Regulation of accounting, auditing and consulting firms in Australia

KPMG supports regulation that strengthens audit quality, independence and accountability

Audit plays a critical role in Australia's financial reporting system, and we support reforms that strengthen governance, transparency and regulatory oversight.

KPMG recognises the heightened public and policy focus on governance, culture, accountability and conflicts management across professional services firms. This has included significant and understandable public scrutiny of our firm arising from the concerns first raised by a whistleblower.

That matter for KPMG has reinforced the importance of embedding a culture of integrity, supported by strong governance, effective oversight and robust risk management, where ethical conduct and speaking up are the norm.

It is critical that these processes result in reforms that are designed and implemented in a way that:

• improves audit quality
• supports investor and public confidence
• supports the Australian economy.