13th February 2019
MGI Worldwide international accounting association has expanded its global network of audit, tax, accounting and consulting firms by welcoming a new member in Nepal, Shankar Associates, Chartered Accountants.
Based in the Nepalese capital Kathmandu, the company currently has three partners: Managing Partner Kripson Manandhar, tax and company Partner Shankar Thapa and audit lead Partner Narayan Prajapati. The firm’s consulting wing is lead by Senior Manager Damodar Paudel.
Shankar Associates has joined the MGI Asia network to boost its competitiveness in the local market and also raise its profile on the global stage.
About Shankar Associates
Shankar Associates officially came into being in January 2016, when a group of independent consultants came together to form a sole proprietorship assurance and advisory firm and registered with the Institute of Chartered Accountants of Nepal. Shankar Associates converted to partnership in 2018 to accommodate growing client needs and demonstrate its professional capabilities.
The firm united a team of young chartered accountants who believed in creative auditing, rather than simply following established methods and models. Its aim is to deliver genuine value for clients, as opposed to viewing auditing as a routine compliance exercise.
Why did Shankar Associates choose MGI Worldwide?
Seeking opportunities to improve its competitiveness in the local market, Shankar Associates discovered MGI Worldwide after doing some online research and reading the International Accounting Bulletin’s latest rankings. The company identified a number of potential international networks and began the process of choosing one.
It settled on MGI Worldwide for a number of reasons, the first of which was the network’s responsiveness, which Shankar Associates took as a good sign of how the relationship could work in the future.
“[The] second factor is that MGI Worldwide is a network of entrepreneurial young professionals like us. We can relate to the members of the network who face similar challenges [to us],” explains Shankar Thapa. "And finally, MGI aligns with our approach to ensure quality in all our work, which we look to further strengthen [through] membership of an international network.”
Shankar Associates’ Partner also pointed out that membership of an international network has become “essential” for mid-level audit and consulting firms that want to compete with bigger players in the market.
Nepal, a landlocked country in southern Asia, is famous worldwide for its mountainous landscape and for being home to eight of the ten highest mountains on the planet. It is bordered by India to the south and China to the north.
The Nepalese economy has progressed significantly since the 1950s, having previously been relatively isolated from the rest of the world and without modern infrastructures, such as electric power, roads, telecommunications or civil service.
Today, agriculture remains the nation’s principal economic activity, although there has been growth in sectors that leverage the potential of Nepal’s natural resources, such as tourism and hydroelectricity.
View Shankar Associates, Chartered Accountant's MGI Worldwide member profile page HERE.
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MGI Asia is part of MGI Worldwide, a top 20 ranked international accounting network with some 5,200 independent auditors, accountants and tax experts in over 260 locations around the world.