December 6, 2021

KPMG Offering Expanded Audit Reports Because Regular Audit Reports are Useless

As part of its campaign to restore trust in audit in the wake of the financial crisis, the firm experimented with increasing the amount of useful information provided in the new long-form audit report, way beyond the minimum regulatory requirements.

As well as reporting on the risks and the auditors’ response to them, KPMG also included commentary from the individual senior audit partner. This included a discussion about qualitative matters with the aim of helping to add colour and depth, and to “emphasise areas of risk that concern management, audit committee and investors alike”.

The outcome was so successful that City Equity Research was moved to say, “KPMG’s report on Rolls-Royce should be regarded as best practice, in our view.” [economia]

Latest Accounting Jobs--Apply Now:

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.

Related articles

KPMG Poaches Someone From EY and Issues a Press Release, Part VIII

Just like our waistlines over Thanksgiving weekend, the tax practice at the Queen’s KPMG got larger earlier this month with the addition of three new partners. Candice Nichol, a tax lawyer with 14 years of experience, joined KPMG as a deal advisory tax partner in London from international law firm Simmons & Simmons, while Justin […]