Value of Audit: Perspectives for Government

Value of Audit: Perspectives for Government

Read candid views of KPMG’s audit leaders as well as senior government audit professionals on the value of an audit. Their observations demonstrate a number of challenges and concepts that are critical to the value of audit in government today and in the future.

Contreras, Claudia

Socia, Advisory

KPMG in Colombia

Correo electrónico

Audit has proved its worth over the years, to organizations and their stakeholders: investors and companies, tax payers and governments – and society as a whole. But as the events of the last decade have shown, it’s time for change – for a revolution in audit thinking and execution. Business has changed, issues of public trust have arisen, stakeholder needs have evolved, and audit needs to keep up. That’s why we created the Value of Audit project.

When we started thinking about the future of audit we wanted to find out where we are now. As a starting point, we asked our own partners to share their thoughts on the value in audit today and in the future. But more importantly, we engaged in a dialogue with our external stakeholders on audit’s current strengths and weaknesses and on how we, as a profession, can address the latter to make the audit more relevant to twenty-first century business.

We first looked at the realm of public company audit in our Value of Audit: Shaping the Future of Corporate Reporting report. And now, with this report, we are offering up our thoughts on how public sector accounting and audit can and should evolve. The comments made in both reports by partners from across KPMG’s network of member firms are their own and were made in the context of their role as experienced auditors. Though the partners’ responses were clearly defined by their personal ideas and experience, a number of common messages emerged.

Until recently there has been little impetus for the audit profession to develop. But all those interviewed for this project are adamant that innovation around auditing information beyond the financials as well as how we communicate our findings is absolutely critical in order for the audit to stay relevant.

The profession as a whole is furthering this public policy debate, and KPMG intends to continue to be a leading voice in this discussion. We are serious about change and about having an open dialogue to see how that change can happen in the best possible way. We invite all stakeholders to join us in the discussion.

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