Groups of companies that are required to prepare and have their consolidated financial statements audited face technically demanding requirements – ranging from consolidation and the reconciliation of individual financial statements to timely disclosure. ACCONSIS supports medium-sized corporate groups, family-owned businesses and international companies with the audit of consolidated financial statements in accordance with the German Commercial Code (HGB) and with related international issues.
As an interdisciplinary accountancy firm based in Munich, ACCONSIS combines auditing, tax consultancy, legal advice and management consultancy to provide comprehensive support for group companies. Based in Munich, ACCONSIS serves clients throughout Germany and beyond – with an experienced team that is well-versed in handling complex group structures, first-time consolidations and international reporting requirements.
Why an audit of the consolidated financial statements is important
The audit of the consolidated financial statements goes far beyond the audit of individual annual accounts. It treats the group of companies as a single economic entity and examines whether the consolidated financial statements give a true and fair view of the group’s assets, financial position and results of operations. For management, shareholders and investors, this has specific implications:
- Legal assurance: The audit of the consolidated financial statements ensures that the financial statements comply with applicable accounting standards and the provisions of the German Commercial Code (HGB). The audit must be carried out by independent auditors who are free from conflicts of interest.
- Building trust: Audited consolidated financial statements strengthen the trust of stakeholders – whether they be banks, shareholders or business partners. An audit opinion from an independent auditor signals reliability and transparency.
- Risk minimisation: The audit provides insights into business risks and the quality of management controls. Weaknesses in consolidation, valuation or internal controls are identified at an early stage.
- Process optimisation: Collaboration with the group auditor regularly leads to adjustments and improvements to the consolidation and reporting processes – an added value that goes beyond the statutory audit itself.
Our audit of the consolidated financial statements
Audit of consolidated financial statements in accordance with the German Commercial Code (HGB)
ACCONSIS audits consolidated financial statements in accordance with the German Commercial Code (HGB) for medium-sized groups of companies and family-owned businesses with complex shareholding structures. The focus is on auditing the consolidation process, the reconciliation of the individual financial statements, the elimination of intra-group transactions and the standardisation of the accounting and valuation methods applied. Parent companies are required to prepare consolidated financial statements in accordance with the German Commercial Code (HGB) – the audit ensures that statutory requirements are met and that the consolidated financial statements give a true and fair view of the group’s financial position.
Upon initial consolidation – for example, when a group of companies prepares consolidated financial statements for the first time or when new subsidiaries are included – specific requirements apply to the measurement of assets and liabilities, the determination of goodwill and the documentation. ACCONSIS provides audit-based guidance on these matters and assists with their proper presentation in the consolidated financial statements.
International corporate structures
Complex group structures present particular challenges during an audit – especially when subsidiaries are based in different countries. The audit workload increases significantly due to the size and international distribution of the subsidiaries. The work carried out by local auditors at the subsidiaries must be coordinated, and liaising with segment auditors, internal finance teams and the parent company requires structured processes.
International financial reporting primarily encompasses IFRS and US GAAP. Consolidated financial statements often need to be audited in accordance with international standards. ACCONSIS provides support in assessing reporting packages and international reporting requirements, including IFRS, US GAAP or Swiss GAAP requirements, as well as PCAOB requirements, where these are relevant to the specific engagement. International financial reporting requires knowledge of various jurisdictions – ACCONSIS has the necessary experience to provide expert support to German subsidiaries of foreign groups as well as German corporate groups with foreign holdings.
Key challenges in the audit of consolidated financial statements
The statutory audit of a group of companies is more complex than that of a single company. In practice, there are typical challenges that require careful preparation and coordination:
- Unclear group structure and complex shareholding arrangements: Unclear control relationships, special-purpose entities or multi-tiered shareholdings make it difficult to define the scope of consolidation and may lead to errors in the consolidation process.
- Inconsistent charts of accounts and accounting methods: Subsidiaries often use different charts of accounts, valuation methods and financial reporting systems – harmonising these is a time-consuming process, but essential for the preparation of proper consolidated financial statements.
- Delays in the preparation of individual financial statements and time-pressure issues: Delays in the preparation of individual companies’ annual financial statements, as well as their location in different time zones, have a direct impact on the timetable for the audit of the consolidated financial statements. Companies listed on the capital markets are required to have their consolidated financial statements audited and are subject to shorter deadlines.
- Lack of documentation of intra-group transactions: Inadequate reconciliation and documentation of receivables, payables and turnover between group companies regularly lead to audit findings. The auditor checks whether intra-group turnover has been correctly eliminated.
- Complex consolidation processes and first-time consolidation: Capital consolidation, debt consolidation and the elimination of intercompany results are subject to thorough scrutiny. First-time consolidations require particular attention when valuing hidden reserves and goodwill.
- Reporting packages under time pressure: Subsidiaries at home and abroad must provide standardised financial statements – often to tight deadlines and in accordance with specific requirements regarding language, format and valuation methods.
- International coordination processes: In the case of cross-border structures, currency conversions, differing financial statement cut-off dates and varying accounting standards must be taken into account.
- Lack of internal controls in accounting: Weaknesses in the internal control system – such as unclear responsibilities or a lack of reconciliation checks – compromise the quality of the accounting and consolidation processes. Auditors analyse the company and assess its internal control systems.
- Unstandardised accounting policies: Differences in depreciation or valuation methods applied by subsidiaries must be standardised for the purposes of the consolidated financial statements.
- Incomplete definition of the scope of consolidation: Errors in determining which companies are to be included may lead to material misstatements in the consolidated financial statements.
Procedure for the audit of the consolidated financial statements
The audit is often carried out in several stages in order to minimise the workload and ensure the quality of the results. The audit process at ACCONSIS follows a structured approach:
Step 1:
Mandate analysis and group structure
The process begins with a comprehensive analysis of the group structure and shareholdings. ACCONSIS identifies the scope of consolidation, assesses audit risks and materiality, and gains an overview of the relevant issues – ranging from the legal form of the parent company and the inclusion of subsidiaries to specific consolidation issues.
Step 2:
Exam planning
Based on the engagement analysis, the audit teams develop a risk-based audit strategy. The timetable is agreed with the head of the finance department, the management and, where applicable, the supervisory board. The audit planning also takes into account coordination with local auditors at subsidiaries and the requirements for reporting packages.
Step 3:
Conducting the examination
The audit covers the consolidated financial statements and the consolidation of the data – including the consolidated balance sheet, the consolidated profit and loss account, the consolidated management report and the notes to the consolidated financial statements. The auditor does not examine every supporting document, but instead uses samples relevant to the audit. Consolidation documentation, individual financial statements and intra-group eliminations are validated. External auditors objectively assess compliance with regulations and instil confidence.
Step 4:
Reporting
Audit findings and recommendations are communicated in a timely manner to the management, the shareholders and, where applicable, the supervisory board. The group auditor bears overall responsibility for the audit opinion. The findings are incorporated into the audit report, which, together with the auditor’s report, forms the basis for disclosure.
How ACCONSIS provides support with the audit of consolidated financial statements
ACCONSIS combines professional expertise with a service-oriented approach – as a partner for corporate groups that expect security, transparency and reliability in the audit of their consolidated financial statements:
- Comprehensive audit of consolidated financial statements in accordance with the German Commercial Code (HGB) and support with international standards – from the consolidated balance sheet and the group management report through to the auditor’s report.
- We specialise in medium-sized corporate groups and family-owned businesses with complex shareholding structures that require personalised and practical support.
- Audit-focused advice on consolidation processes, reporting optimisation and preparation for the statutory audit – strictly separated from the preparation and audit of financial statements.
- Close collaboration with the tax, legal and management consultancy teams within ACCONSIS, enabling us to assess matters holistically.
- Experience in preparing consolidated financial statements for the first time and initial consolidation – ACCONSIS supports companies that are consolidating for the first time or whose group structure has changed.
- Support for international companies and reporting packages – including coordination with parent companies, segment auditors and finance teams in various jurisdictions.
- An audit firm based in Munich providing client services throughout Germany – ACCONSIS maintains close ties with its clients whilst also being able to support group structures on a supra-regional basis.
- German accountancy firm with international connections –
As a member of Allinial Global, we have contacts in 113 countries around the world and are therefore able to support corporate structures on an international scale095204
Frequently Asked Questions on the Audit of Consolidated Financial Statements
Was ist eine Konzernabschlussprüfung?
Die Konzernabschlussprüfung ist die gesetzlich vorgeschriebene Prüfung des Konzernabschlusses und des Konzernlageberichts durch einen unabhängigen Wirtschaftsprüfer oder eine Wirtschaftsprüfungsgesellschaft. Anders als die Jahresabschlussprüfung eines Einzelunternehmens umfasst die Prüfung den konsolidierten Abschluss einer Unternehmensgruppe – einschließlich Konsolidierung, konzerninterner Transaktionen und Bewertungsmethoden. Externe Prüfer sind Wirtschaftsprüfer unabhängige Experten, die frei von Interessenkonflikten arbeiten. Die Abschlussprüfung soll sicherstellen, dass der Konzernabschluss den tatsächlichen Verhältnissen entspricht.
Wann ist eine Abschlussprüfung im Konzern erforderlich?
Die Pflicht zur Prüfung des Konzernabschlusses ergibt sich aus dem HGB (insbesondere § 316 HGB), sobald ein Mutterunternehmen zur Aufstellung eines Konzernabschlusses verpflichtet ist. Konzernprüfungspflicht greift, wenn bestimmte Schwellenwerte überschritten werden – gemäß § 293 HGB etwa bei einer Bilanzsumme über 30 Mio. €, Umsatzerlösen über 60 Mio. € oder mehr als 250 Arbeitnehmern, wobei zwei dieser drei Merkmale an zwei aufeinanderfolgenden Abschlussstichtagen überschritten sein müssen. Eine Konzernabschlussprüfung ist für börsennotierte Unternehmen verpflichtend. Kleine Kapitalgesellschaften können von der Prüfungspflicht befreit sein. Die Frist zur Prüfung beträgt meist sechs Monate nach Geschäftsjahresende. Die konkrete Pflicht hängt stets vom Einzelfall ab.
Was bedeutet Konsolidierung im Konzernabschluss?
Konsolidierung bezeichnet die Zusammenfassung der Einzelabschlüsse aller einbezogenen Tochterunternehmen zu einem einheitlichen Konzernabschluss. Dabei werden konzerninterne Geschäftsvorfälle – etwa Forderungen, Verbindlichkeiten und Umsätze zwischen Konzerngesellschaften – eliminiert. Die Prüfung umfasst den Konzernabschluss und Konsolidierung der Daten, um sicherzustellen, dass das Bild der Unternehmensgruppe zutreffend und frei von Doppelzählungen ist.
Was ist bei einer Erstkonsolidierung zu beachten?
Bei einer Erstkonsolidierung – etwa beim erstmaligen Aufstellen eines Konzernabschlusses oder bei der Einbeziehung neuer Tochterunternehmen – müssen Vermögenswerte und Schulden zum Zeitpunkt der Erstaufnahme neu bewertet werden. Die Ermittlung von Geschäfts- oder Firmenwerten, die Dokumentation stiller Reserven und die ordnungsgemäße Darstellung im Konzernanhang erfordern besondere Sorgfalt. ACCONSIS begleitet Unternehmen bei der Erstkonsolidierung prüfungsnah und unterstützt bei der Klärung offener Sachverhalte.
Unterstützt ACCONSIS auch bei Reporting Packages?
Ja. ACCONSIS unterstützt bei der Beurteilung und Abstimmung von Reporting Packages – insbesondere wenn deutsche Tochtergesellschaften Abschlussunterlagen an ausländische Konzernmütter liefern müssen oder internationale Reporting-Vorgaben (IFRS, US GAAP, SWISS-GAAP-nahe Anforderungen) zu berücksichtigen sind. Konzernabschlüsse müssen nach HGB oder internationalen Standards erstellt werden – ACCONSIS unterstützt bei der Klärung der jeweiligen Vorgaben.
Betreut ACCONSIS Unternehmensgruppen außerhalb von München?
ACCONSIS ist eine Wirtschaftsprüfungsgesellschaft mit Sitz in München und betreut Unternehmensgruppen und Konzerne deutschlandweit. Die Spezialisierung auf mittelständische Unternehmensgruppen, Familienunternehmen und internationale Konzernstrukturen ermöglicht eine individuelle Betreuung – unabhängig vom Standort des Mandanten. Nichtdeutsche Gruppenunternehmen können durch Kollegen von Allinial Global in 113 Staaten betreut werden, eine internationale Association, bei der Acconsis Mitglied ist. Große Konzerne müssen einen Prüfungsausschuss haben, der den Prüfer auswählt – ACCONSIS steht als erfahrener Partner für die Prüfung von Konzernabschlüssen zur Verfügung.
Plan the audit of the consolidated financial statements well in advance
Careful and early planning of the audit of the consolidated financial statements is crucial – for meeting statutory deadlines, ensuring the quality of the consolidation and facilitating smooth cooperation between the accounting department, management and the audit teams. The use of audit software is essential for documenting the audit, and structured processes significantly reduce the coordination workload.
ACCONSIS supports corporate groups and international companies with the professional audit of consolidated financial statements – drawing on interdisciplinary expertise, a focus on medium-sized groups and complex group structures, and experience gained from handling demanding client engagements.
Please get in touch with us – for a no-obligation initial consultation regarding the audit of your group accounts.
ACCONSIS – An audit firm based in Munich. Nationwide service. Interdisciplinary. Personal. Professionally sound.
