global
ISSUE 12CONFIDENT
CONTINENTAFRICA POISEDFOR FREE TRADEREVOLUTIONPROSPECTS FOR HOPE

HOW THE PANDEMIC SPARKED A STARTUP SURGERESPONSIBLY SOURCED

CORPORATE CREDENTIALS UNDER SCRUTINY

THREATS AND OPPORTUNITIESSTAYING AHEAD OF THE CYBERCRIMINALSThe networkfor doingbusiness

2 UHY GLOBAL August 2021

WORD OF WELCOME

IN THIS ISSUE

418

FEATURECan African free
trade becomea reality?

FEATUREThe demands
on corporate
governance

821

CLIENT STORY
Seamless
service for NZZ

10FEATURE
Environmental,
corporate andsocial governancereporting

22

FEATURE
Growing menaceof cyber crime

24

14

CLIENTSTORY iPower’s
growing influence

15

UHY
SERVICES
AT A GLANCEGLOBALNEWS

FEATURE
Pandemicsilver linings

27

SERVINGCLIENTSSERVINGCOMMUNITIES

28

35 YEARSOF UHYSERVICE

16

PROFILE
Helena Budiša,
Croatian pioneer

29

GLOBALUHY
MEMBERS’
DIRECTORY

WORD OFWELCOMEIt gives me great pleasure topresent this enhanced issue of
UHY Global, our twice-yearlybusiness magazine. Regular readers
will notice a few additions. We
have taken the most valuable
parts from our annual credentials
report and incorporated theminto UHY Global, so the magazine
now brings you even more.
You can still read insightful andinteresting business features anddiscussion on global issues, but you
also have more UHY information
at your fingertips: service listings,
a worldwide contact directory of
all our independent member firms,
more client stories, and in every
edition a focus on a particularservice or sector. In this issue, welook at cybersecurity, and ask
some of our experts to explain
current risks and the mitigations
businesses need to consider.
As I write this introduction, theworld is still struggling to containthe pandemic. Even thoughsome economies are opening up
again, vaccination programmes
are underway and economic
bounce-back forecasts are morepositive than expected, there is stillsome way to go before we can all
return to life as normal. However,in our feature Opportunity fromAdversity, we reveal how the
pandemic’s disruptive force isdriving new thinking and new
business innovations acrossthe world. I find it reassuringthat entrepreneurial spirit andcreativity can prevail despite theenormity of the challenge.

In this issue of UHY Global we also
look at some exciting commercial
developments in Africa. Launchedthis year, the African Continental
Free Trade Area promises tostimulate intra-continental crossborder trade in the coming years,
and aims to lift tens of millions ofpeople out of extreme poverty.
And there is better news for theplanet, too. Environmental, Socialand Governance (ESG) reportingis a fast-growing requirementfor organisations of all sizes todemonstrate responsible operationsin the face of increasing demand
from customers, shareholders andinvestors. In our article The Colourof Money is Green, we explore
ESG’s benefits and impacts.
Despite ongoing pressuresand commercial uncertainties,
I believe we can take heart in
the resilience of people and thepositive outlook that so many ofyou share and promote. I hope
you enjoy UHY Global’s thoughtprovoking collection of stories andremember – if you want to browse
our enhanced digital edition withextra details and dig deeper into
the topics we cover, you can findit here: www.uhy.com/Global12.
Dennis Petri
Chairman, UHY International

ALL AROUND THE WORLDI

f anything typifies the growthand complexity of a globalisingworld, it is the multinational
dimension of business andits international workforce.
Mobile labour represents
a unique human resources
challenge – even before Covid.

The coronavirus pandemic has served
to question global mobility of labour in
unprecedented ways, highlighting thehuman issues of travel bans, quarantine,
repatriation and working from home,
inside or outside the host country. At
the same time, the challenges faced byadministrations and employers regardingtax, social security, mandatory disclosure,immigration and labour law have also
been brought into a sharper focus.
NEW SOLUTIONS
Even before Covid-19, old rulebooks were
blowing away on the winds of change asbusinesses reviewed the most effective
approaches to mobility. Many traditionalmodels for ‘sending our people abroad’
had become uncompetitive, basedon inflexible long-term or permanent
overseas assignments regardless ofalternative workforce deployments.
Many were slow to recognise theopportunities for diversity and careerdevelopment in a more inclusive
approach to talent management.
In their place – especially post-pandemic– we are likely to see more flexible andagile labour solutions to international
expansion and operations requirements.
These might take into account changing
attitudes towards work-life balance,
redefined by a millennial workforce
which is travel-savvy and plugged
into the connected world more thanany previous business generation.
Technology is enabling a host ofalternative working practices, andopening up a new wealth of analytic datafor corporate HR strategists. International‘gig’ exponents and ‘digital nomads’– versatile portfolio workers supplying
cross-border project management for
multiple clients – work wherever they canbe online, and numbers are increasing.
MANY CHALLENGES
Yet while a dynamic new future forinternational workforces is on thehorizon, many issues for employers
have become more complex.
Strategic, financial and people challenges
combine to create headaches for manybusinesses – both those managing
existing overseas personnel and thoseplanning expansion into new territories.
The rise of protectionist national
governments is also affecting rules
on immigration and residency.
Harsher tax regimes mean thatchief financial officers or theiraccounting service providers muststay on top of what is required forcompliance with local legislation.
EMERGING ECONOMIES
Ongoing lockdowns and recession
continue to impact expansion in
many sectors, but globally mobile
workforces will still be a key ingredientfor existing multinational enterprises
and those targeting new international
investment. This is particularly truein emerging markets, but being
present in an emerging nation brings
its own mobile labour challenges.
For example, it is not unusualfor emerging economies to lackan expatriate infrastructure.
Transport networks, healthcare
provision, housing security are taken
for granted in more developed
economies, but may prove harder
to rely on in new markets. While
English is the international language

iStock.com/encrier

GLOBALIMMOBILITY
UHY IN THE GLOBAL
MOBILITY SECTOR
As well as having tax and accounting
specialists in over 100 countries,
providing essential local expertise tointernational businesses, UHY member
firms can also provide specific answers
to your global mobility questions on
expatriate taxation, payroll, social security,
labour law, disclosure and filing. UHY
colleagues are used to working together
across borders to support international
clients. In times of change and crisis, it
makes sense to consult the experts.

Employers are

beginning to recognise
diversity, inclusivity
and environmental
impact.

of business, many nations will nothave embraced it socially and this may
prove a new barrier to overcome forforeign assignees – even millennials.
The lessons are clear: mobility
packages must be rigorous as well as
attractive. Reward and incentive will
go so far, but an employer’s duty ofcare remains top of the list - helping
workers to settle in; ensuring the best
medical access possible; robust financial
and accounting support; and mostimportantly an evacuation process
in case of a medical, environmental
or political emergency. These
have been tested by the
pandemic, and it is clear that
there is still much to do. n

4 UHY GLOBAL August 2021

FEATURE – PLOTTING A ROUTE TO PROSPERITY

PLOTTING
A ROUTE TOPROSPERITYFREE TRADE HAS STARTED FLOWING ACROSS AFRICATHANKS TO THE AFRICAN CONTINENTAL FREE TRADE
AREA, BUT IMPLEMENTATION CHALLENGES REMAIN

T

hanks mainly to the Covid-19
pandemic, the last year has
seen a slowdown in global
trade and put the brakes on
the free movement of goods
and services. Factories andports were closed for some ofthat time and, when businesses
and borders reopened, they
did so cautiously. The UK’s
withdrawal from the European
Union (EU) at the end of 2020
only added to the sense of a
global economy in retreat.
But one region is swimming against
the tide. In what the World Economic
Forum (WEF) calls a ‘game changer’ forthe continent, the African Continental
Free Trade Area (AfCFTA) was officiallylaunched on 1 January 2021 and promises
to revolutionise cross-border commercein the region. Wamkele Mene, secretary
general of the AfCFTA Secretariat, said
the agreement represented ‘our hope
for Africa to be lifted up from poverty’.
AfCFTA certainly looks like an impressive
achievement. The agreement has createdthe largest free trade area in the world
measured by the number of countries
participating, connecting 1.3 billion
people across 55 nations with a combined
gross domestic product (GDP) valued at
USD 3.4 trillion. Its ambitious aim is to lift
30 million people out of extreme poverty.

That is not a pipe dream. According toWorld Bank figures, full implementationof AfCFTA would boost Africa’s income by
USD 450 billion by 2035 and increase thecontinent’s exports by USD 560 billion. It
would see wages grow by around 10%
for both skilled and unskilled workers.
PROMOTING CROSS-BORDER BUSINESS
If these hopes are fulfilled, AfCFTA
could be the economic pact Africa
desperately needs. Currently, thecontinent accounts for just 2% of global
trade. Only 17% of African exports are
intra-continental, compared with 59%
for Asia and 68% for Europe. AfCFTA
will smooth the path of cross-borderbusiness by eliminating 90% of tariffs

FEATURE – PLOTTING A ROUTE TO PROSPERITYUHY GLOBAL August 2021 5

The destruction of

global supply chains
has reinforced

the necessity forcloser integration
amongst us.

iStock.com/Jonathan Erasmus

and drastically reducing non-tariff barriers
by cutting red tape and simplifying
customs procedures. It will create afree market for goods and services.
And according to the WEF, changes
brought about by the agreement could
reshape economies across the region,
CURRENT GLOBAL TRADE
70
60
50
40
30
20
10
0%

17%

59%

68%

Africanexports

Asia
exports

Europeexports‘leading to the creation of new industries
and the expansion of key sectors’.
African countries would trade moreeasily with each other and become moreglobally competitive. It is hoped that theagreement will reduce the incidence ofillegitimate and fraudulent transactions,bolstering government revenues.
It is also hoped that AfCFTA willcushion Africa from the worst effectsof the pandemic slump and allow local
economies to ‘build back better’. As
Ghanaian president Nana Akufo-Addo
recently said “The destruction of global
supply chains has reinforced the necessity
for closer integration amongst us so that
we can boost our mutual self-sufficiency,

strengthen our economies and reduce
our dependence on external sources.”
NEW OPPORTUNITIESIn other words, AfCFTA is a big deal, andUHY member firms on the continent are
optimistic that it will create new crossborder opportunities for their clients.
Mwai Mbuthia, founding partner at
UHY Kenya, says reduced or eliminatedtariffs will drive new intra-African trade.
“From a Kenyan perspective, theintroduction of AfCFTA means 66% oftariff lines have immediately become
duty free,” he says. “On top of that,
24% of tariff lines will be gradually
reduced over the next five years.

iStock.com/GCShutter

That will help drive trade and mean
Kenyan exporters will be much keener
to do business with customers in other
African states.”
Lawrence Etukakpan, head of businessdevelopment at Nigerian member firm
UHY Maaji & Co, agrees. “The agreement
is expected to create new opportunities
and boost the African economy. Presently,
Nigeria has an unemployment rate of
33% and we hope the AfCFTA agreement
will help reduce the rate of unemployment
as a result of intra-regional trade,
especially in manufactured goods andservices including banking, entertainment
and information technology.”
Lawrence sees particular opportunity
in the export of professional services
like insurance, banking, accounting,construction and real estate development
to less advanced African neighbours,with benefits for all parties. And he also
believes AfCFTA will create stronger
flows of Foreign Direct Investment (FDI).
“There are several factors that haveaffected the inflow of FDI capital to
Nigeria,” he adds. “These include limited
economies of scale, weak purchasing
power and poor infrastructuraldevelopment. But with AfCFTA in place,an investor can set up manufacturinghubs in the country and from here
export goods to member nations,especially in West and Central Africa.
Nigeria is located in the geographicalcentre of this subregion.”

The agreement may
officially havecome into force

in January, butmany of its benefits
will take years
to materialise.

FURTHER INVESTMENT REQUIREDSo the promise of AfCFTA is great, both forthe continent more widely and individual
nations within it. But nobody is expecting
a quick fix. The agreement may officiallyhave come into force in January, but manyof its benefits will take years to materialise.
In many cases, large investments are stillneeded to create the conditions on the
ground that allow free trade to flourish.
Wamkele Mene made the same point in a
recent interview with the Financial Times:“If you don’t have the roads, if you don’t
have the right equipment for customs
authorities at the border to facilitate thefast and efficient transit of goods… if you
don’t have the infrastructure, both hardand soft, it reduces the meaningfulnessof this agreement,” he said.
Lawrence believes the situation in
Nigeria echoes that point. “Hightransportation costs coupled withpoor road and rail infrastructures aresome of the major obstacles,” he says.
“The cost of transporting goods acrossborders is extremely high and traders
encounter bureaucratic bottlenecks
that could frustrate trading.”
Sam Thakkar, CEO of UHY Thakkar &Associates, Uganda, agrees that forhis country, AfCFTA presents a mix ofopportunities and challenges. Uganda
is a young nation – over 60% of the
population is below the age of 30 –and has recently started to exploit its
oil and gas reserves. The country has
had experience of managing regional
economic integration as part of the East
African Community (EAC). “Therefore,
opening our doors to a wider audience inAfrica will no doubt lead to accelerated
development of the nation,” he says.
Despite that, Sam admits to a ‘mixed
bag of emotions’ over the agreement.
“We have ongoing issues just within
our regional EAC community so adding
more states under the African Economic
Community band will have to be slowly
and carefully applied,” he says. “Regional
economic communities work differently
to the policies laid out by AfCFTA. In
East Africa we have our own customs
union as well as our own free tradezones. These tariffs may conflict withthe tariffs and schedules under AfCFTA
and cause confusion when it comes tothe application of various policies.”

FEATURE – PLOTTINGGLOBAL SUPPLYA ROUTECHAINSTO PROSPERITYThis is a crucial point. AfCFTA is not
the first attempt by African nations
to create free trade zones. Instead, itaims to supersede piecemeal regional
agreements that exist in various partsof the continent. These agreements
may be limited in scope and sometimes
dysfunctional, but layering AfCFTA over
the top is likely to cause administrative
confusion, at least in the short term.
DRIVING CROSS-BORDER AMBITIONSStill, the general consensus is that
AfCFTA is necessary and, with the
pandemic undermining already fragile
economies, timely. “Uganda can benefit
enormously from its participation in
AfCFTA but must also ensure that
infrastructure development, immigration,
logistics and energy and IT are improved
to make the cost of doing businessefficient,” says Sam. His words wouldfind an echo in many of the 36
countries that have so far ratified theagreement and that can now tradewith each other under its regulations.

iStock.com/pierivb

UHY GLOBAL August 2021 7

By working together,
we can help clientstake full advantageof this agreement.

With the promise of lower costs andreduced bureaucracy, AfCFTA is likely
to make cross-border expansion a more
attractive proposition for many of the
UHY network’s African clients. Lawrenceadds that his firm’s membership of atranscontinental and indeed global
network will make the process ofestablishing international operations
even more efficient for ambitious
client businesses. “We will be helping
companies who want to establish theirbusinesses across national borders byworking with our fellow member firms
outside Nigeria. By working together,
we can help clients take full advantageof this agreement. We will be further
solidifying partnerships with other firms
in the region for this purpose,” he says.
There will undoubtedly be bumps in
the road, but AfCFTA has gained wide
acceptance in Africa in a short space oftime. Only one African nation – Eritrea– is yet to sign the agreement, andratifications continue at an impressive pace.
Meanwhile, negotiations on various detailsof protocol are ongoing, with agreements
expected this summer. AfCFTA will taketime, investment and commitment to betruly effective, but most experts believe theeffort will be rewarded. The world’s largest
free trade area is likely to prove a large step
forward for African economic integration,and ultimately for African prosperity. n
For more information about UHY’s
capabilities, email the UHY executive office,info@uhy.com or visit www.uhy.com

8 UHY GLOBAL August 2021

CLIENT STORYGLOBALLY TAXING

TRANSFER PRICING STUDY AIDS INTEGRATION FOR SWISS MEDIA GIANTNZZ is a Swiss media
conglomerate that publishes
Neue Zürcher Zeitung, aGerman language newspaper
often considered Switzerland’s
paper of record. Neue Zürcher
Zeitung, founded in 1780,
is something of a Swiss
institution and is one of theoldest newspapers in theworld that is still published.
But like many media businesses,
NZZ has diverse interests. Neue
Zürcher Zeitung may be its flagship,
but another side of the business isfirmly embedded in the world ofarchitecture. NZZ owns Architonic, an
online platform that helps architects
stay abreast of the latest furnishings,
fittings and materials. Architonic
attracts 16 million visitors per year.
In 2020 Architonic acquired ArchDaily, theworld’s most visited architecture website.
Together, Architonic ArchDaily (as the
combined business is known) provides andoperates architectural platforms for thelargest international online community ofdesigners and architects, attracting 168
million visits annually and boasting 8.6
million social media followers. It has
subsidiaries in Chile, China, Germany,
Hong Kong, Mexico and the US.
THE INTEGRATION PHASE
Incorporating an acquired business
into an existing corporate structure isnever entirely straightforward. Given
the global nature of ArchDaily, it wasalways likely that the integration phasewould include addressing a numberof international tax process issues.
The business turned to NZZ’s longstanding tax partner Balmer-Etienne,
UHY’s member firm in Switzerland.
“Our audit partner, a Big Four firm,
is sometimes engaged for specificconsulting projects,” says Walter
Fröhlicher, head of group finance andtax for NZZ. “However, we were looking
for a pragmatic solution, preferablyfrom a single source with our tax advisor
Balmer-Etienne, which is why we gave
preference to UHY. Balmer-Etienne isconnected to the global UHY network.”
The importance of that connection
soon became apparent. Balmer-Etienne
was asked to prepare a transfer pricing
study on international intercompany
transactions within the ArchDaily
Group, and to determine the transfer
pricing method to be applied.

UHY IN THE MEDIA SECTOR
Member firms across the UHY network
have extensive experience in offering
tailored services to media businesses.
Services include tax and corporate services,advising on corporate structure, financeadvice and transfer pricing. Businesses
looking to expand overseas also benefit
from the close relationships between
UHY member firms around the world.

AN INTERNATIONAL EFFORTBalmer Etienne partner Stefan Wigger
contacted transfer pricing specialist
Donna Frye, director of transfer pricing
services at US member firm UHY Advisors
Inc., Michigan, for her help in the global
project management required, and Donna
set about gathering the data that would
form the foundation of thestudy – interviewing ArchDaily employees
in Switzerland, Chile, Mexico and China.
She also enlisted the support of UHY’s
Argentinian member firm, UHY Macho &Asociados, to support the work in Chile,a small but important role as Chile used
to be the company’s headquarters.
A WELL RECEIVED PROJECT
The concrete result of these efforts
is an internal Arms Length offsetting
model that has now been set up anddocumented. The Arm’s Length principle
states that entities under common control
must interact ‘at Arm’s Length’, treatingeach other as independent businesses.
UHY transfer pricing specialists haveensured the Architonic ArchDaily model
is compliant with the principle and meetsthe requirements of both the OECD and
US IRS. The project typifies the value of
UHY member firms coming together tomeet the needs of an important client.
“It was remarkable how efficiently andpurposefully the work was done, eventhough the input of people in very
different continents and time zones
was necessary,” says Walter Fröhlicher,
who also praised the UHY team’s‘broad experience and process knowhow’.
The transfer pricing study is a oneoff project and is now complete,
but it has furthered the relationshipbetween a member firm and an
important and growing client, andshown the UHY network at its best.
“UHY is an important external service
provider with whom we have been able topragmatically and efficiently develop
the necessary work results, allowing us
to correctly and compliantly manage
tax processes in the international
environment,” says Walter. n

CLIENT STORY

The project typifies
the value of

UHY member firms
coming together.

iStock.com/mf-guddyx

10 UHY GLOBAL August 2021

THE COLOUR OF
MONEY IS GREENFEATURE – THE COLOUR OF MONEY IS GREEN

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTING DEMANDSPROOF OF CORPORATE SOCIAL AND ENVIRONMENTAL CREDENTIALS,
AND PRESSURE IS MOUNTING FOR COMPANIES TO ACTUHY GLOBAL August 2021 11

companies have been around since theRso esponsible
dawn of capitalism, but in the last half century or
the concept of a social contract between businessand society has taken on new prominence.

Corporate Social Responsibility (CSR)
is the idea that companies should act
in ways that enhance society and theenvironment instead of damaging them. A
socially responsible business might aim to
adopt sustainable production processes,
for example, or allow staff paid time offwork to volunteer for local charities.

It is no surprisethat organisations

are keen to advertise

their CSR credentials.

Nobody forces businesses to adopt
CSR practices, but it is increasingly intheir interests to do so. According to
one study, 88% of consumers in the
US and UK want brands to help them
live more sustainable lives. Further
research suggests that millennials andthe generations that follow them wantto support businesses that share theirsocial and environmental values.

iStock.com/deimagine

COUNTERING ACCUSATIONS OF SPIN
Organisations are keen to advertise
their CSR credentials, but what they do
and how they record it is up to them.
Corporate CSR measures can be
genuine and impactful, but difficult tomeasure. The self-regulatory nature of
CSR and a lack of consistency inreporting have led to accusations ofcorporate spin and ‘greenwashing’, and asense that CSR has become a marketing
tool for promoting symbolic gestures.
For that reason, CSR is increasingly
morphing into ESG.

Environmental, Social and Governance(ESG) is an evolution of CSR that adds
hard data to company pronouncements.
Businesses do not just talk about theirsustainable production processes, they
prove it. ESG covers environmental
impact, company culture and leadership– it takes into account diversity,
inclusion and board composition,
as well as green or philanthropic
measures. While consumer pressure
for more responsible business is still
being applied, ESG shows that it isevolving from a voluntary ambition tosomething that is increasingly necessary.
Joyce Bruce is sustainability and CSR
manager at UHY Fay & Co in Spain,
and says ESG reporting is one of thefirm’s fastest growing areas. “In the
Spanish market, some large companies– above 250 employees – are requiredby law to provide non-financial andsustainability reports. Almost allcompanies, and generally those withover 50 employees, are required to haveand register a gender equity plan.”
Joyce adds that ESG reporting,while clearly beneficial for corporate
reputations, is often a prerequisite forparticipation in larger supply chains.
Andrea D’Amico, partner at UHY
Audinet Srl, UHY’s member firm in Italy,
agrees that regulatory and consumer
pressure for sustainability is filtering
through the procurement process.
“Large companies are imposing strict
compliance requirements regarding
sustainability on their production chains,”
he says. “So it is a matter of survival.”
In Malaysia, UHY group managing
partner Datuk Alvin Tee has detected agreater focus on ESG since the start ofthe pandemic. “ESG practices have been
more robust since Covid,” he says. “Thepandemic has led to the adoption of moresustainability-focused business models.

12 UHY GLOBAL August 2021

There are changing expectations of therole business plays in improving society
and protecting the environment.”
SUSTAINABLE RETURNS
The pressure for ESG reporting is also
coming from another, more unlikely,
source. In 2020 the European Securities
and Markets Authority (ESMA), the EU’s
securities markets regulator, published its
Strategy on Sustainable Finance, which set
out how the organisation aimed to embed
ESG factors in its work. ESMA chair Steven
Maijoor said financial markets were at apoint of change and that sustainability
factors were ‘increasingly affecting therisks, returns and value of investments’.
This is an increasingly worldwide
phenomenon. Datuk Alvin Tee says
the Malaysian government is playing agreater role in ensuring the adoptionof ESG initiatives by the corporate
sector, often through the promotion ofsustainable investment. The aim is to‘facilitate and encourage greater growthof SRI (Sustainable and Responsible
Investment) funds in Malaysia’, he adds.
Despite the fact that ESG is a relatively
new concept in the ASEAN region, hebelieves the adoption of ESG principles is
capturing mainstream investor attention.

FEATURE – THE COLOUR OF MONEY IS GREEN

Authorities have been joined by major
investors in realising the value ofsustainability as a driver of value. In May,
Black Rock, the world’s largest asset
manager, published an ESG Integration
Statement, outlining its ‘firm-widecommitment to integrate ESG information
into our investment processes’. Black
Rock isn’t the only asset manager taking
this approach. Investments that take
ESG analysis into account now amountto a third of total US assets undermanagement, while global ESG-data
driven assets hit USD 40.5 trillion in
2020. Three quarters of institutional
investors now consider ESG factors
an integral part of sound investing.
While some investors may be keen
to promote environmental and social
responsibility for their own reasons, all ofthem want the best return on investment.
There is a growing sense within theinvestment community that sustainablebusinesses are simply the safest bets.

NO GUARANTEESOthers urge caution. Adam Wing, afinancial advisor with UHY Financial
Planning, a service offered by UK
member firm UHY Hacker Young,argues that longterm data on theperformance of ESG funds is still thinon the ground, and that there is no
guarantee that they will continue tooutperform the market. Nevertheless,he agrees that impressive recent
performance has pushed ESG-focusedinvesting into the mainstream.
“Over the longer term it remains tobe seen whether ESG fund managers
will identify the companies that willprosper in future, but with many more
people thinking carefully about where
to invest their savings, ESG investment
is no longer a fringe area,” he says.

Younger investors

are often seen as
driving demand for’greener’ products.

iStock.com/fotoVoyager

Figures seem to support that view, atleast for now. A market report publishedin April by S&P Global found thatmany ESG exchange-traded funds
outperformed the S&P 500 index
average in the year to March, insome cases by a factor of two.
Some commentators say evidence ismounting that an ESG focus gives
funds a competitive advantage.

UHY GLOBAL August 2021 13

FEATURE – THE COLOUR OF MONEY IS GREEN

Legislative changes will only add to theappeal of ESG-focused funds. “In the UK,
financial advisers will soon be required
to ask clients about their attitudes
towards ESG when advising on suitable
investments,” says Adam. “Younger
investors are often seen as driving demandfor ‘greener’ products. But these changes
will mean investors of all ages will be
asked to consider how their money isinvested, and whether they want to bring
ESG factors into the investment mix.”
It’s not just publicly traded companies thatstand to gain from increasing regulatory
and customer focus on responsible
business. Private investors do not need
to be especially environmentally orsocially minded to see the appeal oforganisations that stay a step aheadof environmental and diversity laws
and appeal to a growing number ofconsumers. In a recent study, 72% ofprivate equity managers said they always
screen target companies for ESG risks andopportunities at the pre-acquisition stage.
Investors using ESG as part oftheir screening criteria are likely to
become more typical as regulations
tighten and more consumers makepurchasing decisions based on acompany’s overall ESG credentials,
including supply chain sustainability.
A GROWING DEMAND
It is no wonder, then, that the UHY
global network has seen an increase in
ESG and CSR-related requests from clientbusinesses. In Italy, Andrea and his teamare seeing a growing demand for the
preparation and auditing of non-financial
reports, and helping businesses prepare
tenders for EU-funded projects, which
are increasingly focused on sustainability.
UHY Malaysia offers clients tailoredconsultancy that includes setting KPIs
for ESG initiatives and ESG reporting.
In fact, ESG is becoming increasingly
important in wider company reporting,with three quarters of year end reports
setting out clear purpose beyond making
money for shareholders, according
to one recent study of 50 FTSE 350
companies. There is a wide disparity inthe quality and depth of non-financial
reporting. Accountants are key to ensuring
sustainability information is always accurate
and transparent, and the profession –through bodies like the International
Federation of Accountants (IFAC) – ispushing for consistent global standards
against which ESG claims can be judged.

In Spain, UHY Fay & Co offers advice
on disclosing and communicating ESG
information, assurance of disclosuresfor EU compliance and sustainablesupply chain management. Joyce says
companies need to take professional
advice before making ESG claims, orrisk accusations of greenwashing or
using green marketing to disguise
unsustainable business models.
“Stakeholder scrutiny on companies isintensifying,” she says. “Companies thatgreenwash will soon find themselvesin situations of lost trust and then may
find themselves with difficulties when it
comes to accessing capital markets.”
It is not just companies indulging ingreenwashing that may find themselvesin that position. The pandemic is likely togive the ESG agenda added momentum,
as employees and consumers demandhealthier workplaces, inclusive hiring
policies and more sustainable businessmodels. Environmental regulation
will only get tighter as nations edge
closer to carbon reduction deadlines.
ESG reporting may soon be a criticalfactor in every company’s appeal toinvestors, public bodies and a growing
number of concerned customers. n

Around the world
ESG is becoming
increasingly

important in wider

company reporting.

CLIENT STORYA GROWTH INDUSTRY

WITH AN IPO IN THE PIPELINE, ONLINE HORTICULTURAL SUPPLYCOMPANY IPOWER TURNED TO UHY FOR PROFESSIONAL AND TIMELY SUPPORT

Lockdowns have seen many of us taketo our gardens, lavishing time andmoney we might otherwise have spent
on restaurants and holidays – andin the US the gardening boom has
fuelled an already buoyant sector.
One beneficiary was iPower, a hydroponics
and gardening product supplier basedoutside Los Angeles, California. iPowersupplies nutrients, growing mediums,
hydroponic equipment, power-efficient
lighting and more, selling through its
website and third party e-commercechannels like Amazon, eBay and Walmart.
The business sources products from
popular brands and has also established inhouse branded products, marketed under
the iPower and Simple Deluxe labels.
The business has grown since it was
founded in 2018, but 2020 wasparticularly successful, continuing into
2021. Around 75% of sales revenue
in 2020 was from Amazon, where thebusiness experienced 87% growth.
Sales through Walmart grew by 200%
year-on-year during the same period.
Against this background, co-founderand CEO Lawrence Tan and his teamfelt the time was right to push iPowerto the next level. “The hydroponic
and gardening industry is quite
fragmented, and retail outlets tend

UHY IN THE RETAIL SECTOR
UHY member firms have wide experiencein the retail sector, on and offline.
We work with luxury brands, majorinternational retail chains, e-commerce
specialists and single market businesses.
Our specialists around the world
understand the needs of retail clients,from stock monitoring to supply chain
logistics. Our collaborative international
network means that, when clients look
to expand, UHY can provide all the
specialist local knowledge they need.

to be smaller family enterprises in asingle location,” says Lawrence.
“We intend to take advantage ofcurrent market conditions by providing
consumers with a one-stop shopping
experience where they can satisfy all
their horticultural needs and have theproducts shipped directly to their door.”
The business decided that the logical

I’m very confident
in the future andwould certainly

recommend UHY LLP

to other businesses.

next step was an IPO (Initial Public
Offering), and iPower turned to US
member firm UHY LLP’s team in Orange
County, California, to help prepare
the business for public listing.
THE IPO AUDITThe right professional support is crucial
for the complexity of IPO preparation.
For the registration statement businesses
need to show financial audit reporting forthe last two or three fiscal years based on
the size of the business. Public businesses
are subject to Securities and Exchange
Commission (SEC) regulations, whichmeans financial reports issued as a private
business are usually insufficient for IPO
registration. Pre-IPO financial audits needto demonstrate compliance with publicentity accounting principles and meet
additional SEC disclosure requirements.
Naturally, when iPower was considering
an accounting firm to conduct thepre-IPO audit, it looked for one withspecific experience of this type of
specialist work. The company considered

a number of accountancy firms but chose
UHY LLP because of its wide experienceof auditing mid-market clients for the
purposes of IPO. “The expertise thatwas most valuable to us was the firm’s
extensive experience of auditing publicly
traded companies,” says Lawrence.
Another deciding factor was the trustthat had built up between UHY audit
principal Crystal Li and iPower’s vicepresident of finance Alice Wu during
discussions around earlier projects.
iPower officially launched its listing in thesecond half of 2020, with the IPO set for
the following May. This gave the UHY
audit team, led by Michael Burke, audit
partner, Crystal Li, audit principal andYu-ta Chen, audit manager, little room
for manouevre. However, they completed
the job on time and the financial audit
report was issued in November 2020.
A QUICK TURNAROUND
Lawrence was impressed with the results.
“The UHY team completed the initial
two-year audit – to be included in thefirst SEC registration statement filing –within 60 days. They then completed all
the filings to help us complete the listingon the NASDAQ stock exchange.”
With the help of UHY, iPower becamea public company on May 14, 2021,
with gross IPO proceeds of USD 16.8
million. The share price rose 15% on
the first day of listing. More importantly,
Lawrence believes the IPO has created afirm foundation on which to grow thebusiness into the leading hydroponic
and gardening equipment supplierin the US. He has no hesitation inrecommending UHY to businesses
considering their own public listing.
“I’m confident in the future and would
recommend UHY to other businesses
that need a highly professional team,”
he says. “We’re happy with everything
they did - they’ve set a very high standard
for others to follow.” niStock.com/Leonidovich

14 UHY GLOBAL August 2021

GLOBAL NEWSUHY GLOBAL August 2021 15

LANDMARK TAX FRAMEWORKOver 130 countries and jurisdictions,representing more than 90% of global
GDP, have signed up to the OECD’s newframework for international tax reform.

INTEREST RISE
FOR CENTRALBANK CRYPTOTIMELY TECH SUMMIT
Over 2,000 delegates from 125
countries joined the first World
Economic Forum Global Technology
Governance Summit, held
virtually in April 2021 and hosted
by the Japanese government.
Prime minister Suga Yoshihide
emphasised the timeliness of

iStock.com/kertlis

More than 85% of central banks are
now exploring CBDC in some way. The
Bahamas was the first to fully launch anationwide CBDC in October 2020. China
became the first major economy to begin
piloting a CBDC in April 2020. It is hopedthat both Chinese citizens and foreign
visitors will be able to use the digital yuan
at the Beijing Winter Olympics in 2022.

iStock.com/Laurence Dutton

Japan and Thailand are among thelatest economies to explore central
bank digital currency (CBDC).
The Bank of Japan began a year-longphase one proof of concept explorationof the technical feasibility of a digital yen
in April 2021. Drivers include improving
the stability and efficiency of settlement
systems and meeting the potential needfor a CBDC to support a digital society.
Following a period of public consultation,
the Bank of Thailand plans to start piloting
a retail CBDC in spring 2022, with theaim of providing a digital currency for
online and offline transactions and giving
broader access to financial services.

The framework is expected to be
finalised in October 2021, with the
new tax system effective from 2023.

discussions among global leaderson the implementation of digitaltechnologies in the post-Covid era.
Summit outcomes include the launchof new Global Smart Cities Allianceregional networks in Latin America
and South Asia, a commitment toaddress challenges and opportunities
around the rise of digital currency,
an initiative to accelerate theimpact of the Internet of Things(IoT) for SMEs, and a roadmap
to advance IoT governance.
The WEF was holding a special
meeting in Singapore in August 2021.

NEW HEAD AT OECD
Former Australian Finance Minister
Mathias Cormann has become
the new secretary-general of theOrganisation for Economic Cooperation and Development (OECD).
Cormann took up his post on 1 June
2021 and is expected to serve a
five-year term. He succeeds Mexican
economist and diplomat Ángel Gurría,
who led the organisation for 15 years.
Born in Belgium, Cormann migrated
to Australia in 1996. As well as
serving in the Australian government,
he has represented Australia in
the OECD, G20, APEC, ASEAN

and the World Economic Forum.
Speaking on his appointment, hesaid the OECD’s ‘essential missionof the past – to promote stronger,
cleaner, fairer economic growth
and to raise employment and living
standards – remains the criticallyimportant mission for the future ’.

(OECD/Victor Tonelli (c) OECD CC-BY-NC/3.0/igo)

iStock.com/wakila

The OECD’s ‘Statement on a Two-Pillar
Solution to Address the Tax Challenges
Arising from the Digitalisation of the
Economy’ forms part of the wider
OECD/G20 BEPS Framework andfollows a milestone tax accord agreed
by G7 finance ministers in June.
The framework introduces taxationof multinationals in the countries
where they operate, not only where
they are headquartered or havea physical presence, and a global
minimum corporate tax rate. G20
finance ministers have signed off
on a minimum rate of 15% tax on
corporate income for multinationals
with revenue over USD 890 million.

16 UHY GLOBAL August 2021

PURPOSE, PEACE
AND PROSPERITYPERSONAL PROFILE

rowing up in former
G
Yugoslavia, Helena
Budiša was a studious child

who loved dressmaking andgardening – but she wasquietly nurturing a dream tobecome an entrepreneur, an
ambition undimmed by war
and the birth of a nation.

When Helena launched her own businessin 1995, accountancy was a profession
still in its infancy and the Croatian war
of independence had created economic
uncertainty. Today that company, now
known as UHY HB EKONOM, is a proudly
successful accountancy business thatcelebrated its 25th anniversary in 2020.
Helena’s dream ran alongside a desire
to understand how businesses could
flourish. “I represented our schoolin accountancy competitions and I
had a hunger to understand how
businesses could benefit from it.”After graduating from college in Split,
Helena briefly worked for a bank andjoined the accountancy team of asmall company. “In my head I always
saw the bigger picture – I longed
to improve my country’s status andinstil belief and confidence that it
was a great place to do business.”
GOING IT ALONE
Determination and family support
were key to Helena’s progress. “Myvision was to improve myself, myprofession and our community – thesituation in 1995 was difficult due towar, but my desire for change wasbigger than my fear of failure.”

The situation was
difficult due towar, but my desire
for change wasbigger than myfear of failure.

PERSONAL PROFILEUHY GLOBAL August 2021 17

FRIENDSHIP AND FAMILY
Do you have a business‘superpower’?
“People have said of me that I
will find something good in every
situation. That makes me happy.”
What makes Croatia such agreat place to do business?
“Croatia combines Mediterranean
lifestyle and Western business style.
I’m an hour or two away from
London, Paris, or Istanbul yet I get
to live in a small town with a third
century Diocletian palace! We havean amazing climate, connections
to Europe, great entrepreneurshipand a growing startup culture.”

Teamwork isimportant at UHY
and that is why

I am very happy
to be part of it.

As one of the first generation of certified
accountants in Croatia, Helena saw big
potential. “Accountants build companies
from the ground up, and can be the firstto see opportunities and threats, butmany people didn’t take us seriously. This
spurred me to obtain a certified auditor’s
licence. Then people took notice.”
BUILDING A BASE
Helena and her new team created adigital shop window – her accountancy
business was the first in Dalmatia tohave a website. “Clients started asking
for advice and our English-language
website brought us foreign investors.”
Clients grew and the business gained
momentum. In 2007 came an invitation
for UHY membership. “That did not
happen overnight,” says Helena.
“There were days of hard work,
conversations and advice and theselection of the best associates. Plusboundless patience from my family!”“We recognised the benefits of global
cooperation and our UHY membershiphas brought us the opportunity toprogress. Our English-speaking teamprovide services at the highest level.
Teamwork is important at UHY and thatis why I am very happy to be part of it.”Her commitment to entrepreneurshipallowed Helena to explore things thatmatter to her. “I was elected Ambassadorof Women’s Entrepreneurship (AWE)in Brussels,” she says. “People often
ask me about entrepreneurship so I
am thrilled when they later tell methat our meeting was pivotal.”
Helena also joined the Croatian
Association of Employers, and in 2013
was elected vice president of its executive
board, a position she has held for eight
years. “It’s about removing barriers
to business. I consider our greatest
success the reduction of taxes on
employee income and of income taxes
for small and micro-entrepreneurs.”
PUTTING CLIENTS FIRST
Even before the pandemic, UHY HB
EKONOM was focusing on digitisingprocess and systems to create a moreinnovative approach, and Covid
merely sped up projects like cloud
accounting. The firm’s app offering
online delivery of documents plus theability for business owners to check theirfinancial data was groundbreaking.
“The project was implemented by ourinternal consultants from UHY Consulting,I’m very proud of them.” says Helena.
Despite all her success, Helena neverunderestimates client loyalty and works
hard to keep those relationships strong.

Tell us about your family?
“My husband Branko is my rock. For
20 years he ran his own company,
but now we focus on one business. I
couldn’t sustain these multiple roles if
he wasn’t supporting me. He is the best
cook! My son Kresimir specialises inproject management and my daughter
Mila is a career development specialist
for Croatia’s biggest company.”
How do you relax?
“I am privileged to live on the
coast. I spend time with my family
in our weekend home where I
have my flower garden and aterrace overlooking the sea.”
What ambitions do you still have?
“New ideas are always spinning in myhead. I am no longer the only person
in charge of strategic development
so I work on this with my partners.
We are guided by the motto, ‘If you
want to go fast, go alone, but if you
want to go far, go together’.”Who or what makes you laugh?
“My five-year-old granddaughter
Nikolina. (pictured left, with Helena) I
love the way she thinks outside the box.
During our times together, along withmy husband, we are trio fantastico.”Tell us something about you that not
many people know?
I love making natural oils, body
lotions and perfumes fromlavender and immortelles from mygarden and give them as gifts.

“Maintaining trust, sharing ideas andknowledge are key to our growth. We
organise regular business breakfasts
and networking events, our monthly
newsletter keeps clients informed and
we stay active on social media where
we share news and tips. We are here tohelp entrepreneurs keep their businesssimple and more successful.” n18 UHY GLOBAL August 2021

NEW ACCOUNTABILITY
WHEN THE GOING GETS TOUGH, CORPORATE GOVERNANCE SYSTEMSMUST STAND FIRM, BUT OFTEN DO NOT. IMPROVING THEM IS A PRIORITYACROSS THE WORLD.

iStock.com/chinaface

FEATURE - NEW ACCOUNTABILITYD

UHY GLOBAL August 2021 19

espite widely adopted
international financial
standards for auditing andassurance, companies arestill failing, and failing big.

and business maturity, different culturaland business behaviours that impact
on rules, leadership and decisionmaking. The good new is, there isplenty of commitment to improve.

When German financial payments
provider and DAX stock exchange
member Wirecard AG collapsed a year
ago, it admitted that EUR 1.9bn (USD
2.24bn) of the cash on its books did notactually exist. More recently in May thisyear, UK investment capital company
Sapien Investment was fined GBP 178k
(USD 245k) for failing to have in place
the adequate systems and controls to
identify and mitigate risk from fraudulent
trading and money laundering. Other highprofile failures of financial and corporate
governance are widely documented.

FAMILY TIES
According to James Mathew, managing
partner, UHY James Chartered
Accountants, Dubai, UAE, “In the Middle
East it is very common for countries
to have family-owned businesses so
the corporate governance structures
are often driven more by family ties
and values, cultural traditions andhistorical practices set in place by thefounders. While such structures havethe key elements of good governance,
they may not necessarily be formal.”

For its part, the International Auditing andAssurance Standards Board (IAASB) whichis responsible for setting high-quality
international standards for auditing,assurance, and quality, is introducing arevised quality management process forauditors and corporate finance chiefs
which will take effect from December
2022. The new standards will provide
greater public scrutiny of corporate
finances and will strengthen public
conﬁdence in the global accounting
professionals whose role is to apply
the right checks and balances.
But despite global standards such asthese, there is no common model forbest practice corporate governance per
se. Countries and regions around theworld have different levels of regulatory

Factors such as trust in the spoken word
instead of written agreements, board
members selected from within a family,
and hierarchical succession can all bedifficult. “While a code of conduct ispracticed, it may not necessarily be inwriting. When commercial factors playa part in decision-making, the interestof the family is often an overriding
factor, says James. “In the case of more
influential family businesses, decisions arealso influenced by key national initiatives
announced by the rulers of the country.”
However, efforts are being made to
improve things. Like many countries in the
Middle East where the major population
comprises expatriates, the transient
workforce and a multicultural working
environment are additional common
challenges for employers and employees.

There are strong efforts
being made across theworld to improve governanceand better protect frombusiness failures.

Factors such astrust in the spoken
word instead ofwritten agreements,
board members
selected fromwithin a family,

and hierarchicalsuccession can
all be difficult.

Of his own country, James remains
positive: “the UAE has always taken thelead in implementing initiatives to support
the setting-up and running of businesses.”
ANTI-CORRUPTION EFFORTS
Effective corporate governance should
also be a bastion against corrupt
business practice. In the South East
Asian region there is a growing focus
on anti-corruption with government
pledges to fight malpractice. For example,
China’s revised Anti-Unfair Competition
Regulations means there is now a legal
requirement for companies to have acompliance programme and this has
implications for corporate governancepractice, due diligence, accurate
financial reporting and the appointmentof compliance team members.

20 UHY GLOBAL August 2021

In June 2021, Japanese electronic giant
Toshiba’s shareholders voted to remove
their chairman Osamu Nagayama
after just a year in office, following
an independent investigation into thecompany in a real test of Japanese
corporate governance. The investigation
found that Toshiba executives hadcolluded with Japan’s trade ministry
to put pressure on international
investors. The company is no stranger
to corporate governance failures, having
hit the headlines with 2015’s USD 1.2bn
overstated accounting profits scandal,
and has faced increasing demands
ever since to enhance governance.
The removal of Nagayama is therefore
seen as something of a landmark.
In the Republic of Korea, the Financial
Services Commission (FSC) is promoting
newly-introduced legal measures toimprove supervision of non-holding
financial groups, a category previously
overlooked by the country’s regulators
despite such groups having an increasing
capital management profile. The newrules will require self-inspection andassessment and transparent reportingto the FSC on group-wide risks. The
authorities hope this will encourage
better management practices as wellas improve market confidence.
Things are shifting in Africa too. The
Kenyan government has implemented

iStock.com/filadendron

FEATURE - NEW ACCOUNTABILITY

harsher corruption and bribery laws andthere is a renewed focus on corporate
governance issues in Nigeria wherecompanies have been required tofollow the Nigerian Code of Corporate
Governance since January 2020.
The Code’s recommendations include
the composition of a board committee
as a minimum of three members, thechairman of the board not being amember of any board committee, privatecompanies having audit committees
comprising only non-executive directors,
and external audits. There is also arequirement for an externally facilitatedCorporate Governance Evaluation.
TOWARDS BETTER STEWARDSHIP
Everywhere has, of course, been touchedby the coronavirus pandemic and this will
inevitably have an impact on corporate
governance. According to Martin Jones,
partner, UHY Hacker Young, UK, “It has
made companies stand back and reassess
their operations, supply chains andrelationships with other stakeholders.”
It has also led to greater resilience.
“Most companies in the UK were able
to adapt fairly quickly with technology
in place to enable remote working
procedures,” says Martin. “In termsof Annual General Meetings (AGMs),
companies adopted a mix of‘closed-door’, hybrid and virtual

meetings depending on theircircumstances.” Martin believes thisis likely to change the traditional
AGM format in the longer term.
There are strong efforts being
made across the world to improvegovernance and better protect frombusiness failures. Progress can beslow, but it is generally positive.
The global focus on climate, diversity andsustainability has pushed Environmental,
Social and Governance (ESG) reportingto the fore, an additional encouragement
for corporates to disclose non-financial
performance alongside the numbers.
With developed and developing
economies working their way (albeit atdifferent speeds) to carbon neutrality,
as a response to government initiatives,
global treaties and stakeholder pressure– not least the investment community– ESG should help boards everywhere
to take a more holistic view of theirbusiness, which will in turn encourage
more resilient organisational models.
So it seems probable that we can lookforward to better governance in the years
ahead, despite the lack of a ‘one size fits
all’ approach. Top-down enforcement
improvements through tightening of
regulations, financial and auditing
standards, plus bottom-up pressures forgreener accountability and transparency,
are set to make a real difference. n

UHY GLOBAL August 2021 21

UHY SERVICESSERVING CLIENTS TODAY AND TOMORROW
Our clients appreciate how UHY’s cultureof working together makes 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 firm holds
itself accountable to its clients including
integrity, innovation, and international
thinking.
UHY member firms offer thefollowing services:• CORPORATEGOVERNANCE & RISKMANAGEMENT, including: corporate
governance, risk management andconsulting including Sarbanes-Oxley
compliance services.
•C ORPORATE 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.
•C ORPORATE TAX, including: direct taxationand indirect taxation, international tax suchas tax-efficient structures for international
expansion and cross-border ventures,

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.

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

valuations, economic damages, fraud
evaluations, criminal proceedings and money
laundering issues.

• FUND SERVICES, including: fundestablishment and administration.
• LEGAL, including: tax law,labour law, etc.
• INTERNATIONALISATION, including:business contact introductions, local
regulatory requirements and businessetiquette, local business tax environment,
business structuring and compliance,
personal taxation, recruitment and labour
law consultancy, transfer pricing, customs
and other fiscal areas.
• MANAGEMENT CONSULTING& SOLUTIONS, including:internationalisation of businesses,
human resources and recruitment
services, information technology
and software solutions.
PRIVATE CLIENT SERVICES
Key services include: wealth management forindividuals and families, income tax and capitalgains tax planning, international tax planningfor expatriates and migrants, non-domicile
status, trust services and management,
inheritance planning.

OUR COMMITMENT TO QUALITY
Quality is one of UHY’s main
values – because it is so important to us
we strive to achieve this in everything
we do. Each of our independent
member firms has signed a Quality
Charter committing to the adoption
and achievement of performance andservice objectives considered essential todelivering this quality promise to clients.
The expectations we have of our member
firms are benchmarked to recognised
international professional standards. We
set specific quality goals and expectations
for our independent member firms tomeet, covering areas such as client service
efficiency and relationship management,
professional work standards, depth
and breadth of products, services andgeographical coverage. Collectively,
they represent our aim to provide clientswith consistent, seamless, professional
and timely cross-border services.

Our member firms are evaluated annually
against UHY’s quality expectations, allowing
us to assess our performance and outcomes,
and look for new ways to improvefurther. We focus on quality through:• Leadership• Client acceptance procedures• Full membership of the Forum of Firms• Compliance with ethical obligations set
out by the International Federationof Accountants in its global standard,
Code of Ethics for Professional Accountants• Human resources policies and procedures,such as education and training• And, of course, quality control
procedures in accordance withinternationally-recognised standards.
It is our belief in quality as a value andthe successful implementation of thatvalue across all our service areas thatmake our network more dedicated toquality than many other networks.

22 UHY GLOBAL August 2021

SERVICE FEATURE – CYBER-PUNKSCYBER-PUNKSAS THE WORLD GOES EVER-FURTHER DIGITAL,CYBERSECURITY SERVICES AND ADVICE FOR
BUSINESSES OF EVERY SIZE IS BECOMING
MORE CRITICALn January 2021 the World Economic Forum published
Ithings
the Global Risks Report, its annually depressing read ofthat can and might go wrong with the world.
Among the highest likelihood risksof the next ten years were digital
power concentration, digital inequality
and cybersecurity failure. It is worth
remembering that back in 2006 thesame report warned that ‘lethal flu,
its spread facilitated by global travel
patterns and uncontained by insufficientwarning mechanisms, would present
an acute threat’. So the report isdefinitely one worth taking seriously.
ACCELERATED RISK
Research from McKinsey has shownthat the Covid-19 crisis accelerated
digitalisation in ways nobody could haveever predicted. Consumers have headed
online in their droves and companies have
responded rapidly. Video has replaced
coffee-shop meetings and conferences
and cloud accounting solutions have seen
a boost. McKinsey found that companies
moved 40 times faster than they
thought possible before the pandemic toimplement remote working solutions.

The cybersecurity implications are eyewatering to consider, but cannot beignored – particularly in light of recent
cyberattacks, including one that shut thelargest US gas pipeline and jeopardised
supplies to major US cities. There is alsorisk from software bug-related internet
outages, like the one from infrastructure
provider Fastly that knocked out
many of the world’s biggest websites.
Incidents like this serve to highlight
how increasingly vulnerable we are as
digitisation increases. Research fromSEO agency Reboot suggests that the
Fastly outage could have lost Amazon
as much as USD 32million in sales.
THREATS IN 2021
The majority of cyber threats thisyear will fall broadly into three areas,says cybersecurity specialist Norman
Comstock, managing director of UHY
Consulting, part of UHY Advisors, US.
The first is phishing – attempts to obtain
sensitive information or data, suchas usernames, passwords, credit card
numbers or other sensitive details by
appearing to be a trustworthy entity ina digital communication. Secondly, thereis ransomware – a type of malware that
employs encryption to hold a company
or individual’s information to ransom.
And thirdly, business email compromise(BEC) is a cyberattack involving thehacking, spoofing, or impersonationof a business email address.
“Ransomware and business email
compromise have been increasing overthe past few years,” says Norman.

“So far this year we are getting four times
as many reports from our US customers
experiencing significant attacks, andacross many industries. The dollar amountof ransom is creeping up too, making it
difficult for some businesses to recovercontrol and resume normal operations.”
There are multiple risks contributing
to the rise in incidents. The advent of
ransomware as a ‘service platform’ makes
it easy for unskilled bad actors (thosewith criminal intent) to seek a high returnon investment by renting ransomware
platforms to target vulnerable companies.
“The fact that ransom is being paid
emboldens the threat actors to execute
more ransomware campaigns,” says
Norman. Colonial Pipeline paid USD
4.2million in ransom after significant
disruption and concerns for public safety.
VULNERABLE SOFTWAREThe number and severity of software
vulnerabilities is also growing.
The challenge is to patch known
vulnerabilities, as ransomware
platforms are not overly sophisticated.
Much of the ransomware relies onpoor security hygiene – unpatchedvulnerabilities, misconfiguration ofsoftware, insecure network protocols,
not closing unnecessary networking
ports, insecure coding practices, or users
failing to recognise phishing attempts.
More recently, Norman Comstock says
he has seen small banks, law practices,
healthcare and manufacturing clients hit
with BEC. “Our forensic review revealed
that their Microsoft 365 mail had been

SERVICE FEATURE – CYBER-PUNKSUHY GLOBAL August 2021 23

Cybersecurity
expertise isincreasingly available
to UHY clients

thanks to centres

compromised primarily because multifactor
authentication was not configured or
inadvertently disabled. Customers using
Microsoft 365 mail should review theirconfiguration and turn on multi-factor
authentication to reduce BEC risk.”

to disrupt hacking activities. This is
critical, as protective controls are fallible
and detective controls may be underresourced, leading to undetected
and unresolved hacking activity andlonger and costlier recovery.”

Data and system backups are also worthyof close attention. “Whether backups
are done on premises or to the cloud,all companies should verify that their
backups are periodically tested to ensure
recovery. This will minimise costly exposure
and perhaps the need to pay a ransom,”he says. To make matters worse, none ofthese risks is diminishing. In fact, reportssuggest that hackers are getting smarter.

According to Dr Anuraag Guglaani,
management consulting partner at
UHY James Chartered Accountants,
Dubai, United Arab Emirates, wholeads the firm’s strategy, transformation,
automation and cybersecurity services,“A combination of poor governancethrough incomplete information
security policies, coupled with nonsecurity conscious users who makeerrors,” are the main reasons forcybersecurity breaches. He says
businesses are seeing wide-ranging
threats including data theft, financial
loss after ransomware attacks, system
disruptions that cripple businesses,
and reputational risk after news of
an attack spreads to the public.

EXPERT ADVICE
While many accounting firms, consulting
firms, and IT vendors offer some aspectof triage to identify security risk, small
and mid-sized businesses often do
not have dedicated security teams.
This means they rely on products andthird-parties to help identify risks andimplement protective technologies.
“What is generally missing or ineffectivein this approach,” says Norman “is the
personnel, technology and process todetect unexpected network, account,or system activity.” And naturally, theslower the detection the slower the
response. But, he adds, “The response
should involve investigation, confirmation,communications and corrective actions

In Italy, UHY Audinet Srl partner, Andrea
d’Amico, is establishing a wider IT
auditing service alongside developing
the firm’s own cybersecurity safeguards.
“We know that IT security, cybersecurity,
IT governance and IT auditing are
becoming critical lines of service
for our clients,” says Andrea, citing
fast-growing technologicaldevelopments and increasing
operational dependency on technology.

CYBER SERVICES
UHY member firms can draw
on a number of proactive andreactive services to help clients
address their security, including:• Security risk assessment• Vulnerability assessment
and penetration testing• User awareness education andongoing phishing campaigns• Cloud security assessment
to review configurations• Incident response planning• Rapid response incident handling• Managed detection and response• Digital forensics“We already perform IT audits supporting
the internal audit, and offer complianceand risk management, as well as
supporting financial statement audits.”
Cybersecurity expertise is increasingly
available to UHY clients thanks to centresof excellence such as these in the US,
UAE and Italy, as well as UHY’s
global proactive knowledge sharing
infrastructure. This means clients
anywhere in the world can benefit
from the latest advice, tools andimplementations, including the US
National Institute of Standards andTechnology (NIST) Cybersecurity
Framework, a voluntary frameworkof standards, guidelines and bestpractice in managing cybersecurity risk
in five key stages – identify, protect,detect, respond and recover. n

iStock.com/Nattapon Kongbunmeeof excellence.

24 UHY GLOBAL August 2021

OPPORTUNITYFROM ADVERSITYCOVID HAS HAD A DEVASTATING ECONOMIC EFFECT, BUT IN MANYREGIONS THE PANDEMIC’S DISRUPTIVE FORCE IS CREATING NEWOPPORTUNITIES AND FOSTERING ENTREPRENEURSHIP

iStock.com/Gian Lorenzo Ferretti Photography

PERSPECTIVESUHY GLOBAL August 2021 25

PERSPECTIVESs vaccine rollouts progress, economies are opening up
Aagain and businesses are gearing up to retake groundlost to the pandemic. Or at least, those that survived are. In

the UK, a survey in January found that nearly 5% of small
businesses expected to close in 2021. As shoppers anddiners return, city centres around the world bear the scars of
Covid in the form of shuttered shops and deserted malls.

Some economies fared worse than others,
being in the centre of the pandemic’s
firing line. Helena Budiša, managing
partner of UHY’s Croatian member firm
UHY HB EKONOM, says that economies
that rely on tourism have been particularly
badly affected by a pandemic that closed
borders and grounded planes. “Covid
has caused a deep crisis in Croatia, asin the rest of the world,” she says. “But
it is also a wake-up call for Croatia andother tourism dependent countries.”
ANOTHER ECONOMIC STORY
However, calamity is not the only story of
Covid. Some sectors – IT, supermarkets,takeaway food – have thrived. Deprivedof holidays, consumers turned toNetflix and home improvements. Salesof health and wellbeing products
soared. Agile businesses that quickly
implemented online ordering anddelivery services found opportunity inadversity. As Helena says, “in every crisis
there are winners as well as losers”.
That much is clear from the figures.
Operational small businesses in the US
declined by a quarter between January
and December 2020, and yet the third
quarter of 2020 saw more than 1.5 million
new-business applications – almost double
the figure for the same period in 2019.

Evidence is mountingthat the world

will not remain ina Covid-related

recession for long.

Meanwhile, France saw 84,000 new
business formations in October 2020,a fifth more than in the same montha year earlier. More new businesses
were registered in the UK in the third
quarter of 2020 than at any time since2012. Entrepreneurs saw opportunities
even in the midst of the crisis.
And as the health emergency graduallyfades, this entrepreneurial activity is likely

to accelerate. Evidence is mountingthat the world will not remain in a
Covid-related recession for long. In theUS, for example, a combination of alarge fiscal stimulus, lockdown easing
and vaccinations fuelled a surge
in consumer spending in the firstquarter of 2021, with annualised
growth hitting 6.4%.
And while China was first into
lockdown, it was also first out. China’s
industrial output grew by 35% inJanuary and February, compared tothe same months last year. Analysts
are now predicting Chinese growth in
2021 of around 8%. Meanwhile, theEU is only now emerging from its mostrecent wave of lockdowns, but evenhere growth forecasts have recently beenrevised upwards to more than 4%.
A NEW KIND OF RECESSION
Economists base their confidence on the
belief that, while the global economy wasplunged into recession in 2020, in many
countries it was a recession like no other.
Sadly, businesses went bust and many
people lost their jobs. But on the flipsideof the coin, many of those lucky enoughto keep a stable job and income during
the pandemic never felt so comfortably
off. They never felt so bored, either.
Savings grew because many consumers
had nothing to spend their money onafter covering the basic necessities of life.
Now those consumers are looking to
make up for lost time, with results thatwill ripple through wider economies,
from retail, leisure and hospitality to
manufacturing, IT and professional
services. At the same time, the pandemic
has fundamentally changed the way
many people shop, work and relax.

26 UHY GLOBAL August 2021

PERSPECTIVES

and chemical sectors did well during
the pandemic and may be set for
further gains on the back of a renewed
focus on health at both individual andstate level. And as Covid fades, thegreen economy will again become thecentre of considerable attention.

Businesses that positioned themselves
for success during Covid are likely
to thrive in its aftermath.
“A number of businesses were positively
impacted by Covid-19, in particular
those operating in the technology andmobility sectors,” says Roberto Macho,
managing partner at UHY Macho& Asociados, UHY’s member firm inArgentina. “They did well because
trends that had started a few years ago
by changing work and lifestyle habitswere accelerated by the eruption of thepandemic. Those trends will continue.”
CREATIVE THINKING IS KEY
Nobody is underestimating the negative
effects of Covid, or the challenges
that companies face in its aftermath.
In the post-pandemic world, realbusiness acumen will be required to
identify new opportunities. But those
who do will be well placed to takeadvantage of improving economies
and growing economic optimism.
Roberto adds that he is seeing
many entrepreneurs looking to takeadvantage of the new environment,by thinking creatively and turningaway from pre-pandemic certainties.
“Even in the real estate business, forexample, where people may feel there
is very little manoeuvrability, I havewitnessed a number of cases whereentrepreneurs have converted theuse of buildings for purposes morealigned with the new economy.”
Opportunities come in all shapes andsizes. Companies and consumers aroundthe world upgraded their IT in responseto the pandemic, and many will continue
to invest in new technology over the
coming months and years, as new ways
of working and living evolve. A new
enthusiasm for remote work, online
retail and cashless payment is likely tosurvive the return to normality and drivea new wave of entrepreneurial activity.
For that reason, Helena and Roberto
both pinpoint technology as a sector
brimming with post-pandemic promise,at least in the short term. “In Croatia wesaw an enormous growth in the entire
IT industry during the pandemic, to theextent that it is, more and more becoming
a dominant industry in the country,” says

A number ofbusinesses werepositively impacted
by Covid-19.

Helena. She mentions two technology
companies that have both achieved
unicorn status (startups with a valueof over USD 1 billion) in the last year,“which says a lot, given that we are asmall country of just four million people”.
It also says a lot that these businesses
operate in entirely different sectors,
though both are ostensibly technology
companies. Infobip is an omnichannel
cloud communications provider, while
Rimac produces electric sports cars,
drivetrains and battery systems. Bothare positioned for further growth ina world changed by Covid, in which
technology plays an ever greater role.
Helena adds that a number of clientsin the hardware and software sectors
have experienced significant growth.
In Argentina, UHY Macho & Asociados
has also seen the rapid expansionof fledgling technology businesses:“We represent a number of startup
companies and have been witnesses
to their exponential growth, operatingin areas like online sales, e-learningand telemedicine,” says Roberto.
BEYOND TECHNOLOGY
But technology is not the only gamein town, especially as economies
open up. After the experience of thepandemic, many companies are intent
on implementing shorter, simpler supply
chains, which will create opportunities
in manufacturing and logistics.
Hospitality will benefit from consumer
spending sprees. The pharmaceutical

In fact, as Roberto says, success isoften less about the sector than theentrepreneurs themselves. To grasp
new opportunities, businesses need
foresight and agility. “Taking advantage
of opportunities always involves asmart entrepreneur who can lead abusiness in times of huge change.”
BARRIERS TO GROWTH
However, the picture is not consistent,
either globally or regionally, and there
are questions about how long any postCovid bounce will last. “We will have to
wait and see whether these trends will
last, or if we will go back to the way
things used to be, as vaccines bring the
pandemic under control,” says Helena.
Other regions have their own barriers
to entrepreneurship at this time.
“Almost all of my clients are just‘battening down the hatches’, andvery few are taking entrepreneurial
risk by expanding or looking for otheropportunities,” says Selwyn Cohen,
partner at Cohen Fasciani, UHY’s
member firm in Melbourne, Australia.
“At present the constraint to growthis people rather than funding.
Unemployment is at an all-time low.
It is impossible to hire fruit pickers,
cleaners, waiting staff, IT people,
construction staff and so on. The labour
market is a barrier to growth.”
There are other potential brakes onan entrepreneur-led recovery, fromprotectionist economic policies to thepotential for new Covid variants to sendnations back into lockdown. But evidence
suggests that the Covid-related recession,
while highly destructive, is fundamentallydifferent to downturns associated withprevious global shocks. Businesses
found new opportunities during the
pandemic and will continue to do so as
the pandemic fades. Covid’s disruptive
power has breached the walls of
traditional commerce, and entrepreneurs
are rushing through the gaps. n

SERVING CLIENTS, SERVING COMMUNITIESUHY GLOBAL August 2021 27

COUNTING ON THE EXPERTS
A major awarding body in Nigeria
celebrating the achievements ofinspirational young people has invitedmember firm UHY Maaji to manage thevoting process for the second year running.
The 2021 Ten Outstanding Young Persons(TOYP) Award of the Junior ChamberInternational (JCI) Nigeria, part of a global
movement, recognises young people incategories such as cultural achievement,
business or environmental leadership.
Lawrence Etuk, business development
manager at UHY Maaji, says his firm waschosen because of its industry credentials
and audit experience. “It is a great
responsibility and honour,” he says.

The appointment adds to UHY Maaji’slist of clients in good works – it isauditor to Bread for the World (BFtW),
a development agency supporting
projects in more than 90 countries.
UHY Maaji was also selected by the
US Agency for International
Development (USAID) to provide
audit for funds to various agencies,
and the World Bank chose the firm
to audit projects in Nigeria.
“We love our diverse range of clientsand are thrilled to play a key role in thisimportant award,” says Lawrence.
“To see these young, energetic
individuals being recognised as they
strive for a better world, is a privilege.”

RECOVERY AND RESILIENCE
Helping clients navigate post-pandemic
uncertainty is a priority for UHY’s member
firm in the United Arab Emirates,
UHY James Chartered Accountants,
which has been running workshops
to devise tools and strategies forhelping small to medium enterprises(SMEs) gain greater resilience.
The team is led by Dr Anuraag Guglaani,
partner for strategy, transformation,technology and cybersecurity. “Asbusiness advisors we want to staycommitted to our clients’ growth. Familybusinesses do not have the scaling
down options adopted by large firms.
A strategic advisor and industry expert
can walk the extra mile to help clients
progress with confidence,” says Anuraag.

As well as helping clients this is an
opportunity for the firm to supercharge
its team spirit. “In our first workshop
partners, managers, consultants andexecutives shared ideas to ensure clientneeds are at the heart of everything
we do. So as well as helping ourclients, we also develop ourselves
as advisors,” says Anuraag.
James Mathew, managing partner,
agrees. “Even our largest competitors
do not always address SMEs as wedo, and we not only create thestrategy but implement it. Our firstworkshop was a day of coffee,
camaraderie, and conversation alladding up to better service delivery
and fantastic bonding for our team!”

GIFTS FOR LIFE
When the team at UHY Ross Brooke in
Newbury, UK wanted to thank a local
vaccination centre for its care, it turned
into a truly community experience.
Rather than just donating gifts to thecentre at Newbury Racecourse on theoccasion of its 10,000th vaccination,
the team mobilised local clients tohelp, as Jenny Bowden, client manager,
explains: “We gifted refreshments tothe centre when it launched, so whenthe 10,000th jab milestone camealong we wanted to do something
bigger. So we asked local clients
known for giving to their community,and got a fantastic response.”
Chocolates, wine, fizz and balloons
poured in, enabling the centre to give
staff a goodie bag to thank them fortheir service. “We were delighted
to support this and proud of ourcommunity who ensured thousandsof vulnerable people received
their vaccinations,” says Jenny.
Lead volunteer at Newbury
Vaccination Centre, Beverley
Sunderland said, “Thanks to thesegenerous donors we were also able
to obtain a grant for a final thankyou party for our volunteers.”

28 UHY GLOBAL August 2021

COGS AND WHEELS

iStock.com/Neustockimages

35 YEARS OF
TRUSTED ADVICE

ur regular Cogs and Wheels page looks at what drives aOsuccessful international network. In this issue, we consider
what the development of UHY’s network means for clients
today and tomorrow

In 2021 the UHY International networkof independent member firms celebrates
its 35th birthday. The global accounting
profession has seen much change inthat time, and the next 35 years will
provide different challenges. But beyond
crystal ball gazing, it is hard to predict
with any certainty how things will
shape up for assurance, accounting,tax and business consultancy services,and those networks, like UHY, whose
member firms deliver them. But if thepast is any indication of the future,then it is in the foundations that havebeen built that onward success lies.
UNITY AND COOPERATIONFor UHY, from the start, the word wascollaboration. When the US firm Urbach,
Kahn & Werlin formally joined forces
with UK firm Hacker Young in 1986,
the international association Urbach
Hacker Young (UHY) International wasborn. The two firms had already beenworking together under a reciprocal
agreement but this formal union senta strong and enticing message topotential international clients – ‘weare a team, and we mean business’.
Thirty five years on that marriage has
become a global family, and a growing

one – UHY’s independent member
firms now form a network of over
8,500 professionals operating in nearly
330 business centres, supporting
national and international clients
across more than 100 countries.
The team that meant business in1986 is now The Network for Doing
Business, a promise being delivered
to clients and colleagues alike.
DELIVERING FOR CLIENTSIn those formative years, from 1986,
chairmen Steve Fischer and Frank
Stansil, his successor, established thecore values that still define the network
today - professionalism, quality, integrity,
diversity, innovation, international
outlook and ambition. It is a set ofbeliefs that provides a blueprint of
UHY’s culture as a global organisation.
In a few carefully chosen words theyexpress the kind of experience that
our clients can expect in dealing
with UHY or a UHY member firm,and set clients’ expectations ofour behaviour and attitude.
The culture that has set UHY member
firms apart from the competition for
35 years, will be the driving force forcontinued success in the future.

THE NEXT 35 YEARSUHY’s vision is to be clients’ trusted
advisors of choice. While we would liketo believe this is true already in many of
our client relationships, it is always forthe client to decide, and our member
firms will never be complacent. Byliving the values and engaging with the
network’s client-centric cornerstones ofworking together, growth, brand andquality, UHY member firms will continue
to provide world-class client service.
Services will evolve to meet changing
regulatory standards, and changing clientneeds. By listening to clients, by adopting
new technologies and innovative practicemanagement, and by continuing toinvest in the right people, UHY member
firms will remain as flexible, resilient andadaptable as they have proved to bethrough the whole coronavirus pandemic,
to support clients. This means that despite
the pace of change in all these areas,
and whatever new disruption may comealong, a nimble network built on strong
cultural foundations will continue to solve
client problems and add value throughlongstanding and trusted relationships.
And the network will continue toexpand geographically to enable theright client support in the right places.
In 2056, who knows where artificial
intelligence and big data will havetaken us? Who knows if the world
will have achieved a net zero carbon
footprint or eradicated global risks?
But however the next 35 years panout, and whatever the challenges,
there is every reason to supposethat for UHY, its member firms
and most importantly their clients,
an exciting future awaits. n

THE NETWORK FOR DOING BUSINESS - DIRECTORY

UHY GLOBAL August 2021 29

GLOBAL MEMBERS DIRECTORY
We are a Top 20 global accountancy
network* and our success is built on
attentive, personal service. You will find
UHY member firms ready to advise you in
more than 100 countries, covering nearly
330 major business centres. We have over
8,500 professionals delivering world classsolutions across all types of industry. And
our connectedness means we can findsolutions for you and your business, bycalling on the vast experience of UHY
colleagues worldwide. Our UHY Global
member firm directory pages will show
you where we are.
*International Accounting Bulletin World Survey 2021.
UHY International ranks 18th largest accountancy
network by fee income.
AFGHANISTANUHY Shafiq Umar Daraz & Co Chartered
Accountants, Kabul
Contact: Muhammad Shafiq
Email: mshafiq@uhy-af.com
Website: www.uhy-af.com
ALBANIAUHY Elite sh.p.k, Tirana
Contact: Artan Xhiani
Email: info@uhy-elite.com
Website: www.uhy-elite.com
ANGOLA
UHY A Paredes e Associados-Angola
Auditores e Consultores, S.A., Luanda
Contact: Armando Paredes
Email: aparedes@uhyangola.com
Website: www.uhyangola.com
ARGENTINA
UHY Macho & Asociados,* Buenos Aires
Contact: Roberto Macho
Email: rmacho@uhy-macho.com
Website: www.uhy-macho.com
AUSTRALIAUHY Haines Norton
Contact: Michael Coughtrey
Email: mcoughtrey@uhyhnsyd.com.au
Website: www.uhyhn.com
Offices in: Adelaide, Brisbane*, Busselton, Dunsborough,Gladstone, Melbourne, Perth, Sydney*
AUSTRIAUHY-Tax Wirtschaftstreuhand GmbH, Linz
Contact: Stephan Schlager
Email: office@uhy.at
Website: www.uhy.at
Also in: Horn, Salzburg, Vienna, Villach
AZERBAIJAN
UHY Audit LLC, Baku
Contact: Hashim Aliyev
Email: office@uhy-az.com
Website: www.uhy-az.com
BAHAMAS
UHY Bain & Associates, Nassau
Contact: Dr. John S. Bain
Email: john@uhy-bs.com
Website: www.uhy-bs.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
BELARUSUHY BusinessCollegia LLC, Minsk
Contact: Denis Kastsian
Email: audit@collegia.by
Website: www.collegia.by
BELGIUM
UHY-CDP Partners, Brussels
Contact: Chantal Bollen
Email: c.bollen@cdp-partners.be
Website: www.cdp-partners.be
Also in: Liège
BOLIVIA
Berthin Amengual Y Asociados Srl, La Paz
Contact: Hugo Berthin
Email: berthinlp@berthinamengual.com
Website: www.berthinamengual.com
Also in: Santa CruzBOSNIA AND HERZEGOVINARevident d.o.o., Mostar
Contact: Matko Knezevic
Email: matko.knezevic@uhy-ba.com
Website: www.uhy-ba.com
Also in: Grude, Sarajevo
BRAZILUHY Bendoraytes & Cia – Auditores Independentes*,São Paulo
Contact: Franklin Bendoraytes
Email: franklin.bendoraytes@uhy-br.com
Website: www.bendoraytes.com
Also in: Londrina, Rio de Janeiro
CANADAUHY Victor LLP, Montreal
Contact: Ken Shemie
Email: kshemie@uhyvictor.com
Website: www.uhyvictor.com
UHY Forbes Andersen LLP, Toronto
Contact: Paul Andersen
Email: paul@fa.ca
Website: www.forbesandersen.com
Also in: Milton
CHILE
UHY Guiñazú & Asociados SpA.,* Santiago
Contact: Ximena Guiñazú.
Email: xguinazu@uhy-cl.com
Website: www.uhy-cl.com
CHINA
ZhongHua Certified Public Accountants LLP,* Shanghai
Contact: Liqian Sun
Email: info@zhonghuacpa.com
Website: www.zhonghuacpa.com
Also in: Anhui, Beijing, Guangdong, Hangzhou, Henan,
Jiangsu, Shenzhen, Sichuan, Yunnan
COSTA RICA
UHY Auditores y Consultores, S.A., San José
Contact: Omar Pérez Rosales
Email: operez@uhy-cr.com
Website: www.uhy-cr.com
CROATIAUHY HB EKONOM d.o.o., Split
Contact: Helena Budisa
Email: split@uhy.hr
Website: www.uhyincroatia.com
UHY RUDAN d.o.o., Zagreb
Contact: Vedrana Miletić
Email: info@uhy.rudan.hr
Website: www.uhyincroatia.com

CYPRUSUHY Antonis Kassapis Limited, Nicosia
Contact: Antonis Kassapis
Email: uhy@uhy.com.cy
Website: www.uhy.com.cy
CZECH REPUBLIC
AUDITOR, spol. s r.o., Prague
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu
Also in: Brno, Pelhrimov
DENMARK
inforevision, Copenhagen
Contact: Vibeke Düring Reyes Jensen
Email: vd@inforevision.dk
Website: www.inforevision.dk
DOMINICAN REPUBLICUHY Calderon Gonzalez & Asociados,
Santo Domingo
Contact: Arabellis Calderón González
Email: info@uhy.com.do
Website: www.uhy.com.do
ECUADORUHY Assurance & Services Cia. Ltda., Quito
Contact: Freddy Cevallos Bustamante
Email: f.cevallos@uhyassurance.ec
Website: www.uhyecuador.ec
EGYPT
UHY United For Auditing, Tax, Advisory& Financial Services, Cairo
Contact: Ahmed Hegazy
Email: info@uhy-united.com
Website: www.uhy-egypt.com
UHY Waled Mounir and Muhammad
Arafa, Alexandria
Contact: Waled Mounir
Email: info@uhy-eg-alex.com
Website: www.uhy-egypt.com
EL SALVADORUHY Asesores Y Consultores, S.A De CV., San Salvador
Contact: Bryan Pérez
Email: bperez@uhy-sv.com
Website: www.uhy-sv.com
FINLAND
TietoAkseli Audit Ltd, Jyväskylä
Contact: Mari Pöytäkangas
Email: mari.poytakangas@uhy.fi
Website: www.tietoakseli.fi
Also in: Helsinki, Ikaalinen, Mikkeli, Oulu, Pieksämäki,
Ruovesi, Tampere
FRANCEUHY GVA,* Paris
Contact: Emmanuel Gayte
Email: emmanuel.gayte@uhygva.com
Website: www.uhygva.com
Also in: Lille, Lyon, Marseille, Montpellier, Saint-Denis De La
Réunion, Toulouse
GEORGIAUHY LLC, Tbilisi
Contact: Guka Ubiria
Email: gubiria@uhy-ge.com
Website: www.uhy.ge
GERMANYUHY Deutschland AG*
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-deutschland.de
Clostermann & Jasper Partnerschaft mbB, Bremen
Contact: Tobias Stuber
Email: info@clostermann-jasper.de
Website: www.clostermann-jasper.de
Also in: Hamburg

THE NETWORK FOR DOING BUSINESS - DIRECTORY

30 UHY GLOBAL August 2021

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

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

Dr. Leyh, Dr. Kossow & Dr. Ott KG, Cologne
Contact: Thomas Wahlen
Email: koeln@lko.de
Website: www.lko.de

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

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

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

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

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, VillahermosaITALY
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.ma
Website: www.uhy-benmokhtar.ma

Kullen Müller Zinser Treuhand GmbH, Stuttgart
Contact: Sebastian Otten
Email: stuttgart@uhy-deutschland.de
Website: www.kullen-mueller-zinser.de
UHY Lauer & Dr. Peters KG*, Berlin
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-berlin.deAlso in: Rostock
UHY Wahlen & Mannsky, Frankfurt
Contact: Stephanie Mannsky
Email: stephanie.mannsky@uhy-ffm.com
Website: www.uhy-wahlen.de
GHANA
UHY Voscon Chartered Accountants, Accra
Contact: Henry Djangmah
Email: info@uhyvoscon-gh.com
Website: www.uhyvoscon-gh.com
UHY Godwinson (Chartered Accountants), Accra
Contact: Godwin Azasu
Email: info@uhygodwinson-gh.com
Website: www.uhygodwinson-gh.com
GREECEUHY Axon Certified Auditors S.A., Athens
Contact: Chris Antonopoulos
Email: info@axonaudit.gr
Website: www.axonaudit.gr
Also in: Crete
GUATEMALAUHY Pérez & Co,* Guatemala City
Contact: René Pérez Ordo’ñez
Email: rperez@uhy-perez.com
Website: www.uhy-perez.com

UHY Associati S.t.p.r.l. (Tax & Accounting), Milan
Contact: Sabino Dente
Email: s.dente@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: Kyoto, Nagoya

HONDURASUHY Auditores y Consultores, S.A., Tegucigalpa
Contact: Omar Pérez Rosales
Email: operez@uhy-hn.com
Website: www.uhy-hn.com

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

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

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

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

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

MALAYSIA
UHY,* Kuala Lumpur
Contact: Alvin Tee Guan Pian
Email: uhy-kl@uhy-my.com
Website: www.uhy.com.my
Also in: Johor Bahru, Penang

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
NETHERLANDS
Govers Accountants/Consultants,* Eindhoven
Contact: Paul Mencke
Email: mencke@govers.nl
Website: www.govers.nl
NEW ZEALAND
UHY Haines Norton (Auckland) Ltd,* Auckland
Contact: Grant Brownlee
Email: grantb@uhyhn.co.nz
Website: www.uhyhn.co.nz
Also in: Helensville, Kumeu
NICARAGUA
UHY Auditores y Consultores S.A, Managua
Contact: Omar Pérez Rosales
Email: operez@uhy-perez.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, Oslo
Contact: Kirsti Armann
Email: post@rg.no
Website: www.rg.no
Also in: Akershus, Åndalsnes, Arendal, Bergen, Drammen, Førde,Kristiansand, Kvam/Norheimsund, Namsos, Sarpsborg, Steinkjer

LEBANON
UHY Andy Bryan, Beirut
Contact: Elie Abboud
Email: beirut@uhy-lb.com
Website: www.uhy-lb.com

PAKISTAN
UHY Hassan Naeem & Co, Lahore
Contact: Ibne Hassan
Email: ibnehassan@uhy-hnco.com
Website: www.uhy-hnco.com
Also in: Islamabad, Karachi

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

PANAMAUHY Botello & Marquez, Panama City
Contact: Diógenes Botello V.
Email: dbotello@uhy-pa.com
Website: www.uhy-pa.com

THE NETWORK FOR DOING BUSINESS - DIRECTORYPARAGUAYUHY Consultoria Integral Del Mercosur, Coronel Oviedo
Contact: Miguel Vera
Email: cime@cime.com.py
Website: www.cime.com.py
Also in: Asunción, Ciudad del EsteSLOVAK REPUBLIC
AUDITOR SK s.r.o., Bratislava
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu

PERU
UHY Blancas Sandoval & Asociados, SAC,* Lima
Contact: Carlos Hugo Sandoval Zapata
Email: carlos.sandoval@uhy-bsa.com
Website: www.blancassandoval.com
Also in: Miraflores (Lima), San Borja (Lima), Surco (Lima)

SLOVENIA
UHY d.o.o., Ljubljana
Contact: Franci Žgajnar
Email: uhy@uhy.si
Website: www.uhy.si

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

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

POLANDUHY ECA Group, Kraków’
Contact: Roman Seredynski
Email: roman.seredynski@uhy-pl.com
Website: www.uhy-pl.com’
Warsaw, Wroclaw, Zabrze
Also in: Poznan,

SPAIN
UHY Fay & Co,* Marbella
Contact: Bernard Fay
Email: bfay@uhy-fay.com
Website: www.uhy-fay.com
Also in: Barcelona, Madrid*, Malaga, Santa Cruz Tenerife,
Santander, Santiago de Compostela

PORTUGAL
UHY & 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
RUSSIAN FEDERATIONUHY Yans-Audit LLC,* Moscow
Contact: Nikolay Litvinov
Email: yans@uhy-yans.ru
Website: www.uhy-yans.ru
SAINT LUCIA
UHY A.P. Walcott and Associates, Castries
Contact: Anthony Walcott
Email: walcottap@gmail.com
Website: www.apwalcott.com
SAUDI ARABIAUHY Abdul Jabbar Certified Accountants
and Consultants Office, Jeddah
Contact: Elsayed Elboussery
Email: elboussery@uhy-sa.com
Website: www.uhy-sa.com
Also in: Riyadh
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

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: Rolf 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

UHY GLOBAL August 2021 31

UKRAINE
UHY Prostor Ltd, Kiev
Contact: Alexander Koinov
Email: a.koinov@uhy-prostor.com
Website: www.uhy-prostor.com
UNITED ARAB EMIRATESUHY James Chartered Accountants, Dubai
Contact: James Mathew
Email: james.mathew@uhy-ae.com
Website: www.uhy-ae.com
UNITED KINGDOMUHY Hacker Young,* London
Contact: Subarna Banerjee
Email: london@uhy-uk.com
Website: www.uhy-uk.com
Also in: Abergavenny, Ashford, Belfast, Birmingham*,Brighton & Hove, Bristol, Broadstairs, Cambridge, Chester,
Huntingdon, Letchworth, Manchester*, Newport,
Nottingham, Sheffield, Sittingbourne, 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), Ann Arbor (Michigan), Atlanta(Georgia), Catskill (New York), Columbia (Maryland), Detroit(Michigan), Farmington (Connecticut), Farmington Hills(Michigan), Houston (Texas), Hudson (New York), Kansas
City (Missouri), Kingston (New York), Long Island (New
York), Miami (Florida), New York City (New York), Orange
County (California), Port Huron (Michigan), Rye Brook (New
York), Saratoga Springs (New York), St Louis (Missouri),
Sterling Heights (Michigan), Woodland Hills (California).
UHY LLP is a licensed independent CPA firm that performs
attest services through an alternative practice structure with
UHY Advisors, Inc. and its subsidiary entities. UHY Advisors,
Inc. provides tax and business consulting services throughwholly owned subsidiary entities that operate under thename 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*

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

VIETNAMUHY Auditing & Consulting Co. Ltd., Hanoi
Contact: Thanh Nguyen
Email: thanhnt@uhyvietnam.com.vn
Website: www.uhy.vn
Also in: Ho Chi Minh CityUGANDAUHY Thakkar & Associates, Certified Public
Accountants, Kampala
Contact: Sam Thakkar
Email: sam@uhy-ug.com
Website: www.uhy-ug.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.

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

UHY is an international network of legally independentaccounting and consultancy firms whose administrative
entity is Urbach Hacker Young International Limited,a UK company. UHY is the brand name for the UHYinternational network. Services to clients are provided
by member firms and not by Urbach Hacker Young
International Limited. Neither Urbach Hacker Young
International Limited, the UHY network, nor any
member of UHY has any liability for services provided
by other members. © 2021 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. No part of this magazine may
be reproduced in any form without prior permissionof UHY International Ltd. We thank all contributors.
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