Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Auditing Assignment 2: KPMG

No description
by

Leigh Donoghue

on 14 April 2015

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Auditing Assignment 2: KPMG

-
What Services Do KPMG Provide?
Taxation
- Corporate Tax

- Research and Development Incentives

- Tax dispute resolution
Advisory
Auditing
Auditing Assignment 2: KPMG
By Leigh Donoghue and Raymond Nixon
- KPMG are a Global financial services provider
Who are KPMG?
Opening Image: http://www.contabilidade-financeira.com/2011/11/olympus-segundo-kpmg.html
References
KPMG Australia
Two part presentation introducing you to KPMG Australia in specific relation to assurance services
Part One
The Firm
Part Two
The Client
Types of clients looking to utilise the audit of financial statements services
Legislation including the
Corporations Act 2001
states that the financial reports of reporting entities (company's listed on the Australian Stock Exchange) must be subjected to an audit by a suitable assurance practitioner.
Such as
KPMG Australia
Why clients would benefit from suitable assurance processes
The audit or assurance process
To re-enforce and consolidate the value of the information contained in the financial reports. Allows reliance on the information to hold an increased credibility because of the examination of the financial reports by an independent third party.
Agency Theory
Investors input resources.
Managers utilise resources to maximise wealth for shareholders (investors).
Periodic reports by managers in accordance with the AASB allowing shareholders to view the effectiveness of the manager's actions.
Assurance processes ensure bias or conflict of interest is kept to a minimum.
Investors
Management responsible for Financial Reports
Information Hypothesis
Quality of information
Key in enabling investors to assess risk on investments (equity capital).
Strive for the lowest cost of receiving finance from lending institutions (debt capital).
Aid management in making decisions on internal processes, identifying errors and poor procedures and the motivation of employees.
KPMG Australia as an assurance practitioner needs to ensure the following before engagement with a client may be accepted
Clients are not occupied by management that is lacking in integrity.
Business Reputation
Management
Related Parties
Internal Governance
Operations
Business Practices
KPMG Australia is able to provide an independent reliable service to the client by knowing and understanding
Client business practices.
Competence and commitment to have the time and resources to complete the engagement.
Also
Favorable review of previous financial reports and tax returns
Favorable inquires of outside parties in the line of creditors, legal advisers and suppliers.
Ensure that the engagement wouldn't compromise the (code of ethics for the professional accountants).
Determine the weight of extent the engagement would expose KPMG Australia to unusual risk.
Consultation with the previous assurance provider.
<http://www.santaferelo.com/>
<http://www.presentationmagazine.com/>
<http://www.nexttechstock.com/>
<http:www.kpmg.com/>
<http:www.facebook.com/>
<http:wwwacelibertyandstone.cam/>
<htpp:kfknowledgebank.kaplan.co.uk?>
<http:atpbio.wordpress.com/>
<http:www.dreamstime.com/>
<http:www.dreamstime.com/>
<http:www.slideshare.net/>
<http:nvsba.com/>
<http:www.novartis.com/>
<http:www.seek.com.au/>
Insurance Hypothesis
The auditor may be held liable if after the assurance process the client goes into liquidation and/or is unable to pay debts.
KPMG Australia values its reputation to an extreme degree and will ensure to all possibilities that its reputation is to stay intact.
- Financial Statement Audit

- Regulatory Audit

- Audit Data & Analytics
- Employ 5000 staff in Australia alone!
- Specialise in a variety of financial services including Taxation, Superannuation and Auditing
We're here to lend a hand
- Management Consulting

- Risk Consulting

- Superannuation
Santaferelo,
Santaferelo Re Location
, viewed 13 April 2015, <http://www.santaferelo.com/>
The Next Tech Stock, 2015, Collaborative Consumption,
The Next Tech Stock
, viewed 13 April 2015, <http://www.nexttechstock.com/asx-listed-tech-company-set-to-capture-global-mega-trend/>
Presentation Magazine, 2011, Filed Under Finance, Presentation Magazine, viewed 13 April 2015, <http://www.presentationmagazine.com/how-to-register-a-limited-company-16026.htm>
KPMG Graduates and Students, 2015, Logo,
Facebook
, viewed 13 April 2015, <https://www.facebook.com/KPMGinAustraliaGraduatesandStudents>
KPMG Australia Corporate Tax, 2015, website, Viewed April 14th 2015, <http://www.kpmg.com/au/en/services/tax/corporate-tax/pages/default.aspx>
KPMG Australia, Advisory, 2015, Website, Viewed April 14th 2015, <http://www.kpmg.com/au/en/services/advisory/pages/default.aspx>
KPMG Australia, Audit & Assurance, Financial Statement Audit, 2015, Website, Viewed on April 14th 2015, <http://www.kpmg.com/AU/en/services/Audit/Financial-Statement-Audit/Pages/default.aspx>
KPMG Australia, Audit & Assurance, Regulatory Audit, 2015, Website, Viewed on April 14th 2015, <http://www.kpmg.com/AU/en/services/Audit/Regulatory-Audit/Pages/default.aspx>
KPMG Australia, 2015, Audit careers,
KPMG
,viewed 13 April 2015, <http://www.kpmg.com/au/en/careers/whatcanido/service-areas/audit-careers/pages/default.aspx>
Ace Liberty & Stone PLC, 2013, Logo,
Ace Liberty & Stone PLC,
viewed 13 April 2015, <http://acelibertyandstone.com/financial-reports>

Kaplan Financial, 2012, Types of audit report, Kaplan
Financial Knowledge Bank
, viewed 13 April 2013, <http://kfknowledgebank.kaplan.co.uk/KFKB/Wiki%20Pages/Modified%20Audit%20Reports.aspx?mode=none>

Raman Minhas, 2012, 9 Key Insights from an Angel Investor,
Wordpress
, Viewed 13 April 2015, <https://atpbio.wordpress.com/2012/01/25/key-insights-angel-investor/>
Dreamstime, stock-photo-financial-report-graph-analysis-budget-management-purple-binder-place-graphs-charts-business-reports-concept,
Dreamstime
, viewed 13 April 2015, <http://www.dreamstime.com/stock-photo-financial-report-graph-analysis-budget-management-purple-binder-place-graphs-charts-business-reports-concept-to-image46091781>
Dreamstime, stock-photo-d-illustration-quality-survey-form-check-list-tick-mark-excellent,
Dreamstime
, viewed 13 April 2015, <http://www.dreamstime.com/stock-photo-d-illustration-quality-survey-form-check-list-tick-mark-excellent-image29975920>
Wettemann, 2014, Maximizing ROI from SAP,
Slideshare
, viewed 13 April 2015, <http://www.slideshare.net/uppiliappangopalan/wettemann>
<http://www.professionalscoverage.ca/>
Professional Liability Insurance, 2014, Professional Liability Insurance,
Professionals coverage
, viewed 13 April 2015, <http://www.professionalscoverage.ca/?attachment_id=115>
<http://www.dreamstime.com/>
Dreamstime, manage-your-risk-words-dice-reduce-costs-liabilities-dangerous-world,
Dreamstime
, viewed 13 April 2015, <http://www.dreamstime.com/royalty-free-stock-photography-manage-your-risk-words-dice-reduce-costs-liabilities-dangerous-world-company-workplace-enterprise-reducing-image31631477>
NVSBA, Networking,
NVSBA
, viewed 13 April 2015, <http://nvsba.com/>
Novartis, 2014, Embedding integrity standards,
Novartis
, viewed 13 April 2015, <http://www.novartis.com/corporate-responsibility/responsible-business-practices/ethics-governance-and-compliance/embedding-integrity-standards.shtml>
<http://www.123rf.com/>
Stock Photos, business-man-writing-good-practice-concept-skill--ethic--knowledge--potential,
Stock Photo
, viewed 13 April 2015, <http://www.123rf.com/photo_13282203_business-man-writing-good-practice-concept-skill--ethic--knowledge--potential.html>
CBA, 2015, Advert,
Seek
, viewed 13 April 2015, <http://www.seek.com.au/job/28327880>
Gay, G & Simnett, R 2012,
Auditing & Assurance Services in Australia
, 5th Edition, McGraw-Hill Australia Pty Ltd, North Ryde NSW, Australia
Full transcript