Case study details
Client: A global manufacturer and distributor, with over 55,000 products
Sector: Biomedical and life sciences
Requirement: Statutory audit, tax compliance and advisory.
Region: Asia Pacific and North America
Lead Partners: Weng Keen Chan, Partner at RSM in Singapore
RSM in Singapore lead the way on a worldwide assignment for a major US company
The relationship between RSM and the client began in 2004, when RSM Chio Lim won the Singapore audit. Since then the relationship in Singapore has not only strengthened, but it has paved the way for the RSM network to help the client in a number of key locations across the world.
Today, RSM Chio Lim are statutory auditors and advisors to the Singapore based business. McGladrey audit the parent client in the United States, and RSM in China, India, Russia and New Zealand are also engaged by the client.
Over the last 50 years this client has changed from a distributor, research and manufacturer focused solely on the US-market, into a large international business. Impressive growth and strong financial results show the client’s ambition, but also reflect changes in product specification standardisation, and the significant growth of the biomedical product sector worldwide.
RSM’s reach across the world is strategically important
As the market and the business has changed, the client’s accounting and audit needs have also changed. As well as a growing requirement to audit a number of subsidiaries, which are located in a number of countries, it has also become increasingly important to align processes and ways of working to ensure business processes are streamlined and work effectively.
Therefore the international team of RSM firms has led a number of initiatives not only to enhance financial reporting, but also to make sure the entire process is easier for the client, and is more efficient and transparent.
The growth and expansion of the client’s international footprint has been the catalyst that has driven a broader relationship with the RSM firms, who are also called on to provide expertise and resources in new markets.