Audit, accounting, tax and advisory services
Nexia Saffery brings together like-minded, trusted professional firms across the world.
We provide expert advice and services in a number of areas.
Audit
Assurance
Accounting
Outsourcing
Financial reporting
Domestic tax
Offshore tax
Corporate tax
Indirect taxes
Global mobility tax services
Transfer pricing
Private wealth
Business advisory
Corporate finance
Mergers and acquisitions
Transaction support
Valuations
Sustainability and ESG
Global expansion
Forensic and litigation
The client
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 which was established in 1975 which is financially independent with no debt.
There are three main divisions being 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 wanted the group audit for 31 December completed by the end of January and the group financial statements signed off in early February. This was a fast turnaround audit process for a private group which presented some significant logistical challenges to an audit process. The audit timetable utilised an interim audit pre-year-end to pull work forward and relieve pressure on the end of year process. We also supported the client with the preparation of the group financial statements.
The Nexia 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, Auditeurs & Conoseils Associes in France, Rehmann in the US 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.
Added value
The client benefit 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.
What they say
Global construction and engineering company
Food entrepreneur
We work closely with member firms across the world to provide our clients with the most efficient and insightful advice. Get in touch today to discover how we can help you.
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