Welcome to the KPMG Professional Services 2022 Transparency Report covering the period from 1 October 2021 to 30 September 2022. We have prepared this Transparency Report in accordance with the requirements of the Financial Reporting Council (FRC) of Nigeria Rule 12: Audit Transparency Report. Our report reflects the way we provide transparency to our stakeholders in the execution of our Audit Services with the utmost quality.
Our Firm has been supporting businesses, communities, and people in Nigeria for about 45 years and throughout that time, audits have played a vital part in the economy. However, over time, expectations of the audit profession and audits have changed. Stakeholders are rightly demanding more of the audit service and the profession. The changes in the expectations have helped identify what needs to change.
At KPMG, we’re leading the evolution of audit, with both ideas and action. 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 every time. This is entrenched in our overall ambition and collective strategy as KPMG to Be the Most Trusted and Trustworthy Professional Services Firm. To this end, the foundation of our Audit Practice is built on Trust, Quality, and Integrity.
In delivering audit quality, we always begin with a quality-centric culture. The responsibility for quality starts at the top and this means driving and reinforcing accountability and consistency through the complete chain of command in all our audit teams, engagements, and practices so that every action helps us meet our rigorous quality objectives.
Audit quality is a journey, and our focus is to always invest and innovate, with a continuous improvement objective. Our commitment to driving improvements in audit quality and global consistency is embodied in our Global Audit Quality (GAQ) program. The ultimate objective of this program is for our audit professionals to feel confident that they have the support, tools, and environment they need to consistently deliver a high-quality audit.
In the execution of this, we have continually tasked our Audit Quality Monitoring Team to monitor and support audit teams in driving improvements to audit quality. To us, audit quality is not just an annual compliance exercise, it’s a daily commitment to acting with integrity, using professional skepticism, objectivity, independence, and ethics.
Furthermore, we consistently deliver quality audits, enabled by the power of technology, while we maintain a relentless focus on delivering a more risk-based and automated audit methodology through upgrades to our fit for purpose KPMG Clara Workflow Systems. This 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.
We also leverage on the strength of our people. We value a mindset of lifelong learning, continuous improvement and a culture of excellence and integrity that supports inclusion & diversity. Together, these drivers allow us to respond with agility, innovation and engage meaningfully, with all stakeholders. Through this, KPMG is a leader in driving the future of audit.
In this report, we will share with you how we wake up every day, dedicating ourselves to sustaining audit quality to deliver on our fundamental promise of quality and trust to the public, investors, audit committees and the stakeholders we serve. We aim to continuously live up to the high standards we set for ourselves while building upon our sound audit quality foundations, in terms of how we manage both our firm and our audit engagements.
Click to read more or download a copy of KPMG's 2022 Transparency Report.
