Systems of fixpoint equations over complete lattices, consisting of (mixed) least and greatest fixpoint equations, allow one to express many verification tasks such as model-checking of various kinds of specification logics or the check of coinductive behavioural equivalences. In this paper we develop a theory of approximation for systems of fixpoint equations in the style of abstract interpretation: a system over some concrete domain is abstracted to a system in a suitable abstract domain, with conditions ensuring that the abstract solution represents a sound/complete overapproximation of the concrete solution. Interestingly, up-to techniques, a classical approach used in coinductive settings to obtain easier or feasible proofs, can be interpreted as abstractions in a way that they naturally fit into our framework and extend to systems of equations. Additionally, relying on the approximation theory, we can characterise the solution of systems of fixpoint equations over complete lattices in terms of a suitable parity game, generalising some recent work that was restricted to continuous lattices. The game view opens the way for the development of local algorithms for characterising the solution of such equation systems. We describe a local algorithm for checking the winner on specific game positions. This corresponds to answering the associated verification question (i.e., for model checking, whether a state satisfies a formula or, for equivalence checking, whether two states are behaviourally equivalent). The algorithm can be combined with abstraction and up-to techniques, thus providing ways of speeding up the computation.