Our Financial Statement Audit approach is based on an understanding of our clients' business processes, goals, and strategies. This enables us to identify and assess the risks that impact their business and achievement of goals.
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Through continual assessment, our audit procedures remain robust and in line with the latest requirements.
Our audit process is reflected in the KPMG Audit Methodology (KAM). There are four key principles that underpin KAM:
- Full adherence to national and international accounting standards. Our audits are designed to perform in accordance with International/Singapore Standards on Auditing, International/Singapore Financial Reporting Standards and relevant national standards.
- A critical emphasis on the key procedures, risks and controls. Every aspect of KAM involves the clearest possible focus on the client's financial statements. By emphasizing the critical nature of substantive procedures, effective risk assessment and control testing activities, KAM identifies risks that affect key issues.
- Understanding the business by engaging industry-experienced professionals. The quality of our audit work depends on deploying professionals with precisely the right combination of technical skills and relevant industry experience. Using multi-disciplinary teams, we develop an understanding of our clients' business processes, accounting policies and controls, together with the financial reporting issues specific to each organization’s industry and operations.
- Global consistency, reinforced by rigorous coordination and continuity. KAM is used by KPMG's auditors across all the countries in which KPMG firms operate. This means that, in any location where audit work needs to be carried out, you can be sure it will be performed by professionals working to the same methodology, processes and documentation.