Statement of effectiveness

As required by the International System on Quality Management Standard 1 (ISQM 1), issued by the International Auditing and Assurance Standards Board (IAASB), ISQM 1 (Ireland) issued by IAASA and ISQM 1 (UK) issued by FRC, and KPMG International Limited Policy, KPMG in Ireland (the “Firm” and/or “KPMG in Ireland”) has responsibility to design, implement and operate a System of Quality Management for audits or reviews of financial statements, or other assurance or related services engagements performed by the Firm.

The objectives of the System of Quality Management are to provide the Firm with reasonable assurance that:

a) The Firm 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

b) Engagement reports issued by the Firm or engagement partners are appropriate in the circumstances.

KPMG in Ireland outlines how its System of Quality Management supports the consistent performance of quality engagements in the Transparency Report.

Integrated quality monitoring and compliance programmes enable KPMG in Ireland to identify and respond to findings and quality deficiencies both in respect of individual engagements and the overall System of Quality Management.  

If deficiencies are identified when KPMG in Ireland performs its annual evaluation of the System of Quality Management, KPMG in Ireland evaluates the severity and pervasiveness of the identified deficiencies by investigating the root causes, and by evaluating the effect of the identified deficiencies individually and in the aggregate, on the System of Quality Management, with consideration of remedial actions taken as of the date of the evaluation.

1. Based on the annual evaluation of the Firm’s System of Quality Management as of 30 September 2024, the System of Quality Management provides the Firm with reasonable assurance that the objectives of the System of Quality Management are being achieved.