Magazine article The CPA Journal

New KPMG Audit Process

Magazine article The CPA Journal

New KPMG Audit Process

Article excerpt

KPMG Peat Marwick LLP has unveiled a new and redesigned audit process called "Business Measurement Process" (BMP).

This new approach reflects one firm's way of integrating what has usually been thought of as nonaudit skills into the audit process within an industry specialization framework.

According to KPMG, the new process helps provide insight into market changes and best practices. The idea is to deliver more value by identifying performance improvement opportunities for clients.

The BMP involves a five stage processStrategic Analysis. During the initial stage, the KPMG team works with the client to identify and understand critical elements of the business and the environment-including competition, technology, economic conditions, legislation, industry issues, the client's objectives and strategies, and the key risks that threaten achievement of the objectives.

Business Process Analysis. In this stage, the team studies the client's business processes that most closely relate to achieving the business objectives. Information gathered dur ing this stage is used in preparing the business model profile.

Risk Assessment. The KPMG team, in conjunction with management, identifies processes in place to address and control the risks and considers how they are being addressed and controlled. …

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