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Audit and accounting

Audit and Accounting

Audit and Accounting Topics that impact the ECB perception of banking.

The supervision of banks relies heavily on accounting data and rules. High quality...

The supervision of banks relies heavily on accounting data and accounting rules; high quality bank audits are also a valuable input in the supervisory process.

The recent financial crisis not only revealed weaknesses in risk management, control and governance processes at banks, but also highlighted the need to improve the quality of audits of banks. 

In respect of financial stability, the accounting frameworks applied by commercial banks cannot only affect their behavior, but also that of financial markets. Banking supervision, regulatory reporting and key supervisory ratios are based on accounting data. Under the new regulatory framework for banks in the European Union (EU), bank supervisors are highly reliant on accounting data. 

The European Central Bank (ECB) is promoting sound and high quality accounting and disclosure standards for the banking and financial industry, as well as transparent and comparable financial statements that strengthen market discipline. The articles featured in this section cover what we are hearing from the ECB regarding their expectations of banks, and the key questions we are discussing with market participants. 

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Audit and accounting topics – What the ECB is expecting

The ECB began to shed light on what its priorities would be for 2016 and the 2015 year-end audit.

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European Authorities’ view on IFRS 9

From the ECB’s perspective, IFRS 9 provides a better alignment between risk management and accounting practices.

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KPMG’s Global IFRS Institute

KPMG's insights on the international financial reporting standards and related matters.

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Leveraged finance – new guidance from the ECB

Leveraged finance has been an ECB priority and its new Guidance is a response...

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Financial Statement Audit

Assessing risk and impact based on business processes, goals and strategies.

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This office is dedicated to helping clients deal with the ECB.

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