Audit & Assurance Transformation for Japanese Piano Client

CASE STUDY: GLOBAL LEADER IN MUSICAL INSTRUMENTS AND PRECISION MANUFACTURING

Case Study

The BD Welsh Point Of Difference

The client is a renowned Japanese public company and one of the world’s largest manufacturers of pianos, specialising in digital, upright, and grand models. Their diverse portfolio also includes the manufacturing and sales of other musical instruments, operation of music schools, production of precision metals and wood products, development of electronic devices, and creation of music software.

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CASE STUDY INSIGHTS

The Client: Global Leader in Musical Instruments and Precision Manufacturing

The client is a renowned Japanese public company and one of the world's largest manufacturers of pianos, specialising in digital, upright, and grand models. Their diverse portfolio also includes manufacturing and sales of other musical instruments, operation of music schools, precision metals, wood products, electronic devices, and development of music software.

Founded in 1927 and headquartered in Tokyo, Japan, the company is publicly listed with a strong international presence through subsidiaries in over 15 locations across 10 countries in Europe, Asia Pacific, and North America. It maintains a consolidated turnover of approximately 80 billion JPY (around USD 537 million as at FY2024) and stands as one of the largest and most trusted suppliers of pianos in the Australian market.

FOUNDED: 1927

HQ: Tokyo, Japon

Company Size: 2k + employees.

Industry: Music Instruments

Specialities: Digital, Upright, Grand, Pianos, Music Education, Precision Metals & Electronics

The Situation

The clients Australian subsidiary was under pressure from its Japanese head office to deliver timely, high-quality audited financial statements to support efficient preparation of the groups consolidated reporting.

Previously engaged with one of the Big 4 accounting firms in Australia for audit and tax services, the client encountered persistent challenges: communication gaps with the local audit partner, repeated delays in delivering audited financials, and overall dissatisfaction with responsiveness. These issues risked disrupting the parent company’s consolidated reporting timeline, creating operational inefficiencies and compliance concerns.

Seeking a more reliable, culturally attuned, and efficient partner capable of seamless collaboration across
time zones and languages, the client turned to BD Welsh for comprehensive audit, tax, and advisory support.

Our Role

BD Welsh provided a fully integrated audit and assurance solution tailored to the needs of a Japanese multinational subsidiary, with a strong emphasis on bilingual (Japanese-English) communication and cultural alignment to eliminate previous pain points.

Key elements of our service included:

Seamless Transition Management: Facilitated a smooth handover from the previous Big 4 auditor, including coordination with the client, parent company, and outgoing auditor; secured prompt resignation letter issuance; and obtained head office approval for BD Welsh as the new external audit partner.
Comprehensive Audit Delivery: Conducted interim and final audits in full compliance with Australian accounting standards, delivering audited financial statements on time to meet head office consolidation deadlines.
Full Japanese Language Support: Handled all correspondence, documentation, and reporting in Japanese for both the local subsidiary and Tokyo head office, ensuring clarity, accuracy, and no miscommunication.
Secure & Efficient Data Infrastructure: Implemented an easy-to-use virtual data room (VDR) for secure, real-time sharing of sensitive audit materials among all stakeholders.
Proactive Planning & Ongoing Advisory: Engaged early with the client to understand prior challenges, customised the audit plan accordingly, and established clear timelines for fieldwork, completion, and delivery of final audited statements.

We continue to serve as the client’s long-term external audit provider, delivering consistent reliability, proactive insights, and dedicated support to maintain compliance and operational efficiency.

The Results

Since partnering with BD Welsh, the client has achieved significantly streamlined audit and financial reporting processes, with audited financial statements delivered on time every period—directly supporting the Japanese parent company’s consolidated reporting requirements without delay or disruption.

Our bilingual expertise and responsive approach resolved previous communication and timeliness issues, building strong trust across borders. This led to expanded engagement:

Identification and implementation of substantial cost-saving opportunities, including bringing warehouse operations in-house to reduce expenses amid market challenges.
Full assumption of all Australian tax compliance responsibilities.
Assistance from our partner tenant adviser in negotiating favourable future lease terms.

The client now relies on BD Welsh as their trusted, comprehensive partner for audit, tax compliance, cost optimisation, and property advisory needs in Australia.

“BD Welsh’s combination of technical audit excellence, Japanese language fluency, and proactive problem-solving transformed our experience. They deliver on time, communicate clearly, and go beyond expectations to support our broader business goals.” – Client Financial Controller

As the client continues to lead the Australian piano market and navigate evolving industry conditions, BD Welsh remains their dedicated ally, ensuring audit reliability, compliance confidence, and strategic support for sustained success.

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