Financial auditing guidance for year-end audit preparation often assumes a single reporting entity. Subsidiary controllers in Korea know better: you may close for local filings, then reopen adjustments for group packs denominated in a different functional currency.
Start with two calendars, one owner
Print both the statutory milestone list and the parent PBC calendar. Assign one person — not a shared inbox — to flag collisions. The goal is not to merge the calendars; it is to decide which reconciliation is authoritative for each audience.
Reconcile once, label twice
Build the AR aging and inventory rollforward as single source files. Export or stamp separate cover sheets: “Statutory view” versus “Group pack view,” noting FX and elimination differences. Auditors hate hunting for which tab matches which request.
Intercompany early
Intercompany mismatches that surface in week three of fieldwork are usually born in week one of silence. Schedule a mid-December tie-out between subsidiaries even if HQ says “we will eliminate later.”
Checklist excerpt
- Confirm local filing date and soft close date in writing with tax advisors.
- Freeze shipping and receiving with warehouse leads before IT locks journals.
- Stage bank confirms and legal letters with bilingual cover notes when counterparts are overseas.
- Archive the version of the TB used for each pack with a timestamp screenshot.
For drills that turn this checklist into muscle memory, see Year-End Audit Mastery.