Group Audits - International Group Audit Services

We're a leading UK firm of Chartered Accountants* with specialist knowledge and extensive experience in dealing with international groups. Our group audit services are designed to handle the complexities of multi-jurisdictional group structures, consolidation requirements, and diverse accounting standards, ensuring comprehensive audit coverage across all group entities while meeting regulatory requirements in multiple jurisdictions.

International Group Audit Expertise

Auditing international groups requires deep understanding of complex group structures, consolidation methodologies, intercompany transactions, and multi-jurisdictional regulatory requirements. Our team brings extensive experience in group audits, having worked with international groups across diverse industries and geographic regions.

We understand the unique challenges facing international groups, from coordinating audits across multiple jurisdictions to ensuring consistency in accounting policies and consolidation methodologies. Our approach is designed to provide comprehensive group audit coverage while minimising disruption to group operations and ensuring efficient coordination with group management and other auditors.

Group Audit Services

Our comprehensive group audit services cover all aspects of international group audits:

International Group Structures

We have extensive experience auditing international groups with diverse structures, including:

• Multi-tier Group Structures: Complex group structures with multiple levels of subsidiaries, joint ventures, and associated entities across different jurisdictions
• Cross-Border Groups: Groups with operations spanning multiple countries, requiring coordination of audits and consolidation across different regulatory environments
• Holding Company Structures: Groups with holding companies in multiple jurisdictions, including UK, Jersey, Isle of Man, and other international locations
• Joint Ventures and Associates: Groups with significant joint ventures and associates, requiring equity accounting and consolidation of joint venture entities
• Regulated Group Entities: Groups with regulated entities in financial services, requiring sector-specific audit expertise and regulatory compliance
• Listed Group Entities: Groups with listed entities, requiring enhanced audit procedures and compliance with listing rules and corporate governance requirements

Accounting Standards and Consolidation

Our group audit expertise covers all major accounting standards and consolidation methodologies:

• IFRS Consolidation: Comprehensive expertise in IFRS consolidation requirements, including IFRS 10 (Consolidated Financial Statements), IFRS 11 (Joint Arrangements), and IFRS 12 (Disclosure of Interests in Other Entities)
• UK GAAP Consolidation: Expert knowledge of UK GAAP (FRS 102) consolidation requirements, including group accounting and consolidation adjustments
• Mixed Standards: Experience with groups using mixed accounting standards, ensuring accurate consolidation and appropriate disclosure of accounting policy differences
• Currency Translation: Expertise in foreign currency translation and consolidation, including translation of foreign subsidiary financial statements and treatment of exchange differences
• Goodwill and Intangible Assets: Comprehensive review of goodwill and intangible assets arising from business combinations, ensuring appropriate recognition, measurement, and impairment testing

Multi-Jurisdictional Regulatory Compliance

International groups face complex regulatory requirements across multiple jurisdictions. Our group audit services ensure compliance with:

• UK Companies Act: Compliance with UK Companies Act requirements for UK group entities, including statutory audit requirements and Companies House filing obligations
• Jersey and Isle of Man: Recognised Auditor status enabling audits of Jersey and Isle of Man group entities, ensuring compliance with local regulatory requirements
• International Regulatory Requirements: Understanding of regulatory requirements in other jurisdictions, coordinating with local auditors to ensure comprehensive compliance
• Listing Rules: Compliance with listing rules and corporate governance requirements for listed group entities, including enhanced audit procedures and reporting
• Sector-Specific Regulations: Compliance with sector-specific regulatory requirements, including financial services, regulated industries, and other highly regulated sectors

Group Audit Coordination

Effective group audit coordination is essential for comprehensive audit coverage and efficient audit delivery. Our group audit approach includes:

• Central Coordination: Central coordination of group audits, ensuring consistent audit approach, accounting policies, and reporting standards across all group entities
• Component Auditor Coordination: Effective coordination with component auditors, including review of component auditor work, ensuring appropriate audit coverage and quality
• Group Management Liaison: Regular communication with group management, providing updates on audit progress, findings, and recommendations
• Timeline Management: Efficient management of group audit timelines, ensuring all group entity audits are completed on time to meet group reporting deadlines
• Quality Assurance: Comprehensive quality assurance processes, ensuring consistent audit quality across all group entities and compliance with auditing standards

Why Choose Acumon for Group Audits

Group Audit Process

Our group audit process is structured to provide comprehensive audit coverage while ensuring efficient coordination and timely completion:

1. Group Structure Analysis: Comprehensive analysis of group structure, identification of all group entities, and assessment of consolidation requirements
2. Audit Planning: Development of group audit plan, including scope of work, allocation of resources, and coordination with component auditors
3. Component Audits: Execution of component audits, including parent company audits, subsidiary audits, and review of component auditor work
4. Consolidation Review: Comprehensive review of consolidation process, including intercompany transaction elimination, currency translation, and consolidation adjustments
5. Group Financial Statements Audit: Audit of consolidated financial statements, ensuring accuracy of consolidation and compliance with accounting standards
6. Reporting: Preparation of group audit report and group financial statements, ensuring compliance with regulatory requirements and providing comprehensive assurance
7. Ongoing Support: Ongoing support with group reporting, regulatory compliance, and addressing audit findings and recommendations

*Acumon is positioned among the leading UK accountancy firms, having been only £37k short of the top 100 in the Accountancy Age 50+50 list for 2024. Since publication, there have been significant market consolidations; Acumon has continued to grow organically and through strategic acquisitions. Our substantial client base and PIE audit license demonstrate our capability and market position.