The KPMG audit methodology focuses on business issues and the matters that can impact the financial statements, whilst also retaining the basic audit procedures that test the information contained in the financial statements.
Our approach is grounded in the market dynamics of our clients ensuring that our judgments are both relevant and insightful.
The KPMG Audit Methodology is therefore effective and conducive to quality. It allows us to deliver quality, independent, rigorous and robust audit opinions.
- Meets applicable national and international standards
- Emphasizes the importance of substantive procedures and effective risk assessment and control testing activities
- Utilizes a multidisciplinary approach with industry-experienced teams with the knowledge, skills, and experience to perform the engagement
- Provides a basis for a consistent audit approach everywhere KPMG member firms do business and reinforces global continuity and coordination in different locations around the globe
We utilize technology infrastructures populated with systems and tools that are robust, enabling, and easy to use.
We believe organizational culture has a significant impact on audit quality. Central to our culture are our values and our code of conduct, which are fundamental to how business is done. The KPMG member firms understand and value their role in the capital markets and will continually seek to enhance the perception of our profession by supporting our people, strengthening quality, and affirming the importance of trust and integrity.
Through our multidisciplinary approach, audit engagement teams have access to professionals in such areas as forensics, tax, information risk management and valuation, providing them with a broad understanding of an organization, and enabling teams to focus on key areas of risk, adequacy of internal controls, and potential fraud.
International Financial Reporting Standards are being promoted as a single set of high quality, understandable and enforceable global standards. The adoption of IFRS in the EU, Australia, and many other countries follows the global trend for enterprises to report under IFRS. Canada and India are expected to transition to IFRS by 2011. Mexico plans to adopt IFRS for all listed companies starting in 2012, and Japan has introduced a roadmap for adoption that it will decide on in 2012 (with adoption planned for 2016).
KPMG member firms have extensive experience in providing services for enterprises reporting under IFRS and can assist you in IFRS implementation and in doing so help you to seize the opportunity provided by IFRS.
We can assist clients to conform with – and report under – U.S. GAAS and U.S. GAAP, when required and as appropriate.