Internal Audit, Risk and Compliance | KPMG | CA
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Internal Audit, Risk and Compliance

Internal Audit, Risk and Compliance

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Internal Audit, Risk and Compliance

Board Advisory Services

KPMG's Board Advisory services professionals, from various member firms, have worked extensively around the world with public- and private-sector boards of directors. Our team can assess effectiveness, help improve performance and assist boards in aligning function and performance to leading practices in corporate governance.

Our Board Advisory services partners and professionals regularly draw upon sector- and industry-specific experience. KPMG also uses local professionals to help ensure that cultural and regulatory compliance issues are fully taken into account in each region. Our board assessment tools help boards get clarity over their responsibilities, rationalize their workload and maximize their effectiveness. Our board effectiveness tools have been developed, and continue to be informed, by our on-the-ground experience. KPMG tools are designed to facilitate evaluations, both of what boards should be doing and how well they are doing it.

Continuous Auditing/Continuous Monitoring

KPMG's Continuous Auditing/Continuous Monitoring (CA/CM) services are delivered by multidisciplinary teams to help clients assess, design, implement and evaluate continuous auditing and continuous monitoring systems and processes. Our services focus on control effectiveness, fraud and misconduct prevention and detection, policy and regulatory compliance, and performance improvement. Our professionals can assist with all phases of the CA/CM implementation process, including strategy development and developing, enhancing and managing existing CA/CM activities.

Contract Compliance Services

KPMG's Continuous Auditing/Continuous Monitoring (CA/CM) services are delivered by multidisciplinary teams to help clients assess, design, implement and evaluate continuous auditing and continuous monitoring systems and processes. Our services focus on control effectiveness, fraud and misconduct prevention and detection, policy and regulatory compliance, and performance improvement. Our professionals can assist with all phases of the CA/CM implementation process, including strategy development and developing, enhancing and managing existing CA/CM activities.

Enterprise Risk Management

Designed to help provide a company-wide approach to the identification, assessment, communication and management of risk, KPMG's Enterprise Risk Management (ERM) services address seven key risk components: risk strategy and appetite, risk governance, risk culture, risk assessment and measurement, risk management and monitoring, risk reporting and insights, and data and technology. KPMG can help facilitate and perform an enterprise risk assessment that identifies and assesses a company's current risk inventory. Our team can also review and assess the current state of maturity of a risk management program, providing observations and recommendations for improvement. In addition, our professionals can help assess risk culture, which can support or undermine the achievement of a company's ERM program, as well as help set or review risk appetite to help a company determine and monitor its exposure to risk.

Establishing an Internal Audit Function

KPMG's Establishing an Internal Audit Function offering focuses on providing support to companies that have either a small internal audit function or lack one altogether, guiding clients through the steps required to establish an internal audit function. Implementing this methodology typically involves the consideration of existing business processes, controls, business models and organizational systems, with the goal of achieving business objectives and enhancing overall performance.

Governance, Risk and Compliance

KPMG's Governance, Risk and Compliance (GRC) is an integrated framework that closely links the corporate governance, enterprise-wide risk, compliance and assurance functions to achieve a consistent and holistic vision across the organization. Our services include helping clients develop a strategic vision and approach for their GRC framework, developing an implementation roadmap for a holistic GRC framework, working through a structured implementation program for the alignment/integration of risk and compliance functions, and planning and implementing an IT GRC tool to support their strategic vision. Our key focus is to help improve the overall sustainability, effectiveness, efficiency and transparency for GRC processes across an organization.

Internal Audit Sourcing

KPMG's Internal Audit Methodology (IAM) is a global approach to providing internal audit outsourcing and co-sourcing services. It is a risk-based approach that focuses on clients' objectives and impediments to achieving those objectives. Sourcing the internal audit function can take a variety of forms, each presenting its own degree of ownership and mix of fixed and variable costs. We recently commissioned an international study, conducted in conjunction with Forbes, that focused on Audit Committee chairs' and CFOs' expectations of the internal audit (IA) function. Our approach specifically addresses the value gap between what AC chairs and CFOs are currently receiving from the IA function and what they believe they need and should be receiving. Key attributes of our approach include:

  • Applying leading practice benchmarks and industry specific subject matter knowledge extracted from
  • KPMG's proprietary Intelligent Content Engine to assess both performance and compliance at the enterprise, function, process and control levels
  • Use of an end-to-end IA platform – aligned to our global methodology and the full internal audit life-cycle – to automate the audit workflow and build supporting work papers and reports as auditors execute the audit steps, resulting in an 10-15 percent efficiency improvement over manual service delivery
  • Enhancing stakeholder communication and alignment in each phase of the audit process via automated survey and feedback mechanisms for key stakeholders and "near real-time" reporting and data visualization of the performance and compliance effectiveness of key processes and controls.

Regulatory Compliance Advisory

Within KPMG's Regulatory Compliance services network, our team leverages industry knowledge and regulatory capabilities to assist regulators, boards and management in evaluating an entity's compliance with applicable rules and regulations. Our approach combines the capability to assist clients with the development of compliance programs, including the design of appropriate processes and controls.

Internal Control Assistance Services

KPMG's Internal Control services can help companies take a risk-based approach to the implementation and maintenance of efficient, sustainable internal controls.

This includes assistance with compliance programs including those designed to meet the regulatory requirements of Sarbanes-Oxley or the Canadian equivalent, NI 52-109. We can assist with all phases of your ICFR compliance program– from readiness assessments, through to documentation, testing and remediation assistance. In each of these services, our professionals work closely with clients to establish compliance programs, transfer knowledge and provide training to support a successful internal controls compliance program.

We can also assist with the design and implementation of processes and internal controls fit for purpose of your organization - be it as a result of significant growth at your organization, or a change in operations, the adoption of new accounting standards, or to address known areas of control weakness.

Strategic Performance Review (K'SPRint)

KPMG's Strategic Performance Review/QAR service offering is designed to help clients align the internal audit function's strategic objectives with company objectives – taking into account overall risk management, compliance monitoring and business performance – to help internal audit perform and operate more effectively.

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