LANDA UMPIERRE PSClandaump/images/FirmProfile 07... · 2012-07-10 · a professional services firm...

a professional services firm

LANDA UMPIERRE PSC

Firm Profile

2012

a professional services firm

Table of Contents

ABOUT OUR FIRM..................................................................................1

OUR SEC PRACTICE ...............................................................................5

OUR CLIENT SERVICE PHILOSOPHY........................................................6

IMPORTANCE OF BEEN A MEMBER ..........................................................7

CERTIFICATE OF RECOGNITION ..............................................................7

2008 PCAOB INSPECTION OF LANDA UMPIERRE PSC .........................8

CLIENT SERVICE TEAM ..........................................................................10

PEER REVIEW REPORT ...........................................................................14

PCAOB REPORT ..................................................................................15

COPY OF CERTIFICATE OF RECOGNITION .............................................21

Copyright 2011 ©

a professional services firm1

ABOUT OUR FIRM

LANDA UMPIERRE PSC is a certified public accounting firmwith over forty years of experience in the fields of auditing,accounting, taxes, employee benefit plans audit, litigationsupport and business valuation, among others. Our Firmholds a prestigious position among the public accountingfirms operating in Puerto Rico and has a wide variety ofclients, which cover practically all industries, from small tobig size enterprises.

Our Firm is a member of:

American Institute of Certified Public Accountants,

AICPA’s Center for Audit Quality,

AICPA’s Employee Benefit Plan Audit Quality Center,

AICPA’s Governmental Audit Quality Center,

Business Valuation and Forensic & Litigation Services Center,

Puerto Rico Society of CPA’s,

AICPA Private Companies Practice Section,

and the Public Company Accounting Oversight Board.

LANDA UMPIERRE PSC as a member of the above organizations has demonstrated theircommitment by voluntarily agreeing to adhere to organizations membershiprequirements, including designating a partner responsible for audit practice,establishing firm-wide training and quality control programs, performing annualinternal inspection procedures, and making the firm’s peer review report publiclyavailable.

In addition, LANDA UMPIERRE PSC has been exclusively accepted as the only accountingfirm in Puerto Rico as a member of CPA Associates International, Inc. (CPAAI), aprestigious association of quality independent certified public accounting firmsfounded in 1957, with over 147 member firms in 62 countries around the world.Today, more than ever, you need professional advice that goes beyond traditionalaccounting and tax services and your local market. That’s why we are a member ofCPA Associates International. Our coalition of high-quality, independent accountingand consulting firms are located in major economic hubs throughout the United Statesand around the world. Through our many contacts, we can draw on the valuableservices of our Association as well as the individual or combined talents and expertiseof member firms to help you with any aspect of your operation. Whether you needassistance with financial, tax, management or technology issues, or guidance specific toyour industry, we have the resources to help you. Our Association supplies all the


capabilities of the largest accounting firms, yet without costly overhead andunwelcome controls. Simply put, our membership in CPAAI provides you with one-stop shopping for building your business.

CPAAI’s worldwide network and its significant presence in every major market is aglobal powerhouse with an unmatched ability to serve our clients around the world.

We believe that membership in this association enable us to continue our qualityinitiatives within our audit and tax practices, and demonstrates our continuedcommitment to deliver the highest quality services possible. As a member, our firmgains access to comprehensive and valuable resources and tools that benefit our clientsand assist us in further enhancing the quality of our services.

In addition, to our satisfaction, LANDA UMPIERRE PSC has the total support of the financialcommunity; accordingly our Firm has been engaged by various local and internationalbanking institutions as consultants to give technical support to their commercial creditdepartments, including supervision of their loans portfolio.

LANDA UMPIERRE PSC core businesses are Assurance and Business Advisory Services, andTax Services.

Assurance and Business Advisory Services – This division encompasses thetraditional financial audit, review and compilation, and compliance services. Inaddition, this division also focuses in assurance in financial information,employees benefit plan's audit, asset based lending services, internal controls,mergers and acquisitions, business valuations and litigation support services.

Tax Services – Our tax department is composed of one of the most experiencedgroup of professionals among the local and international accounting firmsoperating in Puerto Rico. Our tax division provides comprehensive capabilitiesto meet a broad range of clients’ planning and compliance needs, deliveredthrough a network of experienced tax professionals supported by technicallysophisticated computer programs. To our pride, since 1976, our Tax ServicesDepartment has been engaged by a major and prestigious banking organizationin Puerto Rico, as their principal tax consultants in tax matters and internationaltransactions (mergers, acquisitions, development of financial instruments, etc.) inthe tax jurisdictions of Puerto Rico and United States. This has provided us witha great amount of experience and a special expertise in dealing with highlycomplex and sophisticated tax situations.

We consider ourselves more than just independent auditors and business consultants;we are business advisors. The quality of our people and our services is a result of ourprofessional approach to our clients’ needs. We are always alert for opportunities to


assist our clients, recognizing that client profitability and cost containment are primaryconcerns.

Our service team includes an array of well-trained professionals, all of which are highlytrained and capable of rendering specialized services in the fields of assurance,business advisory services and taxes to any public or private entity in the Puerto Ricaneconomic community. Enclosed you will find the resumes of the clients’ service team.

The key to our success in retaining a group of important clients has been ourunconditional commitment to deliver a personal service of the highest quality in aprompt and effective manner. That’s our most important product and all our efforts aredirected toward achieving that goal.

On the next page is a partial list of our clients.


A partial list of our clients in the area of auditing, accounting, taxes,business advisory services and other assurance services follow:

A.J. Oster Caribe, Inc.Activo Commercial International Banking EntityAdvanced Imaging Interventional CenterAir-Con, Inc. GroupAmerican Agencies, Inc.Autos Vega Inc. and Euroclass Corp.AutoCentro ToyotaAutogermana BMW, Inc.American Promotional Events, Inc. dba TNT FireworksBanco Santander – Central Hispano, S.A. (NYSE – STD)Banco Santander Puerto RicoBBO International Private BankBancredito International Bank Corp.BPP Retail Properties LLPCaribbean Sign Supply Manufacturing, Inc.Charlie Car RentalCompañía Panameña de Aviación, S.A. (Copa Airlines)Cooperativa de Seguros Múltiples de Puerto RicoCooperativa de Seguros de Vida de P.R. (COSVI)Ferrovial Agromán, S.A.FHCHS of Puerto Rico, Inc.Gargiulo of P.R., Inc.McConnell ValdésMelaleucaPepe Abad Auto, Inc. (Toyota)Retail Brand Alliance, Inc. (Brooks Brothers Store)Santander Insurance Agency, Inc.Santander Securities, Inc.Scotiabank de Puerto Rico (Asset Lending)Comar Puerto Rico Corp.Worldwide Shore Services (a wholly owned subsidiary of Holland America Line)Employee Benefit Plans engagements1: McConnell Valdés Retirement Plan BBVA Puerto Rico Employees’ Savings Plan MCS Employees’ Savings Plan MMM Healthcare Employees’ Savings Plan Holsum Bakers Employees’ Retirement Plan Wyndham Rio Mar Associates Employees’ Savings Plan Cooperativa de Seguros de Vida de Puerto Rico (COSVI) – Benefit Plans Portfolio Sheraton Old San Juan Associates Employees’ Savings Plan. and more…

1 Landa Umpierre PSC is Puerto Rico’s number one local accounting firm auditing retirement and savings plans; with currently overtwenty-five employee benefit plan engagements.


OUR SEC PRACTICE

For organizations that require an audit for statutory or regulatory reasons associatedwith the filing of their annual and periodic financial information, LANDA UMPIERRE PSC

have provided high quality audit services. We have addressed specific regulatoryreporting requirements such as those under Sarbanes-Oxley Section 404 for SECregistrants.

LANDA UMPIERRE PSC's work takes into account all current and where appropriate,prospective auditing, accounting, and reporting regulations and guidance. Our clientsinclude many of the world’s leading multinational corporations, as well as many smalland medium-sized.

Following is list of our SEC clients:

AUDIT ENGAGEMENTS UNDER PCAOB REQUIREMENTS AND/OR SEC RELATED:2

Equus Gaming Company L.P. (including quarterly reviews) (2001 – 2003)3

Urban Transit Solutions, Inc. (including quarterly reviews) (2003 – 2004)

Compañía Panameña de Aviación, S. A. / COPA Airlines (Puerto Rico Operations)A.J. Oster Caribe, Inc. (member of the Olin Group)Retail Brand Alliance, Inc. (Puerto Rico Operations)Quadramed Corporation (Puerto Rico Operations)Banco Santander – Central Hispano, S.A. (NYSE – STD) (tax services)Santander BanCorp (NYSE – SBP) (tax services)

SOX 404 ENGAGEMENTS:

Triple-S Management CorporationAmerican International Insurance Company of Puerto Rico (now CHARTIS)Stanric, Inc.

CLIENTS SERVE BY OUR NETWORK OF CPA FIRMS:

LCNB Corp. (Bank Industry)

Advant-e Corporation (Internet Service Provider)

FFIN (Bank Industry)

Eagle Bancorp (Bank Industry)

Dynasil Corp. (Optical)

Community First Bancorporation (Bank Industry)

Empire State Builiding LLC (Real Estate)

Preferred Voice, Inc. (Voice Recognition Serv.)

American Medical Alert Corp. (Health Monitoring)

and more…..

2 We also provide tax services to these clients.3 For this client we prepared approximately over 1,700 Forms K-1, each year.


OUR CLIENT SERVICE PHILOSOPHY

Delivering seamless, value-added client service is the cornerstone of our servicephilosophy. Our service approach is based on the following five commitments.

CANDID, OPEN COMMUNICATION An effective business relationship ispredicated on open lines ofcommunication. It is our responsibilityto be proactive with our insight andideas and accessible to you when youneed us. We will emphasize andpromote responsive, opencommunication between you and theLANDA UMPIERRE PSC team.

SHARING BEST PRACTICES Share best practices/through leadership,such as our industry-specificbenchmarking database.

COHESIVE, CREDENTIALED TEAM Introduce credentialed personnel torelevant issues. Integrate thesepersonnel into our team with theassurance that they will respect yourculture.

ENGAGEMENT PARTNER AND

MANAGER COMMITMENT

Maintain active partner presence at alltime.

TEAMING WITH FINANCIAL

MANAGEMENT

Our relationship with management is ofthe utmost importance in our ability toadd value. We will assist managementwith its areas of concern, such as riskmanagement practices.


IMPORTANCE OF BEEN A MEMBER

As previously mentioned, LANDA UMPIERRE PSC is a member of the following AICPAQuality Centers:

CENTER FOR AUDIT QUALITY,

EMPLOYEE BENEFIT PLAN AUDIT QUALITY CENTER, AND

GOVERNMENTAL AUDIT QUALITY CENTER

Each Center is a national community of CPA firms that demonstrate a commitment toaudit quality and raise awareness about the importance of public companies, employeebenefit plan and governmental audits. The Centers provide members with bestpractices, guidelines, and tools CPAs need to perform quality audits and better servetheir clients.

LANDA UMPIERRE PSC as a member of the above Centers has demonstrated itscommitment by voluntarily agreeing to adhere to Centers’ membership requirements,including designating a partner responsible for the public companies, employee benefitplan and governmental audit practice, establishing firm-wide training and qualitycontrol programs, performing annual internal inspection procedures, and making thefirm’s peer review report publicly available (refer to page 14 for copy of peer reviewreport).

CERTIFICATE OF RECOGNITION

LANDA UMPIERRE PSC is proud to present the enclosed copy of the Certificate ofRecognition received from the Private Companies Practice Section of the AmericanInstitute of Certified Public Accountants (AICPA). This recognition is evidence of ourcommitment to perform the highest quality audits possible. Please refer to page 21.


2008 PCAOB INSPECTION OF LANDA UMPIERRE PSC

On February 26, 2009, the Public Company Accounting Oversight

Board (PCAOB) issued the final results of its 2008 inspection of

LANDA UMPIERRE PSC's audit practice. We are pleased to announce

that the review by the PCAOB did not identify any audit

performance or quality control issues relating to LANDA UMPIERRE PSC's audit practice.

We have included the final report on Page 15.

Also, the PCAOB has made public the final report on its website at:

http://www.pcaobus.org/Inspections/Public_Reports/2009/Landa_Umpierre.pdf.

http://www.pcaobus.org/Inspections/Public_Reports/2009/Landa_Umpierre.pdf


*********

Once again, we appreciate this opportunity to present our Firm for your consideration,and would be pleased to furnish additional information and meet with you at yourconvenience. We are most excited to serve and create a long-standing relationshipwith you.

Please do not hesitate to call us at (787) 765-4644, if you have any comments orquestions.


CLIENT SERVICE TEAM

Our Firm is driven by one singularambition: to strengthen clients with

successful, cutting-edge solutionsto their business challenges

Client Service Team


Xavier A. Curet, CPA/CFF, CFE

Partner – Assurance & Business Advisory Services

Mr. Curet is a Certified Public Accountant licensed in Puerto Rico and has overnineteen years of public accounting experience. Mr. Curet is our ManagingPartner and at present he heads the Assurance and Business Advisory Servicesdepartment. His work experience includes positions with KPMG LLP andPricewaterhouseCoopers LLP (PwC), where he served as manager at theAssurance and Business Advisory Services department. Throughout his career, hehas provided a wide range of services aside from traditional audit and accounting,including financial and operational advice in the areas of business acquisition andliquidation, treasury operations and business processes, offering a value addedservice to clients. In addition he has served as insurance expert in administrative

hearings held by the Office of the Insurance Commissioner of Puerto Rico.

Mr. Curet is a member of the Puerto Rico Society of Certified Public Accountants, American Institute ofCertified Public Accountants, Association of Certified Fraud Examiners, Puerto Rico Chamber ofCommerce and the Association of Professionals in Business Management. He has attended severaltechnical training sessions in the areas of advanced auditing and accounting, SEC reporting requirementsand implementation of Section 404 internal control reporting.

Mr. Curet serves as technical instructor in various seminars and staff trainings sponsored by the PuertoRico Society of CPAs. He was a member of the Continued Education Committee, and the Auditing andAccounting Technical Committee of the Puerto Rico Society of CPAs. He is currently a member of theEmployee Benefit Committee of the CPA Associates International, Inc.

Jaime SantiagoPartner – Tax Services

Jaime is a Certified Public Accountant licensed in Puerto Rico and has over twentyyears of public accounting experience with Landa Umpierre PSC and other localfirms. In addition, he has attended several technical seminars in the areas of taxes,auditing and accounting in Puerto Rico. At our Firm he worked his way from taxconsultant to partner. His first experience was in the Department of the Treasury ofPuerto Rico where he performed as a tax examiner of corporate and individualreturns before being assigned to a specialized unit in charge of the examination ofcomplex corporations and specialized industries.

Jaime has provided a wide range of tax and accounting services to individuals, estate and corporationsincluding technical advice in the process of liquidation of estates and corporations. He has served as taxconsultant for locals and international financial, manufacturing and commercial entities doing businessin Puerto Rico, including services in the area of tax litigation and examinations by the TreasuryDepartment. In addition, he has actively participated in important business acquisitions andreorganization transactions that have taken place in Puerto Rico.

Jaime is a member of the American Institute of Certified Public Accountants, the Puerto Rico Society ofCertified Public Accountants and the Association of Certified Fraud Examiners. He has also served astechnical instructor in various tax seminars sponsored by the Puerto Rico Society of Certified PublicAccountants and other business institutions.


Israel UmpierreCounselor – Tax Advisory Services

Umpierre is a Certified Public Accountant licensed in Puerto Rico and at present,heads the tax department of our Firm, where he is in charge of supervising andcoordinating the Firm’s tax practice. He also serves as principal tax consultant forvarious local and international financial and commercial entities doing business inPuerto Rico.

During his career, he has actively participated in some of the most importantbusiness acquisition and reorganization transactions of the last two decades inPuerto Rico, involving the purchase of assets totaling more than nine billion dollars.

From 1989 to 1995, he served in the Board of Directors of Santander National Bank, where he was amember of the Bank’s Investment Committee and Chairmen of its Audit and Compliance Committee. Healso served as member of the Board of Banco Central Hispano a bank with over $3.5 billion in assets. Inthe public service sector, Umpierre headed the Legislation and Regulations Division of the Departmentof the Treasury of Puerto Rico and was a member of the Tax Reform Office. From 1986 to 1992, heserved as Tax Advisor to the President of the Senate of Puerto Rico and as a member of the CitizensAdvisory Committee on Economic Policy to the Senate. As such, he was a member of a joint task forcenamed to coordinate the approval of the Puerto Rico Tax Reform of 1987.

Umpierre is a member of the American Institute of Certified Public Accountants and Puerto Rico Societyof Certified Public Accountants.

Sary IglesiasPrincipal – Tax Advisory Services

Ms. Iglesias is a Certified Public Accountant licensed in Puerto Rico and has more than sixteen years ofprofessional experience in tax compliance and consulting. She joins us after been Tax Director atPricewaterhouseCoopers LLP (PwC). At PwC, she was responsible for reviewing corporate, individualtax returns and research Puerto Rico and federal tax matters of corporations and individuals. At our Firmshe supervises a team of tax professionals and performs several administrative tasks and contributes instaff training exercises, mentoring and developing tax associates.

Ms. Iglesias manages extensive tax consulting projects including but not limited to corporatereorganizations, tax due diligences, tax incentive programs, tax credits, foreign trade zone, excise & salesand use tax matters, closing agreements and private-letter rulings with the Puerto Rico TreasuryDepartment. Ms. Iglesias represents numerous clients at both the United States Internal Revenue Serviceand the Puerto Rico Treasury Department, and organizes and gives presentations to clients and non-clients regarding Puerto Rico and United States tax developments. In addition, she provides support tothe Business Assurance Practice of our Firm by preparing management letter comments andrecommendations in complying with tax reporting/filing requirements. Major client involvement:manufacturing, pharmaceutical, distribution, automotive, telecommunications, entertainment, retail,insurance, banking and media industries.

Ms. Iglesias is a member of the Puerto Rico Society of Certified Public Accountants and the AmericanInstitute of Certified Public Accountants. She serves as technical instructor in various seminars and stafftrainings sponsored by the Puerto Rico Society of CPAs. Currently, she is a member of the Tax AffairsCommittee of the Puerto Rico CPA Society. During 2006 – 2007 she was the Director of CommunityAffairs of the Puerto Rico Chapter Board of the Association of Latin Professionals in Finance andAccounting.


Rubén BarrionuevoSenior Manager – Assurance & Business Advisory Services

Rubén is a Certified Public Accountant licensed in Puerto Rico and has over fifteen years of publicaccounting experience. He has extensive experience in engagements within pharmaceuticals,manufacturing, waste management, distribution industries, energy, public utilities and employee benefitplans. Rubén worked for 14 years at PricewaterhouseCoopers LLP (PwC) where he served as seniormanager at the Assurance and Business Advisory Services department.

In his tenure in PwC, Rubén participated in several special assignments. Among these assignments were:(i) provide risk management assistance to the Assurance Leader of PwC Inter-Americas Firm. Rubénreviewed the quality control procedures of PwC Inter-Americas and reported his observations andrecommendations to improve the quality of the engagements directly to the Firm’s Assurance Leader andPwC National Office (ii) in 2008 and 2007 he participated with PwC National Office as a reviewer inquality reviews performed in PwC offices located in Panamá, Guatemala and Dominican Republic (iii)Rubén was the Accounting/Auditing Technical Leader for the PwC San Juan office. He lead a group oftechnical experts on complex accounting/auditing areas such as: business combinations, revenuerecognition, share-based payment, fair value, pension and other postretirement benefits, employeebenefit plans, derivative instruments, audit methodology and International Financial Reporting Standards(IFRS) among others (iv) served in PwC as an employee benefit plans specialist providing guidance toengagement teams on audit methodology and complex accounting matters.

Rubén is a member of the Puerto Rico Society of Certified Public Accountants and the American Instituteof Certified Public Accountants. He serves as technical instructor in various seminars and staff trainingssponsored by the Puerto Rico Society of CPAs and for three years was the President of the Auditing andAccounting Technical Committee of the Puerto Rico Society of CPAs. Among the seminars presented byRubén are: Audits of Employee Benefit Plans, Accounting and Reporting for Employee Benefit Plans, IFRSfor Small and Medium size Entities and Accounting and Auditing Technical Updates.

Mirelba Colón-RolónManager – Assurance & Business Advisory Services

Mirelba has over five years of public accounting experience with KPMG where she served as manager inthe Assurance and Business Advisory Services. While in KPMG, she worked in several industriesincluding Banking, Manufacturing, Distribution, Real Estate and Government. In addition, her careerincludes over one year of experience as Assistant General Auditor of First Bank Puerto Rico where sheassisted with internal and external audits and presented the results of these audits directly toManagement and the Audit Committee.

Mirelba graduated from the University of Puerto Rico, Río Piedras Campus, with a Bachelor’s degree inBusiness Administration, Major in Accounting. She is a Certified Public Accountant licensed in PuertoRico and a Certified Anti-Money Laundering Specialist. Mirelba is a member of the Puerto Rico Societyof CPAs and the American Institute of CPAs. She has vast experience in process documentation, internalcontrol assessment and risk assessment in the financial industry.


PEER REVIEW REPORT


PCAOB REPORT


COPY OF CERTIFICATE OF RECOGNITION

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