Search Results for: ARMANINO

Armanino Creates Game-Changing Technology To Deliver Real-Time Attestation Service

San Ramon, Calif.-based Armanino (FY18 net revenue of $267.2 million) has created the world’s first application of real-time attest.

Using blockchain technology, Armanino created TrustExplorer 2.0, which reduces attestation reporting from 30 days to 30 seconds and is the first step to developing real-time audit.

“For years, thought leaders have predicted the future arrival of real-time auditing capabilities, and now Armanino has accomplished the world’s first business application of this theorized innovation,” says CEO Matt Armanino. “This breakthrough is a catalyst that will lead to the widespread development and adoption of real-time auditing, and offers a transformational improvement over the current audit practices.”

Armanino tells IPA that TrustExplorer is an example of what the profession should be doing to take advantage of disruptive technologies. “This is an incredible opportunity to change ourselves,” he says. “Embrace it with a sense of fearlessness.”

The TrustExplorer 2.0 tool will allow users to download a report, backed by the firm’s opinion and in compliance with attest examination standards. The innovation solves some of the biggest issues with reporting as it exists now: reports are historical and stale by the time they are issued, they are not widely available and methods of collecting data are time-consuming.

The first license to Armanino’s TrustExplorer platform was granted to TrustToken, the world’s fourth largest stablecoin issuer. TrustExplorer supports public blockchain nodes to obtain audit evidence for the TrueUSD stablecoin.

“TrustExplorer 2.0 serves as our roadmap for how to take immutable tamper-resistant systems like blockchains, and harness them to provide attestation opinions both in real-time and with accuracy that cannot be contaminated by human error,” says Andries Verschelden, partner and blockchain practice leader at Armanino. “This is a clear-cut example of how blockchain technology is already changing business processes to optimize accuracy, security and speed.”

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Great Northern Advisory Team Joins Armanino

Caroline Stovall

San Ramon, Calif.-based Armanino (FY18 net revenue of $267.2 million) has announced that Great Northern Advisory, a financial consulting firm in Dallas, has joined the firm.

Founder Caroline Stovall has been admitted as a partner to lead the firm’s CFO advisory practice, effective Nov. 1. The Great Northern Advisory team is made up of 15 consultants with decades of experience in a variety of Big 4, consulting and operational roles, including as CFOs and controllers.

CEO Matt Armanino says the firm is committed to expanding the practice. “The Great Northern Advisory team brings deep expertise in health care, accounting process transformation, system implementations, acquisition integrations, interim financial management, accounting support, private equity and transaction advisory services that perfectly complement our CFO advisory practice.”

The Great Northern Advisory team will be based in Armanino’s Dallas office.

“Armanino is a great fit for our team, because the firm recognizes the importance of a strategic CFO organization – something that is at the core of our practice,” Stovall says.

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Andy Armanino to Step Into Chair Role at Moore Global

Andy Armanino

Richard Moore has announced that he intends to step aside after 15 years as chair of Moore Stephens International, now Moore Global, and Andy Armanino will succeed him starting Jan. 1.

Armanino, the former CEO and MP of San Ramon, Calif.-based Armanino LLP (FY18 net revenue of $267.2 million) is currently a member of Moore Global’s board.

During Moore’s period as chairman, the network has grown its combined revenues significantly and extended its coverage to more than 110 countries. He will remain an active member of the network through Moore Family Office Limited, where he specializes in advising international private client families.

“We are now an organization of true global capability, with a reputation for quality and differentiated client service,” Moore says. “I am personally delighted that Andy will succeed me in the role. He is an individual with great compassion, drive and vision, and a global perspective on how the role of professional service firms must evolve and adapt.”

Armanino says that Moore’s grandfather started the original Moore firm in London more than a century ago. “The organization is well positioned to meet the main challenges facing our profession as we look ahead: sustaining the talent pool that we need to grow our future leaders and innovators; and, as our business capabilities improve because of a world made faster and smaller through technology and data, we must ensure it is clients, first and foremost, who benefit from our ability to enhance our already strong international expertise and global resources.”

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Armanino Begins Accepting Cryptocurrency Payments

San Ramon, Calif.-based Armanino (FY18 net revenue of $267.2 million) is accepting payment in more than 1,000 cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin and many other altcoins.

Armanino is also offering the firm’s proprietary block explorer and associated audit tools to clients, who include virtual currency exchanges, custodians and blockchain companies. Block explorer works with top public blockchains to analyze transaction and wallet details as well as digital signature validation tools to obtain independent and credible audit evidence, giving clients the most powerful and trustworthy platform for successful audits.

“With more fintech companies, banks and brokerages exploring ways to mainstream cryptocurrency, it made sense for Armanino to build the infrastructure necessary to accept cryptocurrency payments for what we expect to be a growing form of payment,” says partner Andries Verschelden, blockchain practice leader.

He adds, “As digital asset use and adoption increases and new types of transactions are made, such as security token offerings (STO) on public blockchains, the need for third-party assurance tools continues to grow. That’s where our block explorer and associated tools are already proving value to our internal teams and our clients alike.”

Armanino offers a breadth of industry-specific solutions to the blockchain and cryptocurrency communities. The firm has implemented a crypto onboarding service that includes preparing and consulting clients on the best practices, as well as the means to perform transactions in the new digital asset economy.

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Armanino Opens Denver Office

San Ramon, Calif.-based Armanino (FY18 net revenue of $267.2 million) announced that it has opened the doors of its new downtown Denver office, further expanding the firm’s footprint.

The Denver team works with experts across the firm’s 13 offices throughout California, Washington and Texas.

“Armanino works with many Denver- and Colorado-based businesses. With a steady increase in engagements in the region and a rapidly growing economy, we saw this market as a natural expansion,” says CEO Matt Armanino. “Denver has long been a gateway to the West, making it a key market for many of the firm’s industry specialties and a region with a strong talent pool to draw on.”

The distribution, manufacturing and technology sectors together make up nearly half the region’s GNP, while its cannabis industry is expected to grow 32% in the next four years. In addition, Colorado’s startup activity is ranked fifth in the nation, the firm reports.

Manufacturing, tech and distribution companies must deal with complex issues such as revenue recognition, ASC 606 compliance, valuation, state and international tax, and SOX compliance. Armanino offers a variety of solutions, including outsourced accounting and finance, corporate tax, audit and technology consulting.

Earlier this year, the firm launched its cannabis practice to provide help for common cannabis business IRS issues and financial checks needed by investors.

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Patrick Chylinski Joins Armanino as Partner in Los Angeles

Patrick Chylinski

San Ramon, Calif.-based Armanino (FY18 net revenue of $267.2 million) announces that Patrick Chylinski has joined the firm and was admitted as a consulting partner in its Los Angeles office, focusing on the firm’s forensics practice.

The practice assists clients in investigations, litigation support and fraud prevention.

“Patrick is a great fit with Armanino’s core values and culture thanks to his leadership presence and growth mindset. His industry knowledge of technology, media, sports, entertainment, real estate, blockchain and health care is well suited to work in concert with other firm practice areas to deliver maximum value for clients,” says Matt Armanino, CEO of Armanino LLP.

Chylinski has more than 22 years of consulting experience, with nearly 16 years focused on litigation support and forensic accounting.  Prior to joining Armanino, he was the West region practice leader in litigation consulting and financial forensics for Chicago-based RSM (FY18 net revenue of $2.14 billion).

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Armanino Launches AI Lab

An IPA Best of the Best firm, San Ramon, Calif.-based Armanino LLP (FY17 net revenue of $242.7 million) has launched the Armanino AI Lab, designed to help businesses interested in using AI technologies.

“More than 75% of companies believe AI is fundamental to their future success, but the majority of those aren’t taking advantage of AI technology today and don’t know how to,” says Tom Mescall, PIC of Armanino’s consulting practice. “Armanino’s AI Lab will serve as a one-stop shop that enables its members to harness the opportunities that AI offers without being left behind by their competitors.”

The announcement came May 20 at the Artificial Intelligence (AI) Executive Roundtable, hosted by Armanino at its offices for C-level executives to see a demonstration of AI and discuss practical ways to apply it.

The three components of AI are predictive analytics, robotic process automation and virtual assistants. Members of the Armanino AI Lab can access peer-to-peer meetings, exclusive product and vendor reviews, Armanino’s data scientists and AI developers and consultants. Members can also learn about AI best practices and execute on AI proof of concepts.

The firm says that in a survey of the Roundtable event attendees, more than 75% ranked predictive analytics as most important to their organizations. Additionally, 83% believe their data infrastructure will need further improvement to achieve the best results. Meanwhile, 60% of event attendees have not started their first initiative.

Prior to launching its AI Lab, Armanino researched the most common business cases for using AI – from finance, supply chain, customer experience and talent management to compliance and privacy.

“As we continue to build out the Armanino AI Lab, we are proud to align ourselves with many of the world’s technology and software leaders in the AI space,” says John Horner, PIC of Armanino’s data and analytics practice. “This makes it easy for clients to access our knowledge and relationships, thereby decreasing their investment time and increasing their benefits of embracing AI technology.”

Armanino has already accepted several existing clients into the Armanino AI Lab and will continue to add members. To submit your membership application, visit: learn.armaninollp.com/ailab.

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Armanino Expands to Orange County with Bolar Hirsch & Jennings Deal

San Ramon, Calif.-based Armanino LLP (FY17 net revenue of $242.7 million) has acquired Bolar Hirsch & Jennings LLP of Irvine, Calif., (FY18 net revenue of $18.8 million) effective June 1.  This transaction expands Armanino into Orange County and builds on the firm’s existing presence in Southern California.

“Bolar Hirsch & Jennings is a highly specialized tax firm with an amazing group of people and will put us in the hub of Orange County, where they have created a successful and trusted brand for nearly 30 years,” says Matt Armanino, CEO of Armanino LLP. “Armanino has been strategically investing in the Southern California market to ensure we can better serve the market with an expanded geographic footprint that covers all the major hubs in the region. With this addition, we will now have a total of five offices throughout Southern California.”

Bolar Hirsch & Jennings’ robust tax practice includes specialization in high-net-worth individuals, real estate and corporate tax solutions. This expertise is complemented by Armanino’s existing ability to serve individuals with a full family-office offering and businesses with expanded tax expertise and audit, consulting and technology solutions. The transaction brings value to individual tax clients looking for greater depth of expertise and a full suite of household finance solutions, and to Orange County-based companies that can take advantage of a wider set of available solutions to assist businesses at any stage of their lifecycle, from startup to wind-down.

“Our focus on driving the best results for clients is why Bolar Hirsch & Jennings is a top accounting firm in Orange County, and joining with Armanino will allow us to bring even more solutions to clients that will make their lives easier and optimize their business operations,” says David Hirsch, co-MP at Bolar Hirsch & Jennings. “This transaction not only expands our capabilities, but gives clients access to a large network of experts, including a real estate team well versed in real estate investment trusts (REITs), private equity funds and audit capabilities for all real estate businesses.”

“Bolar Hirsch & Jennings is a top-flight firm in Orange County with a stellar reputation for its client service and acuity in niche tax matters,” says Allan Koltin, CEO of Koltin Consulting Group, who advised both firms. “With this agreement, Armanino is extremely well positioned throughout Southern California.”

The former Bolar Hirsch & Jennings team will continue to operate from its Irvine office at 18101 Von Karman Ave., 14th floor.

Armanino’s strong growth is anchored in its pursuit of expanded service lines, technology solutions and specialized expertise. The firm has been listed on INSIDE Public Accounting’s Best of the Best Firms list for 17 out of the last 18 years and is regularly featured in best places to work lists.

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Armanino Brings Trust-as-a-Service (TaaS) to Blockchain

San Ramon, Calif.-based Armanino LLP (FY17 net revenue of $242.7 million) has partnered with TrustToken to build a solution that will add transparency and trust to digital assets.

As a global leader in digitizing assets that can be seamlessly and securely exchanged across liquid markets, TrustToken and its TrueUSD® stablecoin cryptocurrency can be monitored via a dashboard hosted by Armanino. The solution connects directly to third-party escrow accounts holding the U.S. dollars that collateralize TrueUSD tokens, and runs its own ETH nodes to ensure accuracy of the outstanding TrueUSD token supply.

“Blockchain technology is all about enabling us to transact in a trustless peer-to-peer way. It’s important to us to build products that further advance this mission,” says Andries Verschelden, PIC of Armanino’s blockchain practice. “Through our dashboard we will create direct transparency into the marketplace and increase trust for all users, thus allowing a wider adaptation of this important product.”

“This sets a new standard not only for stablecoins, but for all tokenized assets in the future,” says Rafael Cosman, co-founder and head of engineering and product at TrustToken. “With real-time confirmation of funds provided by one of the world’s leading accounting firms, traders will know at all times that their tokens are backed by real-world value.”

Continuous attest has long been a goal within the audit profession, and this proprietary, real-time dashboard offering complete transparency regarding how digital assets are backed is a step in this direction, TrustToken says. The firm is developing programmatic approaches for auditing and attesting on underlying assets, whether fiat currencies, cryptocurrencies, precious metals, real estate or debt obligations.

“At Armanino we want to advance the audit function into the digital age. This means relying on technology to increase speed and effectiveness in bringing trust to our community,” says Scott Copeland, PIC of Armanino’s audit practice.

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Armanino Opens New Office in Seattle

San Ramon, Calif.-based Armanino LLP (FY17 net revenue of $242.7 million) has added a new full-service office with tax, audit and consulting resources located in downtown Seattle to meet the needs of its established clients and develop new opportunities in the Pacific Northwest.

As a region ripe with expanding technology companies, world-class nonprofit organizations and a strong midmarket presence, Armanino recognized a prime opportunity to bring value to the market, the firm announced.

“We are seeing a need for more specialized resources in the region, whether that means consulting with us for technical accounting or SOX, complex tax issues or a broader outsourced finance solution,” says CEO Matt Armanino. “We’re also excited about the potential to grow a connection to the robust local talent pool and, being a top 1% Microsoft partner, our new proximity provides direct access to Microsoft.” Microsoft is headquartered in nearby Redmond, Wash.

Armanino’s aggressive growth is anchored in its pursuit of expanded service lines, technology solutions and specialized expertise. The firm has been listed on INSIDE Public Accounting’s Best of the Best list for 15 of the last 16 years, and has a Net Promoter Score that is nearly double the average for the accounting industry.

Armanino’s Seattle location is at 801 Second Ave.

Armanino has seven offices in California, in San Ramon, San Francisco, San Jose, Los Angeles, West Los Angeles, Woodland Hills and El Segundo. The firm is also operates from offices in Dallas and Naperville, Ill.

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