CASE STUDY: Auditing a multilingual real estate group under IFRS

Audit

The challenge

Our team was brought in to deliver a full audit for a large Real Estate company that works as a developer, investor, and operator. The project presented a unique set of complexities:

Massive Structure: A consolidated group of 50+ legal entities.
Language Barrier: Primary accounting records were in Romanian, while all audit deliverables and working papers were required to be in English.
Jurisdictional Coordination: The project required seamless alignment with two foreign offices in two different jurisdictions.

Our approach

Whilst ensuring quality and compliance under IFRS we deployed a structured strategy, taking on 70% of the audit execution and committed over 300 effective working hours.

1. Having a wide scope

We engaged with every part of the audit, ensuring consistency across all 50+ entities, regardless of their structural complexities. These included:

Assets & Revenue: Investment Property, Sale of Inventory Property, Rental Income, Service Charge Management.
Financing & Liabilities: Bank Loans, Preferred Equity, Dept and Interest Management.
Compliance & Risk: Journal Entry Testing (JET), Related Parties, Subsequent Events, Legal Letters, and Opening Balances verification.
Reporting: Cash Flow statements and comprehensive Disclosure Checklists.

2. Disciplined Timeline

Our team followed a rigorous schedule to meet year-end requirements and successfully navigated through the following milestones:

Early September: Initial communication and diagnostic phase.
Mid-October: NDA signing and detailed project briefing.
Mid-November: Formal collaboration agreement finalized.
Mid-December: Final delivery and successful project completion.

The Outcome

The audit was successfully completed within the agreed-upon 4-month window, providing a clear, compliant, and transparent financial picture for our partners.

Key Deliverables:

High-quality audit support: Fully aligned with IFRS requirements.
Cross-border communication: Successful coordination across multiple jurisdictions.
Operational Efficiency: A streamlined audit process for large-scale, multilingual business, delivered with precision.

Are you managing an international company that requires expert audit support? Let’s connect and discuss how our team can bring clarity and expertise to your financial reporting.