We accept the continuing challenge posed by market participants and regulators, to all audit service providers, to preserving public trust in our profession. Our report outlines the initiatives we introduced over FY17 to achieve this and our multi-layered approach to audit quality.
The world in which we, and our clients, operate does not stand still. The way we approach and execute our audit doesn’t either. We are proud of what our team has done to ensure KPMG delivers an audit service in which the market can consistently have confidence and we are committed to continuing that focus on, and investment in, audit quality.
This chart illustrates KPMG's approach to audit quality and transparency.
At KPMG we consider audit quality is not just about reaching the right opinion, but how we reach that opinion. It is about the processes, thought and integrity behind the final formal audit report.
In FY17, we invested in several new initiatives to enhance audit quality. Specifically, a new dedicated global quality performance review team, a specialised panel coaching teams on narrating key audit matters in their audit reports, and undertaking deep-dive root cause analysis on the underlying common quality challenges, developing our audit quality action plan. We have, and will continue to, work tirelessly to respond to the recommendations of relevant internal and regulatory reviews, enabling us to confidently address our focus areas.
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