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Case study
UK-Domiciled Global Engineering Business
The client is a diverse, globally operating engineering group headquartered in the United Kingdom with revenues of €1.2bn and employing more than 5,000 people. It is a privately owned family group, established in 1975, which is financially independent with no debt.
There are three main divisions: Power Solutions, Print Technologies and Other Industrials. The group’s principal subsidiaries are based in Germany, France, Italy, Norway and the UK, with a substantial presence in the United States and more than 90 sales and service companies around the world. Their most recent corporate acquisition was of Bergen Engines AS from Rolls Royce for €91.5m.
The client challenge
This client wants the group audit for 31 December completed by the end of January and the group financial statements signed off in early February. This is a fast turnaround audit process for a private group which presents some significant logistical challenges to an audit process. The audit timetable utilises an interim audit pre-year-end to pull work forward to relieve pressure on the end of year process. We also support the client with the preparation of the group financial statements.
The solution
Nexia has been closely involved with this group for a long period of time. Nexia Saffery took on the UK group audit in 2019. The client has a strong relationship with Nexia and wanted this continuity. Many of the client’s overseas subsidiaries are audited by Nexia member firms across the world including Nexia Audirevi in Italy, Nexia Charles Mar Fan Limited in China, Audalia Nexia in Spain and Nexia S&A in France to name a few.
With the adoption of the revised ISA 600 group audit financial statements, Nexia will be reviewing all the main manufacturing companies in the 2024 audit cycle and review the work of a third of the components in the group each year.
Value
The client benefits from strong continuity in the Nexia Saffery and wider Nexia teams. It values the proactivity from Nexia and with the client debriefing process each year on how the efficiency and speed of delivery can be improved. The client’s reporting pack by component has been developed each year to enhance data collection for any new reporting developments like the changes from the IFRS 9 on credit losses.
Like many of Nexia’s clients, the clear value from instruction is Nexia’s ability to deliver to the agreed timetable, but in this client example, the ability to also work with multiple jurisdictions and challenges to deliver the group audit is of major benefit.
