Nicholas Muteti

My work experience includes industry focus on several of the PwC's largest, multi-national clients with investing strategies ranging in complexity. I currently manage client relationships and execution of audit engagements in PwC's financial services sector in New York. I specialize in the insurance, banking and investment management sub-sectors, serving public and private companies, including insurance companies, asset management and broker-dealer clients. Notable clients included Prudential Financial, Inc. (corporate, asset management and broker-dealers), Guardian Life Insurance Company, and PartnerRe Limited. Over the years I have developed a strong technical accounting background and this is demonstrated by my responsibilities and achievements which include:

• Provided technical guidance on clients’ application of US GAAP, including evaluating implementation of new accounting standards, assessing methodologies, and reviewing the work of specialists. Illustrative list of complex accounting areas: valuation of investments & derivatives, hedge accounting, business combinations, consolidations and VIEs, goodwill impairment assessment and stock-based compensation. Specifically led a large accelerated public filer engagement through the adoption and implementation of the ASC 606, Revenue recognition, ASC 842 on leases, ASU 2016-01 on financial instruments recognition and measurement, ASC 326 on Current Expected Credit Losses (CECL), and currently leading a team on a foreign issuer engagement through adoption of ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts issued by Insurance Companies (LDTI)
• Oversaw the audits of a leading global asset manager with over $1 trillion in assets under management (AUM) including equity, fixed income, mortgages and real estate asset classes, on technical areas such as investments valuation, revenue recognition, capital commitments and contributions, allocations and distributions, carried interest, management company reporting and funds financial reporting.
• Ran the audit of a public filer’s income taxes, including the impact of the enactment of the Tax Cuts and Jobs Act in 2017 and taxes associated with the repatriation “Toll Charge” tax, Base Erosion Anti-Abuse Tax, and Global Intangible Low Taxed Income. Worked alongside tax specialists and leadership of the client’s tax department.
• Collaborated with PwC's and Client's IT specialists on a transformation project transitioning into a cloud-based system and ERP environment, as well as modernizing and automating processes and controls to take advantage of the new technology.
• Drove efficiency and quality initiatives across several audit teams, including pioneering use of PwC’s offshore service delivery centers and centralized specialized audit teams, as well as leveraging technology tools such as Alteryx, Bots and Tableau to streamline, standardize, automate, and centralize the audit. In one notable example, integrated segmented audit cycle teams into one cohesive team leading to direct improvements in efficiency, audit quality and team morale
• Led engagements surrounding major transactions, including purchase accounting transactions, and other significant business combinations. Key roles included: technical expertise, project management and financial close integration
• Partnered with clients’ SEC financial reporting leadership, reviewed 10-Q, 10-K and 20F disclosures and provided current guidance on reporting requirements and enhancements to improve disclosure to comply with U.S. Generally Accepted Accounting Principles and Regulation S-X across several public company audits
• Fluent in financial reporting under statutory accounting principles (NAIC SAP), international reporting under IFRS, regulatory compliance reporting under Regulation Asset-Backed Securities (Reg-AB), United States Department of Housing and Urban Development (HUD), COSO's 2013 framework and Sarbanes Oxley (SOX)
• Experienced in all aspects of Broker Dealer compliance including with financial regulatory net capital computation, exemption attestation, customer statements, quarterly security count and possession or control of customer-owned securities, and SIPC Reporting
• Led presentations to Audit Committees / Boards of Directors and various members of senior management to share perspectives. Also provided this group onboarding sessions and technical trainings covering a range of technical and strategic topics

My responsibilities as Audit Director involve team leadership of multicultural teams ranging from 3 to 20 people across multiple geographic locations through audit engagements, actively analyzing project goals and timeline, and creating a strategic plan to deliver a quality product on time. I am specifically involved in:

• Developing, coaching and motivating cross-functional engagement team members through real-time feedback, recognition and critical reviews of audit work.
• Instructing training programs on local level to deliver technical accounting and industry knowledge, audit quality initiatives, and firm technology.
• Leading PwC New York Insurance practice's diversity and inclusion initiatives on the Black Inclusion Network

An integral part of my role as Director is working with Partners and other senior staff on client relationship management which entails:

• Business development contributions include participation in RFPs and industry-focused conference planning.
• Managing engagement economics through cost reduction activities and leading fee negotiations with clients.

• Maintained up-to-date knowledge on accounting standards and best practices to ensure high-quality audit results were delivered consistently.