The firm’s audit approach is based on the concept practiced by KPMG around the world by which an audit is based on understanding the client, including the industry in which they operate, the organizational structure, internal control processes, etc.
Accordingly, the audit process does not consist solely of verifying the data in the financial statements with supporting documentation, it also includes analyzing the client’s business risks in the business environment in which it operates. In this context, the audit team examines the objectives of the business and its strategy, and analyzes its business processes, the risks inherent in them and the related internal controls.
The audit practice provides auditing services to a large number of companies, ranging from early stage companies to multinational corporations operating in a variety of industries. This makes it possible to create specific areas of specialization and take advantage of economies of scale.
In order to provide continuous added value by drawing the attention of the clients to risk focus points, ideas for improving controls, etc., the auditing teams specialize in the sectors in which the clients operate. The methodology practiced by KPMG member firms around the world is therefore based on providing industry-focused services. Accordingly, different auditing teams have diverse industry focuses. These focuses make it possible to create a database of industry best practices in various industries and perform benchmarking in comparison with other industry participants. Furthermore, this enables the firm to provide quality professional services, while ensuring uniformity and consistency.
A Customized Auditing Plan for the Client’s Needs
The firm’s lines of business structure and special areas of focus facilitate the preparation of a customized auditing plan for each specific client. This process helps to provide the following advantages:
• An effective and focused auditing approach – focusing on genuine risks makes it possible to focus on areas where the financial statements are exposed to the highest risk, while saving resources in other areas.
• Added value for the client – analyzing business process and examining risks and controls enables the audit team to spot both weaknesses and possibilities for improvement in the various business divisions. The audit thereby also serves as a tool with added value for the client.
• Quality control – improving presentations in the financial statements and in the accompanying notes to more accurately reflect the financial position of the business and its results of operations.
Auditing teams are supported by other services provided by various professional divisions of the firm.