United Kingdom

Our Award Winning Audit Approach 

Our audit methodology is designed to focus the audit on the risks that might have material impact on the financial statements. It is designed to exceed national and international standards and all our professionals throughout our member firms around the world are guided by the same approach to methodology, processes and documentation. All audit staff undergo frequent and regular training to help ensure their knowledge is as current as possible.

Our Award Winning Audit Approach

Communication
The high quality of communication is a particular feature of KPMG's audit process. Underpinning our audit approach is a commitment to no surprises, with early advice on  any potential issues. The amount of senior time we spend on site and the frequent and interactive exchange of views builds a stronger working relationship, brings fresh perspectives and the early identification to emerging issues.

 

KPMG is confident in the technical abilities of our lead partners, who have the extensive experience and authority to make accounting decisions that commit the firm. This empowerment of our partners, the collegiate nature of the firm and regular consultation with our clients means that our response to accounting issues that arise during the audit is prompt, decisive and consistent.

Technology
Another strength of our audit approach is the use of technology to enable and streamline audit testing. For example, KOLA (KPMG On-Line Auditing provides continuous monitoring of key applications by identifying control exceptions and reporting them to the KPMG team. In the area of management and communication of the audit, KClient is a secure web based tool. Designed to provide the benefit of global consistency through the application of standardised audit programmes, fast and straightforward communication and a single source of reference for all group audit reporting and other related material. ARO, KPMG's Accounting Research On-Line is a broad  library of accounting, auditing and financial reporting.

Quality, Integrity and Independence
KPMG has its own quality procedures in place to which all member firms adhere, as well as being subject to external review by the Audit Inspection Unit of the UK Financial Reporting Council. In addition, all our relationships are assessed by an independent Client Service Review, where we obtain direct feedback from the client on the overall quality of KPMG's services and relationships.

 

We take rigorous steps to help ensure that potential conflicts are carefully and effectively managed. Sentinel, unique to KPMG, is a sophisticated and automated independent tracking system, helping engagement teams review, approve and verify KPMG's service relationships with business entities worldwide. The system is mandatory for the client service teams of all listed clients and is fully compliant with Sarbanes Oxley and other regulatory requirements.  

 

 

If you are thinking of putting your audit out to tender or would like to understand more about the service we provide and how we differ from the competition, please contact Tony Cates

KPMG's Audit Committee Institute

Visit the Audit Committee Institute (ACI), sponsored by KPMG - a forum for Boards of Directors, CEOs and CFOs.