PK Services

As a PCAOB registered public accounting firm, PK can provide assurance, tax, and business advisory services for your business needs.

Among the areas we help

  • Risk-based Audit Approach
  • Financial Statements Audit, Review and Compilation
  • IFRS Reporting and Consultation
  • SEC Registrations and Filings
  • Agreed-Upon Procedures
  • Employee Benefit Plan Audit
  • Business Valuation

Our audit approach demands that we know as much as we can about your business, the environment in which you operate, and the systems and controls you use. By thoroughly understanding your business, we can concentrate on the areas of greatest risk and avoid performing unnecessary procedures on relatively insignificant areas.

Risk-based Audit Approach

All our audits are led by experienced partners who are heavily involved in the engagement personally and staffed by professionals with the appropriate skill level and industry knowledge matched to your business. Our audit methodology follows a “top-down, risk-based” approach. We will assess the entity level risks and controls to evaluate the overall general risks and controls including IT general controls and to identify specific financial reporting risks. We concentrate on areas of greatest risk and avoid performing audit procedures on insignificant areas to be cost-effective and to create added value. High-risk areas are those subject to significant judgment, which have a higher probability of audit adjustments. We perform preliminary procedures on identified areas to highlight potential problems and resolve them prior to year-end. We meet with the client on a timely basis to discuss business operations, plan the audit and continuously improve the process.

To accomplish this, we will:

  • Identify significant risks
  • Evaluate the strengths and weaknesses of your procedures and controls to determine how well they protect against risks
  • Test the key procedures and controls to ensure they are in fact operating effectively
  • Communicate effectively and timely with management on the results of our work
  • Deliver constructive suggestions to minimize risk and help improve your performance
  • Minimize disruption to your staff while effectively leveraging existing information and processes
  • Coordinate the tax schedule with the audit schedule in order to avoid duplication of effort

Timely Issuance of Reports

We are committed to meeting the time requirements for the issuance of the reports. In order to do this, we identify all potential accounting and audit issues early on, and conduct related research for solutions and discuss our solutions with clients in a timely manner. Early identification of potential issues is the key factor to eliminate any possibility for untimely issuance of the audit reports.

International Financial Reporting Standards (IFRS)

PK has been providing our clients with assistance and reviews of financial reporting packages to their parent companies in Korea on an IFRS basis since 2009 and has audited financial statements under IFRS for a few selected clients.

Management Letter

We will issue a letter to management, containing practical suggestions for potential operating efficiencies, ideas on cost reductions, revenue enhancements and improvement of internal control, accounting, operating and systems procedures. Prior to issuing the letter, we will discuss our recommendations with management to ensure that our understanding of the relevant facts is correct and to obtain the benefit of management’s judgment.

SEC Registration and Filings

PK is a PCAOB registered public accounting firm and may assist you in SEC registration and filing procedures. The PCAOB is a non-profit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports.

Among the areas we help

  • U.S. Federal Tax Planning and Reporting
  • International Tax Planning and Compliance
  • Inbound Investments
  • Mergers, Acquisition and Restructurings
  • State and Local Taxes
  • IRS and State and Local Tax Audit Representation
  • Transfer Pricing Documentation and Consulting
  • Valuations

Strategic tax planning can increase your tax savings and cash flows. In today’s marketplace, successful integration of tax planning with overall business objectives can provide a competitive advantage.

PK can provide timely and practical advice to help you align tax planning opportunities with your strategic business objectives. PK’s tax professionals provide creative, effective services that help you integrate tax planning into the decision-making process. Our array of strategic tax services can help you reduce federal, state, and local liabilities in an increasingly complex tax environment, ultimately enhancing shareholder value through heightened profitability. We can assist you in identifying and implementing tax-efficient strategies that can lead to recurring savings.

Our bottom-line tax service goal is to bring creative, value-added solutions to our clients. We will continue to leverage our experiences from client engagements to develop innovative services and identify best tax practices for clients such as you.

Snapshots of our primary tax service areas are as follows:

U.S. Federal Tax

PK can assist you in reducing your U.S. federal tax obligations and complying with the Internal Revenue Service (IRS) regulations.

PK is a resource for clients who want to reduce their federal tax obligations and need assistance in complying with the latest IRS regulations. PK tax professionals bring you the kind of creativity and commitment necessary to deliver real value. Moreover, we have the experience you need. We serve companies of all sizes, developing a broad array of tax management strategies that lay a solid foundation for all our engagements. That means our experience serving numerous companies can translate into meaningful benefits to you—benefits that can directly affect your financial statements.

State and Local Tax

PK can help you reduce its state and local tax liability and improve business results through planning and compliance efforts aimed at all types of taxes, including income/franchise, property, employment, sales and use, and local business/license taxes.

Transfer Pricing Documentation and Consulting Services

PK can help you improve compliance and address the risks and economic issues associated with regulatory controversies. IRS requires companies to prepare transfer pricing documentation on a contemporaneous basis. PK can help you prepare the required transfer pricing study on a timely basis.

IRS and other State Examination Representation

We have represented our clients for various tax examinations, including IRS and number of State and local governments, defended numerous assertions raised by the taxing authorities, such as transfer pricing issues, other international tax and withholding tax issues, and successfully obtained favorable outcomes. Upon your request, we will represent you for your tax positions taken.

Tax Development Updates and Proactive Planning

Over recent years, the tax system has undergone radical changes, both in the U.S. and at a global level. It is, therefore, important that you are kept up to date with relevant developments to assess their potential impact on your business. We will update you for any new tax developments, via letters, emails, conference calls, face-to-face meetings, etc. In addition, we will develop an understanding of your goal in tax planning, bring appropriate tax ideas, and provide you with an objective assessment of their merits and risks.

Among the areas we help

  • M&A Due Diligence
  • Agreed-Upon Procedures
  • Tax Credits and Incentives
  • Cost Segregation
  • Transfer Pricing / Advance Pricing Agreement
  • Staff Outsourcing
  • IT Support
As you encounter special transactions or circumstances, PK can provide other business advisory services to you with coordination with integrated resources from BDO, Andersen Tax LLC, or other specialty consulting service providers, if needed. A few examples of such services include due diligence related to merger and acquisition transactions, valuation in connection with impairment of long-lived assets, cost segregation study for fixed assets for potential tax savings and IFRS reporting purposes, transfer pricing documentation, and advance pricing agreement, etc. Please inform us of your business concerns or issues related to contemplated transactions or plans. PK will help you attain your business goals by resolving those issues.