In today's competitive world our clients need more from KPMG than just audit on financial statements. As a business they need to know how they are performing, and where they can improve. They need to have direction and solid, reliable advice built on an understanding, not only of the way they operate, but also of their own industry sector. This is how our audit approach is evolving to help them.
In our Audit group we have four departments, including professional banking and insurance departments, handling both audit and financial due diligence assignments, with managers qualified in financial reporting under International Financial Reporting Standards (IFRS), US GAAP and other reporting requirements.
According to the rules of modern management, every type of firm must increasingly devote attention to control mechanisms. Working with clients, KPMG Internal Audit Services applies modern audit methods based on organizational process analysis, as well as calculating a firm’s risk. In terms of outsourcing or co-sourcing, our audit focuses on strategic risks and their impact upon all levels of management and procedures, helping to generate recommendations that can lead to efficiency improvements.
Our Audit Approach
We have taken the analytical skills and understanding that are key components of today's audit and refocused them to see the client's business as he does - through its processes. So KPMG's service gives not only an independent report on the financial position, but also objective and reliable insights which can help as our clients' business moves forward.
Our process is evolving and will continue to do so, reflecting clients' needs in an ever-changing marketplace.
What do our clients get?
A better audit - by working with our clients to understand and agree how their business operates, our multi-skilled team is better able to identify many of the potential business risks which, if not managed effectively, could translate into financial statement risks. It also means we are able to concentrate our efforts on those areas which are critical to our clients' business. This will give both our client and its investors added peace of mind that the audit is clearly focused on the key business issues.
Fresh insights - as part of this wider business perspective, we are also able to give insights which will help going forward, including:
Business risks - Our audit will allow us to assess how clients are managing many of the key risks in their business.
Ongoing improvement ideas - Our focus on processes allows us to assess how clients are performing against their own key indicators and also against the best in their industry and the marketplace.
We will work with our clients to identify, measure and compare core business processes, how they operate and ways to improve them.
