Mercedes Benz for KPMG Global Services- myassignmenthelp.com

Question: Discuss about theMercedes Benz for KPMG Global Services. Answer: Introduction Mercedes Benz is one the largest automobile manufacturer in the world and is one of the largest divisions of the company Daimler AG. The annual revenue of the company runs into billions and the books of the company are audited by the KPMG Global services, which is one of the largest audit firms in the world. The company provides audit and consultancy services to its clients and is based all over the world. The main purpose of audit is to state whether the books of the company are prepared considering all the necessary standards and the financial statements of the company are showing a fair view of the same. It checks the overall aspects of the financial statements and looks for any errors that might be present in the books of accounts(Belton, 2017). These financial statements are very important for the users and they depend on the same to take major decisions regarding the company and its various dimensions. In this case the auditors have issued an independent audit report that is is sued in the annual report of the company. The company is a part of the company Daimler and the audit of the Mercedes Benz department is shown in the annual reports of the company Daimler(Mayntz, 2017). The audit report covers various aspects of the financial statements of the company that are prepared on a consolidated basis. The audit report states that the auditor has audited the consolidated annual reports of the Daimler AG, Stuttgart, and its subsidiaries, and that includes Mercedes Benz. The board of management of the company is responsible for preparation of the annual reports of the company and the auditor issues and their opinion on the same. In this case the auditor has given a clear report which states that the books of the company are free from all kind of errors and there are no reservations in the same(Tysiac, 2017). In case the auditors are not able to get the required details to form an opinion or are unable to get help from the management of the company during the process of audit, they can issue unqualified or adverse reports. The auditor checks the various departments of the company, the various internal controls that the management has employed in the company and comment on the validity of the same(Tysiac, 2017). In case of the given company, the auditors are having years of experience and have closely scrutinized each and every department of the company and have given an opinion that states that the books of the company are prepared as per the German generally accepted standards. They have conducted their audit under the section 317 (2) HGB. There is also a section in the audit report that consists of the auditors responsibility and the auditors opinion is also highlighted clearly. Pursuant to Section 322 (3) sentence 1 HGB, they have stated that the audit report does not consist of any reservation. On comparing the audit opinion given in the last two three years it can be said that the auditors have been highly consistent in their performance. They have been very good in their work and have conducted the audit properly considering all the necessary details that they need to check to form an opinion on the consolidated statements(Gartland, 2017). The management of the company have been very helpful to the auditors and have given their utmost support, they have not highlighted that they have faced any kind of issues because of the auditor. They have given clear audit reports through the years and have highlighted the necessary parts that were needed. An extract from the same is attached. References Belton, P., 2017. Competitive Strategy: Creating and Sustaining Superior Performance. London: Macat International ltd. Gartland, D., 2017. The importance of audit planning. Journal Of Accountancy. Mayntz, R., 2017. Networked Governance. s.l.:Springer. Tysiac, K., 2017. Rulemaking gives auditors a chance to provide more insight. Journal of Accountancy. Tysiac, K., 2017. Tactics for driving quality in a single audit. Journal Of Accountancy.