For the purposes of this article, the company referred to in this article will be know as XYZ Limited.
XYZ Limited has been a client of HFK Limited/Nexia New Zealand for a number of years. During this time we have developed an in depth level of understanding the Company’s internal processes, overall purpose and long term aspirations. XYZ Limited is a locally owned electronics manufacturer and is not required under any legislation to have an audit, however the main shareholder believes it adds confidence to potential business partners, stakeholders, major suppliers and adds value to the overall functionality of the organisation.
When we first undertook the audit of XYZ Limited, it was a family owned business operating in Christchurch with the family actively participating in the day to day running of the Company. Over the years they have grown exponentially, developing long standing contracts and relationships with overseas customers and suppliers. As they grew and consequently developed more complex internal controls systems to which we were required to respond and alter our audit approach to be more internal control focused. By doing so, we have been able to assist them by providing valuable recommendations to improve their internal systems, in such a way that it would support the incredible growth that they continue to experience.
More recently XYZ Limited achieved their long term aspiration of having a global presence in a number of continents around the world, including Europe, North America and Asia. From an audit perspective, this began over ten years ago, auditing one single, local entity to auditing eight entities across the globe. Nexia New Zealand had the opportunity to take the lead as group auditors on what is now a large and complex consolidation, involving a number of foreign taxation and structural setups, languages and currencies. Due to Nexia’s international network we were able to provide advantageous platforms across all continents that XYZ Limited experienced expansion calling upon the expertise of local Nexia International firms in both North America and Europe, where the auditing standards differ greatly from our own. We were also able to offer taxation treatment advice to the global finance team at XYZ Limited on controlling and non-controlling interest of overseas subsidiaries due to the resources and assistance available to us within the Nexia International network.
It has been a pleasure to watch and assist this Company through the various stages of its business cycle and with the assistance of our fellow firms within the Nexia International network, look forward to being able to provide a valuable audit service to this company in the years to come.