Quality and risk management

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Execution of Work

Quality and risk management applied to engagement delivery and oversight, with a focus on anti-corruption and anti-bribery procedures. G4-SO3

Our engagements follow methodological guidelines and policies that aim to maintain integrity, compliance with local and international regulations, and the incorporation of global best practice.

Professional practice, risk management and quality control are the responsibility of all professionals in the Organisation, who are expected to adhere to our policies and procedures (including independence policies) and are supported by a range of tools in meeting these expectations.

Methodology and tools

The policies and procedures we have established for Audit (and other practices where applicable) include requirements for accounting, audit, ethics and quality control and other relevant laws and regulations. The Audit practice is heavily regulated and under constant scrutiny. We therefore believe it is important to demonstrate how the approach and the tools we use ensure quality and integrity in delivery.

  • Compliance - Our global audit methodology, developed by the Global Service Centre (GSC), is based on the requirements of the International Standards on Auditing. The methodology is set out in the KPMG Audit Manual (KAM) and includes additional requirements that go beyond established standards where we believe this can enhance the quality of our audits. KPMG member firms may add local requirements to comply with additional professional, legal, or regulatory requirements. The rules and procedures set out in KAM are supplemented by the requirements established in our Global Quality and Risk Management Manual, which is applicable to all member firms of KPMG International.
     
  • Scepticism - Our methodology encourages engagement teams to exercise professional scepticism in all aspects, from audit planning to delivery. To support them in this process, KAM provides procedures for identifying and assessing the risk of material misstatement and procedures for dealing with those assessed risks.
     
  • Innovation - Our audit methodology is supported by proprietary electronic tools that provide auditors at member firms worldwide with the methodology, guidelines and industry knowledge necessary to conduct efficient and high-quality audits.