Financial statement audit

Financial statement audit

Financial statement audits play a critical role in creating and maintaining investor confidence and can unlock valuable insights into the business.

Financial statements audits play a critical role in maintaining investor confidence.

Our audit methodology is designed to focus the audit on the risks that might have material impact on the financial statements. It is designed to exceed national and international standards and all our professionals throughout our member firms around the world are guided by the same approach to methodology, processes and documentation. All audit staff undergo frequent and regular training to help ensure their knowledge is as current as possible.

The high quality of communication is a particular feature of KPMG's audit process. Underpinning our audit approach is a commitment to try and avoid surprises, with early advice on any potential issues. The amount of senior time invested and frequent and interactive exchange of views builds a stronger working relationship, brings fresh perspectives and early identification of emerging issues.

Another strength of our audit approach is the use of technology to enable and streamline audit testing. Using an advanced intuitive interface, KPMG auditors have leading industry knowledge and auditing standards guidance integrated into the audit process to enable us to optimize the audit experience for each client. Use of data analytics is raising the bar on audit quality by enabling us to test complete data populations and understand the business reasons behind outliers and anomalies.  And the enhanced business insights our audit teams bring to the audit help you see your business from a new perspective.

Fully customisable workflows offer design flexibility for our firms’ engagements, whether it is a major international group audit, a smaller-scale audit for a medium-sized enterprise or a review engagement for a small company looking for an effective way to obtain limited degree of assurance and add credibility to its financial statements. 

KPMG has its own quality procedures in place to which all member firms adhere, as well as being subject to external review by the national audit regulators. In addition, regular assessment of our relationships by client satisfaction review allows us to obtain direct feedback from the client on the overall quality of KPMG's services and relationships.

We take rigorous steps to monitor our independence and objectivity by ensuring 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.

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Value of Audit

Read candid and sometimes surprising views of KPMG's audit leaders on the value of an audit.

 
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Head of Audit