The 2019 KPMG International Transparency Report (PDF 1.0 MB) covers the financial year to 30 September 2019. In our 2019 KPMG Transparency Report, we will share with you how we deliver on our fundamental promise of audit quality to the public interest, investors, audit committees and the stakeholders we serve.
Focused on quality
Bill Thomas, Global Chairman and CEO, KPMG International
The millions of investment decisions made around the world each day are dependent on the sound functioning of the capital markets. At KPMG, we know we have an important responsibility to serve the capital markets by delivering quality audits that contribute to financial reporting integrity so investors have the confidence and trust to make key decisions.
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Delivering audit quality
Bill O'Mara, Global Head of Audit, KPMG International
Quality essentially means doing the right thing, and it remains our highest priority. Doing the right thing requires a common understanding of what the right thing is. That’s why we have defined what audit quality means to KPMG; having this definition has been powerful to underpin our focus and drive global consistency.
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We define “audit quality” as the outcome when audits are executed consistently, in line with the requirements and intent of applicable professional standards within a strong system of quality controls. All of our related activities are undertaken in an environment of the utmost level of objectivity, independence, ethics and integrity.
Driving the quality agenda
This section provides an update on our overall approach to delivering audit quality.
Building on our audit quality foundations
This section provides details on our system of quality control.
Delivering audit quality on the ground
In this section, we set out the ways in which member firms implement global policies and procedures to ensure quality and integrity at a local level.
Innovating and evolving our audit approach
In addition to having the right policies and procedures for quality in place, we are innovating in the delivery of the audit itself and leveraging new technologies and platforms.
Delivering a skilled and supported workforce
In this section we set out how we equip our people to deliver quality audits.
Audit quality monitoring and remediation
We expect all KPMG firms to continually improve the quality, consistency and efficiency of their audits.
Governance and leadership
KPMG is a global network of firms providing Audit, Tax and Advisory services.
Total turnover achieved by EU/EEA audit firms resulting from the statutory audit of annual and consolidated financial statements
Aggregated revenues generated by KPMG audit firms from EU and EEA Member States resulting from the statutory audit of annual and consolidated financial statements was 2.9 billion euros during the fiscal year ending 30 September 2019. The EU/EEA aggregated statutory audit revenue figures are presented to the best extent currently calculable and translated at the average exchange rate prevailing in the 12 months ended 30 September 2019.