KPMG Australia’s Transparency Report outlines how we drive audit quality, our quality management systems, and continuous improvement processes. This report covers the activities of KPMG Australia1 for the financial year to 30 June 2024.
KPMG Australia is committed to being a leader in audit quality. We aim to inspire the confidence of our clients and their investors, and strengthen the capital markets and their economies. We believe audit quality is fundamental to maintaining public trust in capital markets.
We recognise greater transparency is needed for the public to gain insight into audit services. Particularly as our profession has been, and remains, under an unprecedented spotlight, with heightened community awareness and expectations on integrity, confidentiality and trust.
This report is structured around the KPMG Global Quality Framework, to provide more transparency on what drives KPMG audit quality. For KPMG, the Global Quality Framework outlines how we deliver quality and how every partner and staff member contributes to its delivery. The drivers outlined in the framework reflect the ten components of our system of quality management (SoQM), which align to the International Standard on Quality Management 1 (ISQM1). This Transparency Report describes how KPMG Australia effectively operates each SoQM component, supporting the consistent performance of quality engagements.
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The System of Quality Management Statement of Effectiveness
As at 30 September 2024
The annual evaluation of KPMG Australia's System of Quality Management as at 30 September 2024 concluded that the System of Quality Management provides KPMG Australia2 with reasonable assurance that the objectives of the System of Quality Management are being achieved in accordance with ISQM1 and ASQM1.
The objectives of the System of Quality Management are to provide KPMG Australia with reasonable assurance that:
- KPMG Australia and its personnel fulfill their responsibilities in accordance with professional standards and applicable legal and regulatory requirements, and conduct engagements in accordance with such standards and requirements; and
- Engagement reports issued by KPMG Australia or engagement partners are appropriate in the circumstances.
- This report covers the activities of KPMG Australia in Australia. The operations of KPMG Fiji and KPMG Papua New Guinea (PNG) are not captured as part of this report unless otherwise stated. Refer to Appendix 1 ‘Key legal entities and areas of operation’. Audit activities in this report represent our Audit & Assurance – External audit division and the Audit & Assurance business unit within the Enterprise division. The Enterprise division serves mainly private and mid-market clients.
- This report only covers the SoQM conclusion for KPMG Australia. KPMG Fiji and KPMG PNG are not captured by this report as each member firm provides their own SoQM conclusion.
