Accounting firm KPMG’s Turkey operation has chosen SuperDerivatives’ multi-asset options pricing and analytics platform for foreign currencies and interest rates. The firm will use the platform to verify its audit clients’ portfolios.
KPMG Turkey has joined the other ‘Big 4’ accounting firms in standardising portfolios using the platform.
The platform will allow KPMG auditors to ensure their clients adhere to accounting standards such as FAS 161, which is to be introduced in the near future to ensure that derivatives are priced at the fair market value.
“Both external auditors and internal risk controllers find that given the recent financial crisis and increasingly stringent reporting regulations, they demand precise, market-relevant valuation and risk analysis tools,” said Ed Crouch, head of corporate development and strategy for SuperDerivatives. “Determining the correct price of derivatives can only be achieved with well chosen, verified market data, in conjunction with a scientifically sound model and continuous calibration to the actual traded market.”