Audit Overview

KPMG’s audit practices help organisations and individuals achieve their objectives and succeed in the economy through measuring performance, assessing risks, and leveraging knowledge. Whilst an independent audit is the foundation for decision-making, recent events mean that audits cannot be perceived as being routine, annual exercises merely required by statute. Stakeholders require responsible judgements from independent auditors, who will provide challenge to management. Professional knowledge of principles and business, as well as of the appropriate systems, processes and controls are also critical requirements. Moreover, auditors’ judgements must be rooted in an in-depth understanding of each client’s industry, competitive positioning and marketplace practice

The financial statement audit is the cornerstone of Audit services. KPMG’s audit methodology has been developed to facilitate our ability to form an opinion in accordance with the requirements of the U.S. Public Company Accounting Oversight Board and International Standards on Auditing. Our audit workflow is set out in four phases: Planning, Control Evaluation, Substantive Testing, and Completion. Our methodology enables us to determine the extent and mix of audit effort that we carry out in each phase of the audit. The extent and mix of the audit effort is specific to each audit and is influenced by the complexity of the entity, its control environment, regulatory requirements and our professional judgement. In particular, our judgement is critical in determining the most effective approach to completing the audit. Our proprietary software tools and knowledge-based applications bring the power of knowledge to the audit. Our professionals are equipped with comprehensive information on industry trends and the business issues that increase risk to your organisation.

KPMG Audit service does not end with the financial statement audit. Clients call on our knowledge and experience to analyse audit findings and deliver a wide range of value added services. We thus provide other assurance-based services such as interim reviews and other agreed-upon procedures. Managing risk appropriately is a key to business success. KPMG professionals are also ready to provide co-sourcing as well as outsourcing internal audit frameworks and are prepared to leverage the knowledge imbedded within KPMG’s proprietary tools to assess controls over the risks that are critical to your success.