LANDA UMPIERRE PSC
Firm Profile
2016
Table of Contents
ABOUT OUR FIRM .......................................................................... 1
OUR CLIENT SERVICE PHILOSOPHY .................................................. 5
IMPORTANCE OF BEEN A MEMBER .................................................... 6
CERTIFICATE OF RECOGNITION FROM AICPA .................................... 6
CLIENT SERVICE TEAM ..................................................................... 8
COPY OF CERTIFICATE OF RECOGNITION ........................................ 14
ABOUT OUR FIRM
LANDA UMPIERRE PSC is a certified public accounting firm with over
twenty-five years of experience in the fields of auditing,
accounting, taxes, employee benefit plans audit and litigation
support, among others. Our Firm holds a prestigious position
among the public accounting firms operating in Puerto Rico and
has a wide variety of clients, which cover practically all
industries, from small to big size enterprises.
Our Firm is a member of:
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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 (member since 2003).
LANDA UMPIERRE PSC as a member of the above organizations has demonstrated their
commitment by voluntarily agreeing to adhere to organizations membership
requirements, including designating a partner responsible for audit practice,
establishing firm-wide training and quality control programs, performing annual
internal inspection procedures, and making the firm’s peer review report publicly
available.
In addition, LANDA UMPIERRE PSC has been exclusively accepted as the only accounting
firm in Puerto Rico as a member of CPA Associates International, Inc. (CPAAI), a
prestigious association of quality independent certified public accounting firms
founded in 1957, with over 158 member firms in 65 countries around the world.
Today, more than ever, you need professional advice that goes beyond traditional
accounting and tax services and your local market. That’s why we are a member of
CPA Associates International. Our coalition of high-quality, independent accounting
and consulting firms are located in major economic hubs throughout the United States
and around the world. Through our many contacts, we can draw on the valuable
services of our Association as well as the individual or combined talents and expertise
of member firms to help you with any aspect of your operation. Whether you need
assistance with financial, tax, management or technology issues, or guidance specific to
your industry, we have the resources to help you. Our Association supplies all the
capabilities of the largest accounting firms, yet without costly overhead and
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unwelcome controls. Simply put, our membership in CPAAI provides you with onestop shopping for building your business.
CPAAI’s worldwide network and its significant presence in every major market is a
global powerhouse with an unmatched ability to serve our clients around the world.
We believe that membership in this association enable us to continue our quality
initiatives within our audit and tax practices, and demonstrates our continued
commitment to deliver the highest quality services possible. As a member, our firm
gains access to comprehensive and valuable resources and tools that benefit our clients
and assist us in further enhancing the quality of our services.
In addition, to our satisfaction, LANDA UMPIERRE PSC has the total support of the financial
community; accordingly our Firm has been engaged by various local and international
banking institutions as consultants to give technical support to their commercial credit
departments, including supervision of their loans portfolio.
LANDA UMPIERRE PSC core businesses are Assurance and Business Advisory Services, and
Tax Services.
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Assurance and Business Advisory Services – This division encompasses the
traditional financial audit, review and compilation, and compliance services. In
addition, 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.
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Tax Services – Our tax department is composed of one of the most experienced
group of professionals among the local and international accounting firms
operating in Puerto Rico. Our tax division provides comprehensive capabilities
to meet a broad range of clients’ planning and compliance needs, delivered
through a network of experienced tax professionals supported by technically
sophisticated computer programs. To our pride, since 1976 until 2012, our Tax
Services Department was engaged by a major and prestigious banking
organization in Puerto Rico, as their principal tax consultants in tax matters and
international transactions (mergers, acquisitions, development of financial
instruments, etc.) in the tax jurisdictions of Puerto Rico and United States. This
has provided us with a great amount of experience and a special expertise in
dealing with highly complex 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 our
professional approach to our clients’ needs. We are always alert for opportunities to
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assist our clients, recognizing that client profitability and cost containment are primary
concerns.
Our service team includes an array of well-trained professionals, all of which are highly
trained 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 Rican
economic 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 our
unconditional commitment to deliver a personal service of the highest quality in a
prompt and effective manner. That’s our most important product and all our efforts are
directed toward achieving that goal.
On the next page is a partial list of our clients.
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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 International Bank
Arca International Bank
Alma Financial Assistance Corp.
Autos Vega Inc. (Ford) and Euroclass Corp. (Volkswagen)
AutoCentro Toyota
Autogermana, Inc. BMW & Mini
American Promotional Events, Inc. dba TNT Fireworks
Adriel Auto Group
Air Con Group
AIRBNB High Street Partners, Inc.
Banco Santander Puerto Rico
Banco Popular (Asset Lending)
Banco Cooperativo de Puerto Rico
Brooks Brothers, Inc.
Caribbean Sign Supply, Inc.
CBS Outdoor Puerto Rico, Inc. (Outfront Media Inc.)
Charlie Car Rental
Compañía Panameña de Aviación, S.A. (Copa Airlines)
Cooperativa de Seguros Múltiples de Puerto Rico
Cooperativa de Seguros de Vida de P.R. (COSVI)
Colombina de Puerto Rico LLC
First Hospital Panamericano Inc.
FHCHS of Puerto Rico, Inc.
Gargiulo of P.R., Inc.
IKEA
Interbank International Bank
Melaleuca, Inc.
Nodus International Bank, Inc.
Pepe Abad Auto, Inc. Group
State Insurance Fund Corporation (CFSE)
Scotiabank de Puerto Rico (Asset Lending)
Venture Steel, Inc. d/b/a Acesco Caribe
Employee Benefit Plans engagements:
 McConnell Valdés Retirement Plan
 MCS Employees’ Savings Plan
 CMA Architects and Engineers LLP Retirement Plan
 Holsum Bakers Employees’ Retirement Plan
 Wyndham Rio Mar Associates Employees’ Savings Plan
 Open Mobile Puerto Rico 1165(e) Plan
 Aspen Surgical Puerto Rico Corp. 1165(e) Savings Plan
 and more…
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OUR CLIENT SERVICE PHILOSOPHY
Delivering seamless, value-added client service is the cornerstone of our service
philosophy. Our service approach is based on the following five commitments.
CANDID, OPEN COMMUNICATION
An effective business relationship is
predicated
on
open
lines
of
communication. It is our responsibility
to be proactive with our insight and
ideas and accessible to you when you
need us.
We will emphasize and
promote
responsive,
open
communication between you and the
LANDA UMPIERRE PSC team.
SHARING BEST PRACTICES
Share best practices/through leadership,
such
as
our
industry-specific
benchmarking database.
COHESIVE, CREDENTIALED TEAM
Introduce
relevant
personnel
assurance
culture.
ENGAGEMENT PARTNER AND
MANAGER COMMITMENT
Maintain active partner presence at all
time.
TEAMING WITH FINANCIAL
MANAGEMENT
Our relationship with management is of
the utmost importance in our ability to
add value. We will assist management
with its areas of concern, such as risk
management practices.
credentialed personnel to
issues.
Integrate these
into our team with the
that they will respect your
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IMPORTANCE OF BEEN A MEMBER
As previously mentioned, LANDA UMPIERRE
Quality Centers:
PSC
is a member of the following AICPA
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 to
audit quality and raise awareness about the importance of public companies, employee
benefit plan and governmental audits. The Centers provide members with best
practices, guidelines, and tools CPAs need to perform quality audits and better serve
their clients.
LANDA UMPIERRE PSC as a member of the above Centers has demonstrated its
commitment by voluntarily agreeing to adhere to Centers’ membership requirements,
including designating a partner responsible for the public companies, employee benefit
plan and governmental audit practice, establishing firm-wide training and quality
control programs, performing annual internal inspection procedures, and making the
firm’s peer review report publicly available (refer to page 13 for copy of peer review
report).
CERTIFICATE OF RECOGNITION FROM AICPA
LANDA UMPIERRE PSC is proud to present the enclosed copy of the Certificate of
Recognition received from the Private Companies Practice Section of the American
Institute of Certified Public Accountants (AICPA). This recognition is evidence of our
commitment to perform the highest quality audits possible. Please refer to page 14.
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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 your
convenience. We are most excited to serve and create a long-standing relationship
with you.
Please do not hesitate to call us at (787) 765-4644, if you have any comments or
questions.
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CLIENT SERVICE TEAM
Client Service Team
Our Firm is driven by one singular
ambition: to strengthen clients with
successful, cutting-edge solutions
to their business challenges
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Xavier A. Curet, CPA/CFF, CVA, CGMA, CFE
Managing Shareholder
Mr. Curet is a Certified Public Accountant licensed in Puerto Rico and
has over twenty-five years of public accounting experience. Mr. Curet
is our Managing Shareholder and at present he heads the Assurance
and Business Advisory Services department. His work experience
includes positions with KPMG LLP and PricewaterhouseCoopers LLP
(PwC), where he served as manager at the Assurance and Business
Advisory Services department. Throughout his career, he has provided
a wide range of services aside from traditional audit and accounting,
including financial and operational advice in the areas of business
acquisition and liquidation, treasury operations and business
processes, offering a value added service to clients. In addition he has
served as insurance expert in administrative hearings held by the
Office of the Insurance Commissioner of Puerto Rico.
Among others, Curet has provided services to following industries:
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Insurance (P&C, Life and Healthcare)
Banking
Dealership
Construction
Farming / Growers
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Government
Manufacturing / Pharmaceuticals
Distribution & Retail
Non-for-Profit
Employee benefit plans
Mr. Curet is a member of the Puerto Rico Society of Certified Public Accountants, American
Institute of Certified Public Accountants, National Association of Certified Valuators and
Analysts, Association of Certified Fraud Examiners, Chartered Global Management Accountants
and the Puerto Rico Chamber of Commerce. He has attended several technical training
sessions in the areas of advanced auditing and accounting, business valuation, and SEC
reporting requirements.
Mr. Curet serves as technical instructor in various seminars and staff trainings sponsored by the
Puerto Rico Society of CPAs. He was a member of the Continued Education Committee, and
the Auditing and Accounting Technical Committee of the Puerto Rico Society of CPAs. Also,
he is a former member of the Employee Benefit Committee of the CPA Associates International,
Inc., in which he served for ten years.
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Sary Iglesias, CPA
Principal – Tax Advisory Services
Mrs. Iglesias is a Certified Public Accountant licensed in Puerto Rico
and has more than eighteen years of professional experience in tax
compliance and consulting and at present, heads the tax department
of our Firm, where she is in-charge of supervising and coordinating
the Firm’s tax practice. She joins us after been Tax Director at
PricewaterhouseCoopers LLP (PwC). At PwC, she was responsible for
reviewing corporate, individual tax returns and research Puerto Rico
and federal tax matters of corporations and individuals. At our Firm
she supervises a team of tax professionals and performs several
administrative tasks and contributes in staff training exercises,
mentoring and developing tax associates.
Mrs. Iglesias manages extensive tax consulting projects including but
not limited to corporate reorganizations, tax due diligences, tax
incentive programs, tax credits, foreign trade zone, excise & sales and
use tax matters, closing agreements and private-letter rulings with the Puerto Rico Treasury
Department. Ms. Iglesias represents numerous clients at both the United States IRS and the
Puerto Rico Treasury Department, and organizes and gives presentations to clients and nonclients regarding Puerto Rico and United States tax developments. In addition, she provides
support to the Business Assurance Practice of our Firm by preparing management letter
comments and recommendations in complying with tax reporting/filing requirements. Major
client
involvement:
manufacturing,
pharmaceutical,
distribution,
automotive,
telecommunications, entertainment, retail, insurance, banking and media industries.
Mrs. Iglesias is a member of the Puerto Rico Society of CPAs and the American Institute of
CPAs. She serves as technical instructor in various seminars and staff trainings sponsored by
the Puerto Rico Society of CPAs. Currently, she is a member of the Tax Affairs Committee of
the Puerto Rico CPA Society.
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Rubén Barrionuevo, CPA
Principal – Assurance & Business Advisory Services
Rubén is a Certified Public Accountant licensed in Puerto Rico and has
over eighteen years of public accounting experience. He has extensive
experience in engagements within pharmaceuticals, manufacturing,
waste management, distribution industries, energy, public utilities and
employee benefit plans. Rubén worked for 15 years at
PricewaterhouseCoopers LLP (PwC) where he served as senior manager
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. Rubén reviewed
the quality control procedures of PwC Inter-Americas and reported his
observations and recommendations to improve the quality of the
engagements directly to the Firm’s Assurance Leader and PwC National
Office (ii) in 2008 and 2007 he participated with PwC National Office as a reviewer in quality
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 of technical experts on complex accounting/auditing areas such as: business
combinations, revenue recognition, share-based payment, fair value, pension and other
postretirement benefits, employee benefit 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 to engagement teams on audit
methodology and complex accounting matters.
Rubén is a member of the Puerto Rico Society of CPAs and the American Institute of CPAs. He
serves as technical instructor in various seminars and staff trainings sponsored by the Puerto
Rico Society of CPAs and for three years was the President of the Auditing and Accounting
Technical Committee of the Puerto Rico Society of CPAs.
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Antonio Pagán
Manager – Assurance & Business Advisory Services
Antonio has over twelve years of public accounting experience. He has been with Landa
Umpierre PSC since graduated from college. He has worked in several industries including
Dealership, Manufacturing, Distribution, Real Estate and Government.
Antonio graduated Magna Cum-Laude from the Interamerican University of Puerto Rico, with a
Bachelor’s degree in Business Administration, Major in Accounting. He has attended several
technical training sessions in the areas of advanced auditing and accounting. He has vast
experience in process documentation, internal control assessment and risk assessment in
different industries.
Eliseo Luna, CPA, CFE
Manager – Assurance & Business Advisory Services
Mr. Luna has over twenty years of public accounting experience. His work experience
includes positions with BDO Puerto Rico, Torres-Llompart, Sanchez-Ruiz LLP and Zayas
Morazzani & Co. He has worked in several industries including Dealership, Manufacturing,
Waste, Distribution, Real Estate and Government.
Mr. Luna graduated from the University of Puerto Rico, with a Bachelor’s degree in Business
Administration, Major in Accounting. He has attended several technical training sessions in the
areas of advanced auditing and accounting sponsored by several professional organizations on
accounting auditing, fraud, cost accounting, employees benefit plans, information systems
audits, internal controls systems assessments, risk assessment standards and others.
Israel Umpierre, CPA
Counselor – Tax Advisory Services
Umpierre is a Certified Public Accountant licensed in Puerto Rico and at present,
he act as counselor on the tax department of our Firm.
During his career, he has actively participated in some of the most important
business acquisition and reorganization transactions of the last two decades in
Puerto 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 a member of the Bank’s Investment Committee and Chairmen
of its Audit and Compliance Committee. He also served as member of the Board of
Banco Central Hispano a bank with over $3.5 billion in assets. In the public service sector, Umpierre
headed the Legislation and Regulations Division of the Department of the Treasury of Puerto Rico and
was a member of the Tax Reform Office. From 1986 to 1992, he served as Tax Advisor to the President
of the Senate of Puerto Rico and as a member of the Citizens Advisory Committee on Economic Policy to
the Senate. As such, he was a member of a joint task force named to coordinate the approval of the
Puerto Rico Tax Reform of 1987.
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PEER REVIEW REPORT 2015
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COPY OF CERTIFICATE OF RECOGNITION
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