RFP
Find a firm
Become a member
Member log in
Case study
International USD$3.5 billion Trading and Distribution Company
The client is a multinational USD$3.5 billion trading and distribution company with manufacturing capabilities and a network of offices and subsidiaries spanning more than 29 countries in Africa, Europe, Middle East, Latin America and Asia.
The client is part of a global conglomerate which operates in a number of different industries with products and services in over 150 countries, and operations in 100 countries across six continents.
The client challenge
The client needed an experienced auditor, outside of its group-level provider, for its sub-Saharan African operations. With the engagement spanning across nine countries, they were specifically looking for one central point of contact and a partner-led auditor who could effectively communicate and manage a multijurisdictional engagement.
The Nexia solution
Managed from South Africa, Nexia provided the client with partner-led IFRS standard external audit services in the following countries:
- South Africa (Nexia SAB&T);
- Ghana (Nexia Debrah & Co.);
- Kenya (Nexia Kenya);
- Nigeria (Nexia Agbo Abel & Co.).
- Senegal (RMA Nexia);
- Tanzania (Nexia Tanzania); and
- Zambia (D&G).
After a successfully delivered audit cycle, the client requested additional services from Nexia for Zimbabwe and the Cote D’Ivoire.
Each year, over 20 entities are audited by Nexia member firms over a period of 2 months. During the audit, Nexia facilitates weekly partner meetings for the 30+ sub-Saharan Nexia partners with Nexia SAB&T acting as the Chair. Weekly updates are provided to the client from the lead firm, Nexia SAB&T and the central partner contact, with Nexia SAB&T providing a round-the-clock contact service to the client.
Nexia being the subsidiary auditors ensured that the audited results and the audit packs were provided to the group auditors in a timely fashion.
Value
The client received an advanced team of specialists that worked directly with them to solve their problems. This was a truly partner led audit where collaboration and coordination was the key to delivery. The client had direct access to the partners in charge, who were exhaustively involved in the audit. Nexia was also able to work hand in glove with a global group level auditor to a very satisfactory conclusion.
With Nexia’s IFRS expertise, Nexia was able to provide the client (and the client’s group auditors) with expert technical audit opinions that are still in place to this day and, of which, some have been adopted globally.
Having one point of contact and a clearly defined team leader showed clear leadership to the client and the streamlined decision making that exists in the Nexia network. With work expected across East Africa, Southern Africa and West Africa, the client has openly expressed that the team was well organised, ensured all deadlines were met and worked well with one another.
