Populous is a global architectural and design practice operating across four continents, and renowned for creating some of the world’s most iconic sporting and entertainment venues.
Its portfolio includes the design of Wembley Stadium, Tottenham Hotspur Stadium, Yankee Stadium and London’s Olympic Stadium, to name just a few.
Its purpose is summed up in its simple but powerful statement: “We design the places where people love to be together.”
For more than eight years, we have supported Populous as its UK auditor – building a relationship based on technical expertise, collaboration and confidence as the business has grown significantly on the international stage.
The assignment
In 2018, Populous first approached us through its US auditor, seeking a UK audit firm with the experience and technical capability to support its UK operations as part of a wider international group.
Populous needed an audit team that could operate effectively within a complex group structure, work closely with its international auditors and understand the accounting considerations associated with its business.
Our specialism in the construction and property sectors, together with our experience delivering audits for businesses with complex corporate structures, made us a natural fit.
Since then, Populous has undergone significant growth, expanding its international presence, particularly across the Middle East. Between 2019 and 2024, revenue increased to almost eight times its 2019 level, creating a significantly larger and more complex business for our audit team to support.
A relationship that grew with the business
Throughout our eight-year relationship, we maintained a consistent, well-planned and collaborative approach to the audit – while adapting our work as Populous’s business and international footprint evolved.
The audit involved close relationships at multiple levels across both organisations, with our qualified team members, managers and Partner spending time with the Populous team at its London headquarters. This face-to-face approach was an important part of building a strong understanding of the business and its operations.
We also worked closely with Populous’s wider international audit team, including:
- Regular communication with the US group auditors.
- In-person meetings with the US group audit team and US parent company financial controller.
- Direct engagement with Populous’s UK finance team and directors.
- Coordination with overseas component auditors, particularly in Ireland and Saudi Arabia.
- Direction and review of component audit work to support the wider group audit.
The result was a joined-up audit approach, giving Populous and its international auditors confidence that the UK audit is being delivered consistently as part of the wider group process.
A relationship that grew with the business
Throughout our eight-year relationship, we maintained a consistent, well-planned and collaborative approach to the audit – while adapting our work as Populous’s business and international footprint evolved.
The audit involved close relationships at multiple levels across both organisations, with our qualified team members, managers and Partner spending time with the Populous team at its London headquarters. This face-to-face approach was an important part of building a strong understanding of the business and its operations.
We also worked closely with Populous’s wider international audit team, including:
- Regular communication with the US group auditors.
- In-person meetings with the US group audit team and US parent company financial controller.
- Direct engagement with Populous’s UK finance team and directors.
- Coordination with overseas component auditors, particularly in Ireland and Saudi Arabia.
- Direction and review of component audit work to support the wider group audit.
The result was a joined-up audit approach, giving Populous and its international auditors confidence that the UK audit is being delivered consistently as part of the wider group process.
Navigating complex accounting and tax matters
As Populous grew, the audit developed a range of complex and potentially judgemental areas. Our team provided challenge and insight across areas including:
- Long-term contracts: Reviewing the accounting treatment and judgements associated with Populous’s long-term contractual arrangements.
- Transfer pricing: Considering the implications of Populous’s international structure and transactions between group entities.
- Withholding tax: Reviewing the accounting and tax considerations arising from Populous’s international activities.
- Contract penalties: Assessing the appropriate accounting treatment and judgements around contractual obligations and potential penalties.
Alongside these areas, we worked closely with the Populous finance team in reviewing and challenging its consolidations and financial statements, helping to identify areas for improvement and providing practical recommendations through our management letters.
More than assurance
Our relationship with Populous has extended beyond the annual audit. Our team provided extensive support on a range of tax matters, giving Populous access to specialist expertise as its international operations have developed.
This broader relationship meant Populous could draw from our wider technical capabilities when additional advice was needed, while maintaining the independence required between its audit and non-audit services.
A relationship built on trust
One of the most important aspects of the relationship has been the strength of the connections developed between the teams.
Over eight years, our people have built relationships with Populous’s finance team at multiple levels, from the day-to-day finance team through to directors, while also developing strong working relationships with the international auditors.
This means that when complex issues arise, there is already a strong foundation of trust and understanding between the teams.
Client perspective
Peter Rigby, Chair of EMEA Regional Board at Populous, said:
“The Populous relationship with Rouse and its staff has always been a good one. When we appointed Rouse, we badly needed help and guidance from a financial and auditing perspective. We were growing rapidly in terms of employee numbers, the countries we operated in, financial and tax complexity and overall governance requirements. So it was important that we chose our auditor well. We hadn’t anticipated that Covid would add another level of complexity.”
“From the start, our relationship with Rouse has been a really good one. We had access to great Partners, running great teams. They understood our business and the problems associated with fast-growing businesses and the internal issues as well as the external ones.”
“In particular, I found that the mutual desire to solve difficult issues pragmatically helped make for a positive relationship and one which was enjoyable. I wish everyone from Rouse who we’ve engaged with over the past eight years well and thank them for their contribution to our success.”
Client perspective
Peter Rigby, Chair of EMEA Regional Board at Populous, said:
“The Populous relationship with Rouse and its staff has always been a good one. When we appointed Rouse, we badly needed help and guidance from a financial and auditing perspective. We were growing rapidly in terms of employee numbers, the countries we operated in, financial and tax complexity and overall governance requirements. So it was important that we chose our auditor well. We hadn’t anticipated that Covid would add another level of complexity.”
“From the start, our relationship with Rouse has been a really good one. We had access to great Partners, running great teams. They understood our business and the problems associated with fast-growing businesses and the internal issues as well as the external ones.”
“In particular, I found that the mutual desire to solve difficult issues pragmatically helped make for a positive relationship and one which was enjoyable. I wish everyone from Rouse who we’ve engaged with over the past eight years well and thank them for their contribution to our success.”
Our perspective
Jo Lovatt, Audit Partner at Rouse, said:
“It has been a pleasure working with Populous. We developed a strong working relationship both with the Populous finance team and with the international auditors. What has been particularly rewarding is seeing how significantly the business has grown and evolved since we first started working together in 2018.”
“As Populous expanded internationally, the audit grew in scale and complexity. Our ability to manage that complexity, while maintaining a consistent, collaborative approach, has been a key strength of the relationship.”
Award-winning chartered accountants offering tax, audit and advisory services.
