At KPMG, our approach to delivering audit services – whether a financial statement audit, an integrated audit, or other attestation services – is always risk-based, industry-specific, and tailored to our clients’ particular operational structures.
Our KPMG Audit Methodology (KAM), used by KPMG LLP here in the United States and by KPMG International member firms around the world, helps ensure that our audit services comply with changing regulations and professional standards. KAM relies on a multidisciplinary approach, calling upon industry and subject-matter professionals with the required knowledge, skills, and experience to perform specific engagements.
Our ability to deliver high-quality audit services is based on our teams’ strong understanding of the business processes, accounting policies, internal controls, and financial reporting issues specific to each of our clients and their respective industries and sectors.
Proactive coordination and communication - on a day-to-day basis and in regularly scheduled meetings – with management and those charged with governance is a vital component of our approach to delivering audit services. We work to establish a clear communication plan that focuses discussions on management’s approach to identifying risks to reliable financial reporting. That plan enables KPMG to understand how clients’ management reaches its conclusions and management to understand how we reach ours.
Our Audit Committee Institute (ACI) is an example of the proactive approach we take to addressing clients’ needs, to sharing knowledge, and to helping them see around the corner. Recognizing the challenges that audit committees face in meeting their demanding responsibilities, and the importance of sound corporate governance practices, KPMG created the ACI in 1999. Its primary mission is to enhance the ability of audit committee members and senior management to implement effective processes.
Finally, our approach to delivering audit services is truly client centric. In today’s business environment, many of our clients’ finance divisions have extended responsibilities beyond those traditionally associated with their function. Strategic implementation, sourcing, operations process improvements, and information technology are just some of the responsibilities that can increasingly compromise the finance division’s agenda. Our client-centric approach enables clients to choose how we can serve them as a single firm, rather than separate Audit, Tax, or Advisory units.