Financial Statement Audit


The KPMG AUDIT PROCESS


KPMG`s Audit Methodology transforms the traditional, compliance-driven audit process by creating a framework to assess how a company’s business risks are managed. You benefit from this approach because it allows us to gain a thorough understanding of your business, including its strategies, business risks, and the processes that manage them-resulting in an effective and efficient audit for you. It focuses on critical success factors and key performance indicators that drive your organization, and positions us to add value through the audit.


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


Strategic analysis - Using our industry experience and knowledge of best practices, our multidisciplinary engagement team gains a thorough understanding of your business. Working with you, we evaluate strategic business risks and regulatory challenges in order to assess their significance to your business and their potential effect on your financial statements. We then analyze both the key processes you have in place to manage these risks and the procedures used to record significant classes of transactions.


Process analysis - We document and make sure we understand your key business processes by evaluating the underlying risks involved. We decide on audit objectives associated with these risks and assess the possibility of misstatement in your financial statements for each audit objective. We test controls throughout the period under audit to help eliminate last-minute surprises and help reduce the amount of period-end auditing required.


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.


Tailoring Our Audit to Fit You


Our audit approach will be tailored specifically to your business and the regulatory and market environments in which it operates.


Vector


Vector is the firm’s proprietary audit enabling tool. Vector, represents a substantial advance towards a globally consistent approach to the audit and marks a significant milestone in the global firm’s effort to provide its audit professionals with state-of-the-art Financial Statement Audit Resources.


These financial Statement Audit Resources enable professionals to:


• Explicitly identify the potential financial statement effects of significant business risks and identify significant classes of transactions;
• Conduct audits using a structured workspace and facilitates the understanding of the methodology;
• Gain access to additional industry knowledge in the context of the workflow step they are performing allowing them to spend less time on research and more time interpreting results.
Vector provides members of KPMG with a tool to demonstrate how we use technology to make our service delivery more efficient and effective.


Company Accounting Services


this division offers the following services:
• The maintenance of accounting records to trial balance.
• Preparation of periodic management accounts.
• Preparation of annual financial statements.
• Preparation of budgets and cash flow forecasts.
• A comprehensive payroll maintenance and administration outsourcing service.


Company Statutory Services


Our Company statutory division offers a wide range of specialist services to our local, national and international clients. This division assists clients in the following areas:
• Maintenance of statutory registers and minute books.
• Statutory due diligence and health check reviews.
• Attendance at board/general meetings, taking of minutes and recording thereof.
• Assistance with registration of companies in neighboring countries.
• Assistance with statutory audit reviews at client’s offices.