Welcome to the KPMG Professional Services 2023 Transparency Report covering 1 October 2022 to 30 September 2023. We have prepared this Transparency Report in accordance with the requirements of Rule 12: Audit Transparency Report, issued by the Financial Reporting Council (FRC) of Nigeria. We have continued to ensure that we do what is right and provide transparency and confidence to our stakeholders in the execution of our Audit Services with the utmost quality.
KPMG is a household name providing support to businesses, communities, and people in Nigeria for over 45 years. We know and understand that audits have played a vital role in the economy. We also understand that over time, there have been changes in the profession in terms of process, technology, and expectations of audits. We have continued to stay at the forefront of these changes, and we have helped our clients understand what it takes to keep up with the changes. We at KPMG have continued to lead in the evolution of audit, with both practical ideas and sustainable action.
Our promise is our deep commitment to audit quality and our desire to consistently provide exceptional quality across all our audit engagements. We have recognised this as fundamental to our continued success. One of the key strategies in our business is to constantly deliver unparalleled audit quality. We have continued to retain this in our overall ambition and collective strategy as KPMG to Be the Most Trusted and Trustworthy Professional Services Firm.
To this end, our Audit Practice continues to build itself on the foundation of Trust, Quality, and Integrity.
We are constantly cultivating a culture of quality in the delivery of our audits. We recognise that the responsibility for audit quality starts at the top, and this means that we are driving and reinforcing accountability and consistency through the complete chain of command in all our audit teams, engagements, learning and development, competent resourcing and practices so that every action helps us meet our rigorous quality objectives.
We recognise that audit quality will continue to remain a journey, but our focus is to always lead in this journey. We will continue to invest, innovate and continuously improve our audit practice. 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 remain resolute to consistently deliver quality audits, enabled by the power of technology, while 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 will always respond with agility, innovation and engage meaningfully, with all stakeholders.
In this report, we will demonstrate how we continue to sustain audit quality and delivering on our fundamental promise of quality and trust to the public, investors, audit committees and stakeholders we serve. We will 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.
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