Introduction to the new beginners - External Audit

Introduction
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2023 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.
Facilitator 1 Facilitator 2 Facilitator 3
Facilitators

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Getting to know you !

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Agenda
01 Role expectations
02 Learning path
03 Welcome back to United Carbonations
04 The KPMG Clara workflow
05 Scalability
06 Flow of the audit
07 Project Plan
08 Wrap-up
At the end of this module, you will be able to:
1. Identify the expectations of the experienced audit
associate role.
2. Recognize the roles and responsibilities of select
engagement team members.
3. Recognize how the methodology assists in
understanding audit standards and executing the
audit.
4. Identify key functionality of the KPMG Clara
workflow.
5. Recognize how scalability may impact the audit.
6. Recognize the purposeful flow of an audit that is
aligned with phases.
7. Recognize the key features of Project Plan and how
to use them on engagements.

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Activity – Reflect on your first year
Reflect on the experiences you encountered and the tasks you performed as a new hire.
What were some of your responsibilities?

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Reflect on your first year
Reflect on the experiences you had as a new hire.
 Documenting walkthroughs
 Evaluating design and implementation of controls
 Performing and rolling forward tests of operating
effectiveness for manual controls
 Sending confirmations
 Performing less-complex substantive analytical
procedures
 Performing test of details
 Performing journal entry testing
 Tying-out financial statements

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Looking ahead to your upcoming year
 Leading less-complex
walkthroughs
 Performing risk assessment
procedures
 Identifying and testing
information used in the audit
 Performing tests of the
operating effectiveness for
manual and automated
controls
 Performing substantive testing:
MUS, KSP and specific item
testing
 Designing substantive
analytical procedures
 Assisting in evaluating audit
misstatements
1

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Business skills to continue to develop
this year
As you continue to develop and demonstrate these business skills, you will gain confidence in your work and
confidence communicating with entity personnel and senior team members.
Owning your career
Coaching and reviewing work
Delegating to junior team members
Exhibiting business acumen
Demonstrating industry and
technical knowledge
Having difficult conversations
Thinking critically
Identifying and escalating issues
Managing engagements
Providing an exceptional
engagement experience

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Audit Foundations
Level 2
2
3
4
5
6
7
9
8
Risk assessment – Part 2
2h 40m
Process level and general IT controls
7h 35m
Response to risk
2h 50m
Risk assessment – Part 1
4h 25m
Understanding the process
4h 20m
Test of operating effectiveness
4h 15m
Substantive procedures
7h 25m
Completion and closing
2h 35m
Post-requisites
Pre-requisites
4h 25m
1
Getting started
3h 50m
1
2
3

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Daily learning path
 Use your learning path as your step-
by-step guide
 Your learning path includes:
‒ Videos
‒ E-learnings
‒ Self-guided activities
‒ Opportunities to reflect
‒ Time for breaks
‒ Instructions for when and how to
attend your live sessions

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Agenda by day
 Introduction
 Preliminary
activities
 Materiality
 Start risk
assessment
procedures
 Planning
analytics
 Determine PM
 Planning
analytics
 Determining
PM
 Walkthroughs
 Identifying and
assessing RMs
and RMMs
 RMs and RMMs
 Process risk
points and
controls
 Design and
implementation
of manual
controls
 Information
used in the audit
 Establish tone
Day 1
 Testing the
operating
effectiveness
of controls
 Substantive
analytical
procedures
 Information
used in the
audit
 Substantive
sampling
 Establish tone
 Automated
controls and
RAFITs
 GITCs
 RAPD
 Response to
risks
 Risk associated
with the control
Day 2 Day 6
Day 1 Day 3 Day 4 Day 5 Day 6
 Substantive
sampling
 Roll forward
procedures
 Response to
fraud risk
 Journal
entries
 Completion
activities
 Wrap-up

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Your resources
 Learner workbook
 KPMG Clara workflow case study file
 Learner materials

Welcome
back
to United
Carbonation
s

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Welcome back to United Carbonations!
Watch the video and take notes in your workbook
on any key information you learn from the video
about:
 The entity
 Current year audit
 Changes from the prior year
3
2.1

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Email from Tony
YOU HAVE MAIL!
Open LM_02 Email from Tony and take notes in
your workbook on any key information you learn
from the email.
3
2.2

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Debrief: Key information about UC’s
audit

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audit
 We conduct audits in accordance with the:
‒ Appropriate accounting framework (IFRS)
‒ Appropriate auditing standards (ISA)
‒ Appropriate KPMG Audit Execution Guide (KAEG)
‒ Relevant KPMG Clara workflow

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audit
 We conduct audits in accordance with the:
‒ Appropriate accounting framework (IFRS)
‒ Appropriate auditing standards (ISA)
‒ Appropriate KPMG Audit Execution Guide (KAEG)
‒ Relevant KPMG Clara workflow
The engagement team working on the audit, including specialists and
specific team members, must always remain independent of the entity.

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What is the KPMG Clara workflow?
 Intelligent, data-rich platform that
facilitates the performance of high-
quality audits
 Aligns with the methodology in the
KPMG Audit Execution Guide (KAEG)
 Has integrated project management
tools to help your engagement teams
plan audits
 Brings all of our powerful data and
analytic capabilities into one simplified
solution
 It enables next-generation auditors

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A
B
C
D
What is your experience with the KPMG Clara workflow (the
Workflow)?
Question 1
I am new to the Workflow.
I am familiar with the Workflow, but I haven’t had an
opportunity to use it yet.
I have some experience with the Workflow, but I could
use more practice.
I have a lot of experience working in the Workflow.

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What to expect from the methodology
― Clear, step-by-step
guidance
― Greater
transparency
Clear connection
to the standards

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guidance
― Greater
transparency
Clear connection
to the standards
― Reduced optionality
and facilitated
standardization
― Globally consistent
― Intuitive sequencing
Consistent
methodology

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― Single access point
for methodology
― On screen, just-in-
time KPMG Clara
workflow library
Consolidating
our audit
guidance
guidance
― Greater
transparency
Clear connection
to the standards
and facilitated
standardization
Consistent
methodology

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for methodology
time KPMG Clara
workflow library
Consolidating
our audit
guidance
guidance
― Greater
transparency
Clear connection
to the standards
― View by standard by
activity screen
― Simpler and more
practical
― Integrated project
management
Easy to use
and facilitated
standardization
Consistent
methodology

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for methodology
time KPMG Clara
workflow library
Consolidating
our audit
guidance
guidance
― Greater
transparency
Clear connection
to the standards
― View by standard by
activity screen
― Simpler and more
practical
― Integrated project
management
Easy to use
and facilitated
standardization
Consistent
methodology
Risk assessment will continue to drive our audits!

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It’s all required…

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Read and follow
the standard

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Read and follow
the standard
Not optional – it’s
how we perform an
audit at KPMG
Description of what we
do – you won’t see
words like ‘required’,
‘shall’, ‘should’, ‘must’,
etc.

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Read and follow
the standard
how we perform an
audit at KPMG
etc.
Context for
why we do this

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Read and follow
the standard
how we perform an
audit at KPMG
etc.
Context for
why we do this
Wording used throughout this training aligns with the KAEG.

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What to expect from the Workflow
Open in Microsoft Edge

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 Multiple options for navigation

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 Browser-based

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 Browser-based
 Intuitive and user-friendly Open in Microsoft Edge

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 Browser-based
 Intuitive and user-friendly
 Project management features

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Raise your hand
1. Who knows how to navigate to the KPMG Clara
workflow homepage?

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Raise your hand
1. Who knows how to navigate to the KPMG Clara
workflow homepage?
2. Who does not see the United Carbonations
engagement card in their Engagements
Dashboard?
Who does not see the United Carbonations KPMG Clara workflow engagement card in their
Engagements Dashboard?

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Activity: Scavenger hunt
Become familiar with the basics of navigation in the KPMG Clara workflow.
Purpose:
Step Step
Individually, complete the questions included
in Topic 3 of your learner workbook.
If you need help, hints are included in your
learner workbook for each question.
15
mins
0
1
0
2
3

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Where can you navigate to using the
global home icon?

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Where can you navigate to using the
global home icon?

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How many review notes are assigned to the
experienced associate?

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How many review notes are assigned to the
experienced associate?

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My review notes
Red = Overdue
Yellow = Due soon
Grey = Pending
Green = On track

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My review notes
Red = Overdue
Yellow = Due soon
Grey = Pending
Green = On track

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Where can you find a list of team
members?

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Where can you find a list of team
members?

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What are the four topic groupings?

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Each card is self-
contained, where
you document risk
assessment,
testing and
conclusions

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What are two ways to access the
Materiality card?

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Materiality card?

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Materiality card?

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Where will you see the status of
activities?

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activities?

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activities?
Green = Completed
Yellow = Coming due
Blue = In progress
Grey = Future start date
Red = Overdue
No color or white = Not started

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Where will you see the sign-off
requirements?

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requirements?

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requirements?

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Which procedures will be completed for
Materiality?

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Which procedures will be completed for
Materiality?

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On which activity screens can you
access Guidance?

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access Guidance?

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access Guidance?
Access to the KAEG –
standards and methodology,
learning resources,
functionality support and
additional resources

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Guidance icon

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A
B
There is only one workflow (i.e. the KPMG Clara workflow).
Question 2
Yes
No

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A
B
There is only one workflow (i.e. the KPMG Clara workflow).
Debrief: Question 2
Yes
No
A

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What is scalability?
 Adapting the KAEG, KPMG Clara workflow, library and
guidance to the differences in size, nature and complexity of
the entities you audit
 Scalability for international engagements performed using
KAEG International impacts the methodology and workflow

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What is scalability?
 Adapting the KAEG, KPMG Clara workflow, library and
guidance to the differences in size, nature and complexity of
the entities you audit
 Scalability for international engagements performed using
KAEG International impacts the methodology and workflow
The workflow type (Enhanced, Standard or Small Entity workflow) is selected before engagement
creation.

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Workflow modules
Simple, Small, Private
Complex, Large, Public
Previously
Small Entity
Less Complex
Core
Enhanced
International -
Enhanced
International – Core
Methodology
Workflows
Periods beginning on/after 15 Dec’22
Small Entity
Standard
Enhanced
International –
Enhanced
International – Core
Methodology
Workflows

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Methodology and workflow module
applicability
Workflow: KPMG Clara
workflow –
Enhanced
KPMG Clara
workflow –
Standard
KPMG Clara
workflow – Small
Entity
Methodology used: International-
Enhanced
methodology
International-Core
methodology *
International-Core
methodology * **
Engagement type/
Referred to as:
International-
Enhanced
International-
Standard
International-
Small Entity
* The International-Core methodology is applicable to International-Standard and International-Small Entity engagement
types.
** International-Small Entity engagements follow the audit execution guidance applicable to International-Standard,
unless otherwise addressed in the Scalability Overview Document.

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applicability
workflow –
Enhanced
KPMG Clara
workflow –
Standard
KPMG Clara
workflow – Small
Entity
Enhanced
methodology
International-Core
methodology *
International-Core
methodology * **
Engagement type/
Referred to as:
International-
Enhanced
International-
Standard
International-
Small Entity
types.

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applicability
workflow –
Enhanced
KPMG Clara
workflow –
Standard
KPMG Clara
workflow – Small
Entity
Enhanced
methodology
International-Core
methodology *
International-Core
methodology * **
Engagement type/
Referred to as:
International-
Enhanced
International-
Standard
International-
Small Entity
types.

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applicability
workflow –
Enhanced
KPMG Clara
workflow –
Standard
KPMG Clara
workflow – Small
Entity
Enhanced
methodology
International-Core
methodology *
International-Core
methodology * **
Engagement type/
Referred to as:
International-
Enhanced
International-
Standard
International-
Small Entity
types.

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applicability
workflow –
Enhanced
KPMG Clara
workflow –
Standard
KPMG Clara
workflow – Small
Entity
Enhanced
methodology
International-Core
methodology *
International-Core
methodology * **
Engagement type/
Referred to as:
International-
Enhanced
International-
Standard
International-
Small Entity
types.

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Audit methodology
What can be ‘scaled’:
Workflow
The KPMG Clara
workflow library
Guidance

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Audit methodology
Workflow
The KPMG Clara
workflow library
Guidance
− All versions follow ISAs
− Additional
requirements for
engagements using
the Enhanced workflow
− Some content is
unique to the
engagement type
(Enhanced, Standard
or Small Entity)

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Audit methodology
Workflow
The KPMG Clara
workflow library
Guidance
− Additional
requirements for
engagements using
− Some content is
unique to the
engagement type
(Enhanced, Standard
or Small Entity)
− Scales for differences
in engagement
characteristics
− Scales based on
applicability and
complexity

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Audit methodology
Workflow
The KPMG Clara
workflow library
Guidance
− Additional
requirements for
engagements using
− Some content is
unique to the
engagement type
(Enhanced, Standard
or Small Entity)
in engagement
characteristics
− Scales based on
applicability and
complexity
− Library content is
tailored to the
complexity of the entity
and the accounting
framework

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Audit methodology
Workflow
The KPMG Clara
workflow library
Guidance
− Additional
requirements for
engagements using
− Some content is
unique to the
engagement type
(Enhanced, Standard
or Small Entity)
in engagement
characteristics
− Scales based on
applicability and
complexity
tailored to the
and the accounting
framework
− Contextual execution
guidance on how to
apply the audit
methodology

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Audit methodology
Workflow
The KPMG Clara
workflow library
Guidance
− Additional
requirements for
engagements using
− Some content is
unique to the
engagement type
(Enhanced, Standard
or Small Entity)
in engagement
characteristics
− Scales based on
applicability and
complexity
tailored to the
and the accounting
framework
− Contextual execution
guidance on how to
apply the audit
methodology
Scalability is a combination of all of the above.

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Scalability
01 International-
Enhanced
02 Standard
workflow
03 Small Entity
workflow

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Scalability
01 International-
Enhanced
02 Standard
workflow
03 Small Entity
workflow
Uses International-Enhanced
methodology.
International-Enhanced PIE criteria:
 Based on the definition in the
GQ&RMM.
 Publicly traded entity.
 Bank.
 Insurance entity.
International-Enhanced Non-PIE
criteria:
 Very Large Non-PIE.
 Designated by member firm risk
management partner or head of
audit.

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Scalability
01 International-
Enhanced
02 Standard
workflow
03 Small Entity
workflow
Uses International-Core
methodology.
 Engagements that do not
meet the International-
Enhanced PIE criteria or the
International-Enhanced Non-
PIE criteria.
meet the criteria for Small
Entity workflow or do not
choose to use it when they
do.
methodology.
GQ&RMM.
 Bank.
criteria:
audit.

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Scalability
01 International-
Enhanced
02 Standard
workflow
03 Small Entity
workflow
methodology.
PIE criteria.
do.
methodology.
 Quantitative criteria.
 Risk criteria.
 Functionality criteria.
methodology.
GQ&RMM.
 Bank.
criteria:
audit.

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Scalability
01 International-
Enhanced
02 Standard
workflow
03 Small Entity
workflow
methodology.
PIE criteria.
do.
methodology.
 Risk criteria.
 UC meets the International-Enhanced PIE criteria and uses KPMG Clara workflow – Enhanced.
 Component teams of US group audits use the US version of the KPMG Clara Workflow.
methodology.
GQ&RMM.
 Bank.
criteria:
audit.

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Scalability
01 International-
Enhanced
02 Standard
workflow
03 Small Entity
workflow
Additional training on Small Entity workflows
will become available
methodology.
GQ&RMM.
 Bank.
criteria:
audit.
methodology.
PIE criteria.
do.
methodology.
 Risk criteria.
 UC meets the International-Enhanced PIE criteria and uses KPMG Clara workflow – Enhanced.
 Component teams of US group audits use the US version of the KPMG Clara Workflow.

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Scalability overview document 4
 Helps you to understand scalability
in terms of our methodology,
workflow, library and guidance

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Scalability overview document
 Helps you to understand scalability
in terms of our methodology,
workflow, library and guidance
4
 Refer to your learner workbook for
a link to this document

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A
B
C
D
For an engagement that uses the five-phase engagement structure,
what are the five phases of the audit?
Question 3
Engagement set-up, Control activities response, Interim
response, Final response and Completion
Preliminary activities, Planning and risk assessment, Control
activities response, Substantive response and Completion
Preliminary activities, Planning and risk assessment, Interim
Engagement setup, Planning and risk assessment, Interim
response, Final response and Reporting

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A
B
C
D
For an engagement that uses the five-phase engagement structure,
what are the five phases of the audit?
Debrief: Question 3
Engagement set-up, Control activities response, Interim
Preliminary activities, Planning and risk assessment, Control
activities response, Substantive response and Completion
Preliminary activities, Planning and risk assessment, Interim
Engagement setup, Planning and risk assessment, Interim
response, Final response and Reporting

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Debrief: The 5 phases of the KPMG
Clara workflow
Planning and risk assessment
Interim response
Completion
Final response
Preliminary activities
Completion

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► 1.0.1. Engagement Profile
► 1.1.1. Pre-engagement
► 1.1.2. Strategy
► 1.2.1. Initial independence
► 1.3.1. Materiality
Final response
► 1.1.3. Audit plan
► 1.1.4. Plan revisions
► 1.3.3. Re-evaluate materiality
► 2.3.4. Journal entries
► 2.4.2. Going concern
► SUB. Substantive
► 3.1.5. Evaluate FS
► EST. Estimates
► SR. Significant risks
Interim response
► 1.0.2. D&A Assessment Aide
► CA. Control activities (TOE)
► INF. Information
► 1.1.3. Audit plan
► 1.1.5. Internal audit
► 1.3.2. PM & AMPT
► 1.4.1. Communicate plan
► 2.1.1. Entity and environment
► 2.1.2. Minutes
► 2.1.3. Planning analytics
► 2.1.4. Inquiries
► 2.1.5. Business processes
► 2.1.6. RAPD
► 2.2.1. Components of IC: CERAMIC
► 2.2.2. Components of IC: IT Understanding
► 2.3. Fraud
► 2.4. Overall response
► 3.X.1. Understanding (walkthroughs)
► 3.X.2. Risks
► 3.X.3. Response
— CA. Control activities (D&I)
— SUB. Substantive procedures
— EST. Estimates
— SR. Significant risks
The KPMG Clara workflow
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Completion
► 1.2.2 Independence confirmations
► 1.4.2. Communicate results
► 2.2.3. Components of IC: SICD
► 3.1.4. SAM
► 3.1.6. Subsequent events
► 3.X.4. Results (Business process)
► 4. Conclusions and reporting

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The KPMG Clara workflow
Interim response
Completion
Final response

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A
B
C
D
Select all that apply: Which of the following statements do you think
support why project management is important on your engagement?
Question 4
Helps allocate the appropriate number of resources to support
the engagement.
Enables you to complete testwork and prepare audit
deliverables by entity deadlines.
Tracks the engagement team’s progress during the audit.
Monitors the progress of your work so you can communicate if
you anticipate work will be finished sooner or later than planned.

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A
B
C
D
Select all that apply: Which of the following statements do you think
support why project management is important on your engagement?
Debrief: Question 4
Helps allocate the appropriate number of resources to support
the engagement.
Enables you to complete testwork and prepare audit
deliverables by entity deadlines.
Tracks the engagement team’s progress during the audit.
Monitors the progress of your work so you can communicate if
you anticipate work will be finished sooner or later than planned.

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What is Project Plan?
Who When What

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Who
 Assign activities and
attachments to team
members:
─ View minimum
review
requirements
─ View missing
sign-offs
When What

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Who
attachments to team
members:
─ View minimum
review
requirements
─ View missing
sign-offs
When
 Granular date-based
planning
 Accommodates
scheduling and
timing changes if due
dates change
What

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Who
attachments to team
members:
─ View minimum
review
requirements
─ View missing
sign-offs
When
planning
 Accommodates
scheduling and
dates change
What
• Status monitoring:
─ Workload filter
─ Owner filter
 Identification of
unassigned
activities and
attachments

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Who
attachments to team
members:
─ View minimum
review
requirements
─ View missing
sign-offs
When
planning
 Accommodates
scheduling and
dates change
What
• Status monitoring:
─ Workload filter
─ Owner filter
 Identification of
unassigned
activities and
attachments
Understand and use Project Plan to drive efficiency in your audits.

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Engagement setup impacts Project Plan

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Scalability
Changes number
of activity screens
and/or
documentation
requirements within

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Scalability
Changes number
of activity screens
and/or
documentation
requirements within
Minimum review
requirement selection
Populates the
number of and
type of sign-offs
required

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Scalability
Changes number
of activity screens
and/or
documentation
requirements within
Minimum review
requirement selection
Populates the
number of and
type of sign-offs
required
Multi-reporting
Project Plan
available for each
report

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Whiteboard activity
What are your engagement teams currently using to manage and track the audit?

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Demonstration: Project Plan
To learn about the functionality of Project Plan on your engagement.
Purpose:
Step
Navigate to Introduction Topic 5.2 of your learner
workbook. After each video, consider the following
question and record your responses in the learner
workbook.
 What are the benefits of using Project Plan?
5
mins
0
1
5.2

Performance
support
resource
Instructions:
1 Open PSR_01_Project plan.
2
Review tips for how to use the Project Plan
features to manage your engagements.

114
Internal use only
A
B
C
D
Which of the following is NOT a feature of Project Plan?
Question 5
Project Plan allows you and your engagement team to understand
overall status of the engagement.
In Project Plan, you can view who is currently responsible for an
activity using the owner filter.
Project Plan filters allow users to view specific activities and/or
attachments by phase, module and those that are coming due soon.
In Project Plan, you can edit the minimum review requirements
(MRR) applicable to an engagement.

115
Internal use only
A
B
C
D
Which of the following is NOT a feature of Project Plan?
Debrief: Question 5
Project Plan allows you and your engagement team to understand
overall status of the engagement.
In Project Plan, you can view who is currently responsible for an
activity using the owner filter.
Project Plan filters allow users to view specific activities and/or
attachments by phase, module and those that are coming due soon.
In Project Plan, you can edit the minimum review requirements
(MRR) applicable to an engagement.
A
B
C
D

116
Internal use only
Activity: Working in Project Plan
To navigate and test the functionality of Project Plan.
Purpose:
Step Step
In the Workflow, navigate to Project Plan. Complete the steps included in Introduction
Topic 5.3 of your learner workbook.
5
mins
0
1
0
2
5.3

117
Internal use only
Workload filter

119
Internal use only
A
B
C
D
Select all that apply: Which filter within Project Plan do you think will be most
helpful to use on your engagement?
Question 6
Owner filter: Understand your responsibilities at any given point in
time.
Workload filter: Activities that are assigned to you.
Assignment filter: Activities that are not assigned to anyone.
Sign-off filter: Overview of items prepared but not reviewed,
reviewed but not prepared, prepared by me and reviewed by me.

120
Internal use only
Leading practices for Project Plan
 All team members involved
 Upfront planning process
 Continuous monitoring and adjusting
 Assign work
 Hold team members accountable
 Keep owner assignments valid
 Check due dates and timing
 Escalate delays

122
Internal use only
Key points to remember
01
02
03
04
You will have new responsibilities and learn new
business skills as an experienced audit associate.
It is important to understand the roles and
responsibilities of your engagement team members.
The KPMG Clara workflow helps you conduct an audit
in accordance with the relevant standards and
guidance.
Audit work is grouped into two or five phases within the
KPMG Clara workflow, depending on the size of your
engagement.
05 Within Project Plan, use the ‘owner’ field to view work
that is assigned to you.

123
Internal use only
Looking ahead
Your next steps will be learning about the first phase of
the audit: Preliminary activities, including setting
materiality.
To prepare you for the upcoming topic, you were
introduced to the KPMG Clara workflow and the
phases of the audit. You also learned relevant facts
about the United Carbonations engagement.

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entities provide no services to clients. All rights reserved.
KPMG refers to the global organization or to one or more of the member firms of KPMG International
Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is
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For more detail about our structure please visit home.kpmg/governance.
Internal use only
Thank you!

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