Auditing international groups requires coordinated professional execution, consistent quality and continuous communication between the group auditor and the component auditor. Given tight group-level reporting deadlines, it is particularly important that local audit work is performed to an appropriate professional standard, properly documented and completed according to the agreed timetable.
In our role as component auditor, we perform our work in accordance with the audit scope, materiality levels, group-level risks, audit instructions and reporting requirements defined by the group auditor.
Depending on the scope of the engagement, our audit may cover the component’s financial information, the reporting package prepared for consolidation purposes, significant risk areas identified at group level, accounting estimates and judgements, as well as relevant intra-group transactions and consolidation information.
In international engagements, we place particular emphasis on timely, clear and properly documented professional communication with the group auditor, appropriate reporting of significant findings and consistent adherence to group-level reporting deadlines.
A well-coordinated component audit reduces the risk of repeated requests for information, delays and subsequent reporting adjustments, thereby providing a more efficient and predictable audit process for both the local company and the group auditor.
Our goal is to ensure that our local audit work is seamlessly integrated into the group audit strategy while also providing the local finance team with well-organised, transparent and predictable collaboration.