A global sports media management group that manages the media rights of various big-ticket sporting events. It has a holding company based in Singapore and several subsidiaries operating in different geographies across the globe, which in turn have step-down subsidiaries and cross-holdings.
- Huge delays in completing the financial closing and audit of the consolidated accounts of the group.
- Absence of an automated end-to-end tool to manage the consolidation of all entities in the group.
- Lack of harmonization of the Chart of Accounts across different entities.
- Lack of common accounting ERP across all entities.
- Different financial year closing dates for several of the group entities.
- Local auditors in some countries, thereby making the group auditors dependent on the audits done by the local auditors.
- Different accounting practices due to GAAP differences in the respective jurisdictions.
- The presence of step-down subsidiaries and cross-holdings necessitates multiple levels of consolidation.
- Changes in the holding structures during the year.
- Evaluate an end-to-end consolidation tool and the implementation partner and finalize the commercial arrangement for the selected option.
- Lead the implementation of the tool in close coordination with the implementation partner.
- Harmonize chart of accounts and accounting practices across the different entities, within the framework of the relevant country GAAPs, and carry out GAAP conversions where necessary.
- Put in place a mechanism to track and reconcile related party transactions.
- Reduction in the time taken for completion of finalization of group accounts from 4 months to 2 months. Reduction in the time taken for the completion of audit from 8 months to 4 months after the close of the financial year.
- Clean audit report due to the elimination of audit qualifications relating to non-adherence to GAAP and the non-availability of harmonized financial data across all entities.
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