Audit Overview

Financial Statement Audit

KPMG member firms have developed an audit methodology that transforms the traditional, compliance-driven audit process by creating a framework with an emphasis on developing a thorough understanding of clients' businesses and of how management operates and controls business. This approach focuses on critical success factors and key performance indicators that drive your organisation and allows us to gain a thorough understanding of your business including its strategies, business risks and the processes that manage them. This allows us to perform an effective and efficient audit for you and positions us to add value through the audit.

KPMG's three-phase audit methodology incorporates the following:

Strategic analysis - by using our industry experience and knowledge of leading practices, our multidisciplinary engagement team works with you to obtain a thorough understanding of your business.

Process analysis - we document and work with you to enhance our understanding of your key business processes by evaluating the underlying risks involved.

Substantive procedures, evaluation and reporting our findings - in this phase we perform detailed, substantive audit procedures as planned; identify and investigate audit differences; evaluate findings; form our audit opinions; and report our findings.

Our audit approach will be tailored specifically to your business and the regulatory and market environments in which it operates. To do this, we will create a business model that represents the foundation for an audit by assessing your control environment to help us fully understand your business processes, your goals, and your strategies. This model will be a blueprint for identifying and assessing risks that may threaten achievement of your objectives. From this information, the engagement team can remain focused on risks that impact your business - and the financial statement audit.