Governance

The KPMG in Ireland Executive Team acts as the key management decision making group of the firm. The composition of the Executive Team is determined by the Managing Partner for a period that is normally concurrent with and may not exceed the period of appointment of the Managing Partner. In 2022 the Executive Team comprised the Managing Partner, the Head of Audit, the Head of Tax, the Head of Deal Advisory, the Heads of Consulting, the Head of Client and Markets, Head of Investment and Growth, Head of Financial Services, the Risk Management Partner, the Head of People and Culture, Chief Operations Officer, the Chief Financial Officer and are assisted by the Secretary to the Executive Team.

The Executive Team is responsible for developing the business plan and the overall strategy as approved by the Policy Committee. It is responsible for the implementation of the business plan, monitors performance against our business plan and protection and enhancement of the KPMG brand.

The KPMG in Ireland Policy Committee is responsible for ensuring that the firm is run in the interests of its Partners and employees as a whole and in a manner, which is in keeping with the standing and reputation of the firm.

It has the power to make all policy decisions with the exception of certain matters which are reserved to the Partners as a whole. The Committee’s policy decisions are binding on the partnership. In addition, the Policy Committee is responsible for approving the strategy of the firm, overseeing its implementation by the Executive Team, considering quality and risk matters, recommending Partner candidates to the partnership and considering the firm’s overall financial performance. As a matter of practice, the Policy Committee concerns itself with significant matters of policy.

The Audit Executive Team comprised the Head of Audit, the Head of Audit Quality and Professional Practice (“AQ&PP”), Audit Markets Lead: Audit and the leaders of the key audit business units. The Audit Executive team holds operational accountability and responsibility for audit quality and the system of quality management for the Audit function. The Audit Executive Team terms of reference include the following:

• Provide input, and make recommendations, to the Head of Audit on priorities relating to the audit function and, for certain items, it makes recommendations to the firm or the Policy Committee e.g., Partner promotions, audit plan etc.
• Determine the principal projects and initiatives relevant to audit which should be undertaken by KPMG Ireland and monitor their effectiveness in achieving the audit plan.
• Determine audit developments and trends, both locally and globally, and use them to inform the audit function agenda.
• Determine the local implementation of KPMG International policies relating to audit and consider the application of best practices from other KPMG member firms for use by KPMG Ireland.
• Design the KPMG Ireland system of quality management relevant to Audit Quality as set out in International Standard on Quality Management 1.

The Public Interest Committee (“PIC”) was established in autumn 2013 to respond to the Irish Audit Firm Governance Code.

The PIC comprises three externally appointed members along with the Managing Partner and the Risk Management Partner. It is supported by a partner who acts as Secretary to the Committee.

The PIC is responsible for overseeing the public interest aspects of decision making of KPMG in Ireland. The Committee’s focus is on the firm’s governance, risk, quality and oversight structures. Through its work the Committee assists in building public confidence in the quality control structures that the firm has in place to ensure we properly consider our broader public accountability in delivering our services. Acting in the public interest involves having regard to the legitimate interests of clients, government, financial institutions, employers, employees, investors, regulators, the business and financial community and others who rely upon the objectivity and integrity of the auditing profession. The PIC may also participate, together with Audit Leadership, in dialogue with external stakeholders.