tax evasion has grown. Climatechange also came to stay, so there
is an increasing focus on ESG issues,reflecting the significance of sustainable
and moral corporate practices.”
Paul Andersen, managing partner of UHY
Forbes Andersen, UHY’s member firm in
Toronto, Canada, agrees that a growing
focus on tax avoidance, in particular,
is increasing complexity for business.

FEATURE – CREATING A CULTURE OF COMPLIANCE

Internationally, Canada supports
OECD efforts. But that approach iscomplemented by domestic regulation.
“Domestically, both our federal andprovincial governments have adopted
sales tax and income tax initiatives

REGULATORS ARE MORE PROACTIVE
At the same time, regulators are
increasing their monitoring of businessactivities, and there are a number ofreasons for this. Firstly, governments
want to benefit from increased tax
take. After scandals such as the Panama
Papers leak, public pressure over tax
evasion, anti-money laundering andoffshoring has grown considerably.
Journalists and campaigners arepushing regulators to take firmer action
against non-compliant entities.
Lawmakers are making a connection

In today’s complex and very uncertain

geopolitical environment, corporate crimeand national security are overlapping
to a degree never seen before.

to download Canadian taxation
requirements on international entities
that were previously exempt,” says Paul.
Canada, like other jurisdictions, isapplying a combination of global, national
and local rules, which adds to theadministrative and accounting burden on
business. Many businesses are pessimistic
about the chances of life becoming easierin this respect. A survey2 for corporate
services outsourcer Vistra found thatless than half (49%) of respondents
expect to see full implementation
by OECD members of the Common
Reporting Standard (CRS) for the transfer
of financial information between
jurisdictions, down from 77% in 2017.

“It seems that governments and regulatory
bodies want to ‘overcontrol’ companies.
Partly this is in response to the actionsof a few bad apples who were reporting
big profits in low tax jurisdictions, orin some other way looking to enhance
profitability at any cost. On the other
hand, some of these scandals have shown
regulatory bodies in a bad light, and theywant to prevent that from happening
in the future. That means a lot more
compliance work for companies.”
Criminality aside, the lack of claritythat can exist around compliance is
exemplified by the example of ESG.
Businesses that are environmentallyand socially responsible benefit in a
number of ways. They are increasingly
attractive to investors who understandthe importance of sustainable long term
returns. They attract better employees.
They appeal to consumers who increasingly
want to engage with organisations
that make profit while doing good.

With regulatory activity inoverdrive, has the dial shifted too
far towards compliance?

Yet at the same time, ESG compliance4 isstill a work-in-progress, built on an evolving
framework of rules. Some regions areprogressing quickly in considering ESG
measures for public interest entities, forexample, while others are moving more
slowly. International accounting standards
for ESG assurance and reporting are indevelopment, but for now companies
that want to do the right thing around
ESG must work with a mixed bag of
local, regional and global initiatives.

“This process has been going on foryears and it does not show any signof stopping,” says Bas Pijnaker, UHY
Board member and partner at Govers
Accountants/Consultants, UHY’s
member firm in the Netherlands.

THE PRICE OF NON-COMPLIANCE
In all of these areas, as scrutiny has
intensified, so have the risks of noncompliance. Around the world, fines
for regulatory missteps have only
been heading in one direction.

between corporate rule breaking andnational security. In a 2023 address3, US
Deputy Attorney General Lisa Monaco said:“In today’s complex and very uncertain
geopolitical environment, corporate crimeand national security are overlapping
to a degree never seen before.”

iStock.com/sergeyryzhov“Regulatory scrutiny has increased forcross-border companies, as has taxation,”
he says. “There has been a push towards‘fair taxation’ for globally operating
entities. There are international initiatives,
as well as domestic initiatives here in
Canada and many other countries.”

UHY GLOBAL December 2023 27

28 UHY GLOBAL December 2023

FEATURE – CREATING A CULTURE OF COMPLIANCE

Most of these missteps are honest
mistakes. But in cases where companies
wilfully break rules the penalties canbe severe. In 2022 the US JusticeDepartment fined a South African
multinational mining company
USD 750mn for paying terroristgroups for operating licences5.
In other cases, reputational damage canbe the most serious penalty. Companies
that fall foul of Anti-Money Laundering(AML), KYC or ESG regulations mayalienate investors and customers, even
if the error is unintentional. A noncompliance issue in one jurisdiction
may also undermine the business’s
ability to operate in other countries andregions, as regulators use increasingly
sophisticated digital means to monitor
compliance and share the resultswith international colleagues.
The consequences of non-complianceare forcing cross-border businesses
to create new compliance strategies,
but that is not always straightforward
and it is certainly not cheap.
“In the past I think we could say thatbusiness needs were the priority andtax and legal requirements followed thebusiness,” says Bas. “Nowadays there
are so many potential risks that I thinktax and legal must be more involved in
the primary decision making. This means
more internal or external legal and tax
involvement and therefore more cost.”
Franklin adds: “The challenges here
include the sheer complexity of laws
across different regions, the cost ofcompliance in terms of hiring experts andimplementing compliance technologies,
and the constant evolution of regulations
that requires continuous adaptation.
The blend of these challenges createsa multifaceted problem that demands
constant attention, flexibility, andsignificant financial investment.”
BENEFITS OF THIRD PARTY ASSISTANCE
In many cases, ensuring global compliancerequires a two-pronged approach. A
central team needs to plan and implementa joined-up compliance strategy acrossthe entire corporate structure, and scan
the regulatory horizon for upcoming
developments. At a local level, companies
need boots on the ground, or at least a

iStock.com/Vit_Mar

source of detailed local knowledge, forevery jurisdiction in which they operate.
In all this, third party providers can help.
In fact, most major companies operating
across borders rely on professional services
companies for at least some of their global
entity management needs. Many turn toproviders with global reach because thealternative, using unconnected outsourced
services in every jurisdiction, can createa huge administrative headache.

A global networkof professional

services providers
can offer a vital

support system tohelp clients meet local
and international
regulations.

“A global network of professional
services providers can offer a vital support
system to help clients meet local andinternational regulations,” says Franklin.
“UHY member firms bring specialised
knowledge to navigate complex legal
landscapes, utilise advanced technologies
that can automate compliance processes,
conduct regular audits and assessments,
and create tailored compliance strategies
that align with specific industry needs.”
Bas pinpoints the importance ofknowledge sharing across a global

network. “If I hear from colleagues
that audit regulations in Germany are
becoming more strict, I can prepare myDutch clients for this new legislationand make sure they act on time
to remain compliant,” he says.
As Paul points out, clients also benefit
from UHY members’ own network ofprofessional contacts. “Our focus is on
the tax regulations and the requiredcompliance, but as we have hadinternational clients during my entire
tenure here, 23 years, we have developed
a network of cross-border lawyers to assist
with the legal requirements,” he says.
The global UHY network, with presencein over 100 countries, is strongly placed
to help multinational clients navigate thecomplexity of overlapping national andinternational compliance regulations. But
however companies manage their crossborder business, one thing is clear: keeping
a portfolio of global entities in good legal
standing is becoming more complex by
the year. With that in mind, a joined-up
compliance strategy is a key componentof any corporate expansion plan. n
Sources:1
LexisNexis® Risk Solutions 2022 True
Cost of Financial Crime ComplianceStudy - Global Summary
2
Vistra Insights, April 2023
3
Lisa Monaco speech to American
Bar Association National Institute on
White Collar Crime, March 2023
4
For more on ESG compliance, see
our service feature on page 8
5Lisa Monaco speech above refers
UHY Contributors:
Paul Andersen, UHY Forbes Andersen, CanadaFranklin Bendoraytes,
UHY Bendoraytes & Cia., Brazil
Bas Pijnaker,
Govers Accountants/Consultants, Netherlands

THE NETWORK FOR DOING BUSINESS – DIRECTORY

UHY GLOBAL December 2023 29

GLOBAL MEMBERS DIRECTORY
THE NETWORK FOR DOING BUSINESS• A global network of auditing,accounting, tax and consulting firms• Over 9,500 professionals in more than
340 business centres across 100 countries• Commercially focused services forclients with international business interests• Comprehensive resources and capabilities
In the International Accounting Bulletin World Survey
2023, 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

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

BOLIVIA
Berthin Assurance Group S.R.L
Contact: Marcia Berthin
Email: MBerthin@uhyberthin.com
Website: www.berthinamengual.com
Also in: Chochabamba, Santa Cruz

DOMINICAN REPUBLICUHY Calderon Gonzalez & Asociados,
Santo Domingo
Contact: Arabellis Calderón González
Email: arabellis.calderon@uhy.com.do
Website: www.uhy.com.do

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

ECUADORUHY Assurance & Services Cia. Ltda., Quito
Contact: Freddy Cevallos Bustamante
Email: f.cevallos@uhyecuador.ec
Website: www.uhyecuador.ec

BRAZILUHY Bendoraytes & Cia – Auditores Independentes*,São Paulo
Contact: Franklin Bendoraytes
Email: franklin.bendoraytes@uhy-br.com
Website: www.uhy-br.com
Also in: 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

ARGENTINA
UHY Macho & Asociados,* Buenos Aires
Contact: Roberto Macho
Email: rmacho@uhy-macho.com
Website: www.uhy-macho.com
Also in: TucumánCHILE
UHY Guiñazú & Asociados SpA.,* Santiago
Contact: Ximena Guiñazú.
Email: xguinazu@uhy-cl.com
Website: www.guinazuasociados.cl

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*

CHINA
ZhongHua Certified Public Accountants LLP,*
ShanghaiContact: Liqian Sun
Email: info@zhonghuacpa.com
Website: www.zhonghuacpa.com
Also in: Anhui, Beijing, Guangdong, Hangzhou, Henan,
Jiangsu, Shenzhen, Sichuan, Yunnan

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: Tabriz Mirzayev
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

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
SalvadorContact: 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

COLOMBIAUHY Consultores S.A.S., Bogotà
Contact: Diego Charry
Email: diego.charry@uhy-co.com
Website: www.uhy-co.com

GERMANYUHY Deutschland AG*
Wirtschaftsprüfungsgesellschaft
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-deutschland.de

COSTA RICA
UHY Auditores y Consultores, S.A., San José
Contact: Omar Pérez Rosales
Email: operez@uhy-cr.com
Website: www.uhy-cr.com

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

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

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

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

UHY Lauer & Dr. Peters KG*, Berlin
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-berlin.deAlso in: Rostock

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

UHY Wahlen & Mannsky, Frankfurt
Contact: Stephanie Mannsky
Email: stephanie.mannsky@uhy-ffm.com
Website: www.uhy-wahlen.deTHE NETWORK FOR DOING BUSINESS – DIRECTORY

30 UHY GLOBAL December 2023

GHANA
UHY Voscon Chartered Accountants, Accra
Contact: Henry Djangmah
Email: info@uhyvoscon-gh.com
Website: www.uhyvoscon-gh.com

ISRAELUHY Shtainmetz Aminoach & Co.,* Tel Aviv
Contact: Kobi Shtainmetz
Email: k@cpa.co.il
Website: www.cpa.co.il

MONGOLIA
Growth Finance Audit LLC, Ulaanbaatar
Contact: Gantuul Taivanbaatar
Email: gantuul@growthfinance.mn
Website: www.growthfinance.mn

UHY Godwinson (Chartered Accountants), Accra
Contact: Godwin Azasu
Email: info@uhygodwinson-gh.com
Website: www.uhygodwinson-gh.com

ITALY
UHY Audinet Srl, RomeContact: Andrea D’Amico
Email: a.damico@uhyaudinet.com
Website: www.uhyaudinet.com
Also in: Florence, Padua

MOROCCOUHY Ben Mokhtar & Co, TangierContact: Mohamed Ben Mokhtar
Email: contact@uhy-benmokhtar.com
Website: www.uhy-benmokhtar.com

GREECEUHY Axon Certified Auditors S.A., Athens
Contact: Chris Antonopoulos
Email: cantonopoulos@axonaudit.gr
Website: www.axonaudit.gr
GUATEMALAUHY Pérez & Co,* Guatemala City
Contact: Omar Pérez Rosales
Email: operez@uhy-perez.com
Website: www.uhy-perez.com
HONDURASUHY Auditores y Consultores, S.A., Tegucigalpa
Contact: Omar Pérez Rosales
Email: operez@uhy-hn.com
Website: www.uhy-hn.com
HONG KONG
Tai Kong CPA Limited,* Hong Kong
Contact: Robert Kong
Email: robertkong@tkcpa.com.hk
Website: www.tkcpa.com.hk
UHY-Advisory and Secretarial Knowledge Limited
Contact: Allan Kong
Email: allankong@uhy-ask.com
Website: www.uhy-ask.com
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: Kecskemét, 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
INDONESIAKAP Hananta Budianto & Rekan, Jakarta
Contact: Venancia Wijono
Email: venancia@hananta.com
Website: www.hananta.com
Also in: Semarang, Surabaya
IRAN, ISLAMIC REPUBLIC OF
Hadi Hesab Tehran, Tehran
Contact: Hamid Reza Keyhani
Email: keyhani@hadihesab.com
Website: www.uhy-ir.com

UHY Associati S.t.p.r.l. (Accounting, Payroll & Tax),
Milan
Contact: Sabino Dente
Email: associati@uhyassociati.com
Website: www.uhyassociati.com
FiderConsult Srl (Tax & Accounting), Florence
Contact: Simone Biagiotti
Email: s.biagiotti@uhyitaly.com
Website: www.uhyitaly.com
Also in: Milan, RomeJAPANUHY Tokyo & Co., Tokyo
Contact: Nobuyuki Hara
Email: info@uhy-tokyo.or.jp
Website: www.uhy-tokyo.or.jp
Also in: Nagoya
JORDANUHY Arab Auditors, Amman
Contact: Nabil Haddad
Email: nih@arabauditors.jo
Website: www.arabauditors.jo
KENYA
UHY Kenya, Nairobi
Contact: Daniel Kabiru
Email: dkabiru@uhy-ke.com
Website: www.uhy-ke.com

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: Bas Pijnaker
Email: Pijnaker@govers.nl
Website: www.govers.nl

KOREA, REPUBLIC OF
Dah-Yul Accounting Corporation, Seoul
Contact: Justin Chun
Email: j.chun@uhy.co.kr
Website: www.uhy.co.kr

TIC Advisory B.V. Leusden
Contact: Jos Raben
Email: jraben@tic-advisory.nl
Website: www.tic-advisory.nl

KUWAIT
UHY Pillars Advisory, Kuwait City
Contact: Wael Arafa
Email: wael@uhypillars.com
Website: www.uhypillars.com

NEW ZEALAND
UHY Haines Norton (Auckland) Ltd,* Auckland
Contact: Sungesh Singh
Email: sungeshs@uhyhn.co.nz
Website: www.uhyhn.co.nz
Also in: Auckland CBD, Helensville, Kumeu

LEBANON
UHY Andy Bryan, Beirut
Contact: Elie Abboud
Email: beirut@uhy-lb.com
Website: www.uhy-lb.com
LUXEMBOURG
UHY Finova S.àr.l., Luxembourg
Contact: Mauro Pietropaolo
Email: m.pietropaolo@finova.lu
Website: www.uhyfinova.lu
MALAYSIA
UHY Malaysia,* Kuala Lumpur
Contact: Datuk Alvin TeeEmail: uhy-kl@uhy-my.com
Website: www.uhy.com.my
Also in: Johor Bahru, Labuan, Penang
MALTA
UHY Pace, Galea Musù & Co, Lija
Contact: David Pace
Email: djpace@uhymalta.com
Website: www.uhymalta.com\

IRELANDUHY Farrelly Dawe White Limited, Dundalk
Contact: Alan Farrelly
Email: alanfarrelly@fdw.ie
Website: www.fdw.ie
Also in: Balbriggan, Dublin, Newry

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

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

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

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
NORWAY
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

THE NETWORK FOR DOING BUSINESS – DIRECTORYPERU
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)

SOUTH AFRICA
UHY Hellmann (SA), Johannesburg
Contact: Carlos Pedregal
Email: carlosp@uhy.co.za
Website: www.uhy.co.za

PHILIPPINESUHY M.L. Aguirre & Co. CPAs,* Makati City
Contact: Michael Aguirre
Email: ask@mlaguirre.org
Website: www.mlaguirre.org

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 de Tenerife, Santander,
Santiago de Compostela

POLANDUHY ECA Group, Warsaw
Contact: Aleksandra Sasin
Email: aleksandra.sasin@uhy-pl.com
Website: www.uhy-pl.com’
Also in: Kraków, Pozna n,
Warsaw, Wroclaw, Zabrze
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 Walcott and Associates, Castries
Contact: Anthony Walcott
Email: awalcott@uhy-lc.com
Website: www.uhy-lc.com
SAUDI ARABIAUHY RIYADH BIN BULAYHID OFFICE, RIYADHContact: Basil Alsalman
Email: info@riyadhaudit.com
Website: www.uhy-sa.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

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
SWITZERLAND
Balmer-Etienne AG, Luzern
Contact: Stefan Wigger
Email: info@balmer-etienne.ch
Website: www.balmer-etienne.ch
Also in: Stans, ZürichTAIWANUHY L&C Company, CPAs, Taipei
Contact: Lawrence Lin
Email: lawrencelin@uhy-taiwan.com.tw
Website: www.uhy-taiwan.com.tw
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

UHY GLOBAL December 2023 31

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,
Leeds, 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),
Cadillac (Michigan), Catskill (New York),
Clayton (Missouri), Columbia (Maryland),Des Moines (Iowa), Detroit (Michigan),
Dowagiac (Michigan), Farmington (Connecticut),
Farmington Hills (Michigan), Houston (Texas),
Hudson (New York), Kalamazoo (Michigan),Kansas City (Missouri), Kingston (New York),
Long Island (New York), McLean (Virginia),
Miami (Florida), Naples (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),Traverse City, (Michigan), Towson (Maryland).
UHY LLP is a licensed independent CPA firm that performs
attest services through an alternative practice structurewith 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”.
URUGUAYUHY Gubba & Asociados, Montevideo
Contact: Hugo Gubba
Email: info@uhygubba.uy
Website: www.uhygubba.uy
UZBEKISTANUHY Tashkent LLC, Tashkent
Contact: Sarvarkhon Karimov
Email: s.karimov@uhy-uz.com
Website: www.uhy-uz.com
Also in: Khorezm, Navoi
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*

UGANDAUHY Thakkar & Associates, Certified Public
Accountants, Kampala
Contact: Sam Thakkar
Email: sam@uhy-ug.com
Website: www.uhy-ug.com

VIETNAMUHY Auditing & Consulting Co. Ltd., Hanoi
Contact: Thanh Nguyen
Email: thanhnt@uhyvietnam.com.vn
Website: www.uhy.vn
Also in: Ho Chi Minh CityUKRAINE
UHY Prostir Ltd, Kyiv
Contact: Alexander Koinov
Email: a.koinov@uhy-prostor.com
Website: www.uhy-prostor.com

ZAMBIA
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.

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.
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.

iStock.com/Andrey Suslov

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