Several MSI member firms join forces to provide group audit services to global welding manufacturer.
The client is a global leader in the production of advanced welding consumables and automated welding equipment headquartered in Singapore.
For more than 50 years, industrial users across the globe have relied on the expertise of the client to increase productivity and reduce costs through effective repair and maintenance solutions. There are over 40 subsidiaries in the group with significant operations throughout Europe, the US and Asia.
The client had performed a restructuring several years ago and shifted their group holding company, which was audited by MSI member haysmacintyre (London), from the UK to Singapore. The group appointed a Big 4 firm in Singapore as the new group auditors, with a number of significant components in different countries appointing the same Big 4 firm as their auditors in the respective jurisdictions.
haysmacintyre remained as the auditor of the subsidiaries in the UK and continued to assist in the group audit with the review of the financial statements of a number of subsidiaries in Mexico and the US.
In time, the client became dissatisfied with the services of the Big 4 firm as it was now mandating that the client appoint their network counterparts as auditors for the remaining significant components within the group.
haysmacintyre proactively sought out and worked alongside fellow MSI member firm, Heng Lee Seng LLP (Singapore), to submit an audit proposal for the client.
At the same time, Heng Lee Seng LLP also worked together to identify significant components of the group, and contacted MSI member firms ADKL Group (Duesseldorf, Germany) and Crown Heritage (Kuala Lumpur, Malaysia) providing a brief introduction and linking them to the local management of the client to submit proposals on an immediate basis. Both firms were ultimately successful and subsequently engaged as auditors of the various components for FY 2021.
In the course of the group audit for FY 2021, all member firms worked closely and communicated frequently to meet the client's deadline and deliverables.
Encouraged by the positive feedback from the client on the first year performance of the MSI member firms, additional MSI counterparts in France (Synerga) and Mexico (Perez Gongora & Asociados) were appointed auditors of the remaining significant components of the group.
For the FY 2022 group audit engagement, MSI member firms from Singapore, UK, Germany, France, Malaysia and Mexico collaborated and took part in the audit of the client, covering 13 entities of the group.
Many thanks again Michael to you and the team - a terrific effort all round. This was the first year that Heng Lee Seng LLP carried out the audit and overall I feel it went quite smoothly. (Client's Group CFO)
The client was impressed that both firms were able to work seamlessly and coordinate a major group audit involving a large number of audit engagements with professional firms in multiple jurisdictions in Europe, Asia and North America from the first year.