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Compliance Audits for Financial Institutions in Hungary: A Key to Regulatory Compliance
Hungary’s financial institutions face a plethora of regulatory requirements, making compliance audits a crucial step in ensuring regulatory compliance. KPMG, one of the largest and most specialized financial institution audit departments in the region, has extensive experience in auditing financial statements prepared according to Polish accounting standards and IFRS.
Our Expertise
The firm’s financial institution audit department in Hungary boasts over 100 professionals with in-depth knowledge of the financial sector and extensive experience in providing:
- Financial audit and review services
- Due diligence reviews
- Accounting advice
Our team is well-equipped to handle complex audits, leveraging our expertise in areas such as:
- Operating activities of banks and insurance companies
- Accounting and financial reporting of financial institutions
- Credit risk
- Insurance risks
- Actuarial matters
- Measurement of financial instruments
Audit Approach
KPMG’s audit approach is designed and performed in accordance with national standards on auditing, utilizing methodologies and tools developed within the global KPMG network. Our IT systems and tools, such as eAudit, Idea, Clara, or MUS, increase audit effectiveness, while analyzing large data volumes based on embedded rules deepens the scope of analysis.
Analyzing Client Environments
The firm’s team starts by analyzing clients’ environments, new regulatory requirements, and the impact of revised accounting and auditing standards. As a member of the KPMG network, we have continuous and immediate access to all relevant information emerging in these areas, allowing us to refer to best practices for specific disclosures or new interpretations.
Ongoing Communication
During audits, KPMG identifies and communicates important issues to management and Audit Committees/Supervisory Boards on an ongoing basis, with particular emphasis on observations from preliminary visits made before the end of the financial year. Our “no surprises” principle ensures that weaknesses are addressed, and the final audit can proceed as smoothly as possible.
Attestation Services
In addition to auditing financial statements, KPMG’s attestation services include assessing banks’ compliance with requirements for:
- Custody of client assets
- Capital adequacy disclosures
- Investment fund valuation methods and principles
- Risk management systems
Our team has extensive experience in providing these services, drawing on our expertise in the financial sector.
Tailored Solutions
KPMG’s financial institution audit department is well-positioned to help Hungarian financial institutions navigate the complex regulatory landscape, ensuring compliance with requirements set out in Regulation (EU) No 575/2013, the Accounting Act, and other relevant legislation. With a team of experts who know the financial sector inside out, KPMG provides tailored solutions that meet the unique needs of each client.