The Audit Approach: Methodology
APPROACH ON AUDIT
Audit methodology and tools of KPMG are developed and maintained by Global Service Center (GSC). The firm makes sure that audit methods are: globally consistent and entirely compliant with ISAs (Philippines: PSA); created to be effective in all kinds of risk environments and economic circumstances; available to all KPMG audit professionals and required to be used where necessary for compliance; applied even where local auditing standards are less demanding than the ISAs.
KPMG’s methods are present in the KPMG International’s Audit Manual which includes requirements that are beyond the ISAs to ensure high quality audit. However, member firms may add local requirements and/or guidance in KAM …show more content…
According to a trusted source from KPMG-R.G Manabat Co., they outsource depending on the need of the engagement. These experts include but not limited to legal experts, tax experts and IT experts. One of his example is when the firm contacted an IT expert of an Information Rights Management (IRM) when the client’s business is highly automated.
KPMG Audit Process
Audit workflow in KPMG is empowered by eAudIT, an activity-based workflow and electronic audit file, which incorporate the firm’s methodology, guidance and industry knowledge and also the tools needed to manage audits consistently from beginning to end.
Audit process includes the following:
a. timely partner and manager involvement throughout the engagement
b. access to the right knowledge including involvement of specialists, training and experience requirements and relevant industry expertise
c. critical assessment of all audit evidence obtained during the audit, exercising appropriate professional …show more content…
Significant industries’ information is made available to audit professionals through the eAudIT and includes the overview which provide general and business information as well as the summary of the industry knowledge.
C. EXERCISE OF PROFESSIONAL JUDGEMENT AND PROFESSIONAL SKEPTICISM
Professional skepticism involves a questioning mind, an appetite to challenge and alertness to inconsistencies. It is featured prominently throughout auditing standards as well as professional judgement thus this is critically important to their role as auditors.
KMPG has developed a professional judgement process that facilitates good judgement through introducing a structured approach to auditing areas that require significant judgement. It also emphasizes the importance of independence, objectivity and having a right mindset. The use of this process and the application of professional skepticism is reinforced through coaching, training and acknowledging that judgement is a skill developed over time.
Guidance is available on the KPMG Professional Judgement Framework and is used by audit teams and embedded within audit learning solutions.
D. ONGOING MENTORING, SUPERVISION AND
APPROACH ON AUDIT
Audit methodology and tools of KPMG are developed and maintained by Global Service Center (GSC). The firm makes sure that audit methods are: globally consistent and entirely compliant with ISAs (Philippines: PSA); created to be effective in all kinds of risk environments and economic circumstances; available to all KPMG audit professionals and required to be used where necessary for compliance; applied even where local auditing standards are less demanding than the ISAs.
KPMG’s methods are present in the KPMG International’s Audit Manual which includes requirements that are beyond the ISAs to ensure high quality audit. However, member firms may add local requirements and/or guidance in KAM …show more content…
According to a trusted source from KPMG-R.G Manabat Co., they outsource depending on the need of the engagement. These experts include but not limited to legal experts, tax experts and IT experts. One of his example is when the firm contacted an IT expert of an Information Rights Management (IRM) when the client’s business is highly automated.
KPMG Audit Process
Audit workflow in KPMG is empowered by eAudIT, an activity-based workflow and electronic audit file, which incorporate the firm’s methodology, guidance and industry knowledge and also the tools needed to manage audits consistently from beginning to end.
Audit process includes the following:
a. timely partner and manager involvement throughout the engagement
b. access to the right knowledge including involvement of specialists, training and experience requirements and relevant industry expertise
c. critical assessment of all audit evidence obtained during the audit, exercising appropriate professional …show more content…
Significant industries’ information is made available to audit professionals through the eAudIT and includes the overview which provide general and business information as well as the summary of the industry knowledge.
C. EXERCISE OF PROFESSIONAL JUDGEMENT AND PROFESSIONAL SKEPTICISM
Professional skepticism involves a questioning mind, an appetite to challenge and alertness to inconsistencies. It is featured prominently throughout auditing standards as well as professional judgement thus this is critically important to their role as auditors.
KMPG has developed a professional judgement process that facilitates good judgement through introducing a structured approach to auditing areas that require significant judgement. It also emphasizes the importance of independence, objectivity and having a right mindset. The use of this process and the application of professional skepticism is reinforced through coaching, training and acknowledging that judgement is a skill developed over time.
Guidance is available on the KPMG Professional Judgement Framework and is used by audit teams and embedded within audit learning solutions.
D. ONGOING MENTORING, SUPERVISION AND