Transparency-Report-Audit-Quality-in-Focus-2010

Transparency ReportAudit Quality in Focuskpmg.com.auAudit Quality in Focus | IntroductionReliable financial information and high quality audits have always been important but never more so than in the current environment of global economic turbulence, complexity, and uncertainty. There is no legal requirement for audit firms to produce a Transparency Report in Australia; but as it is the independence, expertise and professional scepticism of auditors that add value to financial statements we believe that it is important to be transparent about the processes that sit behind the output of an audit, the audit report. This Transparency Report covers KPMG in Australia and our audit division in particular. It describes the systems and controls that ensure, for the benefit of our clients and the capital markets we serve, that every KPMG audit is a quality audit. This report, the first of its kind for a ‘Big 4’ audit firm in Australia, aims to articulate clearly what we mean by a quality audit and the steps we take to deliver it. This is underpinned by our culture and values, our belief and commitment to being open and honest.This report is structured around our unique seven drivers of audit quality. These assist us to articulate what audit quality means to us, and to highlight how every audit partner and staff member is accountable for the delivery of audit quality. Tone at the top is our first driver. To me, it is the tone of an organisation that drives ...