Multi-entity IFRS consolidation and audit readiness
An eight-entity real-estate group moved from spreadsheet consolidation to a documented IFRS group close — and completed its first audit cycle with zero material audit adjustments.
The challenge
The group had grown by acquisition into eight legal entities across two jurisdictions. Consolidation lived in a single Excel file maintained by one person, intercompany balances rarely tied, and IFRS 16 lease accounting had never been fully implemented across the portfolio. The incoming audit firm had already flagged consolidation, lease accounting, and fair-value adjustments as high-risk areas, and the existing finance team was unable to free the bandwidth needed to fix them before year-end.
The solution
Siyaval embedded a senior Controller plus an IFRS specialist on a Controller-tier retainer. We rebuilt the consolidation in a documented multi-entity structure, ran a full intercompany reconciliation cycle to clean historic balances, and implemented IFRS 16 across every property lease with a complete right-of-use asset and lease-liability schedule. Audit workpapers were prepared during the normal close, indexed against the PBC list, and substantiated with supporting evidence for every material balance.
The outcome
The audit was completed inside the planned timetable with zero material audit adjustments. Intercompany now ties at the press of a button each period, IFRS 16 is run as standing process rather than a year-end exercise, and the group reporting pack is produced within eight business days of period-end across all eight entities. The CFO has reclaimed bandwidth for capital deployment decisions instead of consolidation maintenance.