Audit Overview

KPMG’s business as a professional services firm is built on its reputation for independence, integrity and a thorough understanding of the businesses and markets in which our clients operate. These qualities are fundamental to the provision of a credible audit.

The economies of the Channel Islands are dominated by the finance industry and our client base reflects this. As a market leader in each of the key sectors of the finance industry: banking, investment business, fiduciary services and insurance we are able to combine this local knowledge with access to the technical resources of the KPMG network to provide detailed understanding of the issues facing the industry.

The finance industry dominates in the Channel Islands but we also serve the non-finance industry and our client base includes a number of significant locally based non-finance businesses. Some of these are family-owned businesses which have been clients for several generations.

The modern audit service retains the primary objective of providing an independent opinion on the financial statements of a business but the audit role we fulfil now encompasses a range of related functions including accounting advice, advice on corporate governance and reporting to regulators and other third parties. Our approach is based on an assessment of risk which recognises the need for business and controls to react to changing technology and market conditions including the need for increased openness in the management of business and financial reporting.

We work closely with our colleagues in other offices in connection with the audits of the many international groups represented in the Channel Islands. UK accounting, reporting and auditing standards are most commonly applied in the Channel Islands but we are familiar with and regularly work to International Standards as well as those of the United States.

Our detailed understanding of the industry and business processes puts our Audit and Risk Advisory Services practice in a good position to provide a wide range of advisory services to both audit and non-audit clients. These services include reporting on regulatory filings, listings and acquisitions; advising on systems and regulatory issues; and providing internal audit services. KPMG does not offer internal audit outsourcing services to its publicly registered financial statement audit clients. Our audit professionals work closely with regulatory, tax and IT professionals to help ensure our clients are able to deal with a single client service team.