Auditing for the manufacturing industry

On the one hand, the current Covid-19 situation is both reinforcing and accelerating digitalisation and its business processes. On the other hand, it and the measures taken to contain it jeopardize complex, international value chains. This creates increased uncertainty for procurement as well as sales channels.

Increasing digitalisation offers an opportunity to securely expand the role of industrial production as a promising and agile participant in global competition and have a positive effect on earnings. In the international value chain of manufacturing, medium-sized companies act as central suppliers of complex products for the economy and as buyers of technologically sophisticated supplies and services. In this ambitious market environment, numerous regulations, legal requirements, and internationally binding industry standards apply.

Digitalisation encompasses and overlaps several areas, with topics such as robotics or IoT (Internet of things) being just a few examples. The term Industry 4.0 stands for the fusion of IT systems and landscapes with production processes. This terminology is intended to express the initiation of the fourth industrial revolution in industrial production. In a globalised economy, the industrial production sector has a central role as complex, and global value chains also trigger tax issues in an international context. Current topics include the determination and documentation of transfer prices or the necessary reporting obligations due to the implementation of the European Directive DAC-6.

Sustainability and corporate social responsibility (CSR) have also recently become increasingly important for companies, investors, and the public. In addition to the increasingly important corporate profile, sustainability and responsibility topics have also begun to impact the economic aspects of the company, for example the selection of suppliers.

Our industrial expertise is gathered on a cross-national basis in the "Industrial Production" sector group. Within this competence center, we ensure an exchange of current developments and "best practice" examples through bundled information and regular meetings. Our industry-experienced project teams understand the challenges that are relevant to innovative companies in the manufacturing industry. Our clients represent a broad cross-section of the German economy. We serve a large number of medium-sized global market leaders. These also include innovation drivers for manufacturing technology and pioneers of Industry 4.0. The focus is on current topics regarding accounting according to HGB and IFRS, the tax implications of cross-border production processes, sustainability, data security or compliance. We master the specifics of accounting topics typical for the industry (customized products, capitalisation of development costs, etc.). This leads to high quality in consulting and auditing of annual and consolidated financial statements. 

 

Rödl & Partner stands for high-quality, interdisciplinary advisory from a single source. Accordingly, our team, consisting of auditors, lawyers, tax consultants and management and IT consultants experienced in the industry, provides you with comprehensive support in almost all matters relevant to industrial production. In addition to the classic areas of activity, such as auditing annual and consolidated financial statements or tax consulting (both national and international), we support the industry with integrated advisory services on special topics, such as transfer pricing, restructuring, transaction consulting, IT assurance, data protection or compliance.