Transparency report 2022

This publication, KPMG’s Transparency Report for the financial year ended 30 September 2022, focuses on how we drive audit quality, our systems of quality management, and the initiatives we are continuously pursuing to improve it. We see audit quality as fundamental to maintaining public trust in the capital markets and the financial reports issued by audited organizations. We aim to lead the profession in audit quality.

Quality is fundamental to our purpose, and we constantly monitor and evaluate it.

We recognize that great transparency is needed for the public to gain insight into audit services. This report outlines KPMG’s approach and commitment to audit quality, including actions taken to enhance it during the year.

This report also aligns with our Global KPMG Quality framework. The new framework describes how our commitment to integrity lies at the heart of everything we do at KPMG. Our report covers the activities of KPMG Lower Gulf for the financial year ended 30 September 2022. All figures disclosed herein are as of 30 September each financial year, unless otherwise stated.

KPMG defines Audit Quality as being the outcome when audits are:

• Executed consistently, in line with the requirements and intent of applicable professional standards, within a strong system of quality controls
• Undertaken in an environment of the utmost level of objectivity, independence, ethics, and integrity