Auditing and monitoring services for German subsidiaries
In the context of a globalized economic environment, many small- and medium-sized companies in Germany are legally independent production, sales or service subsidiaries in an international group. Since the importance of numbers and figures as a controlling instrument is steadily increasing, uniform group reporting standards based on uniform group accounting and valuation guidelines are essential.
In addition to the “normal” preparation of annual financial statements under local law and local GAAP with different national legislation, auditing standards and tax rules, the existence of further financial and accounting standards, which meet the requirements of the foreign parent company, often represents a major challenge for the management of a German company or subsidiary.
Last but not least, it is particularly important for corporate owners abroad to have the local figures processed transparently and comprehensibly according to the standards which need to be applied and even use the auditor of the subsidiary as an “eye of the parent company”.
Our consulting services:
- Statutory and voluntary separate and consolidated audits under German standards (HGB) and IFRS
- Compliance audits and further special audits (forensic examinations and fraud audits, compliance and process audits)
- IT audits (IT systems audit, software selection and software introduction processes, IT due diligence, IT forensic services)
- Organising international reporting, preparation of reports and consolidations
- Advising on the introduction of IFRS
- Setting up reporting systems
- Consolidation organisation and projects
- Controlling and risk management
When choosing PSP as auditor of your subsidiary or acquired company, we provide our in-depth interdisciplinary knowledge and skills as well as our extensive practical experience. In this respect, we always seek to organise the preparation of annual single-entity financial statements and consolidated financial statements in the best possible way. With decades of experience in this field, we help our clients finalise their financial statements on a regular and timely basis. In addition to ensuring the highest level of audit-quality, PSP always strives to offer its clients the highest added value.
In addition, we also help local subsidiaries meet any existing group reporting requirements (during the year and, in particular, with respect to the annual financial statements). We also will make sure that the local subsidiary will meet all deadlines.
In order to achieve maximum efficiency, we always try to establish a well-coordinated procedure between preparer, group auditor and PSP. Through a combination of modern audit techniques and intelligently designed cooperation between client, PSP and group auditor, we are in a position to significantly reduce the time exposure of the involved employees of your company. Our PSP Audit Database supports our approach.