2017 Our system of audit quality controls

2017 Our system of audit quality controls

This publication provides insight on how KPMG has provided its clients with independent and quality audit work.

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For more than fifty years, KPMG in Bermuda has provided its clients with independent, quality audit work, earning a reputation for independence, integrity, ethical behaviour and objectivity. This is due in large part to our highly developed system of quality controls, which has been critical to our success.

The key components of KPMG in Bermuda’s quality control system are:

  • Our Code of Conduct, which defines the values and standards by which KPMG in Bermuda does business;
  • Documented risk management and quality control policies and procedures;
  • Technical guidance and support on complex accounting and audit issues that cannot be resolved within the firm is available through resources which include access to the Department of Professional Practice within the KPMG member firm in the USA or the International Financial Reporting Group based in London;
  • The oversight of professional performance, including engagement quality control reviews, and our internal Quality Performance Review Programme, which provides for the review of audit work for quality and compliance with KPMG and professional standards;
  • Independence policies supported by integrated, web-based systems that help our professionals maintain and monitor their compliance with independence requirements;
  • Developed methodologies, manuals and training courses to support the delivery of our audit services;
  • The appointment of the Head of Risk Management who is responsible for risk and regulatory matters and the appointment of a Risk Management Working Group that monitors developments and provides guidance to all staff with regard to risk management, ethics and independence, and professional policies and procedures;
  • The appointment of the Head of Ethics and Independence who is responsible for ethics and independence matters. The appointment of an Audit Manager to assist in the monitoring of policies and procedures concerning ethics and independence; and
  • The appointment of a Compliance Senior Manager who reports to the firm’s Head of Risk Management and who tests the firm’s compliance with its stated policies and procedures on an ongoing basis.

© 2017 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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