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Delivering audit quality

Bill O’Mara, Global Head of Audit, KPMG International

Bill O’Mara, Global Head of Audit, KPMG International

Delivering audit quality

We have a duty to serve the public interest. Robust quality audits are key to the successful working of the capital markets, providing objective assurance over the data on which investors and others can rely. That’s why we are listening to our stakeholders as we maintain our focus on audit quality.

Audit is the foundation of the KPMG brand and has been the backbone of our business for over 100 years. We are determined to set the standard for quality across our profession.

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.

We take our responsibility seriously. We recognize that no organization can afford to stand still, whatever line of business it is in. That is why we embarked on our program of investment to drive our audit practice forward. We are building on our solid foundations to drive further sustainable advances in quality and consistency across KPMG.

We are working to ensure that we consistently deliver quality audits in a number of cohesive ways. The new governance and leadership structures that we have instituted better enable us to monitor performance across the global organization.

We are empowering our audit teams with advanced, innovative tools, support and guidance. Through our smart audit platform, KPMG Clara, we are integrating a new workflow and methodology along with powerful technology to enhance the audit process.

Part of our investment in the future, the redesign of our global audit learning and development programs supports a leading-edge environment where our teams have on-demand access to training and guidance when and where they need  it. Change is a constant and we are able to offer our teams the resources to meet the evolving requirements around audit quality.

KPMG Clara also provides an online client collaboration portal allowing for transparent, real-time access to information about the status of the audit as well as insights arising from the audit process. It allows for efficient real-time communication between the client and the audit team, as well as around the engagement team globally.

This combination of measures will drive quality and help achieve greater consistency around the globe in the years to come.

We recognize that continually improving our approach to audit quality relies on exceptional people having access   to the right knowledge at the right time with the ability to deploy industry-leading technology under the guidance of strong governance and practice management.

With this as our guide for ongoing investment in audit quality and keeping what audit quality means to the public and our clients front of mind, we will continue to drive an approach to audit quality that not only meets the requirements of the standards, but fulfills our responsibility to serve the public interest.