Profile
On the 15th July 2004,
Pierre Etienne Mangion M.B.A. eBusiness, was appointed partner in terms
of the Accountancy Profession Act. Pierre joined PKF Malta in 1993 as
a junior audit clerk. From then on there was no turning back. He was responsible
for planning and evaluating audit programmes for various
public sector
clients in Malta and abroad. He also specialises in local council audits.
Pierre who also holds a Masters Degree from Grenoble University in e-Business,
he has attended overseas residential professional courses in subjects
such as assurance and assessment of audit risks. He is active in a number
of professional circles and regularly delivers talks at seminars and conferences
on ICT subjects.
Presently the Firm also includes a number of professionals and graduates in economics, law and finance, with the support of a small but specialised administrative staff.
Audit Department
The
audit firm was founded by George M. Mangion with the help of other partners
since 1988.
The main activity
centre is the office in B'Kara - a town located in a central position
with the largest population and is considered the busiest business centre
in Malta.Moreover, the activity
of the Firm has logistic supports in the main cities such as Sydney, London,
Budapest and Cape Town.
Our People in the Audit Department
George Mangion - Head of the Audit Department
George Mangion F.C.C.A., C.P.A.A., M.A. (Financial Services), is the senior partner and the head of the audit department at PKF (Malta). He has over thirty years experience in accounting, taxation, financial and consultancy services. His efforts have seen that PKF has been instrumental in establishing many e-Commerce and international trading companies in Malta and has developed relationships with market leaders in South Africa, Australia, New Zealand, Ireland, USA, Belgium, Italy and Scandinavian countries. George has also lectured and delivered presentations at numerous seminars and conferences worldwide on subjects relating to a wide range of topics including taxation, auditing and captive insurance.
Marvic Cutajar - Audit Manager
Marvic joined PKF in 2005, after finalizing the ACCA qualification and obtaining full membership. "During my past 4 years of employment with the firm, I was able to develop practical experience and building on knowledge gained. I also gained knowledge and technical experience especially on-line gaming. I found PKF as an outstanding firm devoted in developing knowledgeable professionals and creating value added for its clients". Marvic has attended a week training session at PKF offices in Hungary in order to implement the internal IPSM methodology. He also attended IFRS courses in Dublin and Paris during 2007. As a senior auditor, Marvic serviced a number of gaming companies including a major software developer which saw him visiting Canada as part of his routine audit visits.
Donna Bonello - Senior Audit
"I choose PKF because of the firm's value and its commitment towards its clients". Donna joined PKF in 2006, after she has completed a University degree. Donna is in the final stages of obtaining the ACCA qualification. "This has helped me to increase my potential because I was exposed to practical experience early on. The working environment at PKF is conductive towards growth, since partners and managers are always available to guide the staff". Donna attended three day courses in IFRS accountancy methodology in Malta and a ‘cold’ file review session at the Irish Institute of Charted Accountants in Dublin. She also undertook audits of local companies with headquarters in Belgium and Germany.
Alexia Fenech - Senior Audit
Alexia joined the audit department of PKF in 2006 after graduating in Bachelor of Commerce, majoring in Accounts and Management. She has since then completed the Bachelor of Accountancy (Hons) degree at the University of Malta. During these two and a half years she has obtained a better understanding of the audit methodology and was able to develop practical experience and build on her academic knowledge. She confirms that the PKF values, a dynamic working environment and the unlimited opportunities, have been of great benefit to her career and self-fulfilment. Alexia performed audits of local companies including a major investment fund with head offices in Luxembourg.
Maria Gill-Vassallo - Senior Audit
Maria is an experienced accountant, who has gained significant audit and accounting experience through 9 years working at PricewaterhouseCoopers. She joined PKF (Malta) in 2007, where she is in charge of a number of audits mainly operating in the gaming industry. Maria has expanded her exposure to gaming companies some of which are listed on international Stock exchanges in Austria, Germany and Sweden.
Malcolm Schembri – Junior Auditor
Malcolm is one of the Junior Auditor at PKF. He joined the firm in 2007 after he has completed his Bachelor of Commerce at University of Malta. He is specializing in Accountancy. During these few months working with the firm he understands better how to approach on audit, working in audit teams. He found the firm as giving him an opportunity to succeed in the finance.
Sachalee Camilleri – Accounting Technician
Sachalee has joined PFK in 2007 after completing the AAT (Accounting Technicians’ Certificate) Course at MCAST. She intends to widen further her knowledge in accountancy by enrolling for the ACCA. ‘The months I have spent here are considered to be quite fruitful as I gained first hand knowledge which supplemented my studies throughout.’
Auditing Service is
one of the main professional services we offer. Our ultimate audit objective
is to express our formal opinion on the Company's financial statement
as required by law. We are also committed to providing our clients with
a high quality and efficient service that results in positive and constructive
assistance to management. This covers both the primary controls built
into the company's systems to ensure the accuracy of accounting records
and enhancing general management controls.
Training/Internship Staff
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Current students
Former students
Legal Department
Our legal department
is assisted by various specialised lawyers and reputable financial
consultants.
Accounting Services
Our General Practice
Department offers accounting services on a regular basis and looks after
secretarial matters. We have a team of trained and experienced accountants
who can attend at the companies premises on a regular basis to update
its financial records and prepare periodical management accounts and cash
flow forecasts as required.
Captive Insurance
Captive insurance
business is regulated under a set of custom-made rules that take into
account the current state of the market and possible future developments.
These rules provide for the registration and operation of captive insurance
companies which within the Maltese insurance legislation are termed "Affiliated
Insurance Companies" ("AICs"). In this regard, we offer
our services to any Affiliated Insurance Company wishing to redomicile
or be incorporated in Malta.
Consultancy Services
We can offer a professional
consultancy service on
· Business Planning
· Cash Management
· Costing Systems
· Management Information
· Marketing
· Production and Stock Management
· Project Appraisals
· Operations Audit
· Profitability Improvements and Efficiency Studies
Corporate and Commercial
In this area we provide
host of services to companies that range from company formation, company
secretarial services and directorships, group restructuring and liquidations.
Due Diligence and
Valuations
We specialise in financial
investigations and valuations of companies and businesses in all sectors:
· Pre-acquisition and pre-lending investigations for trade buyers
and financial investors
· Post-acquisition investigations where a review was not possible
prior to purchase and to assist in the integration of the newly acquired
business
· Vendor due diligence, pre-disposal due diligence for vendors
and potential acquirers
· Market valuations of companies and businesses for sale, purchase
or fund raising
Financial Services
Malta has greatly
developed its legislation in the field of financial services over the
last decade, bringing such legislation in line with European Union Directives
and Regulations.
Our objective is to help clients to plan their financial affairs in order to reach their objectives. With this goal in mind, we provide advice on a wide range of issues in relation to the obtaining of an investment service licence and the provision of investment services in Malta, the setting up and licensing of collective investment schemes as well as on a wide range of banking law issues.
Management buy-outs
and buy-ins
We have the experience
to provide a practical approach which includes:
· Assessing whether your MBO/MBI is feasible and providing advice
on how to increase the chances of success
· Assisting in the preparation of your business plan and advising
on the most appropriate financial structure for the transaction
· Valuing the business and assisting in approaching and negotiating
with the vendor
· Identifying, approaching and negotiating with appropriate venture
capitalists and other providers of finance
· Providing tax advice to optimise your personal and corporate
tax positions
· Carrying out due diligence for potential investors
Organising Technical
Conferences
Through our vast experience
in organising Technical Conferences locally on a regular basis, we can
assist our clients and provide a professional service. Our service includes
preparation of speeches, slides presentation, market research, accommodation
arrangements, mailshots from an updated database, invitations, obtaining
best conference facilities etc.
Raising Finance
We can assist in the
search for the right partner on the right terms. Our services include:
· Explaining the process of raising equity and venture capital
from various sources.
· Assisting in and advising on the preparation of business plans
and forecasts
· Identifying sources of capital and introducing clients' proposals
· Advising on capital structuring and assisting in negotiations
· Advising on optimising personal and corporate tax positions
· Carrying out due diligence for potential investors
Shipping
Over the past fifteen
years Malta has greatly developed its ship registration industry. In this
field we offer advice to clients in matters relating to ship registration
and finance, bills of lading, and marine insurance.
Tax
This department assists its international clientele in relation to a whole
range of needs for both individual clients and groups of companies with
global interests. We also offer tax advice to individuals wishing to take
residence in Malta 'inter alia' by applying for a permanent resident permit
in terms of the Immigration Act, as well as to individual shareholders
and directors of companies registered or resident in Malta in relation
to their personal affairs.
Trusts
Until very recently,
trusts formed no part of Maltese law but with the development of the country
as a financial services centre, a law was enacted to allow for the setting
up of trusts.
Trusts are generally
considered to be transparent for tax purposes, meaning that income attributable
to a trust is not charged tax in the hands of the trustee if such income
is distributed to the beneficiaries. When all the beneficiaries of a trust
are non-Maltese residents and when all the income attributable to a trust
is derived from sources outside Malta, there will be no tax impact under
Maltese tax law.
The law provides that
no transfer has taken place when the three following conditions are satisfied:*
A trust is created by a written instrument
There exists a sole settlor
The sole settlor is also the sole beneficiary
It may be in the interest
of the beneficiaires that any benefit that they receive from the trust
is actually taxed in Malta. The Income Tax Acts provide the trustee with
the irrevocable option to have a trust treated as a company for tax purposes.
THis would give the trust the possibility to make use of Malta's network
of double taxation treaties and the possibility to enjoy the various tax
beenfits provided to shareholders. The beneficiaries will be eligible
to receive the refunds provided under the Income Tax Acts as if they were
shareholders, and the trustee may also seek to obtain an advance revenue
ruling from the Commissioner of Inland Revenue.
Fees
Generally, our legal
work is charged on the basis of an hourly rate. Bills may be sent out
monthly or otherwise depending on the nature of the service being offered.
When the circumstances so permit, a fixed fee may be set at the outset
for services rendered by GMM Business Solutions' legal department.
