Strengthening the hold on Auditing & Assurance, Pipara & Co LLP took a giant leap by clocking the gold standards in accounting - assurance with empanelment to the elite league of PCAOB (Public Company Accounting Oversight Board, USA).
While a CPA in the USA can undertake consulting or audit for unlisted entities, for undertaking the audit for listed corporations, it is mandatory to be eligible through the vigorous empanelment process by PCAOB, USA. The empanelment to PCAOB is altogether a different league. This special body of Registered Public Accounting Firms from the USA and outside is formed under SEC and has approx. 1700 empanelled members worldwide, of which less than 25 are native firms from India. Pipara & Co LLP achieved this rare feat of being the only native firm from Gujarat to ring this honour.
As per CA G. C. Pipara, "The process to being in this elite list is quite stringent as it gives eligibility to undertake Auditing of any listed company based from the US. We took more than five months to qualify for it and had to undergo numerous diligence rounds. It included an elaborated process of in-depth assessment right from our internal controls, procedures, experience, quality checks, qualifications and testing of audit procedures followed by us. We are happy to have raised the honour for our peers from this region. We aim to deliver high-quality assurance work globally, helping renewed global confidence & perception of the Audit & Assurance Quality by Indian Firms. With young & dynamic leaders like CA Namann Pipara, CA Bhawik Madrecha and other young professionals in our team across Ahmedabad, Mumbai, Delhi & New York, we are confident of showcasing exceptional work; thereby creating a platform for Indian Firms globally."
As per a renowned online repository, the Public Company Accounting Oversight Board (PCAOB) is a non-profit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws to promote investor protection. All PCAOB rules and standards must be approved by the US Securities and Exchange Commission (SEC).