Letter to Stakeholders

Audit quality is integral to our work each and every day

It’s embedded in how we recruit, develop, and celebrate our people. It drives our technology investments for a more data-driven approach to deliver an insightful audit. It’s also the foundation of our audit mindset so that no matter the changes occurring in your business or sector, the audit experience is a constant. Most importantly, it’s central to the pride we take in our work.

Why this matters: Audit quality is not just a compliance exercise. It’s our profession’s and our firm’s ultimate promise and is fundamental to maintaining public trust and protecting investors in the capital markets.

Today, markets face more complex and interconnected risks. The context in which audits work is ever-changing. Our Audit Quality Report is moving beyond the once-a-year, static report in favor of more dynamic updates tied to our own quality initiatives and market developments.

We look forward to sharing more data, insights, and details on our audit quality efforts from leaders across our firm.

Going deeper: Our new dynamic approach to communicating audit quality initiatives will focus on five areas:

1. Our Approach: The KPMG audit is defined by always innovating to deliver audit quality and insights, tailored to the unique challenges and opportunities facing businesses across industries.
2. Our People and Culture: We’re a diverse organization nearly 10,000 strong in the U.S. spread across all 50 states and collaborating across 200+ global jurisdictions. We value a mindset of lifelong learning and continuous improvement, and have a culture of excellence and integrity. These values are integral to quality and innovation.
3. Technology and Data: We maintain a relentless focus on delivering a more risk-based and automated audit. This year, we continued to invest in a suite of fit-for-purpose technologies to benefit businesses at every stage of their own technology journey to efficiently extract and analyze data, leveraging automation to respond more effectively to identified risks and drive quality.
4. Quality Management System: All of our audit activities occur within an innovative and comprehensive Quality Management System that supports and monitors engagement strategy, planning, project management, and audit execution. As part of this effort, we conduct pre-issuance reviews for all of our public integrated audits to enhance quality and deliver on our commitment to the marketplace.
5. Leading the Profession into the Future: As a leader in such a dynamic industry, we are committed to staying ahead of areas such as business digitalization, ESG, cyber security, and industry disruption risks and opportunities. KPMG is investing in our people, technology, and Quality Management System to enable us to continue fulfilling our role in protecting the capital markets.