Convergence. It’s term that has been bandied about quite liberally over the past ten years, but it typically refers to the increasing linkages and interdependence of companies and corporations; and convergence often occurs when companies find themselves redefining conventional market boundaries and delivering value to customers in completely new ways. This blurring of industry lines will no doubt impel companies to build critical mass through mergers and acquisitions. However, as deals become ever more complex the risks involved can sometimes be great as the opportunities. Plus, companies that undergo consolidation also find that their reporting responsibilities also become more complex and challenging. But remember—compliance isn’t just about externally-imposed regulation. It also encompasses all the internal policies that support a company’s performance and shield it from unnecessary risk. Your compliance duties need to be viewed as a natural extension of the governance duties shouldered by top management and corporate boards. Indeed, compliance is a governance matter in that only the firm’s leaders are in a position to set the tone and establish the accountabilities by which a truly effective compliance function can operate. Moreover, only good governance can ensure that compliance is aligned with the company’s business objectives and risk management strategies.
If this is your situation
- It takes too long to close the books and issue financial statements, management and other reporting
- You record significant adjustments during the closing process
- In every reporting period, you have different “versions of the truth” which you need to try and reconcile
- Your team spend most of their time producing the numbers, rather than conducting analyses that add value to the business
- Changing regulations and standards increase the reporting burden
- Your reporting process involves heavy use of spreadsheets and manual re-keying
- Different and inconsistent data definitions are used across the group for the same reporting information
What PwC can do for you
At PricewaterhouseCoopers (PwC) we can guide and support you through the various stages of the consolidation process—from the initial setting of strategic objectives, to the ultimate deal execution and maximisation of its potential. We offer a seamless, multi-disciplinary advisory service that incorporates strategy, corporate finance, regulatory, due diligence (including actuarial), and post-acquisition integration advice. And, we bring practical integration experience to synergy assessment and value analysis, which helps increase and accelerate benefits that maximise your shareholders' value. Plus, at PwC our specialists (many of whom have served as regulators themselves) can provide your company with comprehensive regulatory support including forensic accounting services and preparation for negotiations and investigations. And with offices in 144 countries around the world, you can be confident that we deeply understand the nuances of local regulation, as well as the forces shaping international regulatory policy. We know that dealing with regulators can be a time-consuming, nervous-wracking affair. But with preparation, the right attitude, and assistance from PwC, you needn’t worry.
