As the world continues to evolve through the challenges of the pandemic and takes important steps to meet our most pressing environmental and social challenges, transparency remains more important than ever. Our role in serving the public interest has never been clearer and more purposeful than it is today. It is why over the past year, we’ve worked hard to transform through investments in our people, innovation and technologies that enhance audit quality and serve the growing expectations of our changing world.
In this year’s Transparency Report, we demonstrate how we are striving to maintain and improve audit quality, as well as the significant changes we’ve made to ensure we’re delivering a consistent level of quality across our global network.
Our people are at the centre of our focus on audit quality. Over the past year, we’ve taken significant actions to support our teams and evolve in new ways that attract the most qualified professionals and help our people thrive. We’ve continued to invest in development through initiatives like KPMG Digital Academy, an industry-leading program that upskills our professionals on the latest advancements in technology, data and analytics, machine learning and artificial intelligence. In 2021, we celebrated our second cohort of applicants for our Graduate Certificate in Accounting with Digital Analytics and the completion of the inaugural year of our Masters program where graduates of the Certificate program went on to successfully earn a Master of Science Degree in Accounting with Cognitive Analytics.
In many ways, the pandemic has accelerated the future of audit and we’ve continued to transform the audit experience for our clients and our teams through KPMG Clara. This fully integrated, scalable, cloudbased platform supports our updated audit methodology and drives our globally consistent audit execution through a smart and data-enabled workflow. With advanced, predictive analytics capabilities, it allows our audit professionals to tap into innovative and emerging technologies that enhance audit quality and bring clients a greater range and depth of insights into risks and anomalies.
Additionally, to help underpin quality in everything we do, we’re implementing a globally consistent System of Quality Management (SoQM) that aligns with the Canadian Standard of Quality Management (CSQM 1) coming into effect in 2022. This includes new quality goals and controls that evolve our existing policies and procedures into a proactive approach for managing audit quality.
It has been a transformative year and we recognize the importance of continued efforts to strengthen quality to meet the increasingly complex issues our clients face and the rising expectations of all stakeholders. I trust you will find this report helpful as it demonstrates the meaningful steps we’ve taken with steadfast commitment to our core values and the essential role we play in building confidence in our capital markets.