Who We AreV Chartered Accountants Co., Ltd. is an independent member of KICPAA and Licensed by National Accounting Council (NAC). V Chartered Accountants Co., Ltd’s presence in Cambodia first started in 2012. A recent reorganization incorporated the expertise of V Chartered Accountants Co., Ltd. to expand the service lines to meet the increasing demand for quality audit and advisory services of local business and international investors in Cambodia.
The firm maintains a full service office in Phnom Penh and Sihanoukville and offers a broad range of services including audit, tax, accounting and advisory. Our mission is “To be the leading service provider in the Greater Mekong region, providing distinctive client service and bold leadership through empowered people”. Whether we are acting as independent auditors, advising on funding a business, looking into tax issues, or restructuring a business, meeting our Clients' objectives and their expectations, through practical solutions based on our practice values of integrity, reliability and personal attention, is our aim.
We are committing and delivering a professional and exceptional service to help our clients achieve their strategic ambitious and meeting challenges.
Ⅰ. AUDIT AND ASSURANCE
In today's ever-changing business climate, effective management of resources and access to information are crucial. Our approach to audit and assurance services is focused on enhancing the value of audit services to businesses and business owners, ensuring the integrity of financial information and helping to reduce compliance costs.
We offer a wide range of audit and assurance services including, among others, the following:
➀ Statutory Audit
Financial audit for local and foreign owned entities whose financial statements are prepared in accordance with Cambodia Accounting Standards for statutory filing or submission to local authorities.
➁ IFRS Audit
Audit of local and foreign owned entities whose financial statements are prepared in accordance with International Financial Reporting Standards either for overseas regulatory and/ or filings with foreign stock exchanges, group reporting or management purposes and submission to banks and foreign investors. We also audit financial statements prepared under "IFRS for Small and Medium-sized Enterprises".
➂ Review of Financial Statements and Financial Information
We offer limited review services (less detailed and hence providing a lower level of assurance than a full audit) for interim reports of listed companies and other entities as required.
➃ Reporting Accountant
We review and provide comments on historical financial information included in the admission documents for listing purposes.
➄ Compilation of Financial Information
In addition to using accounting and reporting expertise in audit engagements to express an opinion on the true and fair view of the financial statements, we also offer our expertise to compile and help you to prepare financial statements in accordance with VAS, IFRS or US GAAP.
➅ Agreed-upon Procedures
We can assist you in a myriad of areas and matters by conducting specific procedures on specified financial information for a particular special purpose and then preparing a report based on these procedures.
➆ Expert involvement
Audit teams draw upon the collective knowledge of professionals and specialists from V Chartered Accountants Co., Ltd in accounting, auditing, information technology, valuation and taxation. With us, you can rest assured that you are always in contact with our Partners.
Ⅱ. TAX SERVICES
Our tax professionals are dedicated to creating distinctive, and often innovative, tax solutions. Our approach starts by developing an in-depth understanding of your business operations. We then focus on minimising risk and developing effective solutions to your tax challenges. We are offering monthly and annually tax declarations by liaison with clients and tax officials to ensure client’s monthly and annually tax calculations are delivered and submitted in timely manner.
➀ Corporate Tax
Our technical knowledge and experience is used to advise businesses in a wide range of industries including:
- Real estate
- Information Technology
- Hotels and hospitality
- Food and beverage
Our approach to developing effective solutions is to:
- Analyse your business operations, prioritising issues based on the risk they present
- Review your current tax position to determine whether tax obligations are being met and if the Company has potential tax liabilities or assets
- Research relevant regulations and guidance to offer practical solutions based on our experience and deep knowledge base
- Guide you through the process and ensure effective implementation, laying the foundations for future efficiency benefits and risk reduction.
- Defend the structure against challenges by the tax authorities
- Alert you to the latest tax developments.
➁ Market entry
We advise numerous foreign investors on efficient tax structures for their investments. Our experience allows you to consider all the options and set up a corporate structure that meets both operational and tax efficiency requirements. In short, the structure that is best for you.
➂ Transfer Pricing
Transfer pricing is a pervasive tax issue among multinational companies. Compliance with government regulations on tax and transfer pricing, is an important aspect of doing business effectively in the country. We advise and assist Clients on the current interpretations of the tax regulations based on international principles. We provide a comprehensive suite of transfer pricing services, from detailed transfer pricing studies and structuring projects to documentation review.
➃ Expatriate Tax Planning
We have a broad knowledge base and skills to assist you keep your personal income taxes to a minimum, while remaining compliant with legislation. We can develop a personalised package for each key employee to take maximum advantage of the exemptions and incentives available.
➄ International Tax Planning
We strive to develop commercially focused and tailored tax strategies to minimise tax exposures and maximise business efficiency. We utilise our extensive local knowledge and proven tax-efficient strategies to maximise potential benefits and reduce risks. We use these techniques to assist you in planning your legal structure, repatriation planning and exit strategy.
In summary, we focus on designing appropriate tax effective structures, to help achieve an integrated tax minimisation plan. Whether to an individual or an organisation, we understand that businesses regularly need to remit funds offshore. As a significant part of our international tax planning, we make withholding obligations and opportunities clear to you.
➅ Tax Due Diligence
We conduct tax due diligence reviews of target companies to analyse their tax exposure and position in relation to acquisitions, mergers or consolidations. We are able to integrate this service with our Advisory Services department in order to offer a comprehensive, holistic due diligence review.
➆ Tax Health Check
Our Tax Health Check involves a high-level review of specific tax areas to highlight the key issues that need to be rectified in order to reduce tax risks. Through our extensive experience, we have identified key risk areas in which many enterprises are not fully compliant or often overlook potential tax planning opportunities. Our tax health check service represents a cost-effective method to proactively manage risks and reduce potential issues arising as a result of a tax inspection.
Our experienced professionals can help you manage customs issues more effectively through valuation planning and making use of available free trade agreements. We also assist Clients in optimising their customs procedures by making use of potential duty exemptions and efficient import-export structures. Risk mitigation activities include customs audit defense and compliance reviews.
➈ Value Added Tax
We understand the importance of healthy cash flows to expanding businesses. We have an instinct for growth and we will support your growth by streamlining the policies and procedures currently implemented in your business. By reducing overpayments and increasing efficiency, your funds will be more readily available to develop the business.
➉ Government relations
Liaising with government agencies, such as the Ministry of Economy and Finance, the General Department of Taxation and the Customs authorities can be a daunting task. Our tax professionals have developed strong working relationships over many years with officials at various levels to assist you should the need arise. We have extensive experience in negotiating with relevant government agencies on procedural formalities and technical interpretations to resolve disputes in the most effective manner possible.
Ⅲ. ACCOUNTING AND BOOKKEEPING SERVICES
➀ Finance function
Based on your available budget, we can assess the most cost effective approach for you to run your finance function. Most likely this will require you to hire some local personnel to cover day to day responsibilities (such as control and recording of petty cash, data entry and supplier payments) and we will be responsible for the more complex month-end reconciliations, financial statement preparation and tax calculations. We will design internal controls which give you confidence that your exposure to theft and fraud risks are minimised.
➁ Invoicing, data entry, and book-keeping services
We can provide sales invoicing services whereby your sales staff request invoices to be raised and sent to your customers, and periodic reconciliation of receivable balances. A formal process will be established to ensure that proper processes and controls are in place and a strong audit trail will be maintained at all times.
➂ Data entry
We can be responsible for inputting supplier purchases, payments and preparation of supplier statement reconciliations on a regular basis.
We can assist with recording and regularly reconciling all areas of the financial reporting process including:
- Fixed asset register preparation including purchases, depreciation and sales
- Inventory accounting including purchases, consumption and adjustments for obsolescence
- Customer receivables and supplier payables reconciliations
- Payroll and other expenditures recording
- Inventory and cash count verification at each month, quarter and year-end.
➄ Monthly financial reporting
We will take responsibility for reconciling the accounting data and converting this into financial statements with supporting schedules. We will capture the financial information required, such as actual results compared to budget and/or projections, Key Performance Indicators and financial ratios. The financial statements will be reviewed with Management to ensure the monthly financial statements are (typically) finalised by the 15th day of the following month in line with submitting the monthly tax returns. These can be submitted to your head office or filed with regulatory bodies as required. We are happy to join discussions with your Board of Directors as necessary.
Ⅳ. HUMAN RESOURCES SERVICES
Business cannot afford to make mistakes in retaining and attracting talented employees. Tremendous forces are radically reshaping the workplace particularly in the growing business like in Cambodia and the region. Business leaders are facing a great challenge with disruptive innovation, skills mismatches and the constant tests of risk and regulations. Organisations need to redefine the way work gets done and create innovative talent ecosystems that build engaged, enabled and agile workforces. Each organisation has a unique history, culture, leadership style and capability set in its employees. VCA will be your strategic partner to help our clients achieve their strategic ambitions. We are offering the services as describe below:
- Executive Search & Selection
- HR Audit (compliance both Cambodia laws and internal regulations/policies)
- HR strategy and policy development
- Job Evaluation and Job Description (HAY method)
- Training and Development
Ⅴ. ADVISORY SERVICES
If you are seeking to acquire or merge, divest or dispose, restructure or raise capital, equitise or list, Grant Thornton Cambodia's experienced Advisory Services Team can assist you with our wide range of consulting services.
➀ Business Valuations
Our Advisory Services professionals have extensive experience in business valuations. These can be performed independently or as part of your process of equitisation, listing or raising private equity. We act as a registered business appraiser and independent expert.
We use in-depth research into the economy, the industry, "guideline" companies, and your business and use international best practice to provide you with quality, independent valuations of your business.
➁ Transaction Support
Inevitably, most growing businesses need to consider making local or cross-border investments and/ or acquisitions. Our role is to identify potential risks in the transaction and offer suggestions how these may be mitigated. Thus we enable owners and managers to make investments with confidence by supporting and advising throughout the transaction.
We provide extensive due diligence which we tailor to each specific transaction that delivers a report that comprehensively analyses the target business. This typically includes:
- Market and competitor analyses
- Historical financial performance
- Management capabilities
- Sustainability of market position
- Financial projections, including cash flows
- Working capital reviews.
➂ Project Finance
We assist you in developing a well-planned and structured approach to achieve your financing objectives for a business or investment project by:
- Raising debt and equity from domestic and international markets; and
- Advising, preparing an Information Memorandum and assistance in negotiations
- Managing the deal to a successful completion.
In addition, we use the close relationships we maintain with investors to achieve the right chemistry for you on an on-going basis.
➃ Lead Advisory
Careful planning and co-ordination are needed to achieve success in any business venture. With strategic advice, we help you strengthen your business by:
- Broadening your ownership base
- Raising capital
- Developing strategic alliances
- Management assessment
- Exit strategy services
- Strategic performance reviews.
We assist you in developing effective plans and strategies with options such as mergers and acquisitions, financial restructuring, turnaround, divestiture, disposal or asset management.
➄ Equitisation Consulting and Listing Preparation
When you are looking to equitise, privatise or launch an IPO, we provide assistance by:
- Preparing equitisation action plans to international standards
- Recommending appropriate structures and business models
- Assisting Management to prepare forecasts or we review their forecasts
- Identifying cornerstone investors and partners
- Providing advice on corporate and financial matters to help you maximise returns and achieve intended outcomes.
When you prepare to list on a stock exchange, either locally or overseas, we help you by:
- Grooming the company and preparing a strategy
- Helping prepare a prospectus that will attract the attention of serious investors and in accordance with market requirements.
Even the best run companies can run into difficulties and when that happens it is important to act quickly to minimise loss and maximise achievement of planned outcomes. We can assist in the following areas:
- Accelerated M&A
- Making arrangements with creditors
- Helping find investors
- Turnaround strategy.