It is not always the case that UK subsidiaries with foreign holding companies will be required, or wish, to use the holding company group auditors. Often these auditors are big four firms that come with a big four price tag that may not be feasible for a smaller subsidiary.
When the UK subsidiary requires an audit, potentially with the requirement driven by the overall group size rather than UK subsidiary size, the management team of the subsidiary may request that they be allowed to use a different audit firm for reasons of price, locality or perception of service.
This can also be the case when the holding company is a UK holding company and especially when the subsidiary is first acquired and the management team encompasses the previous owners who already have a relationship with that firm.
Haines Watts South West deals with a number of subsidiaries that fall into these brackets including those that are subsidiaries of companies listed on foreign stock exchanges.
Speak to one of our specialists to understand more about how we can help you.