Kreston Gongqin
April 11, 2024
April 11, 2024
April 3, 2024
March 12, 2024
Chintan leads the Governance, Risk, and Compliance (GRC) division at Kreston OPR and is instrumental in driving the firm’s technology consulting to success. With over a decade of experience in the field, he has consistently sharpened his skills and made significant contributions to the industry. As a qualified professional accountant, Chintan is further broadening his expertise by studying Business Analytics and AI/ML at the prestigious Indian School of Business, known for nurturing future leaders in business innovation. lFor insights from his journey or to connect, email chintan@kopr.co.in
Khushal is a key technical consultant at Kreston OPR, specializing in Analytics and Automation within the technology consulting sector. With over seven years of consulting experience, he has been instrumental in implementing process automation across various industries and providing analytics consultancy to clients. His hands-on experience and in-depth knowledge make him a pivotal figure in driving innovation and efficiency improvements.
March 11, 2024
Robotic Process Automation (RPA) could revolutionise the way we work, reshaping the landscape of work by automating repetitive tasks.
Khushal Makani, Senior Consultant, and Chintan Upadhyay, Associate Director and Vineet Rathi, Managing Partner at Kreston OPR Advisors LLP explore this topic in their latest article. Read the full article by clicking the link below, or read the summary.
This innovation opens doors to strategic thinking, innovation, and improved organisational interactions. The essence of RPA is simplifying processes to maximise efficiencies within workplaces, particularly in sectors like finance, where it introduces new opportunities for Chief Financial Officers (CFOs) and their teams.
RPA’s journey is marked by constant innovation, integrating with Artificial Intelligence (AI) and Machine Learning (ML) to handle complex tasks. The transition to cloud-based RPA solutions democratises this technology, making it accessible to businesses of all sizes. RPA evolves to offer industry-specific solutions, tailoring its capabilities to meet the unique challenges of various sectors.
RPA showcases significant benefits across different industries:
RPA holds transformative potential for the finance sector, facilitating a shift towards strategic excellence. Automating 40% to 60% of finance processes can significantly impact data management, risk assessment, and overall strategic decision-making. Areas such as Purchase to Pay, Order to Cash, Record to Report, and Treasury Management are ripe for automation, leading to enhanced efficiency, accuracy, and strategic insights.
Implementing RPA comes with its set of challenges, including employee concerns, process selection, and setting realistic expectations. A comprehensive strategy addressing these aspects ensures smooth adoption and maximizes the benefits of RPA.
Kreston OPR Advisors LLP provides end-to-end RPA implementation services, guiding organisations through identifying automation areas, deploying RPA solutions, and ensuring smooth transitions and continuous support. Their approach combines hyper-automation expertise with strategic planning to maximise returns on investment.
RPA is predicted by the authors to be an essential part of the future of work. By integrating RPA effectively, organisations can achieve remarkable improvements in efficiency, cost management, compliance, and customer satisfaction.
If you would like to talk to one of our experts about RPA efficiencies, please get in touch.
February 28, 2024
In this guide to setting up a business in Australia, McLean Delmo Bentleys offers expert advice on establishing a business, complying with local regulations and understanding reporting obligations services to guide companies through the establishment process, ensuring successful market entry.
The guide to establishment services in Australia is an overview of the areas for consideration when setting up a business in Australia. For more detailed information on setting up a business in Australia, please get in touch.
When entering the Australian market, selecting the appropriate business structure is critical. Options include a representative office, branch, or subsidiary, each with distinct regulatory, tax, and operational implications. The guide covers Australian taxation issues, repatriation of profits, compliance with the Corporations Act, and financial reporting obligations, tailored to your long-term strategy and operational scale.
Effective tax planning is essential for minimising liabilities and maximising returns. The international guide offers an overview of useful strategic advice on tax structuring, focusing on mitigating tax leakage and enhancing after-tax returns for shareholders.
Understanding company secretarial requirements and maintaining compliance with Australian Securities and Investments Commission (ASIC) regulations is vital for operational integrity. Services you may need include registration, maintenance of company registers, and fulfilment of ongoing corporate secretarial obligations.
This guide includes an overview of taxation compliance, accounting support, and immigration services, ensuring your business meets all legal requirements while focusing on growth. From obtaining an Australian Business Number (ABN) and Tax File Number (TFN) to managing fringe benefits tax and GST obligations, our team provides end-to-end support.
Setting up a business in Australia requires careful planning and expert advice. For more detailed advice please get in touch.
January 30, 2024
The team at Kreston Cambodia have written a guide to setting up business in Cambodia. The guide offers local insight on registering a business in Cambodia, Cambodian tax regulations and a list of free trade agreements.
Kreston Cambodia share their local knowledge of the country, including the economic overview and advantages of setting up a business in Cambodia.
Follow a roadmap for setting up your business in Cambodia written by Mr Keat Heng, Audit Partner of Kreston Cambodia. From initial planning to operational execution, our guide provides practical steps, including obtaining necessary permits and navigating local bureaucracies.
Learn about the necessary legal steps to establish your business in Cambodia. The guide covers company registration, types of business entities, and the importance of understanding local laws, including tax regulations and employment law.
Kreston Cambodia share detailed knowledge of the tax structure and obligations that businesses looking to establish themselves in the country should consider.
Discover financial strategies and incentives crucial for your business. The guide highlights Cambodia’s taxation system, investment incentives, and tips on effective financial planning for new ventures in the country.
For businesses that have shareholders to consider, the guide covers tax obligations on dividend payments.
Cambodia has many interesting bilateral, Double Taxation and free trade agreements that are worth considering before opening a business in Cambodia.
Benefit from Kreston Global’s continuous support and resources. Access our network of experts in the region, for on-the-ground insights and tailored advice. To ensure your business flourishes in the Cambodian market, get in touch.
Ryoji Kuroiwa is a partner at Ark LLC, working in Sapporo, Japan. In addition to auditing listed companies in Japan, one of his main focuses is on expanding business by developing clients and human resources.
January 5, 2024
Ryoji Kuroiwa, from Ark LLC, Japan, shares his testimonial for the Connected Leadership programme, available for all Kreston Global members. Read below what he has to say, or click here to learn more about the 2024 course.
‘I work for Ark LLC in Japan and am mainly engaged in auditing services to listed companies. In addition to auditing work, I am also involved in acquiring new clients and expanding the size of the firm. I used to work at the Tokyo head office for more than 10 years, but I was transferred to Sapporo two and a half years ago following the opening of the Sapporo branch. Tokyo is one of the largest cities in the world with a population of over 10 million, whereas Sapporo has a smaller population of around 2 million. Sapporo is very cold from December to March, and the entire region is covered with snow. During heavy snowfalls, transport is sometimes halted and commuting to work is not possible.’
‘Compared with other countries, Japan is not an open business environment due to the difficulty of communicating in English and high business barriers. Despite this, Tokyo has a great diversity of business, including global projects, due to its large economy. Although we have many competitors, we also have many clients, so I think we are fortunate to be in an environment where there are few inconveniences for any kind of business. When I transferred from Tokyo to Sapporo, I felt a difference in the business environment. People have strong connections in their work. I initially did not know anyone and had to start almost from scratch.’
‘When the Sapporo office opened, there were only two people, including myself, and only two clients, so we worked to acquire new clients. The number of employees has gradually increased and the number of clients has grown by five over the past two and a half years to a total of seven. Some of these clients were approached by us, but it was the human network that made a major contribution here. When I was posted to Sapporo, a few acquaintances introduced me to many people in Sapporo, where I had no personal network, and as a result, my personal network expanded and we were introduced to clients. Fortunately, the acquaintances included us in their network because they had a positive image of the auditing firm I belonged to. We regularly exchange information on a regular basis, and as a result, we are extremely grateful to them for helping us in a time of need.’
‘The Kreston Global training made me realise that we are a globally connected community and that the relationships that come from diversity are very important. During the Connected Leader programme, I learnt that business is accelerated by connecting with people. This is obvious, but not easy to put into practice. Naturally, the other party will think about the kind of people they want to do business with, and in order to connect with each other globally, it is important to have English and business skills, as well as mutual respect for each other due to different environments. I believe that building such a relationship is not something that can be done by using techniques, but by taking into account a variety of factors such as past experience, way of thinking, knowledge, and what one values in one’s work. While the benefits of human networks can be very significant, they are also difficult to build and maintain, but I believe they are a great asset.’
January 4, 2024
The December 2023 issue of the Kreston Brighture newsletter delves into recent advancements in financial and tax policies. This section highlights the latest changes, offering insights into their implications for both businesses and individuals.
November 22, 2023
Kreston Global firm, Brighture, shares its expertise in its latest newsletter covering financial news and updates from China.
Darshil Surana is a seasoned professional and Partner at O. P. Rathi & Co., where he has been instrumental in driving business process improvements and implementing strategic digital transformations since April 2023. With a diverse skill set that includes internal audits, information technology, and management accounting, Darshil is known for his expertise in financial advisory and analytics across Ahmedabad’s dynamic market.
Before his current role, Darshil was the Proprietor of Darshil Surana & Associates, a testament to his entrepreneurial spirit and his proficiency in strategic planning, financial analysis, and comprehensive taxation. His background also includes pivotal roles in Intech Systems, where as SBU Head and Delivery Head, he led cross-functional teams and managed the strategic business unit performance for MS Dynamics NAV/BC.
Darshil’s ascent from a Functional Consultant to a Project Manager reflects his exceptional leadership and project management skills. His early career foundations were laid at CA Pradeepkumar H. Shah & Co., where he honed his accounting and auditing abilities during his articleship. Darshil Surana’s career is a blend of robust professional experiences and a deep understanding of the intricacies of financial and business strategies.
November 3, 2023
The Digital Personal Data Protection Act, 2023 (DPDP Act) was passed in India on 11th August 2023. The Act seeks to protect the personal data and privacy of Individuals in this digital world. This is a landmark legislation which can empower individuals and the State to ensure data privacy. The Act lays out a framework to ensure the utilisation of data for appropriate and designated purposes and avoid misuse. Darshil Surana at Kreston OPR Advisors explains.
The Act emphasises on “Protection of Digital Personal Data”. Hence, any person’s data in the digital world needs to be safeguarded by those responsible for collecting, storing, and processing them. First, let us try to understand some definitions under section 2 of the Act:
The first set of definitions are quite simple. Data, personal data and digital personal data have been explicitly defined so as to remove any confusion and ambiguity. It is noteworthy that data has been extensively defined to mean “… suitable for communication, interpretation or processing by human beings or by automated means”. Hence, whether data are handled by human intelligence or artificial intelligence, they will both be covered by the Act. Some examples of digital personal data are:
• KYC records such as PAN, Aadhaar, Driving License etc.
• Contact details such as e-mail address, phone numbers, etc.
• Social media user IDs and profiles.
• Audio – Visual identification of individuals such as CCTV footage, webcam images, photos and videos on social media etc.
• Biometrics such as fingerprints, iris scans, face recognition, etc.
The next set of definitions are important. They lay the foundation for the data protection framework. The individual to whom the data pertains is called ‘Data Principal’. It is the Data Principal who is at the centre of the Act. ‘Data Fiduciary’ would mean the person who would collect, store, process the data either in own capacity or together with ‘Data Processor’. Both these terms have been defined widely. Let us understand the definitions through couple of examples:
Illustration 1:
A Limited is a stock exchange broker and Ms. X wishes to open a Demat account with them. A Limited collects her Name, Address, Contact No., PAN and Aadhaar and utilizes services of B Limited, which is a Data Repository, to verify the KYC. Here, Ms. X is the Data Principal, A Limited is Data Fiduciary and B Limited is Data Processor.
Illustration 2:
Ms. X runs a music academy whereby she teaches classical music. Baby Y (aged 10 years) is one of her students. Ms. X collect’s Baby Y’s Name, Address and Contact details for her records. Here, Baby Y and her parents are Data Principal and Ms. X is Data Fiduciary.
Data processing engulfs all modes and methods right from data collection to data destruction. Any activity conducted in between by utilizing data will be covered in the definition of Processing. It’ll also include facial recognition or voice recognition software and tools used to identify individuals.
The Digital Personal Data Protection Act applies to the processing of digital personal data within the territory of India where the personal data is collected – in digital form; or in non-digital form and digitised subsequently. It also applies to processing of digital personal data outside the territory of India, if such processing is in connection with any activity related to offering of goods or services to Data Principals within the territory of India.
If the Data Principal’s data are breached even outside India, the Act would still apply if the goods/services were procured by the Data Principal within India. Hence, the Act has expanded the scope of applicability and is not limited within the boundaries of India.
Illustration:
Ms. X is a programmer based in Pune and does freelancing work through a Portal (registered in the USA) that acts as an aggregator for service providers and service receivers and for that purpose gathers data such as name, address, contact information, bank details, credit card details etc. In this case, the Portal would be covered by the provisions of the Act in case of a breach of the digital personal data of Ms. X.
However, this Act would not apply if the personal data were processed by an individual for personal purposes and the data were made available by the Data Principal or by any other person under obligation of law.
Obligations of Data Fiduciary
Further, every request made to Data Principal by the data fiduciary shall be accompanied by or preceded by a notice informing the data principal about:
• The personal data and purpose for which it is to be processed.
• How the data principal can withdraw the consent and file for grievance redressal.
• How the data principal may make a complaint to the Data Protection Board of India.
If the consent contains anything which infringes the provisions of the Act or rules made thereunder, the consent shall be invalid to the extent of such infringement.
Illustration:
X, an individual, buys an insurance policy using the mobile app or website of Y, an insurer. She gives to Y her consent for (i) the processing of her personal data by Y for the purpose of issuing the policy, and (ii) waiving her right to file a complaint to the Data Protection Board of India. Part (ii) of the consent, relating to waiver of her right to file a complaint, shall be invalid.
The data principal also has the right to withdraw consent for the personal data for which a valid consent was granted earlier. On withdrawal of the consent, the data fiduciary will have to get the data erased from its database and ensure that they are not used for processing anymore.
The data principal has been accorded various rights and privileges under the Act in order to maintain the privacy of their personal digital data. They are also duty-bound to comply with the provisions of the Act.
As you can see, the penalty can range from INR 50 Crore to INR 250 Crores depending on the type of breach. This calls for all organizations falling under the definition of data fiduciary or data processor to take measures to address compliance to the Act and its rules in a timely manner. It is expected that the Government will provide a transition period to allow the implementation of measures to ensure compliance.
The organisations should proactively get a Data Protection Impact Assessment done and get an inventory of measures to be adopted. These may cover the following areas:
If you would like to learn more about The Digital Personal Data Protection Act in India, please get in touch.
This guide is an overview of the India’s Goods & Services Tax (“GST”) system, focused on how it affects foreign businesses trading with India. It is general in nature and unlikely to cover the specifics of your scenario. It should be read as such and not be construed as advice. For advice as to how your business is affected by India GST please contact a Kreston Global India GST specialist.
September 11, 2023
July 28, 2023
Kreston Global firm, Brighture, shares its expertise in its latest newsletter covering financial news and updates from China.
July 7, 2023
Read our July Client Update 2023, with a wealth of insights from our experts across the network.
Read, share, and let us know your thoughts!
Kreston Global Chief Executive, Liza Robbins, discusses the challenges of doing business internationally, as we enter a “low-growth, low-investment and low-cooperation era” in an interview with Raconteur.
VAT expert, Luc Heylens from the Kreston MDS network in Belgium, discusses the VAT in a Digital Age package. This package is a set of measures developed to modernise and make the EU’s Value-Added Tax (VAT) system work better for businesses and more resilient to fraud by embracing and promoting digitalisation.
In an article published by the International Accounting Bulletin, Doron Rozenblum from Kreston IL in Israel and Herbert M. Chain from CBIZ MHM in the US elaborate on the profound changes sweeping across the profession, driven by the adoption of cloud technology and the emergence of digital assets such as cryptocurrencies.
Investments in Africa are rising, particularly within the burgeoning African “green economy”. Tarek Zouari, the Managing Partner and founder of Exco Tunisia highlights this area as a prime opportunity for foreign investors in an interview with Wealth Briefing Magazine.
Doron Rozenblum, Kreston IL, was featured in Accounting Today, sharing insights on why internal audit is the key to cyber risk management.
Dr J.P. Gupta, Chairman of the Kreston SNR Advisors LLP Board in India, has been appointed chair for the upcoming International Climate Summit: 2023.
This summit, taking place on 14 and 15 September 2023 in New Delhi, will explore utilising green hydrogen and alternative fossil fuels.
With a focus on the theme “Sustainability Through Green Growth,” this event aims to gather global leaders and experts to engage in meaningful discussions about combating climate change. The event already has over 58,000 online registrants.
Read the latest guidance in your region from our experts from the Kreston Global ESG Committee.
ExxonMobil, Mauritania
Exxon Mobil, one of the world’s largest oil and gas companies, appointed member firm Exco GHA Mauritanie to carry out accounting, tax and payroll services for three of their subsidiaries in Mauritania.
If you are interested in expanding into Mauritania, read the latest tax guide and investment advice, written by experts from EXCO GHA Mauritanie.
Doing business in The Netherlands
This useful new guide offers practical insights and tips to facilitate a smooth transition into the Netherlands business landscape.
Doing business in Chile
The comprehensive, 62-page guide offers legal and regulatory frameworks, financial activities, industry-specific scenarios and more.
Stuart is an FCA-qualified chartered accountant with more than 10 years of practical accounting and audit experience.
He leads the technical developments for Duncan & Toplis. This covers audit, financial reporting and maintaining quality of work.
He has recently been appointed to Duncan & Toplis’ operations board and become a member of the ICAEW’s influential Ethics Advisory Committee. Stuart also sits on the Kreston Global ESG Committee.
June 28, 2023
On 26 June 2023, The International Sustainability Standards Board (ISSB) issued its first two reporting standards, IFRS S1 and IFRS S2.
The issuing of these inaugural standards signifies the “ushering in a new era of sustainability-related disclosures in capital markets worldwide”.
One of the most significant limiting factors to the effectiveness of climate reporting has been the number of different bases on which entities report on. There has been a desperate need for global consistency. It is hoped that the release of these standards will be a turning point for the disclosure of climate-related risks and opportunities specific to individual entities.
These first two standards build on the ISSB’s objectives to;
S1 covers the general requirements for disclosure of sustainability-related financial information.
S1 sets the scene for the specific requirements of S2 and for future sustainability standards covering areas other than climate.
S1 adopts the structure of the Task Force on Climate-Related Financial Disclosures (TCFD). S1 also refers to other standards and frameworks in the absence of a specific ISSB standard.
The standard’s main objective is to “require an entity to disclose information about its sustainability-related risks and opportunities that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity.”
There is a requirement that an entity discloses information about all such risks and opportunities that could reasonably be expected to affect the entity’s prospects.
S1 prescribes how an entity prepares and reports such disclosures, setting out general requirements for the content and presentation of those disclosures so that the information is useful to the users of that information.
In particular, the standard requires that an entity provides disclosures about:
S2 covers the specific requirements of climate-related disclosures.
The main objective of the standard is to “require an entity to disclose information about its climate-related risks and opportunities that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity.”
S2 also incorporates the TCFD recommendations and guidance and includes a requirement to provide industry-specific disclosures. Industry-specific metrics are included as illustrative guidance, taken from SASB standards.
S2 specifically applies to:
In particular, the standard requires that an entity provides disclosures about:
Both standards are effective for periods beginning on or after 1 January 2024, early adoption is permitted as long as both standards are applied.
Adoption of the standards is voluntary. However, local jurisdictions may make their adoption mandatory for certain classes of entities.
At this stage there are no specific assurance requirements in place. However, analysis provided by IFAC would indicate that of the entities reviewed that did report some ESG information, over 50% have obtained some level of assurance on that information between 2019 – 2021.
Assurance has been gained from the entity’s auditor (who provides the majority) and other service providers.
Although there are no specific international ESG assurance standards currently set, the majority of assurance work was performed under ISAE 3000 (revised). The vast majority of reviews obtained limited assurance with c10% obtaining reasonable assurance.
The ISSB will be promoting the standards worldwide, working with local jurisdictions and focusing on the standard’s connectivity with financial statements. There is also currently a public consultation on four projects to further understand the standard-setting priorities covering ecosystems, human capital, human rights and integration in reporting. Further standards covering other elements of ESG are likely to follow.
In addition to the ISSB standards, EFRAG has been developing the European Sustainability Reporting Standards (ESRS – 12).
These standards have a mandatory implementation for applicable entities with a progressive phase-in period over several years, with early adoption being encouraged.
The standards have a comprehensive coverage of ESG matters, not just focusing on climate to start with.
The standards have the concept of double materiality and the ESG reports must be made in the management report, at the same time as the financial statements.
The standards also have a mandatory assurance element, starting as limited but moving to reasonable over time.
EFRAG is working with the ISSB to promote interoperability.
The European standards certainly seem to have built on the international ones so far, and are mandatory with a mandatory assurance element.
The introduction of the two SS standards is a pivotal moment in the reporting of ESG matters.
They provide a basis for international comparability and help bring ESG matters to the forefront of investors’ decision-making.
More will follow but this is a vital moment in the battle towards net zero. Read more about global ESG developments on our sustainability hub.
June 13, 2023
Dr J P Gupta Chairman of the Kreston SNR Board, India, will be the chair for the upcoming International Climate Summit: 2023, which explores the use of green hydrogen and other fossil fuel alternatives. The summit is scheduled to be held on 14 and 15 September 2023, in New Delhi. This event is set to bring together global leaders and experts to discuss the theme of “Sustainability Through Green Growth” and address the pressing issue of climate change. Register as a virtual attendant here.
One of the primary objectives of the summit is to promote the India-Led Global Climate Movement 2023, which aims to establish a new pathway for climate change mitigation through LiFE (Lifestyle for Environment). By encouraging sustainable lifestyle choices, collectively a significant impact can be made on the environment and combat climate change effectively.
Another focus area of the summit is exploring the best opportunities for green energy growth. The summit will explore the potential of green hydrogen, biofuels, and renewables in driving sustainable development. As an emerging powerhouse in renewable energy, green hydrogen offers a promising solution for reducing carbon emissions and transitioning to a cleaner energy future.
This international event will be conducted in a hybrid mode, allowing participants from all around the world to join virtually. With over 56,000 people already registered for virtual participation, the turnout of 100,000 attendees virtually is anticipated, along with 1,000 participants attending in person. The Prime Minister of India is expected to grace the event as the Chief Guest. Additionally, several important ministries, including the Ministry of Renewable Energy, Ministry of Environment, Invest India, NITI Aayog, among others, are lending their support to this summit.
The summit comprises five knowledge sessions, each focusing on key aspects of sustainability and green growth. Dr JP Gupta is the Chairman of the Summit. Mahendra Rustagi, CEO of Kreston SNR, will also be a speaker at one of the five sessions.
To access the summit details and registration, please visit International Climate Summit 2023 – Powering India’s Hydrogen Ecosystem (icsphdcci-hydrogen.com)
If you would like to understand more about Kreston Global’s commitment to ESG developments around the world, click here.
May 25, 2023
May 17, 2023
