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Subsidiary meets tight audit deadlines from international parent company

BerryDunn’s Commercial Practice Group partners with clients to provide insights that inform effective growth strategies, help them assess and manage risk, and optimize return strategies for better profitability.  

Our team of auditors worked with Schleuniger North America, a provider of innovative wire processing solutions, to provide an initial year financial statement audit to meet the requirements of their parent company in Switzerland and help ensure accuracy of the company’s reporting package. 

The challenge 

The client was required to provide a first-year audit of their financial statements to their parent company in Switzerland under a tight time frame. Given that they had not previously gone through any audit procedures, BerryDunn helped prepare the client for audit readiness in the interim to ensure deadlines would be met.  

The solution 

The BerryDunn team set up a schedule to help keep the client on track with deadlines, meeting with them prior to the end of the year to go through planning, walkthroughs, and interim testing, and to help them prepare for year-end requests. This allowed for a majority of testing to be completed before year-end.  

Given that the parent company was based in Switzerland, a number of standards had to be followed, including International Standards on Auditing (IAS), US Generally Accepted Auditing Standards (GAAS), and Swiss Auditing Standards, which BerryDunn was able to advise on and adhere to. 

The outcome 

The client was able to meet all the deadlines given and gain the confidence of the parent company. They were also pleased to learn that the auditors of the parent company, after reviewing the North American audit, reported that it exceeded their expectations. The client now has a continued relationship with BerryDunn and has had successful audits each year.  

Learn more about how BerryDunn helps clients build actionable strategies for short- and long-term success, or contact a member of our team.   

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