KPMG's 4D governance solutions: Pioneering support, new standards
Effective governance is already about more than merely complying with regulations. It is increasingly becoming an explicit ‘health factor’ for companies, which they need to take into account in order to be successful. If a governance system is implemented effectively and with perceptiveness and is incorporated into the business processes in a targeted manner, the costs involved can be contained.
But how can a company’s management prove it has met its due diligence obligations and has effective systems in place? The Institute of Public Auditors in Germany (IDW) has already delivered on this front with its Assurance Standard 980: IDW AssS 980 is a standardised approach to assessing compliance management systems (CMS), which has been very well received by companies.
The IDW has now expanded this approach, giving a company’s board and management, with the draft standards DAssS 981, 982 and 983, that complement AssS 980, the opportunity to prove that they fully meet the requirements in all four areas of corporate governance, namely risk management, internal control systems, compliance management and internal audit.
Based on this, we have developed a comprehensive audit approach which takes on a pioneering role in terms of corporate governance development. We call it ‘security across all dimensions’ and we look forward to taking you through this development, which points the way ahead.
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