In this report, we will share with you how we deliver on our fundamental promise of audit quality to the public, investors, audit committees and the stakeholders we serve. This report is all about quality: how we drive quality, the initiatives we are pursuing to continuously improve it and our systems of quality control.
We are deeply committed to audit quality and understand that consistently providing exceptional quality across all our audit engagements is fundamental to our continued success. We must get audit quality right each and every time in order to build public trust.
Continually delivering quality audit begins with a quality-centric culture. Responsibility for quality starts at the top and means driving and reinforcing accountability through the complete chain of command in all our audit teams and practices so that every action helps us meet our rigorous quality objectives.
To demonstrate our commitment to continually advancing audit quality, at KPMG Professional Services, we constituted the Audit Quality Monitoring Team to monitor and support audit teams in driving improvements to audit quality. In addition, we are deploying an updated audit methodology and a new audit workflow system, hosted in KPMG Clara, our ‘smart’ audit platform to ensure that our audit professionals have the support and solutions they need. The platform brings our powerful data and analytic capabilities into one interface — with the ability to integrate new technologies such as artificial intelligence and machine learning.
Audit is the foundation of the KPMG brand and has been the backbone of our business for over 100 years. That is why audit quality is absolutely paramount to us, our strategy begins with a relentless focus on quality and further guides us to continuously improve quality and consistency. We can only be satisfied with the best – it’s our duty to the public and the stakeholders.
For us, integrity and independence are non-negotiable: our actions are guided by our values, vision and purpose. We take decisive action when individual behavior or events occur that do not align with our values or that run counter to achieving rigorous, independent audits.
We aim to live up to the high standards we set for ourselves while continually building upon our sound audit quality foundations, in terms of how we manage both our firm and our audit engagements.
At KPMG, our vision to lead the way in audit quality is clear, and is our overriding priority.
Click to read more or download a copy of KPMG's 2019 Transparency Report.
