Please ensure Javascript is enabled for purposes of website accessibility
February 5, 2023

According To These KPMG Guys Who Make a Ton of Money in Audit, Audits are Valuable

Seems legit.

Let's exercise some professional skepticism here and ask ourselves if there is any conflict of interest in a bunch of guys who head up audit for KPMG telling us that audits are valuable:

 

As the world picks up the pieces following the global financial crisis, the value of audit and its role have come to the forefront of an international debate. What is the value of audit? How can corporate reporting be improved? The Value of Audit: Shaping the Future of Corporate Reporting, features candid interviews with KPMG audit leaders answering these questions and more. Despite an uncertain global economic climate, one thing is certain—audit serves an important function, but change is afoot.

 

Who is this written for? The public companies that are required to hand over sacks of cash to these guys for financial statement audits or the investors who know audited financial statements are just slightly more reliable than un-audited ones?

If you actually read the whitepaper, you discover that they aren't talking so much about the value of audits as the future of audits — and therefore this elusive phantom called "audit quality" everyone is chasing — but on the surface, you wonder who would care to hear a bunch of audit guys talk about why they themselves are valuable to capital markets.

Of course they think that, I mean their entire lives are a lie if they don't.

 

Latest Accounting Jobs--Apply Now:

There are currently no vacancies.

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a kid in business attire working on a laptop

If You Let 23-Year-Olds Sign Off on Audits, You’re Gonna Have a Bad Time

On January 24, short seller Hindenburg Research dropped a report called Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History, in which Hindenburg accuses Indian conglomerate Adani Group of engaging in “a brazen stock manipulation and accounting fraud scheme over the course of decades,” among other things. A […]

Which Firm Had the Most IPO Audit Clients In Q4 2022?

The fourth quarter of 2022 didn’t miraculously save what was a terrible year for initial public offerings. There were 20 IPOs during the last quarter of the year which raised a combined total of $1.9 billion, according to a new analysis from Audit Analytics. That is down significantly from Q4 of 2021, when 265 companies […]