Global Audits Made More Convenient with Kreston Stanley Williamson
About Client
Our client is an internationally-known brand in the beauty industry.
The Challenge
Although this company is headquartered in the United States, its parent company is still based in Australia, and they are expanding their presence in Europe and Asia.
They are in need of an Australian firm with a strong international presence to conduct audits on their American operations and provide assurance for their global accounts. This requires an accounting firm with the ability to navigate the intricacies of a client that operates with a turnover of tens of millions of dollars worldwide.
What We Did
As proud members of Kreston International, the world’s 13th largest network of accounting firms, we maintain strong connections with our fellow member firms in Europe, Scandinavia, Asia, and the US. It’s worth noting that Kreston is also a member of the exclusive Forum of Firms, qualifying us to conduct transnational audits.
This enables us to seamlessly coordinate our client’s international audits each year, offering them a single point of contact for their convenience.
Prior to the onset of the pandemic, our experienced auditing team used to travel to the US twice annually to perform in-person audits of our clients’ American operations. While some other firms may delegate this task to junior staff, our philosophy prioritises having our best people on-site to swiftly resolve any issues that may arise.
In light of travel restrictions, we have harnessed sophisticated technology to carry out virtual audits, even encompassing complex tasks like stock assessments with their warehouses. If necessary, we can engage our American counterpart, CBIZ, to provide on-ground support.
Furthermore, we’ve gone beyond standard auditing by offering comprehensive advice on tax and advisory matters. We’ve strengthened their financial systems, advised on contract structuring, and even assisted in company valuations. It’s important to emphasise that all our actions adhere to stringent safeguards to maintain auditor independence.
In a rapidly evolving global business landscape, we are committed to consistently delivering added value to our clients.
What The Client Says
"We’ve just been through a corporate restructuring, which is an enormous project. We also have very aggressive growth plans for the next five years. Kreston Stanley Williamson has been an invaluable, objective source of advice on how to change the way we operate and be efficient from a tax perspective.
"In fact, we frequently talk to them about our business decisions, from structuring future acquisitions to liquidation of companies. When you’re closely involved there are lots of emotions involved, and they take all the emotion out of it. They are a very trusted advisor.
"One of the most useful things about working with Kreston Stanley Williamson is their international reach. Their Kreston partners currently do the audits for all our companies across the globe. When you have a disjointed audit team it can be very difficult. It’s far more efficient to deal with one firm, and it makes working much easier.
"Recently we had Kamal and one of the European Kreston firms on the same call. It’s not often you can have those discussions so freely if you’re using separate firms.
"They’re able to provide the quality of work of a Big 4 firm, but are a lot more personable, approachable and flexible in how they work. Case in point: Kamal and his team used to come to America to conduct our audits in person, but when COVID happened, they audited us digitally at short notice. It wasn’t easy to do, but it shows their flexibility.
"Working internationally has never been a barrier - they’re happy to jump on calls at different hours of the day. They are a great group of people to work with, and we’re excited to have them as our partner for the future.
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