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 NameIndustryOwnershipManagementNo. of EmployeesROI On FeeSizeProject Duration
A Global Sports Media Management GroupSports Media Management
PrivateProfessional2005.4x$100 million6 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.​