Practus assisted the global sports media management group in reducing the time taken for completion of finalization of group accounts from 4 months to 2.
| Client Name | Industry | Ownership | Management | No. of Employees | ROI On Fee | Size | Project Duration |
| A Global Sports Media Management Group | Sports Media Management | Private | Professional | 200 | 5.4x | $100 million | 6 months |
About The Company
A global sports media management group that manages the media rights of various big-ticket sporting events. It has a holding company based in Singapore and several subsidiaries operating in different geographies across the globe, which in turn have step-down subsidiaries and cross-holdings.
Practus’ Role
- Evaluate an end-to-end consolidation tool and the implementation partner and finalize the commercial arrangement for the selected option.
- Lead the implementation of the tool in close coordination with the implementation partner.
- Harmonize chart of accounts and accounting practices across the different entities, within the framework of the relevant country GAAPs, and carry out GAAP conversions where necessary.
- Put in place a mechanism to track and reconcile related party transactions.
Impact Delivered
- Reduction in the time taken for completion of finalization of group accounts from 4 months to 2 months. Reduction in the time taken for the completion of audit from 8 months to 4 months after the close of the financial year.
- Clean audit report due to the elimination of audit qualifications relating to non-adherence to GAAP and the non-availability of harmonized financial data across all entities.