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.
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.