Outsourcing statutory financial statements preparation and audit support

As a FCA-regulated entity, our client – a large global hedge fund manager – had an obligation to file audited consolidated financial statements with the FCA within 80 business days after the year end.

Constrained by this deadline, our client realised that they had insufficient resources available for the preparation of the financial statements and management of the audit process. There were also concerns over the level of disclosure required, given the negative media attention focussed on the Financial Services sector at that time.

Needing an immediate solution, and aware of our particular expertise in this field, they decided to outsource the whole process to Throgmorton.

We carried out an advisory project to review and comment upon the form and content of the previous year consolidated financial statements, with primary focus on disclosure requirements and compliance with the Statement of Recommended Practice, “Accounting for Limited Liability Partnerships.” We produced a detailed report of our findings, with recommendations. We also prepared a draft pro-forma set of consolidated financial statements specific to our client, and agreed the disclosures with the auditors before the audit commenced.

By the start of the audit, we had prepared the complex set of consolidated financial statements which involved consolidation of five foreign subsidiaries and translation into their functional currency, from US Dollars and Hong Kong Dollars to Pounds Sterling. We provided the auditors with our detailed workings, liaising with them on the client’s behalf throughout the audit process.

 
 
Ranjan Kumar, Business Unit Director, Throgmorton: “This was a case where it made very sound business sense to outsource this time-consuming activity, and to come to Throgmorton for accounting support and advice – given that we are recognised for helping so many FCA-regulated entities with the preparation and audit of their financial statements.”

“Our streamlined approach ensured a smoother and controlled year end reporting process, as well as full compliance with company and regulatory legislation."

To contact Ranjan, click here.

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