South Africa

Financial Statement Audit 

An independent audit of financial statements contributes to investor confidence and therefore to the effective functioning of capital markets.

In South Africa, KPMG’s audit approach is based on a consistent methodology developed in compliance with International Standards on Auditing. Our methodology includes the core principles relating to professional integrity, independence and ethical behaviour with which our Partners and staff must comply. It is enhanced by supervision, review and consultation policies and technologies and tools that assist teams to access knowledge. These tools are all designed to help teams focus on the issues that impact on audit judgments and improve the effectiveness and efficiency of the audit. The tools include KPMG’s proprietary computer-assisted audit techniques and Auditing/Account Lexicon (Alex).

 

KPMG’s professionals work in collaboration with client executives, Board Directors and academics to understand the changing business environment. In addition, KPMG in South Africa actively participates in the South African regulatory environment, by submitting comments and feedback to our regulators and professional bodies and participating in ongoing roundtable discussions with them. We share our firms' insights with clients through the following resource centres and initiatives:

 

  • Audit Committee Forums – established to help audit committee members keep pace with business issues related to governance, audit, accounting and financial reporting
  • The International Standards Group – established to assist clients and professionals with the application and interpretation of International Financial Reporting Standards (IFRS) and International Standards on Auditing.

 IFRS Hot Topics

Accounting change for banks
asset and liability offset
IFRS – financial instruments
IFRS – financial instruments
IFRS – financial instruments