Audit & Assurance

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Audit and assurance play a vital role in today’s business environment by helping organizations ensure the accuracy, transparency, and reliability of both financial and non-financial information. Whether for listed companies, growing businesses, or public institutions, these independent assessments are essential to build trust with investors, regulators, customers, and other stakeholders.

An audit is an independent review of a company’s financial statements to confirm they provide a true and fair view of the organization’s financial position. Auditors follow professional and ethical standards, applying informed judgment while reviewing records, testing internal controls, and evaluating the accuracy of reported figures.

Assurance services extend beyond financial audits. They involve independent checks of information that matter to stakeholders — from sustainability data to internal control systems or regulatory compliance. For example, ESG assurance is becoming increasingly important as companies face growing expectations around environmental and social reporting. Verifying ESG disclosures through assurance helps confirm that sustainability data is trustworthy and aligned with regulatory requirements such as the Corporate Sustainability Reporting Directive (CSRD).

In a world where organizations are expected to report not only on performance but also on purpose, audit and assurance help reduce the risk of misstatements and increase confidence in decision-making. Technology is also reshaping how audits are conducted. With tools like data analytics, AI, and digital audit platforms, it is now possible to analyze more data, spot anomalies faster, and generate deeper insights. This improves the quality and efficiency of audits, while also supporting a more forward-looking view of risks and opportunities.

Jon Beck

Head of Audit & Partner, Audit

KPMG in Denmark

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Key areas within Audit & Assurance

Artificial intelligence is reshaping the audit profession by enhancing efficiency, improving risk detection, and enabling deeper analysis of financial data. As organizations generate increasing volumes of digital information, AI tools - such as machine learning and data analytics - allow auditors to analyze entire data sets rather than relying on traditional sampling.

This shift enables more thorough and risk-focused audits, with AI helping to identify anomalies, flag unusual transactions, and test compliance. Automated routines also reduce the time spent on manual tasks, allowing auditors to focus on judgment-intensive areas and strategic insights.

Cloud-based audit platforms with AI capabilities are supporting real-time collaboration, continuous monitoring, and greater transparency throughout the audit process. However, the integration of AI also brings new responsibilities. Ensuring model accuracy, maintaining data security, and meeting ethical and regulatory standards are essential.

KPMG Clara is our smart and intuitive audit platform and one of the leading technological innovations in the industry. As a fully integrated, scalable, cloud-based platform, it enables the enhanced audit methodology through a data-enabled workflow. KPMG Clara gives our clients a 24/7 window into the status of an audit, all in one place. The net result is greater interaction that consists of more targeted and meaningful conversations about specific findings, risks and insights.

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Both international and national frameworks play a critical role in shaping how companies prepare and present their financial information. One of the most widely adopted international standards is the International Financial Reporting Standards (IFRS). IFRS aims to bring consistency, comparability, and transparency to financial reporting across jurisdictions. As these standards continue to evolve, businesses must remain agile in implementing updates and ensuring that accounting systems, policies, and teams are aligned with the latest requirements.

Alongside international standards, companies operating in Denmark must comply with national regulations, including the Danish Financial Statements Act (Årsregnskabsloven). This legislation provides the legal foundation for how companies in Denmark must recognize, measure, and disclose financial information in their annual reports. It outlines different reporting classes depending on the size and complexity of the entity, and includes specific rules tailored to local legal and economic contexts.

Complementing this is the Danish Bookkeeping Act (Bogføringsloven), which governs how businesses must document, record, and store financial transactions. Recent amendments to the Act have introduced more rigorous digital requirements, reflecting the broader trend toward automation and real-time data availability. These changes place greater emphasis on secure electronic bookkeeping, structured audit trails, and the use of approved digital systems to ensure transparency and traceability.

Together, these regulatory frameworks help organizations build trust with investors, ensure compliance with legal standards, and strengthen internal governance. At KPMG, our team of accounting experts can provide hands-on accounting and financial reporting advice to ensure your organization stays compliant.

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As ESG and non-financial reporting take center stage, the role of audit is more critical than ever. With increasing stakeholder demand for confidence in ESG disclosures, boards and audit committees are focusing on ESG risks and how they are managed.

ESG assurance requires the same rigor as a financial statement audit, with an emphasis on understanding the connection between financial and non-financial information. ESG assurance providers should have the same deep level of understanding of a company’s business model as is required for an audit of financial information. This can help eliminate redundancy, connect risks to each other, and create cost efficiency — in line with your own ESG reporting journey.

Our ESG assurance services are designed to support clients in navigating regulatory changes and emerging best practices. We help organizations understand the quality of their non-financial information and ensure compliance with reporting requirements, providing confidence in the disclosures shared with stakeholders.

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