Gunjan Sanghi

Before joining Ankura in 2019, Gunjan was an advisor to one of PCAOB’s board members and advised on strategic, policy, operational, and people-related matters, including the development of the strategic plan and an organization-wide transformation of programs and processes. In this role, he reviewed, analyzed, and provided advice on all matters presented before the board for decision, including proposed auditing standards, enforcement matters, inspection reports, and other public reports and guidance regarding PCAOB activities and recommendations regarding international collaboration.

Prior to his role as a board advisor, Gunjan was an Inspections Leader in PCAOB’s Division of Registration and Inspections. He led and participated in various aspects of the inspection programs, including inspection planning and execution, report writing, and remediation, for the Big Four accounting firms and their affiliates in the U.S. and multiple foreign jurisdictions, respectively. He inspected audits of listed companies, including Fortune 100 companies, in a variety of industries (manufacturing, technology, retail, energy – oil and gas/mining, and services), to assess the degree of compliance with the Sarbanes-Oxley Act, the rules and standards of the PCAOB and the Securities and Exchange Commission (SEC), and other professional standards. He also evaluated firms’ quality control structures and the impact these structures have on audit quality. As a subject matter expert, Gunjan consulted on various accounting matters related to the technology industry. He also prepared and facilitated multiple trainings on accounting and auditing hot topics at the annual, regional, and local levels.

Before joining the PCAOB, Gunjan managed clients in the assurance and advisory practices of Big Four accounting firms in the U.S., the Middle East, and Asia. His experience includes integrated audits of financial statements (prepared in accordance with U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards), cost audits, internal control reviews, due diligence for acquisitions, financial modeling and quantitative analyses, fraud investigations, and other corporate finance assignments for listed corporations and private companies, including Fortune 500 companies. His client portfolio included companies in the technology, industrial and consumer goods manufacturing, and service industries.

Gunjan has also managed cross-geography process migration in a shared services environment for a global technology company.

Gunjan’s professional experience includes:

Expert/Consultant – Auditor Liability

• Retained, as an Independent Consultant, by audit firms subject to PCAOB and/or SEC enforcement orders requiring the audit firms to engage an independent consultant to review and evaluate the firm’s policies and procedures related to various elements of the firm’s system of quality control, including engagement performance, monitoring, and training.
• Engaged by audit firms to assist, as an Independent Consultant, with the self-assessment of the firms’ system of quality control, in response to a PCAOB enforcement order, to recommend improvements to ensure compliance with PCAOB standards.
• Engaged, as an expert, by counsel to assist in the representation of large and small accounting firms and public companies in the preparation of responses to enforcement inquiries from the SEC and the PCAOB. Advised clients on various matters, including alleged fraud and misrepresentation, fair value assessment of assets, testing internal controls, audit supervision and review, auditor independence, and system of quality control.

Audit Oversight Program Support

• Engaged by the government of one of the top 10 largest capital markets in the world, to develop, implement, and operationalize the audit oversight function. Activities covered all aspects of inspections, including planning, execution, reporting, and remediation. Advised on policy matters with the objective of increasing investor protection through enhanced audit quality and increasing the attractiveness of the country’s capital market.

Expert/Consultant – Civil Litigation

• Engaged by a multi-billion dollar energy company to provide forensic services in relation to a civil litigation arising from investigations by the U.S. Department of Justice (DOJ) and Federal Bureau of Investigation (FBI). Led a team of professionals to conduct forensic accounting procedures in relation to construction costs incurred in a multi-billion-dollar project for a large nuclear power company. Presented results of forensic procedures to federal and state authorities, including the DOJ and FBI.

PCAOB Support

• Engaged by national and international accounting firms to conduct pre-inspection reviews of certain audits to provide feedback and guidance to help prepare the firms for PCAOB inspections. Assisted in providing responses to PCAOB queries, comment forms, and inspection reports.
• Engaged by accounting firms to assist in responding to PCAOB inspection reports, assisting in performing or reviewing root cause analyses, and assisting in the development of appropriate remediation responses to the PCAOB inspection reports.
• Engaged by national accounting firms to enhance their systems of quality management in accordance with the requirements of International Standard on Quality Management (ISQM) 1, Statement on Quality Management Standards (SQMS) 1, and QC 1000, a firm’s system of quality control.