Transparency report 2019

Welcome to the Transparency Report for KPMG Lower Gulf Limited (“KPMG LG”) for the year ended 30 September 2019. We at KPMG LG recognize the importance of sharing with our stakeholders what we do to enhance quality, to manage risk and to maintain independence. This publication focuses principally on our audit practice and underlying processes, policies and procedures. We will reflect upon how we deliver on our fundamental promise of audit quality in the public interest: to investors, audit committees and the other stakeholders we serve. Continually delivering quality audits begins, we believe, with a culture that requires everyone in the firm to be focused on our mission to lead the industry in continually raising the standard for integrity and public trust. Responsibility for this starts with the tone set at the top and means driving and reinforcing accountability through the complete chain of command in all our audit teams and offices so that every action helps us meet our rigorous objectives. To demonstrate our commitment to continually advancing audit quality across our global organization, the KPMG International board has appointed an Audit Quality Committee, comprised of senior partners from KPMGI’s largest firms and led by Alison Kitchen, Chair of KPMG in Australia. Audit quality is a board focus, and it is also our priority.

Our actions are guided by our values, vision and purpose. We aim to live up to the high standards we set for ourselves while continually building upon our sound foundations, in terms of how we manage both our firm and our audit engagements. We have dedicated significant resources toward a comprehensive review of our protocols and practices, to ensure the utmost consistency in our audit quality and client experience, as well as investment in best-in-class technology and tools for engagement teams. Our vision is one that sees KPMG as the clear choice professional services firm in the United Arab Emirates (“UAE”) and Oman. We are committed to ensuring all our people do the right thing, every time. For us, integrity and independence are non-negotiable: we take decisive action when individual behavior or events occur that do not align with our values or that run counter to achieving rigorous independence audits. Together with our global colleagues we are united in our commitment to providing independent assurance on what matters to all our stakeholders: regulators, clients, people and our communities. Our focus on quality is underpinned by: 

Our culture. We drive a relentless focus on quality and service excellence and aspire to be the standard of trust in our profession. We recognize that trust is not a given: it must be earned and maintained. A quality audit means the delivery of an appropriate and  independent opinion that is properly supported in compliance with the applicable auditing standards, laws and professional requirements. This means being seen to be independent in mind and complying with our legal and professional obligations.

Our people. We approach all matters in an audit with objectivity and professional skepticism to offer relevant, valued insight and impartial views through candid communications.

Our approach to audit quality. This includes having globally consistent methodologies and policies, enabled by innovative tools. The expanding role of innovation and technology in audit continues to evolve, providing greater clarity and generating deeper and richer insights. Innovation in audit is an area where KPMG continues to invest significantly.

Our monitoring programmes. These are fundamental to sustaining quality and to building on our success. We have a number of programs and initiatives aimed at identifying opportunities for continuous improvement and relevant remedial actions. That means we also work closely with regulators, audit committees, investors and businesses to meet the expectations of all stakeholders.