Where Clarity Meets Compliance

Comprehensive Group Audit & Consolidation Services For Your Business

Keeping track of multiple entities and preparing consolidated reports can be challenging. Our group audit and consolidation services simplify the process by delivering accurate, transparent, and compliant financial statements that reflect the true performance of your entire organisation.

From reviewing intercompany transactions and aligning group accounts to preparing consolidated reports and ensuring regulatory compliance, we provide the clarity you need to make confident business decisions and maintain stakeholder trust.

The Key Stages of a Group Audit

1. Planning & Defining Scope

What Happens
• Understand the group structure, number of subsidiaries, types of entities, joint ventures.
• Decide which subsidiaries/entities to include based on size, risk, regulatory obligations.
• Meet with management / board to set expectations and define key objectives.

Why It Matters
Sets the foundation; ensures audit effort is focused where risks are highest; helps manage resources and stakeholder expectations.

2. Risk Assessment

What Happens
• Identify risks at both group level and individual entity level (financial reporting, operational, compliance).
• Evaluate likelihood and impact of these risks.
• Prioritize the risks to allocate audit resources accordingly.

Why It Matters
Allows auditors to tailor their audit strategy to what could go wrong; helps avoid surprises.

3. Coordination with Subsidiaries

What Happens
• Establish clear communication channels with each entity’s management and internal audit (if applicable).
• Set out information and documentation requirements and timing.
• Clarify roles & responsibilities (who will provide what, when, who the auditors will deal with).

Why It Matters
Prevents delays; ensures consistency; helps reduce duplication and misunderstandings.

4. Fieldwork & Testing

What Happens
• On-site visits or virtual assessments to collect evidence.
• Tests include control testing, substantive testing, and analytical procedures.
• Observe operations, verify transactions, inspect records.

Why It Matters
Core of audit, where findings are gathered; crucial for accuracy and verifiability.

5. Consolidation of Findings

What Happens
• Combine audit results from all subsidiaries.
• Identify cross-entity issues or common weaknesses.
• Highlight material anomalies or non-compliances.

Why It Matters
Gives a group wide picture; ensures that important issues are not siloed.

6. Reporting

What Happens
• Draft the audit report: executive summary, detailed findings, recommendations.
• Present findings to board / audit committee.
• Emphasize transparency; include both high-level and detailed observations.

Why It Matters
Ensures oversight bodies are informed; helps the company act on issues; builds trust.

7. Follow-Up & Continuous Improvement

What Happens
• Management develops action plans to address issues.
• Auditors perform follow-up reviews to check if corrective measures are effective.
• Embed improvements into processes and control systems.

Why It Matters
Strengthens the group’s control environment; closing the loop makes audits more than just compliance exercises.

8. Regulatory Compliance & Ethics

What Happens
• Ensure all work follows Singapore’s Companies Act, Singapore Financial Reporting Standards (FRS), and the relevant auditing standards.
• Auditors must maintain independence, integrity, objectivity.
• Keep up to date with changes in regulation

Why It Matters
Non-compliance can lead to legal, reputational, or financial risk. Ethical conduct preserves the trust stakeholders place in financial reports.