Client stories
Specific accounts of consolidation seasons — what cleared, what stalled, and what we changed in the file.
“They caught an unrealised margin still sitting in the Singapore inventory ledger that our previous firm had rolled forward for two years. The opinion came about ten days later than our board wanted, but the elimination schedule finally matched the warehouse counts.”
— Elaine Ng, Group Finance Director, trading holding company
“Our Shenzhen and Manila controllers finally used the same elimination schedule. Appinfraconnect’s field team sat with both sides until the reciprocal balances matched — tedious, necessary work.”
— Marcus Ho, CFO, manufacturing group
“We kept our Indonesian component auditor and needed a Hong Kong group firm that would actually read their memorandum. The instruction letter Appinfraconnect issued was clearer than anything we had used before.”
— Priya Raman, Group Controller
“I wish we had booked them earlier. By the time they finished the review, our statutory auditor had already started fieldwork, so some findings arrived as awkward late adjustments. Still preferable to signing a wrong consolidation.”
— Daniel Chow, Finance Manager, property investment group
Case note: First consolidation after a Greater Bay Area acquisition
A Sheung Wan trading parent acquired two Dongguan manufacturing companies mid-year. Management prepared a consolidation that treated the acquirees as if they had always been owned, with no goodwill calculation and incomplete fair-value adjustments on plant.
Appinfraconnect’s consolidation audit rebuilt the acquisition accounting from the share purchase agreement, tested opening net assets with a local component firm, and required restatement of comparative disclosures. The board deferred the AGM by three weeks. The eventual opinion was unmodified; the management letter focused on acquisition checklists for the next deal.
Case note: Reciprocal loan that never cleared
A five-entity services group showed a HK$12 million intercompany loan that both sides “confirmed” — yet cash never moved. Our elimination review traced the balance to a draft board resolution that had never been executed. Management reversed the entries before year-end. The full consolidation audit that followed finished on the original timetable.