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Focused on quality

Bill Thomas, Global Chairman and CEO, KPMG International

Bill Thomas, Global Chairman and CEO, KPMG International

Focused on quality

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. 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.

Continually delivering quality audits begins, we believe, with a quality-centric culture. Starting at the top of our global organization, every KPMG leader is accountable for driving quality and it requires that everyone at KPMG is focused on our mission to lead the industry in continually raising the standard for quality, integrity and public trust.

Our actions are guided by our values, vision and purpose. We aim to live up to the high standards we set for ourselves while continually building upon our sound audit quality foundations, in terms of how we manage both our firms and our audit engagements. We have dedicated significant resources toward a comprehensive review of our protocols and practices to ensure the utmost consistency in our audit quality and client experience. We have committed to an ongoing investment in our system of quality management, global monitoring of audit quality, enhanced support, and providing best-in-class technology and tools for engagement teams.

To ensure that our audit professionals have the support and solutions they need, we are deploying an updated audit methodology and a new audit workflow system, hosted in KPMG Clara, our ‘smart’ audit platform. The 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.

As we set out in this report last year, our Global Board has implemented significant changes to achieve a level of quality consistency across our global network including appointing a Global Head of Audit Quality who provides reports to our Global Board’s new Global Audit Quality Committee. A year into its term, the committee’s decisive actions are enabling us to increase our monitoring oversight and bolster our systems of control, globally. Driven by this committee, our global audit quality program is ensuring that leading-edge practices are consistently deployed to enhance and support a globally consistent audit quality model.

Consistently providing exceptional quality across all our audit engagements is fundamental to our continued success. We must get audit quality right each and every time in order to build public trust, and serve the capital markets and society at large.

Our vision to lead the way in audit quality is clear. We are taking action, we’re investing and we’re determined to make it happen.