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Kpmg presentation


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Kpmg presentation

  1. 1. WHAT IS BIG FOUR? The Big Four are the four largest professional services networks in the world, offering audit, assurance services, taxation, management consulting, advisory, actuarial, corporate finance and legal services. They handle the vast majority of audits for publicly traded companies as well as many private companies. It is reported that the Big Four audit 99% of the companies in the FTSE 100, and 96% of the companies in the FTSE250 Index.
  2. 2. HISTORY OF KPMG was formed in 1987 Peat Marwick International and Klynveld Main Goerdeler merged along with their respective member firms Spanning three centuries, “KPMG” name formed by the initial name of principal founding members.
  3. 3. CONTINUED Stands for K stands for Klynveld P is for Peat M stands for Marwick G is for Goerdeler
  4. 4. IN BANGLADESH KPMG has had a presence in Bangladesh for more than 50 years IN 1962 when Price Waterhouse Peat & Co. left Pakistan, one of its former partners joined forces with two other chartered accountants to form Rahman Rahman Huq (RRH) As of 1 January 2006 RRH is the Member Firm of KPMG International Cooperative (“KPMG International”) in Bangladesh. For over a decade prior to that RRH was KPMG’s Representative Firm in Bangladesh
  6. 6. Firm Revenues Employees Revenue per employee Fiscal year Headquarte rs Deloitte $36.8 bn 244,400 $150,573 2016 United States PWC $35.9 bn 223,468 $160,649 2016 United Kingdom Ernst & Young $29.6 bn 231,000 $128,139 2016 United Kingdom KPMG $25.4 bn 188,982 $134,510 2016 Netherlands The Big Four firms with their latest publicly available data
  7. 7. KPMG was the first professional services firm to align their services along industry lines. Industries KPMG Operates In Financial Services Consumer and Industrial Markets Delivering independent business advice across the areas of finance, performance and technology. Providing strategies for multinationals on issues like Advisory, Corporate Finance, Corporate Recovery, Acquisitions and Disposals, Forensic and Litigation.
  8. 8. Industries KPMG Operates In Infrastructure, Government and Healthcare Information, Communication and Entertainment Applying understanding of client markets, including telecommunications and media, to add value in areas like supply chain management, systems and technology and best practice finance. Working with a diverse range of clients in the public and private sectors – from government departments and healthcare teams through to construction and transport companies.
  9. 9. Global Total Revenues
  10. 10. Global Total Revenues
  11. 11. Global Total Revenues
  12. 12. Global Leader John M. Scott Deputy Chairman Mark Goodburn Global Head of Advisory Jane McCormick Global Head of Tax Bill O’Mara Global Head of Audit
  13. 13. Biggest Clients
  14. 14. Major Clients • Visa international • Wachovia • US Dept. of Homeland Security • University of Chicago • Kaiser Foundation • Honda • Mitsubishi Electric • BBC • Burger king • Netflix • Motorola • Home Depot
  15. 15. Citizenship in Bangladesh Adeeb h. khan Ali Ashfaq Mehedi Hasan Senior Partner Partner Partner KPMG in Bangladesh KPMG in Bangladesh KPMG in Bangladesh Khalid Rahim Mohammad Saif Uddin Ashraf Zaman Ali Senior Advisor Director Director KPMG in Bangladesh KPMG in Bangladesh KPMG in Bangladesh
  16. 16. VALUES & CULTURE
  17. 17. • a Control environment Risk assessment Control activities Information & communication Monitoring activities (1)Demonstrates commitment to integrity & ethical values (2)Exercise o9versight responsibility (3)Establishes structure, authority & responsibility (4)Demonstrates commitment to competence (5)Enforces accountability (6) Specifies suitable objectives (7) Identifies & analyzes risk (8) Assesses fraud risk (9) Identifies & analyzes significant change (10) Selects & develops control activities (11) Selects & develops general controls over technology (12) Deploys through policies & procedures (13) Uses relevant information (14) Communicates internally (15) communicates externally (16) Conducts ongoing separate evaluation (17) Evaluates & communicates deficiencies Components and Principles
  18. 18. Organisational Hierarchy of KPMG CEO Director CSR CFO COO CIO Accountant Manager Operational Manager IT Manager Lower level staff & officers Lower level staff & officers Lower level staff & officers
  19. 19. Audit Methodology KPMG’s Audit Methodology KPMG Sampling Plan Containing sample techniques to determine the materiality and effect of misstatements in financial statements Types of Sampling techniques Random techniques where every element has a equal chance to being selected in sample size Haphazard techniques which is non statistical approach following certain sequences
  20. 20. Audit Methodology Contd. KPMG’s Audit methodology is divided into 3 sectors:  High quality of Communication: They spend most of the time on site and frequent and interactive exchange of views builds a stronger working relationship in the firms.  Technology: KPMG offers most technologically empowered audit through e-Audit which brings the power of KPMG’s collective wisdom, industry knowledge and technical skills to client’s firm on every audit engagement  Quality , integrity & independence: KPMG has its own quality procedures in place to which all member firms adhere, as well as being subject to external review by the Ministry of Finance and Vietnam Association of Certified Public Accountants. They also practice integrity by obtaining direct feedback from the client on the overall quality of KPMG's services and relationships
  21. 21. Sponsorship The Swedish member firm was main sponsor for Swedish biathlete Magdalena Forsberg, six-time world champion and two-time Olympic medalist. Forsberg was working as a tax consultant at the KPMG Sundsvall office parallel to her athletic career. In February 2008, Phil Mickelson, signed a three-year global sponsorship deal with KPMG. KPMG and McLaren Technology Group have formed a strategic alliance to apply McLaren Applied Technologies’ (MAT) predictive analytics and technology to KPMG’s audit and advisory services.
  22. 22. Use of IT KPMG electronically records all client related data, subsequent completion of deliverables and resulting archives of the engagement throughout the audit life by using eAUDIT software. Another IT device named Encrypted USBs is also used by KPMG along with eAUDIT. An engagement file is created at the initiation of audit. Stored information in the planning tool is imported by this software. It is adjusted then in the work paper templates.(Available in eAUDIT) How does eAUDIT works? IT structure used by KPMG– ‘eAUDIT’
  23. 23. Uses of eAUDIT eAUDIT helps KPMG in--- Maintaining and storing electronic audit related data of its client. Providing industry knowledge to make the audit more effective. Understanding the entity and identifying risks. Testing and evaluation of controls and audit strategy. Communicating to those charged with governance. Forming the audit opinion. Providing easy and complete access to all the components of audit for future references. Maintaining a comprehensive database of all the audits performed. Globally Standardizing the audit procedures of KPMG by providing standardized work paper templates.
  24. 24. Awards and recognition Best Audit Services - MENA Fund Manager Fund Services Awards, 2016 • KPMG in the Lower Gulf was recognized as the winner in the “Best Audit Services” category at the MENA Fund Manager Fund Services Awards 2016. The Firm has won the award at the annual awards event in four consecutive occasions since 2013. Best Audit Services - MENA Insurance Review's MENA Insurance Awards, 2016 • KPMG was recognized as the winner in the “Best Audit Services” category at the MENA Insurance Review's MENA Insurance Awards 2016. The awards recognize MENA based insurers, reinsurers and service providers that have demonstrated exceptional customer service and innovative product development.
  25. 25. Awards and recognition Accounting Firm of the Year - CFO Middle East Awards, 2015 • KPMG in Saudi Arabia was recognized as the Accounting Firm of the Year at the CFO Middle East Awards - 2015. The awards recognize organizations and professionals who have shown outstanding performance and leadership in their respective industries. Top Tier Firm in the Gulf Cooperation Council (GCC) region - ITR World Tax, 2015 • KPMG was recognized as a Top Tier Firm in the Gulf Cooperation Council (GCC) region according to International Tax Review's World Tax 2015.
  26. 26. Achievements of KPMG • Advised on China's largest foreign M&A deal • International Accounting Bulletin named KPMG "Sustainable firm of the Year" for the second consecutive year and the inaugural "Social Networking Champion" in its 2013 Awards • Ranked in the top ten of Universe's World's Most Attractive Employers survey for fourth consecutive year • Launched KPMG Capital in November 2013 to accelerate and expand investment and capabilities in data and analytics (D&A) • "Dynamic Audit" initiative represents an ongoing, multi- million dollar investment in transforming audit • KPMG's Family for Literacy has provided more than 2 million books to children in need
  27. 27. Achievements of KPMG • KPMG Global Services now supports 40 countries • More than 155,000 people in 155 countries working together, an increase of 3,000 over the prior year • More than 1000 KPMG tax professionals have expanded their perspectives through our Global Tax Trek program • Offices in 33 African countries • Global Green Initiative has achieved reduction of greenhouse gas emissions across KPMG • Court gives KPMG to go ahead voter register
  28. 28. Accounting Improprieties of KPMG In 2003 Agreed to pay $125 million & $75 million to settle lawsuits stemming from the firm’s audits of Rite Aid & Oxford Health plans Inc. In 2004 Agreed to pay $115 Million to settle lawsuits stemming from the collapse of software company Lernout & Hauspie speech products. In 2006 Fannie Mae sued KPMG for malpractice for approving years of erroneous financial statements In 2007 KPMG Germany was investigated for ignoring questionable payments in the Siemens bribery case
  29. 29. Accounting Improprieties of KPMG In 2008 The Siemens supervisory board recommended changing auditors From KPMG to Ernst & Young. Same year, accused of enabling “improper & imprudent practices” at New century Financial & agreed to pay $80 million to settle suits from Xerox shareholders In 2011 Conducted due diligence work on Hewlet packard’s $11.1 billion acquisition of the British software company Autonomy In 2013 Scott London, Herbailfe(HLF.N), skechers(SKX.N), Bryan Shaw, created problems with KPMG. This problems led to KPMG to resign as auditor for two companies.
  30. 30. Accounting Improprieties of KPMG In 2015 KPMG was accused by the Canada Revenue agency of tax evasion schemes. “the CRA alleges that the KPMG tax structure was reality a “sham” that intended to deceive the taxman”. In 2016 The Canada revenue agency was found to have offered an amnesty to KPMG clients caught using an offshore tax-avoidance scheme on the Isle of man.