Transparency Report 2022 Global Report

Transparency
Report 2022
Our relentless focus on quality
KPMG International
kpmg.com/transparency
KPMG Values
Introduction and
KPMG is committed to quality and service excellence in all that we do, helping to foreword
bring our best to clients and earning the public’s trust through our actions and
behaviors both professionally and personally.
Living our culture
Our Values guide our behaviors day-to-day, informing how we act, the decisions we and Values
make, and how we work with each other, our clients, companies that we audit, and
all of our stakeholders.
Applying expertise
Our Values are: and knowledge
• Integrity: We do what is right. Embracing digital

technology
• Excellence: We never stop learning and improving.

Nurturing diverse
• Courage: We think and act boldly. skilled teams
• Together: We respect each other and draw strength from our differences. Associating with
the right clients and
engagements
• For Better: We do what matters.
Being independent
and ethical
Assessing risks to
quality
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
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Together. For Better.
Driving quality across Introduction and
foreword
all we do Living our culture

and Values
Applying expertise
The success of KPMG will always be linked to the quality of We have also strengthened the consistency and and knowledge
the services we provide to those that rely on us. For more robustness of our system of quality management
than 150 years, quality has helped us become a trusted across our global organization to comply with the new
advisor to so many businesses and stakeholders across International Standard on Quality Management (ISQM 1).
Embracing digital
the world and the measure of our success will always be We believe consistent execution and adherence to these
technology
determined by the level of quality we provide — no matter requirements and the intent of the professional standards
how the world turns. behind them will help drive higher quality across our
organization for clients, large and small, no matter where
Providing high-quality services takes hard work, dedication Nurturing diverse
they do business.
and focus, as well as a continued investment in the people skilled teams
and technology that make it happen. And as stakeholders demand more accountability on
environmental, social and governance (ESG) issues,
We’re making sure our incredible people — who respect
and regulators begin to require disclosures across new Associating with
the KPMG Global Code of Conduct, live our Values and care
metrics, we’re investing more than 1.5 billion US dollars the right clients and
about doing the right thing — are with us every step of
to make ESG the watermark running through KPMG. This engagements
the way. These past few years have been challenging and
has empowered our people, who can continue to tap into a
our people’s remarkable resilience and deep commitment
diverse set of multidisciplinary skills and capabilities to help
to providing services of the highest quality to clients and Being independent
provide independent measurement, validation and quality
stakeholders have been inspiring. And we’re helping them and ethical
assurance over ESG information as the standards evolve.
expand their careers, supporting their well-being, and
building a safe and inclusive workplace. Their individual Audit has been a fundamental part of our business for
success is key to our collective growth. generations and, as the world changes dramatically, our
Assessing risks to
fidelity to ensuring the successful working of the capital quality
That’s why we’re transforming the audit experience for both
markets through the robust quality of our audits has stayed
our clients and our teams by investing in KPMG Clara — our
constant. It’s why we’ve been successful for 150 years,
cloud-based audit methodology and workflows platform.
and the measure of our quality is the reason we expect to
KPMG Clara delivers smarter, data-driven outcomes and Communicating
be here for 150 more.
deeper insights by blending some of the best technology effectively
with the best of our people. This leading technology helps We’ll continue to work hard to provide you with quality
our 90,000 plus audit professionals in 143 countries and and earn your trust.
territories deliver high-quality audits in a consistent way. Performing quality
Thank you for trusting KPMG.
engagements
Monitoring and
Bill Thomas Larry Bradley remediation
Global Chairman and CEO, Global Head of Audit,
KPMG International KPMG International
Governance and
leadership
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Introduction and
foreword
Living our culture

and Values
Audit quality
is fundamental to maintaining public trust and is the
Applying expertise
and knowledge
key measure on which our professional reputation Embracing digital

stands. technology
Nurturing diverse
We define “audit quality” as the outcome when skilled teams
audits are executed consistently, in line with the
requirements and intent of applicable professional Associating with
standards, within a strong system of quality engagements
management.
Being independent
and ethical
All of our related activities are undertaken in an

environment of the utmost level of objectivity, Assessing risks to
quality
independence, ethics and integrity.
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
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Our global approach to
delivering audit quality Introduction and
foreword
Living our culture

We continue to invest significantly in audit quality across The new requirements apply to all KPMG firms within
and Values
the KPMG global organization. We are building on our sound our global organization. The objective of this centralized
audit quality foundations, in terms of how KPMG firms are approach is to drive the consistency, robustness and
managed and how they execute their audit engagements. accountability of responses within KPMG firms’ processes.
Applying expertise
Across our global organization, we have strengthened In preparation for ISQM 1, we adopted a Global Quality and knowledge
the consistency and robustness of our system of quality Framework to outline how we deliver quality at KPMG, and
management that enables compliance with the International how all KPMG professionals are accountable for its delivery.
Standard on Quality Management (ISQM 1), issued by The principle of ‘Perform quality engagements’ sits at the
Embracing digital
the International Auditing and Assurance Standards Board core along with our commitment to monitor and remediate technology
(IAASB), which will take effect on 15 December 2022. We our processes as necessary. Our Quality Drivers give clear
consider this a transformational and fundamental change for direction to encourage the right behaviors in delivering audit
KPMG firms. quality.
Nurturing diverse
Our globally consistent approach to ISQM 1 drives the The Global Quality Framework also meets the International skilled teams
robustness of our responses to the risks of achieving Code of Ethics for Professional Accountants (including
the quality objectives set out in the standard. For each International Independence Standards), issued by the
component in the standard, we have established minimum International Ethics Standards Board for Accountants (the Associating with
required quality objectives, quality risks and responses for IESBA Code of Ethics), which apply to professional services the right clients and
all KPMG firms. firms that perform audits of financial statements. While engagements
this KPMG International Transparency Report summarizes
We have also established a risk assessment process
KPMG’s approach to audit quality, it also applies across
required to be used by KPMG firms in identifying additional Being independent
the organization, as many KPMG quality management
firm-specific quality objectives, quality risks, and responses and ethical
procedures and processes are cross-functional and apply
and requirements for testing and evaluation of their system
equally to other services offered by KPMG firms. In this
of quality management, together with guidance, tools and
report we use our Global Quality Framework to describe our
templates to support the consistent implementation of Assessing risks to
approach to quality.
ISQM 1 across KPMG firms. quality
Live our Communicating

culture
Associate and
effectively
with right Values Be independent,
clients and objective and
engagements ethical
Monitor
Performing quality
engagements
Nurture Embrace
diverse skilled Perform quality digital
teams engagements technology
Monitoring and
Remediate remediation
Communicate Assess risks
effectively to quality
Apply
expertise and
knowledge Governance and
leadership
Our role in climate disclosures and ESG assurance Matters such as going concern, asset impairments
and valuations will likely require careful judgment as
The ESG agenda is rapidly changing how businesses organizations deal with elevated uncertainty and market
assess their own purpose and performance. volatility. KPMG firms’ role as auditors is to evaluate these
KPMG continues to support the reporting of consistent, judgments.
high-quality, decision-useful information for stakeholders, We maintain an online financial reporting resource center to
and we are committed to performing our work in full Introduction and
assist financial statement preparers and other stakeholders
compliance with existing standards. We recognize, foreword
in understanding the potential accounting and disclosure
however, that some stakeholders want broader information implications of significant external events.
than current standards require.
KPMG International issues extensive guidance to assist Living our culture
As standards evolve to consider non-financial reporting, engagement teams in addressing the financial reporting, and Values
we fully support the International Sustainability Standards auditing and reporting-related matters arising from these
Board (ISSB) as it develops global corporate reporting external events, addressing the potential implications
standards, which are an essential part of the system for matters including going concern, asset impairments,
change required to address the needs of global capital Applying expertise
valuations and related disclosures, materiality, risk
markets and broader society. and knowledge
assessment, group audits, subsequent events, audit
KPMG is committed to fulfilling our public interest role evidence, and communications with those charged with
in providing robust assurance that can benefit investors governance.
Embracing digital
and other stakeholders. We believe the same level of KPMG International’s guidance is continually updated as technology
professionalism, quality, consistency and trust should apply new significant accounting, auditing and reporting issues
to ESG disclosures as to financial data. emerge.
That’s why KPMG firms globally are making significant KPMG is a technology-enabled organization, with technical Nurturing diverse
investments in putting ESG at the heart of the organization. accounting and auditing resources, guidance, platforms skilled teams
During 2022, as part of our commitments to meeting both and tools available electronically, which enables our
the public interest and market demands, we appointed a engagement teams to effectively operate in office and
remote-working environments. Associating with
Global Head of ESG Assurance, launched an online
sustainability reporting resource center and continued to
engagements
provide guidance on the financial reporting impacts of Operating in different regulatory environments
climate change.
The regulatory requirements under which KPMG operates
Being independent
differ across jurisdictions, and KPMG firms are committed
Our commitment to audit quality during and ethical
to operating according to the laws and regulatory
significant external events
environment of their jurisdiction.
Significant external events, such as the conflict in Ukraine, KPMG is supportive of international initiatives to promote
Assessing risks to
the COVID-19 pandemic and the emerging impacts of greater consistency in regulatory requirements for the quality
climate change, have contributed to rising inflation and capital markets, while recognizing that different jurisdictions
interest rates, supply chain disruption and increased global will have different requirements. Again, we recognize that
economic uncertainty. we serve the public interest.
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
Living our culture
and Values Introduction and
foreword
Living our culture and

It’s not just what we do at KPMG that matters — we also pay attention and Values
Values
to how we do it. Our Values are our core beliefs, guiding and unifying our
actions and behaviors. Shared across every level and in every country,
Applying expertise
jurisdiction and territory in which we operate, they are the foundation of our and knowledge
unique culture.
Fostering the right culture, starting with tone at Outlined in KPMG’s Global Code of Conduct (“the Code”) Embracing digital
the top are the responsibilities all KPMG personnel have to each technology
other, the public and our clients. It shows how our Values
As a global organization, we recognize that strong and clear inspire our greatest aspirations and guide our behaviors
leadership from KPMG International is critical to set the and actions. It defines what it means to work at and be Nurturing diverse
tone at the top and provides the blueprint for accountability a part of KPMG, as well as our individual and collective skilled teams
to all KPMG firms. responsibilities.
Our global leadership, working with regional and KPMG Everyone at KPMG is held accountable for behavior
Associating with
firm leadership, plays a critical role in establishing our consistent with the Code and are required to confirm their the right clients and
commitment to quality and the highest standards of compliance with it. They are all required to take annual engagements
professional excellence. A culture based on integrity, training that covers the Code. We are committed to holding
accountability, quality, objectivity, independence and ourselves accountable for behaving in a way that is consistent
ethics is essential in an organization that carries out audits with the Code. Individuals are encouraged to speak up if they Being independent
and other services on which stakeholders rely. KPMG see something that makes them uncomfortable or is not in and ethical
International has taken steps to strengthen our governance, compliance with the Code or our Values.
with a focus on accountability for quality. All KPMG firms
are committed to a common set of Values, standards and Everyone at KPMG is required to report any activity that
could potentially be illegal or in violation of our Values, Assessing risks to
service-quality expectations.
our policies, applicable laws, regulations or professional quality
KPMG’s global leadership drives an awareness that everyone standards.
across the organization who is involved in performing an
audit, or any client engagement across tax and advisory, has To safeguard this principle of holding each other
Communicating
a responsibility for quality and a part to play. accountable, each KPMG firm is required to establish,
effectively
communicate and maintain clearly defined channels to
Clear Values and a strong Code of Conduct allow KPMG personnel and third parties to make inquiries
Our Values lie at the heart of the way we do things. To do about, raise concerns in relation to, provide feedback on,
and notify reportable matters without fear of reprisal in Performing quality
the right thing, the right way, at the right time. Always.
engagements
They form the foundation of a resilient culture ready to accordance with applicable laws or regulations.
meet challenges with integrity, so we never lose sight of The KPMG International hotline is a further mechanism
our principal responsibility to protect the public interest. for KPMG personnel, clients and other third parties to
And they propel us forward — through our work and the Monitoring and
confidentially report concerns they have relating to certain remediation
example we set — as we inspire confidence and empower areas of activity by KPMG International, activities of KPMG
change throughout the world. firms or KPMG personnel. We take reports received by the
International hotline seriously, and for each of them we
Governance and
respond, and take appropriate action.
leadership
All KPMG firms and personnel are prohibited from another on quality matters, along with regional and KPMG
retaliating against individuals who have the courage to firm leadership, to:
speak up in good faith. Retaliation is a serious violation of
• Establish and ensure communication of appropriate
the Code, and any person who takes retaliatory action will
audit, quality and risk management policies;
be subject to their firm’s disciplinary policy.
• Establish and support effective and efficient processes
In addition to the processes outlined above, the Global
to promote audit quality; Introduction and
People Survey provides KPMG International leadership with
• Promote and support the implementation of strategy foreword
insights related to upholding our Values.
in KPMG firms’ audit functions, including standards of
Consistent quality and risk management audit quality; and
Living our culture and
policies • Assess and monitor audit engagement quality, including
and Values
Values
issues arising from quality performance and regulatory
KPMG International has quality and risk management
reviews, and focus on best practices to increase audit
policies that are included in the Global Quality & Risk
quality.
Management Manual (GQ&RM Manual) and apply to all Applying expertise
KPMG firms and KPMG personnel. The overall governance structure of KPMG International and and knowledge
further detail on global leadership groups are provided in
These policies and associated procedures are designed to
the ‘Governance and leadership’ section of this report.
assist KPMG firms in complying with relevant professional
standards and regulatory and legal requirements, and Embracing digital
have recently been updated to reflect the requirements
Responsibilities and obligations of KPMG firms technology
of ISQM 1. The IESBA Code of Ethics applies to all of the KPMG firms’ membership agreements with KPMG
services KPMG firms provide. International require they comply with KPMG International’s
KPMG firms are required to implement KPMG International’s policies, procedures and regulations, including quality Nurturing diverse
standards governing how they operate and how they provide skilled teams
policies and procedures and adopt their own additional
policies and procedures that are designed to address rules services to clients to compete effectively. This includes
and standards applicable to their own jurisdictions as well as having a firm structure that ensures continuity and stability,
Associating with
applicable legal and regulatory requirements. and being able to adopt global strategies, share resources
(incoming and outgoing), service multinational clients,
engagements
Our global leadership takes responsibility for manage risk, and deploy global methodologies and tools.
audit quality Each KPMG firm takes responsibility for its management
and the quality of its work and commits to a common set Being independent
KPMG’s global leadership plays a critical role in driving and ethical
of KPMG Values.
the quality agenda for the organization. In respect to
audit quality, our Global Head of Audit and Global Head of A firm’s status as a KPMG member firm and its
Audit Quality provide reports to the Global Audit Quality participation in the KPMG organization may be terminated
Assessing risks to
Committee of the Global Board and have responsibility if, among other things, it has not complied with the policies,
quality
for oversight of audit quality across KPMG for KPMG procedures and regulations set by KPMG International or
International. any of its other obligations owed to KPMG International.
Certain global steering groups drive the execution of the Further details of KPMG International’s governance Communicating
quality strategy. Each of these global groups have their structure can be found in the ‘Governance and leadership’ effectively
specific areas of focus, and they work closely with one section of this report.
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
Applying expertise
and knowledge Introduction and
foreword
Living our culture

We are committed to continuing to build on our technical expertise and and Values
knowledge recognizing its fundamental role in delivering quality audits.
Applying expertise
Consistent audit and assurance methodology The KPMG Assurance Manuals provide the requirements
and knowledge
and tools and guidance for a consistent approach to performing
assurance engagements in accordance with the ISAE 3000,
The KPMG audit and assurance methodology, tools and Assurance Engagements Other than Audits or Reviews of
guidance, which enable a consistent approach to planning, Embracing digital
Historical Financial Information.
performing and documenting audit procedures over key technology
accounting processes, are: The audit and assurance methodologies emphasize
applying appropriate professional skepticism in the
• Globally consistent and fully compliant with the execution of procedures and require compliance with
applicable standards, including International Standards Nurturing diverse
relevant ethical requirements, including independence. skilled teams
on Auditing (ISA), Public Company Accounting
Oversight Board (PCAOB) and the American Institute Enhancements to the audit and assurance methodologies,
of CPAs (AICPA) and are supplemented to comply with guidance and tools are made regularly to maintain
compliance with the applicable standards and address Associating with
local auditing standards and regulatory or statutory the right clients and
requirements by KPMG firms; emerging auditing and assurance areas of focus and audit
engagements
quality results (internal and external). For example, the
• Inclusive of KPMG methodology interpretations current focus on ESG assurance is driving updates to our
that drive consistency in areas where the applicable assurance methodologies, tools and guidance. KPMG firms Being independent
standards are not prescriptive in the approach to be may add local requirements and/or guidance to the globally and ethical
followed; prescribed minimum requirements in the KPMG Audit
• Centered on identifying risk, focusing on risks of Manual, the KPMG Audit Execution Guide and the KPMG
material misstatements and the necessary audit Assurance Manuals to comply with additional professional,
Assessing risks to
response; legal or regulatory requirements.
quality
• Made available to all KPMG audit and assurance
Access to specialist networks
professionals and required to be used, where
necessary; Specialist expertise is an increasingly important part of the Communicating
modern audit. KPMG firm engagement teams have access to effectively
• Applied even where local auditing standards may
be less demanding than the ISAs; and a network of KPMG specialists — either within their firm or in
other KPMG firms. These specialists receive the training they
• Based on the requirements of the International need to ensure they have the competencies, capabilities and Performing quality
Standard on Assurance Engagements (ISAE) and objectivity to appropriately fulfil their role on KPMG audits. engagements
aligned to assurance products in response to the
growth of ESG reporting. The need for specialists to be assigned to an audit
engagement in areas such as information technology, tax,
The KPMG audit methodology is set out in the KPMG Audit treasury, actuarial, forensic and valuations is considered as Monitoring and
Manual (for use with eAudIT) and the KPMG Audit Execution part of the audit engagement acceptance and continuance remediation
Guide (for use with the KPMG Clara workflows) and includes process, as well as during the planning and conduct of the
KPMG interpretation of how to apply ISAs, which we believe engagement.
enhance audit quality. Governance and
leadership
Embracing digital
technology Introduction and
foreword
Living our culture

At KPMG, we are committed to serving the public interest and creating value and Values
through continuous innovation. We are transforming the audit experience for
our professionals and clients by leveraging the data and insights of leading
Applying expertise
technologies and enhancing audit quality by increasing our ability to focus on and knowledge
the issues that matter.
Embracing digital
Intelligent, standards-driven audit workflows Policies and guidance are in place to establish and
technology
maintain appropriate processes and controls regarding
KPMG Clara is our smart and intuitive technology platform the development, evaluation and testing, deployment and
that is driving globally consistent audit execution across all support of technology in KPMG audits.
KPMG firms. As a scalable, cloud-based platform, it enables Nurturing diverse
the enhanced audit methodology through data-enabled KPMG Clara is helping auditors see meaningful patterns
skilled teams
workflows. across a business, whether conducting risk assessment,
tracing transactions through a complex revenue process,
The platform integrates new and emerging technologies, or simply adding up the accounts. Examples of current Associating with
with advanced capabilities that leverage data science, audit capabilities include: the right clients and
automation and data visualization. engagements
• Analysis of account balances and journal entry data;
Evolving our audit workflows
• Automation of ‘period-on-period’ balances comparison
We recognize that to deliver quality audits, we need to and ‘time series’ evolution information; Being independent
continually evolve and develop our technology solutions to and ethical
keep pace with today’s digital world. • Analysis of sub-ledger, transactional data over certain
business processes and accounts; and
That is why we reimagined our audit platform, workflows
and methodology to provide enhanced consistency and • Integration (where applicable) with industry-specific Assessing risks to
support to our audit engagement teams, deliver detailed digital procedures and solutions. quality
insights, and future-proof our systems for the expected Our vision of the future
continued development of new technologies, such as
KPMG Clara was developed to be a foundational technology
robotic process automation, machine learning and cognitive Communicating
platform for KPMG to deliver audit quality. It delivers this
technologies. effectively
by being the base technology providing new capabilities
The release of the KPMG Clara workflows and revised audit in a globally consistent way, enabling the audit workflows
methodology is an important milestone in KPMG’s journey and providing a fully digital experience for KPMG audit
to innovate, digitalize and transform the audit experience. It professionals. Performing quality
is a significant investment that underlines our commitment engagements
The KPMG Clara platform evolves as technologies such as
to audit quality, consistency and innovation.
artificial intelligence, blockchain and cognitive capabilities
transform how audits are delivered.
KPMG Clara Monitoring and
remediation
The digital audit is increasingly integral to how KPMG firms
perform quality audits and interact with clients.
Governance and
leadership
—Anticipate data types
Data —Guide teams in usage
—Clear
—Understandable Methodology
—Globally consistent Introduction and
—Revised and updated foreword
KPMG Workflows user interface
Clara —Enable the end user
workflows
Living our culture
—Searchable
and Values
—Better visualization Knowledge
—Flexible and modular to support
with context
Learning classroom and micro-learnings
—On demand
Applying expertise
and knowledge
Embracing digital
technology
Rich Enhanced usability Leverage Client
content and tech enabled innovations experience
Nurturing diverse
skilled teams
KPMG Clara workflows We continue to enhance the KPMG Clara smart audit
Associating with
platform to accommodate evolving security demands,
Our previous platform, eAudIT, is being replaced with new the right clients and
further integrate existing audit applications into a single
workflows embedded with our revised audit methodology engagements
platform, and develop new capabilities to digitalize
and enabled by the KPMG Clara smart audit platform.
additional audit processes.
Phased full deployment of the KPMG Clara workflows
(with the exception of very small and less complex Being independent
national audits), commenced globally in 2020 with planned
Client confidentiality, information security and and ethical
completion of global transition for the 2022 fiscal period-end
data privacy
audits. Global transition for very small and less complex The importance of maintaining client confidentiality is
national audits, leveraging enhanced scaling capability, has emphasized through a variety of mechanisms, including Assessing risks to
commenced in 2022 and will be completed by 2023. quality
the Code.
The web-enabled KPMG Clara workflows guide audit teams We have policies on information security, confidentiality,
through a series of steps in a logical sequence aligned personal information and data privacy. KPMG firms have
to the applicable professional auditing standards with a Communicating
a document-retention policy concerning the retention
clear display of information, visuals and guidance available, effectively
period for audit documentation and other records relevant
and with embedded advanced digital audit and project to an engagement in accordance with applicable laws,
management capabilities. The workflows and revised audit regulations and professional standards.
methodologies are scalable, adjusting the requirements to Performing quality
the size and complexity of the audit engagement. KPMG KPMG provides training on confidentiality, information engagements
Clara workflows significantly enhance the execution of an protection and data-privacy requirements to all KPMG
audit by KPMG professionals and drive audit quality and personnel annually.
global consistency. Monitoring and
remediation
Using data mining and tracking of relevant engagement-level
data indicators, the KPMG Clara workflows can also facilitate
monitoring of audit execution at the engagement level.
Governance and
leadership
Nurturing diverse
skilled teams Introduction and
foreword
Living our culture

Our people make the real difference and are instrumental in shaping the future and Values
of audit at KPMG. We put quality and integrity at the core of our audit practice.
Our auditors have diverse skills and capabilities to address complex problems.
Applying expertise
and knowledge
Recruiting appropriately qualified and skilled Inclusion, diversity and equity (IDE) is at the core of our
people, including specialists, with diversity of very existence, helping us build great teams with diverse
perspective and experience views that represent the world we live in. It leads to better
decision making, drives greater creativity and innovation, Embracing digital
One of the key drivers of quality is ensuring that KPMG technology
and encourages us to stand up, live our Values and do
professionals have the appropriate skills and experience, what is right.
motivation and purpose to deliver high-quality audits.
This requires the right recruitment, development, reward, We recognize that KPMG firms’ global position working with
Nurturing diverse
promotion and assignment of professionals. clients around the world affords us a privileged place. With skilled teams
that comes an opportunity and responsibility to achieve more
Recruitment and push for a fairer, more equitable society.
KPMG has invested in understanding how we can attract the KPMG’s Global IDE Collective Action Plan outlines the Associating with
talent we need now and in the future across the organization. the right clients and
actions that are necessary to advance inclusion, diversity and
This includes building an extraordinary people experience for engagements
equity across all KPMG firms.
all current and prospective partners and employees.
For more about inclusion and diversity at KPMG, read here.
KPMG International provides KPMG firms with guidance and Being independent
training on sourcing high-quality talent with the necessary Reward and promotion
and ethical
skills, expertise and qualifications to deliver organizational All KPMG firms are required to have compensation and
objectives and with the ability to make a positive contribution promotion policies that are informed by market data and are
to the Values, capabilities and goals of the organization. clear, simple, fair and linked to the performance and talent Assessing risks to
Additionally, we require that KPMG firms perform review process. Such policies help our people understand quality
candidate application screening that is based on fair and what is expected of them, and what they can expect to
job-related criteria to ensure that candidates possess the receive in return. The connection between performance
appropriate skills and experience to perform competently and reward is achieved by assessing relative performance
Communicating
and are suitable and best placed for their roles. The KPMG across a peer group to inform reward decisions. Reward effectively
policies also require that new employees undergo rigorous decisions are based on the consideration of both individual
reference and background checks subject to legal and and firm performance.
regulatory requirements. The extent to which our people feel their performance has Performing quality
KPMG is consistently ranked as one of the world’s most been reflected in their reward is measured through the engagements
attractive employers among business students. As the audit annual Global People Survey, with action plans developed
evolves, we are focused on improving our attractiveness to by KPMG firms as required.
business and STEM (science, technology, engineering and The results of performance evaluations directly affect the Monitoring and
mathematics) talent in the future. promotion and remuneration of partners and employees and, remediation
Inclusion, diversity & equity programs in some cases, their continued association with KPMG.
KPMG is committed to building a diverse and equitable Governance and

organization that is inclusive to all. leadership
Assigning an appropriately qualified team Focused learning and development on technical
expertise, professional acumen and leadership
Partner assignments
skills
All KPMG firms are required to have procedures in place
Commitment to technical excellence and quality service
to assign engagement partners and other professionals
delivery
to a specific engagement on the basis of their skill sets,
relevant professional and industry experience, and the All KPMG professionals are provided with the technical Introduction and
nature of the assignment or engagement. Function heads training and support they need to perform their roles. This foreword
are responsible for the partner assignment process. Key includes access to internal specialists and the professional
considerations include partner experience and capacity — practice department for consultation.
based on an annual partner portfolio review — to perform Living our culture
Lifetime learning strategy
the engagement taking into account the size, complexity and Values
and risk profile of the engagement and the type of support Annual training priorities for development and delivery are
to be provided (i.e. the engagement team composition identified by the audit learning and development groups at
and specialist involvement). the global, regional and, where applicable, KPMG firm level.
Applying expertise
Mandatory learning requirements for audit professionals and knowledge
Engagement teams
across the organization are established annually.
Audit engagement partners are required to be satisfied that
Ongoing mentoring and on-the-job coaching
their engagement teams have appropriate competencies,
Learning is not confined to a single approach — rich Embracing digital
training and capabilities, including time to perform
technology
audit engagements in accordance with the KPMG audit learning experiences are available when needed through
methodology, professional standards, and applicable legal coaching and just-in-time learning and aligned with job-
and regulatory requirements. specific role profiles and learning paths.
Nurturing diverse
If the right resource is not available within the KPMG Mentoring and on-the-job experience play key roles in skilled teams
firm, the firm accesses a network of highly skilled KPMG developing the personal qualities important for a successful
professionals from other KPMG firms. career in auditing, including professional judgment,
technical excellence and instinct. Associating with
Investing in data-centric skills, including data the right clients and
We support a coaching culture throughout KPMG as part of
mining, analysis and visualization engagements
enabling our professionals to achieve their full potential and
instill that every team member is responsible for building
KPMG is strategically investing in our talent pipeline by
the capacity of the team, coaching other team members, Being independent
partnering with world-class institutions to sustain our
and sharing experiences. and ethical
strong leadership, while also looking forward to cultivating
the skills and capabilities that will be needed in the future. Licensing and mandatory requirements for IFRS®
We are recruiting and training professionals who specialize Standards and US GAAP engagements
in software, cloud capabilities and artificial intelligence and Assessing risks to
Specific requirements apply to partners, managers and
who can bring leading technology capabilities to our smart quality
engagement quality control (EQC) reviewers working on IFRS
audit platform.
Standards engagements in jurisdictions where IFRS Standards
KPMG provides training on a wide range of technologies are not the predominant financial reporting framework.
to ensure that professionals not only meet the highest Communicating
Similar policies apply to engagements performed outside effectively
professional standards, but are also upskilled in new
the US to report on financial statements or financial
technologies. With this approach we are bringing together
information prepared in accordance with US GAAP and/or
the right people with the right skills and the right
audited in accordance with US auditing standards, including
technology to perform quality audits. Performing quality
reporting on the effectiveness of the entity’s internal control
engagements
over financial reporting (ICOFR).
Monitoring and
remediation
Governance and
leadership
These require that at a minimum, all partners, managers Open Performance Development is linked to KPMG’s
and, if appointed, the EQC reviewers (and for engagements Values and designed to articulate what is required for
conducted in accordance with US GAAP and/or US success — both individually and collectively. We know
auditing standards engagements, the engagement that by being clear and consistent about the behaviors we
partner, engagement manager, engagement in-charge expect and rewarding those who demonstrate them, we
and, if appointed the EQCR reviewers) assigned to the will continue to drive a relentless focus on audit quality.
engagement have completed relevant training and that Introduction and
At the same time, KPMG is driving a shift in our
collectively the engagement team has sufficient experience foreword
performance-driven culture, supported by and enacted
to perform the engagement or has implemented
through leading technology that allows us to embed
appropriate safeguards to address any shortfalls.
audit quality into the assessment of performance and the
decisions around reward, as well as drive consistency Living our culture
Recognizing quality across the global organization. and Values
KPMG’s approach to performance development, known Quality and compliance metrics are considered in assessing
as ‘Open Performance Development’, is built around the the overall evaluation, promotion and remuneration of
Applying expertise
’Everyone a Leader’ performance principles, and includes: partners. These evaluations are conducted by performance
and knowledge
• Global role profiles (including role profiles specific to managers and partners who are able to assess
audit quality accountabilities and responsibilities); performance.
• A goal library (including audit quality content); and Embracing digital

technology
• Standardized review forms (with provision for audit
quality ratings).
Nurturing diverse
skilled teams
Associating with
engagements
Being independent
and ethical
Assessing risks to
quality
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
Associating with the right
clients and engagements Introduction and
foreword
Living our culture

Rigorous global client and engagement acceptance and continuance and Values
policies are vital to being able to provide high-quality professional services.
Applying expertise
Following the client and engagement whether the services would be unethical or inconsistent
and knowledge
acceptance and continuance policies with our Values, as well as factors specific to the type of
engagement.
The KPMG client and engagement acceptance and
continuance policies and processes are designed to For audit services, these factors include the competence Embracing digital
identify and evaluate potential risks prior to accepting or of the client’s financial management team and the skills technology
continuing a client relationship or performing a specific and experience of KPMG professionals assigned to staff
engagement. the engagement. The evaluation is made in consultation
with other senior KPMG firm personnel and includes
KPMG firms are required to evaluate whether to accept Nurturing diverse
additional reviews as required.
or continue a client relationship or perform a specific skilled teams
engagement. Where client/engagement acceptance (or Continuance process
continuance) decisions pose significant risks, additional An annual re-evaluation of all audit clients is required to be
Associating with
approvals are required. undertaken by all KPMG firms. the right clients and
Recurring or long-running non-audit engagements are also engagements
Accepting appropriate clients and engagements
subject to periodic re-evaluation. In addition, clients are
Client evaluation process required to be re-evaluated if there is an indication that
Being independent
there may be a change to their risk profile.
Every KPMG firm is required to undertake an evaluation and ethical
of every prospective client. This involves obtaining Withdrawal process
sufficient information about the prospective client, its key If a KPMG firm comes to a preliminary conclusion that
management and significant beneficial owners and then indicates it should withdraw from an engagement or Assessing risks to
properly analyzing the information to be able to make an client relationship, it is required to consult internally and quality
informed acceptance decision. identify any required legal, professional and regulatory
This evaluation includes an assessment of the client’s risk responsibilities. It is also required to communicate as
profile and obtaining background information on the client, necessary with those charged with governance and any Communicating
its key management, directors and owners. If necessary, other appropriate authority. effectively
each KPMG firm obtains additional information required to Managed portfolio of clients
satisfy applicable legal and/or regulatory requirements.
KPMG firms’ leadership appoints engagement partners
Performing quality
Engagement evaluation process who have the appropriate competence, capabilities, time engagements
Each prospective engagement is also evaluated to identify and authority to perform their role for each engagement.
potential risks in relation to the engagement. They review each audit partner’s client portfolio in
A range of factors are considered as part of this individual discussions with the audit partner. The reviews Monitoring and
evaluation, including potential independence and conflict consider the industry, nature and risk of the client portfolio remediation
of interest issues (using Sentinel™, KPMG’s conflicts as a whole along with the competence, capabilities and
and independence checking system), intended purpose capacity of the partner and wider team to deliver a quality
and use of engagement deliverables, public perception and audit for every client. Governance and
leadership
Being independent
and ethical Introduction and
foreword
Living our culture

Auditor independence is a cornerstone of international professional and Values
standards and regulatory requirements.
Applying expertise
Acting with integrity and living our Values also be required to consult with the Global Independence
and knowledge
Group depending upon the facts and circumstances.
KPMG International’s detailed independence policies and
procedures incorporate the IESBA Code of Ethics. These KPMG firms are required to clearly communicate their
are set out in the KPMG GQ&RM Manual, which applies to independence policies and procedures to all of their Embracing digital
all KPMG firms. Automated tools, which are required to be personnel. technology
used for every prospective engagement to identify potential Compliance with independence policies and processes is
independence and conflict of interest issues, facilitate monitored through annual independence confirmations and
compliance with these requirements. compliance audits within KPMG firms, as well as through Nurturing diverse
Organization-wide processes are supplemented by KPMG KPMG’s wider monitoring programs described in the skilled teams
firms’ own policies and processes to ensure compliance ‘Monitoring and remediation’ section of this report.
with additional local independence standards.
Maintaining an objective, independent and Associating with
The Head of the Global Independence Group is supported the right clients and
ethical mindset, in line with the Code and
by a core team of specialists to help ensure that KPMG engagements
policies
has robust and consistent independence policies and
procedures, as well as guidance and tools to help KPMG Personal financial independence
firms and their personnel comply with these requirements. Being independent
KPMG partners and employees are required to be free and ethical
The Global Independence Group communicates regularly to from prohibited financial interests in, and prohibited
KPMG firms on policy changes and enhancements, as well financial relationships with, audit and assurance clients
as providing guidance on complying with the independence (by definition, ‘audit client’ includes its related entities
Assessing risks to
standards. The Global Independence Group holds various or affiliates), their management, directors and, where
quality
workshops and also provides training over the course of required, significant owners. All partners — irrespective
each year. of their firm or function — are generally prohibited from
owning securities of any audit client of any KPMG firm.
Each KPMG firm has a designated Ethics and Independence Communicating
KPMG firms use a web-based independence compliance
Partner (EIP) who has primary responsibility for the direction effectively
system (KICS) to assist KPMG professionals in complying
and execution of ethics and independence (E&I) policies and
with personal independence investment policies.
procedures locally. The EIP is responsible for communicating
and implementing KPMG International’s policies and This system contains an inventory of publicly available Performing quality
procedures and ensuring that local independence policies investments and provides a tracking mechanism for engagements
and procedures are established and effectively implemented required users to report acquisitions and disposals of
when they are more stringent than KPMG International’s their financial interests. The system facilitates monitoring
requirements. by identifying and reporting impermissible investments
Monitoring and
and other non-compliant activity (i.e. late reporting of an
KPMG partners and employees are required to consult with remediation
investment acquisition).
their KPMG firm’s EIP on certain specific independence
matters as defined in the GQ&RM Manual. The EIP may
Governance and
leadership
All partners and manager grade or above client-facing Additionally, KPMG firms are required to record in KICS
employees are required to use the KICS system prior to all borrowing and capital financing relationships, as well
entering into an investment to identify whether they are as custodial, trust and brokerage accounts that hold firm
permitted to do so. They are also required to maintain assets.
a record of all of their investments in publicly available
Business relationships/suppliers
funds and securities registered on recognized or regulated
exchanges in KICS, which automatically notifies them KPMG has policies and procedures in place that are Introduction and
if any investment subsequently becomes restricted. designed to ensure its business relationships with audit foreword
Newly restricted investments are required to be disposed and assurance clients are maintained in accordance
of within five business days of the notification. KPMG with the IESBA Code of Ethics and other applicable
firms monitor partner and manager compliance with this independence requirements, such as those promulgated by Living our culture
requirement as part of our program of independence the US Securities and Exchange Commission (SEC). and Values
compliance audits of professionals. Ethics and independence — training and confirmations
The Global Independence Group provides guidance and All KPMG partners and client service professionals, as
required procedures relating to the audit and inspection Applying expertise
well as certain other individuals, are required to complete
by KPMG firms of personal compliance with the KPMG and knowledge
independence training that is appropriate to their grade
independence policies. This includes sample criteria and function upon joining KPMG and on an annual basis
including the minimum number of professionals to be thereafter.
audited annually. Embracing digital
All KPMG partners and employees are required to sign, technology
Employment relationships upon joining KPMG, and thereafter, an annual confirmation
Any KPMG professional providing services to an audit or stating that they have remained in compliance with
assurance client is required to notify the KPMG firm’s EIP applicable E&I and other key policies.
Nurturing diverse
if they intend to enter into employment negotiations with Non-audit services skilled teams
that client. For partners, this requirement extends to any
audit or assurance client of any KPMG firm that is a public All KPMG firms are required, at a minimum, to comply
interest entity. with the IESBA Code of Ethics and applicable laws and
Associating with
regulations related to the scope of services that can be the right clients and
Former members of the audit or assurance team or former provided to audit clients. engagements
partners of a KPMG firm are prohibited from joining an
audit or assurance client in certain roles unless they In addition to identifying potential conflicts of interest,
have disengaged from all significant connections to the Sentinel facilitates compliance with independence
Being independent
KPMG firm, including payments which are not fixed and requirements.
and ethical
predetermined and/or would be material to the KPMG firm, Certain information on all prospective engagements,
and have ceased participating in the firm’s business and including detailed service descriptions, deliverables and
professional activities. estimated fees, are required to be entered into Sentinel
Assessing risks to
Key audit partners and members of the chain of command as part of the engagement acceptance process. When the quality
for an audit client that is a public interest entity are subject engagement is for an audit client, an evaluation of potential
to time restrictions (referred to as ‘cooling-off’ periods) that independence threats and safeguards is also required to be
preclude them from joining that client in certain roles until a included in the Sentinel submission.
Communicating
defined period has passed. Lead Audit Engagement Partners (LAEPs) are required to effectively
Firm financial independence maintain group structures for their publicly traded and certain
other audit clients, including their related entities or affiliates,
KPMG firms are required to also be free from prohibited in Sentinel. They are also responsible for identifying and Performing quality
interests in, and prohibited relationships with, audit clients evaluating any independence threats that may arise from the engagements
and their management, directors and, where required, provision of a proposed non-audit service and the safeguards
significant owners. KICS is used to record KPMG firms’ available to address those threats.
direct and material indirect investments in listed entities
and funds (or similar investment vehicles) as well as in Monitoring and
non-listed entities or funds. This includes investments held remediation
in associated pension and employee benefit plans.
Governance and
leadership
For entities for which group structures are maintained, Consultation with the KPMG firm’s Risk Management
Sentinel enables LAEPs to review, request revisions to, Partner (RMP) or the EIP is required in these situations.
approve, or deny any proposed service for those entities
Policies are also in place to prohibit KPMG personnel
worldwide. For approved proposed services, Sentinel
from offering or accepting inducements, including gifts
designates a timeframe during which the approval remains
and hospitality, to or from audit clients, unless the value
valid. Upon expiration of the established timeframe, the
is trivial and inconsequential, is not prohibited by relevant
services are required to be complete or be re-evaluated Introduction and
law or regulation, and is not deemed to have been offered
for permissibility; otherwise, the services are required to foreword
with the intent to improperly influence the behavior of the
be exited.
recipient or which would cast doubt on the individual’s or
KPMG global independence policies prohibit KPMG firm the KPMG firm’s integrity, independence, objectivity or
audit partners from being evaluated on, or compensated judgment. Living our culture
based on, their success in selling non-audit services to their and Values
Resolving conflicts of interest
audit clients.
Each KPMG firm has one or more allocated risk
KPMG firms are required to establish and maintain a
management individual who are responsible for reviewing Applying expertise
process to review and approve all new and significantly
any identified potential conflict and working with the and knowledge
modified services that are developed. Each KPMG firm’s
affected KPMG firms to resolve the conflict, the outcome
EIP is involved in the review of potential independence
of which is required to be documented.
issues related to these new or modified services.
Escalation and dispute resolution procedures are in place Embracing digital
Fee dependency technology
for situations in which agreement cannot be reached on
Self-interest or intimidation threats at the KPMG firm how to manage a conflict. If a potential conflict issue
level may arise when the total fees from an audit client cannot be appropriately mitigated, the engagement is
represent a large proportion of the total fees of the KPMG declined or terminated. Nurturing diverse
firm expressing the audit opinion. In the event that the total skilled teams
Independence breaches
fees from a public interest entity audit client and its related
entities represent more than 10 percent of the total fees All KPMG personnel are required to report an independence
received by a particular KPMG firm for two consecutive breach to their KPMG firm EIP as soon as they become Associating with
aware of it. All breaches of independence requirements of the right clients and
years:
the IESBA Code of Ethics or other external independence engagements
• Disclosure is required to those charged with governance
requirements are required to be reported to those charged
at the audit client; and
with governance as soon as possible, except where
Being independent
• A partner from another KPMG firm is appointed as the alternative timing for less significant breaches has been
and ethical
engagement quality control (EQC) reviewer. agreed to with those charged with governance.
Avoiding conflicts of interest Each KPMG firm is required to have a documented and
communicated disciplinary policy in relation to breaches of Assessing risks to
All KPMG firms and personnel are responsible for
independence policies, incorporating incremental sanctions quality
identifying and managing conflicts of interest, which
reflecting the seriousness of any violations. In the event
are circumstances or situations that may reasonably be
of non-compliance with the KPMG independence policies,
expected to have an impact on the firm’s ability to be
irrespective of how that non-compliance is identified,
objective or act without bias. Communicating
KPMG professionals are subject to the disciplinary policy. effectively
KPMG engagement teams are required to use Sentinel to
Partner rotation
identify potential conflicts so that these can be addressed
in accordance with legal and professional requirements. KPMG partner rotation policies are consistent with the
requirements of the IESBA Code of Ethics and require Performing quality
Personal conflicts engagements
compliance with any stricter local applicable rotation
Conflicts of interest can arise in situations where KPMG requirements.
partners or employees have a personal connection with
KPMG partners are subject to periodic rotation of their
the client that may interfere, or be perceived to interfere, Monitoring and
responsibilities for audit clients under applicable laws,
with their ability to remain objective, or where they are remediation
regulations, independence rules and KPMG International
personally in possession of confidential information relating
policy.
to another party or a transaction.
Governance and
leadership
These requirements place limits on the number of Zero-tolerance approach to bribery and
consecutive years that partners in certain roles may provide corruption
audit services to a client, followed by a ‘time-out’ period
during which these partners may not participate in the Compliance with laws, regulations and standards is a key
audit, provide quality control for the audit, consult with aspect for everyone at KPMG. We have zero tolerance of
the engagement team or the client regarding technical or bribery and corruption.
industry specific issues, in any way influence the outcome KPMG policy prohibits involvement in any type of bribery — Introduction and
of the audit, lead or coordinate other professional service even if such conduct is legal or permitted under applicable foreword
delivered to the client, oversee the relationship of the law or local practice. We also do not tolerate bribery by
KPMG firm with the client, or have any other significant third parties, including by KPMG firm clients, suppliers or
or frequent interaction with senior management or those public officials. KPMG International requires KPMG firms to Living our culture
charged with governance. have appropriate internal controls in place to mitigate the and Values
KPMG firms are required to monitor the rotation of audit risk of involvement in bribery by the firm and its partners
engagement leaders (and any other key roles where and employees.
there is a rotation requirement) and develop related All KPMG partners and employees are required to take Applying expertise
transition plans to enable the allocation of partners with and knowledge
training covering compliance with laws, regulations
the necessary competence and capability to deliver a and professional standards relating to anti-bribery and
consistent quality of service to clients. corruption, including the reporting of suspected or actual
non-compliance. Embracing digital
Firm rotation
technology
In certain jurisdictions, KPMG firms are only permitted to More about KPMG lnternational’s position and policies on
act as an auditor for a specific audit client for a defined anti-bribery and corruption is available here.
period of time and not to act as auditor for that client for
Nurturing diverse
a specified period of time thereafter. KPMG firms in these skilled teams
jurisdictions are required to have processes in place to
track and manage compliance with audit firm rotation
requirements. Associating with
engagements
Being independent
and ethical
Assessing risks to
quality
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
Assessing risks
to quality Introduction and
foreword
Living our culture

KPMG International reviews the results of quality monitoring programs and and Values
develops additional global remediation actions as needed.
Applying expertise
Global remediation actions developed by KPMG International are aimed at changing behavior and driving quality and
and knowledge
consistency across the global organization. Remediation actions may be implemented through the development of global
policies, procedures, training tools and guidance.
Embracing digital
technology
Nurturing diverse
skilled teams
Associating with
engagements
Being independent
and ethical
Assessing risks to
quality
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
Communicating effectively
Introduction and
We recognize that another important contributor to upholding audit quality is foreword
to obtain and promptly act upon feedback from key stakeholders.
Living our culture
Provide insights, and maintain open and honest IFRS Institute
and Values
two-way communication KPMG’s Global IFRS Institute provides information and
Honest and candid communication with clients, including resources to help board and audit committee members,
management and those charged with governance, is a key executives, management, stakeholders and government
Applying expertise
aspect of our reporting and quality service delivery. KPMG representatives gain insight and access thought leadership and knowledge
Clara includes a client collaboration portal, allowing clients about the evolving global financial and sustainability
real-time monitoring of the status of the audit as well as reporting frameworks.
seamless communication with the audit engagement team. Embracing digital
Conduct and follow-up on the Global People
Communications with those charged with governance technology
Survey (GPS)
KPMG International stresses the importance of keeping
Only with engaged, talented people can KPMG deliver
those charged with governance informed of issues arising
audits in line with our audit quality expectations. Annually Nurturing diverse
throughout the audit through guidance and supporting
all KPMG personnel are invited to participate in KPMG’s skilled teams
resources. KPMG firms and professionals achieve this
GPS to share their perception about their experience of
through a combination of reports and presentations,
working at KPMG.
attendance at audit committee or board meetings, and, Associating with
when appropriate, ongoing discussions with management The GPS provides a measure of our people’s engagement the right clients and
and members of the audit committee. and insights into areas driving engagement. Results can engagements
be analyzed by several factors, for example functional or
The role of audit committees is key in supporting quality
geographic area, grade and gender to provide additional
auditing by overseeing the relationship between company and
focus for action. Through the GPS, KPMG gains additional Being independent
auditor and challenging what auditors do and how they do it.
insight on how we are faring on categories known to and ethical
Audit Committee Institute (ACI) impact employee engagement.
In recognition of the demanding and important role that We also cover areas of focus that are directly relevant to
audit committees play in driving audit quality and the audit quality; the survey includes specific audit quality-related Assessing risks to
challenges that they face in meeting their responsibilities, quality
questions that all individuals who participated in an audit in
KPMG’s Audit Committee Institute (ACI) aims to help audit the previous 12 months are asked to respond to, giving us a
committee members enhance their commitment and ability particular data set for audit quality-related matters.
to implement effective audit committee processes. Communicating
The survey also provides KPMG International leadership
effectively
The ACI operates in more than 38 jurisdictions across the with insights related to quality and risk behaviors, audit
globe and provides audit committee members with guidance quality, upholding the KPMG Values, employee and partner
on matters of interest to audit committees; updates on attitudes to quality, leadership and tone at the top.
issues like EU audit reform, changes to accounting standards Performing quality
All KPMG firms are required to participate in the survey engagements
and other matters of interest to audit committees (such as
each year and to take appropriate actions to communicate
cyber security and corporate culture); and the opportunity
and respond to its findings.
to network with their peers during an extensive program of
technical updates and awareness seminars. Audit-specific analysis of GPS results is also undertaken, Monitoring and
with a particular focus on audit quality. Results and key remediation
The ACI’s offerings cover the array of challenges facing
themes are presented to the Global Audit Steering Group
audit committees and businesses today — from risk
on an annual basis for consideration of appropriate remedial
management and emerging technologies to strategy and
action, if needed. Governance and
global compliance. Further details and insights on the ACI
leadership
are available here.
Performing quality
engagements Introduction and
foreword
Living our culture

How an audit is conducted is as important as the result. KPMG partners and Values
and employees are expected to demonstrate behaviors consistent with our
Values and follow policies and procedures in the performance of effective
Applying expertise
and efficient audits. and knowledge
Taking responsibility for audit quality at the Group (KGSG), the International Standards Group (ISG)
KPMG firm level and the PCAOB Standards Group (PSG), all of which report Embracing digital
directly to the Global Head of Audit. technology
While KPMG International creates the global framework
and policies for audit quality, KPMG firm leadership is Global Audit Methodology Group (GAMG)
responsible for the delivery of that quality. KPMG’s audit and assurance methodology is developed and
Nurturing diverse
Each KPMG firm is responsible for establishing and maintained by the GAMG. The GAMG develops our audit
skilled teams
maintaining a system of quality management. Within each and assurance methodology based on the requirements of
KPMG firm, there is a Head of Audit, who has primary the applicable audit and assurance standards of the IAASB,
responsibility for audit quality and is supported by the firm’s PCAOB and AICPA. Associating with
Risk Management Partner (RMP) in maintaining a system KPMG Global Solutions Group (KGSG) the right clients and
of quality management. engagements
The KGSG is responsible for the envisioning, development
and deployment of global audit tools, including new
Encouraging a culture of consultation
technology and automation innovations. Being independent
KPMG encourages a culture of consultation that supports and ethical
KGSG and GAMG work collaboratively to support KPMG
engagement teams throughout their decision-making firms through collaboration, innovation and technology.
processes and is a fundamental contributor to audit We have made significant investment in our audit
quality. KPMG promotes a culture in which consultation is and assurance methodology and tools, with the core Assessing risks to
recognized as a strength, and that encourages all KPMG focus of improving audit quality, global consistency and quality
professionals to consult on difficult or contentious matters. standardization.
To help with this, KPMG firms are required to have established With locations in each of the three KPMG regions
protocols for consultation and documentation of significant Communicating
(Americas, EMA and Asia Pacific), the KGSG and GAMG
matters, including procedures to facilitate the resolution of effectively
teams comprise professionals with backgrounds in audit,
differences of opinion on engagement issues. KPMG audit, assurance, IT, data science, mathematics, statistics
assurance and reporting manuals also include required and more, from around the world, who bring diverse
consultations. In addition, the GQ&RM Manual includes experiences and innovative ways of thinking to further Performing quality
mandatory consultation requirements on certain matters. engagements
evolve KPMG’s audit capabilities.
More information about KPMG’s global audit methodology

Technical consultation and global resources
and technology-based tools is included in the ‘Embracing
Monitoring and
Technical accounting, auditing and assurance support digital technology’ section of this report. remediation
is available to KPMG firms through the Global Audit
Methodology Group (GAMG), the KPMG Global Solutions
Governance and
leadership
International Standards Group (ISG) Direct, coach, supervise and review
The KPMG ISG works with IFRS topic teams with Embedding ongoing coaching, supervision and review
geographic representation from around the world, and the
IFRS Panel and Methodology Advisory Group (MAG) to To invest in building the skills and capabilities of KPMG
promote consistency of interpretation of IFRS Standards professionals, we promote a continuous learning environment
and auditing requirements between member firms, and support a coaching culture.
Introduction and
identify emerging issues, and develop global guidance on Ongoing direction, coaching and supervision during an audit
foreword
a timely basis. The ISG recently has expanded its remit to involves:
encompass the activities of the International Sustainability
• Engagement partner participation in planning
Standards Board (ISSB), including providing global thought
discussions; Living our culture
leadership and guidance as the ISSB issues standards.
• Tracking the progress of the audit engagement; and Values
PCAOB Standards Group (PSG)
• Considering the competence and capabilities of the
The KPMG PSG comprises a dedicated group of
engagement team, including whether they have
professionals with backgrounds in PCAOB auditing Applying expertise
sufficient time to carry out their work;
standards who promote consistency in the interpretation and knowledge
of those same standards in KPMG firms’ audits of • Considering whether the engagement team
non-US components of US companies and of foreign understands their instructions and whether the work
private issuers and non-US components of SEC issuers, is being carried out in accordance with the planned Embracing digital
as defined by SEC regulations. approach to the engagement; technology
The PSG also provides input into the development of training • Helping engagement team members address any
for auditors who work on PCAOB audit engagements and, significant matters that arise during the audit and
where practicable, facilitates the delivery of such training. modifying the planned approach appropriately; and Nurturing diverse
skilled teams
Professional practice resources • Identifying matters to review and discuss with more
experienced team members during the engagement.
KPMG firms provide consultation support on auditing and
technical accounting matters to their audit professionals The timely review of the work performed so that significant Associating with
through professional practice resources. These matters are promptly identified, discussed and addressed is the right clients and
resources also assist engagement teams where there also used as a coaching opportunity. engagements
are differences of opinion either within teams or with
Engagement quality control (EQC) reviews
the engagement quality control reviewer. Unresolved
Being independent
differences are required to follow a prescribed escalation The EQC review is an important part of KPMG’s approach
and ethical
protocol for final resolution. to quality. An EQC reviewer is required to be appointed
by KPMG firms for audit engagements, including any
KPMG’s ISG and the PSG are also available for consultation
related review(s) of interim financial information, of all
support when required. Assessing risks to
listed entities, non-listed entities with a high public profile,
engagements that require an EQC review under applicable quality
Critically assessing audit evidence using laws or regulations, and other engagements, including
professional judgment and skepticism certain assurance engagements, as designated by the Risk
On all KPMG audits, we design and perform audit Management Partner or country Head of Audit. Communicating
effectively
procedures whose nature, timing and extent are based An EQC review is an objective evaluation of significant
on and responsive to the assessed risks to gather audit judgments made by the engagement team and its
evidence. We consider all audit evidence obtained related conclusions, performed by the EQC reviewer, and
during the course of the audit, including contradictory or completed on or before the date of the report. The EQC Performing quality
inconsistent audit evidence. engagements
reviewer’s evaluation of significant judgments includes
Each KPMG team member is required to exercise an evaluation of the engagement team’s assessment of
professional judgment and maintain professional significant risks, including fraud risks, the related responses
and whether the related conclusions are appropriate. The Monitoring and
skepticism throughout the audit engagement. Professional
EQC review is completed only after the EQC reviewer is remediation
skepticism involves a questioning mindset and alertness
to contradictions or inconsistencies in the audit evidence. satisfied that all significant matters they raised have been
Professional judgment encompasses the need to be resolved, though the engagement partner is ultimately
aware of and alert to biases that may pose threats to good responsible for the resolution of accounting and auditing Governance and
judgments. matters. leadership
EQC reviewers are required to meet training, knowledge In preparing auditors’ reports, engagement partners have
and experience qualifications to perform the EQC review access to reporting guidance and technical support through
for a particular engagement. consultations with their Department of Professional Practice.
Reviewers must be objective, cannot be members of the Engagement documentation

engagement team and must be independent of the audit
Audit documentation is completed and assembled according
client.
to the timeline determined by the KPMG firm in accordance Introduction and
with KPMG International policy and applicable auditing foreword
Appropriately support and document standards. We have implemented administrative, technical
conclusions and physical safeguards to protect the confidentiality and
Reporting integrity of client and KPMG firm information. Living our culture
The policies that KPMG International adopts apply to all and Values
Auditing standards, either international or local, largely
dictate the format and content of the auditors’ report, which KPMG firms to help reduce the time period allowed to
includes an opinion on the fair presentation of the reporting assemble audit documentation, which is significantly less
entity’s financial statements in all material respects. than the time period required by the applicable auditing Applying expertise
Engagement leaders form all audit opinions based on the standards. and knowledge
audit performed and evidence obtained.
Embracing digital
technology
Nurturing diverse
skilled teams
Associating with
engagements
Being independent
and ethical
Assessing risks to
quality
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
Monitoring and
remediation Introduction and
foreword
Living our culture

Integrated quality monitoring and compliance programs enable KPMG firms and Values
to identify quality deficiencies, to perform root cause analysis and develop,
implement and report remedial action plans, both in respect of individual audit
Applying expertise
engagements and the overall system of quality management. and knowledge
Rigorously monitor and measure quality KPMG firms communicate the results of the programs
internally and take action to make improvements where Embracing digital
Commitment to continuous improvement needed. The results are also considered at a wider regional technology
KPMG commits to continually improve the quality, level and by KPMG International.
consistency and efficiency of KPMG firm audits. Global Audit Quality Monitoring Group (GAQMG)
The quality monitoring and compliance programs are Nurturing diverse
The GAQMG identifies issues to help drive audit quality.
globally consistent in their approach across all KPMG firms, skilled teams
The group comprises a team of partners, directors and
including the nature and extent of testing and reporting. senior managers experienced in performing quality
Internal monitoring and compliance programs performance reviews of listed and related entity (LRE) Associating with
audit engagements. The team also includes partners the right clients and
Our quality monitoring and compliance programs are
and professionals with experience in auditing general engagements
created by KPMG International and applied across KPMG
information technology controls and application controls.
firms.
Audit Quality Performance Reviews (QPR) program
The programs evaluate both: Being independent
The Audit QPR program assesses engagement level and ethical
• Engagement performance in compliance with the
performance and identifies opportunities to improve
applicable professional standards, applicable laws and
engagement quality. Each engagement leader is reviewed at
regulations, and KPMG International key policies and
least once in a four-year cycle. A risk-based approach is used Assessing risks to
procedures; and
by KPMG firms to select engagements and the reviews are quality
• KPMG firms’ compliance with KPMG International key overseen by an independent experienced lead reviewer.
policies and procedures, and the relevance, adequacy
KPMG International provides training to review teams and
and effective operation of key quality management Communicating
others overseeing the process, with a focus on topics of
policies and procedures. effectively
concern identified by audit oversight regulators and the
Our internal monitoring programs also contribute to the need to be as rigorous as external reviewers.
assessment of whether our system of quality management
Consistent criteria are used to determine engagement
has been appropriately designed, effectively implemented, Performing quality
ratings and audit practice evaluations, which can then be
and operates effectively. Our internal monitoring programs engagements
used to measure improvements in the future.
include:
Lead audit engagement partners (LAEPs) are notified of
• Quality Performance Reviews (QPR);
‘not compliant’ ratings on their respective cross-border
Monitoring and
• KPMG Quality & Compliance Evaluation program engagements. Additionally, LAEPs of parent companies/ remediation
(KQCE); and head offices are notified where a subsidiary/affiliate of their
client group is audited by a KPMG firm where significant
• Global Quality & Compliance Review (GQ&CR) program.
quality issues have been identified during the Audit QPR
Participation in these internal monitoring programs is Governance and
program.
leadership
mandatory for all KPMG firms.
KPMG Quality & Compliance Evaluation (KQCE) program A KPMG firm’s progress with its action plan is monitored
by the GQ&CR central team. Results are reported to the
KPMG International develops and maintains quality
GQ&RMSG and, where necessary, to relevant KPMG
management policies and processes that apply to all KPMG
International and regional leadership.
firms. These policies and processes, and their related
procedures, include the requirements of the GQ&RM
Manual, ISQC 1, and the implementation requirements of
Obtain, evaluate and act on stakeholder
feedback Introduction and
ISQM 1 for this transition period.
foreword
The objectives of the KQCE program are to: We recognize that another important contributor to
upholding audit quality is to obtain and act upon feedback
• Document, assess and provide evidence of the
from key stakeholders.
KPMG firm’s implementation of ISQM 1, extent of Living our culture
compliance of their system of quality management Regulators and Values
with the GQ&RM policies, and key legal and regulatory KPMG International has regular two-way communication
requirements; and with the International Forum of Independent Audit
Regulators (IFIAR), principally through IFIAR’s Global Audit Applying expertise
• Provide the basis for the KPMG firm to evaluate
Quality Working Group (GAQ WG), to discuss thematic and knowledge
compliance with relevant professional standards and
applicable legal and regulatory requirements. audit quality issues along with targeted strategies for
improvement. We value the open, honest and transparent
Where exceptions are identified, the KPMG firm is required
dialogue that IFIAR facilitates on global audit quality issues. Embracing digital
to develop appropriate action plans and then monitor the technology
status of each action item. Every KPMG firm is expected to maintain professional
and respectful relationships with regulators, including
Global Quality & Compliance Review (GQ&CR) program
proactively engaging, responding to questions in a timely
Each KPMG firm is subject to a GQ&CR conducted by manner and taking appropriate remedial actions. Nurturing diverse
skilled teams
KPMG International’s GQ&CR team, independent of the
Client feedback
KPMG firm, at various intervals based on identified risk
criteria. Client feedback is also important. KPMG firms proactively
Associating with
seek feedback from clients through direct conversations
The GQ&CR team performing the reviews is independent the right clients and
and third-party surveys.
of the KPMG firm and is objective and knowledgeable engagements
of GQ&RM policies. GQ&CRs assess compliance with
Perform root cause analysis
selected KPMG International policies and procedures and
Being independent
share best practices among KPMG firms. The GQ&CR Root cause analysis is important in order to identify and
and ethical
provides an independent assessment of: address audit quality issues and prevent them from
• A KPMG firm’s commitment to quality and risk recurring in the future. All KPMG firms are required to carry
management and the extent to which its overall out such analysis.
Assessing risks to
structure, governance and financing support and All Heads of Audit are responsible for audit quality, including quality
reinforce this commitment; the remediation of audit quality issues. Risk Management
• A KPMG firm’s compliance with key KPMG International Partners monitor the implementation of remediation plans.
policies and procedures; and At a global level, we continue to strengthen our root Communicating
cause analysis process and drive consistency across the effectively
• The robustness with which the KPMG firm performs its
own quality and compliance program (formerly the RCP; organization.
currently the KQCE program).
Performing quality
KPMG firms are required to develop action plans to
engagements
respond to all GQ&CR findings that indicate improvement is
required and agree to these with the GQ&CR team.
Monitoring and
remediation
Governance and
leadership
Governance and
leadership Introduction and
foreword
Living our culture

KPMG International structure and governance and cannot, operate as a corporate multinational. KPMG
and Values
member firms are generally locally owned and managed.
KPMG International Each KPMG member firm is responsible for its own
KPMG is a global organization of professional services obligations and liabilities.
Applying expertise
firms providing Audit, Tax and Advisory services. KPMG KPMG International — Governance and knowledge
is the brand under which the member firms of KPMG
International Limited (“KPMG International”) operate and KPMG International acts as the coordinating entity for
provide professional services. Each firm is a separate the overall benefit of the KPMG organization. It facilitates
legal entity and together they form the KPMG global audit quality across the organization by establishing Embracing digital
common policies, processes and standards to be applied technology
organization. “KPMG” is used to refer to individual
member firms within the KPMG organization or to one or across member firms.
more member firms collectively. KPMG International’s governance bodies are comprised
of the Global Council, the Global Board (including its Nurturing diverse
In many parts of the world, regulated businesses (such
committees), the Global Management Team and the skilled teams
as audit and legal firms) are required by law to be locally
owned and independent. KPMG member firms do not, Global Steering Groups. Further detail on each of these is
set out below.
Associating with
KPMG International structure and governance engagements
Global Council
All member firms (without sub-licensees) Being independent
and ethical
Global Board
Global Chairman, 3 Regional Chairmen and other members
(maximum 28 members) Assessing risks to
quality
Quality, Risk
Executive Governance Management & Audit Quality
Committee Committee Reputation Committee Committee Communicating
effectively
Global Management Team

Global Chairman; Heads of Audit, Tax and Advisory; Quality, Risk and Regulatory; People; Clients and Markets; Performing quality
New Business Innovation; Technology and Knowledge; Global Chief Administrative Officer; Global COO;
engagements
General Counsel; Global Head of Corporate Affairs
Monitoring and
remediation
Governance and
leadership
KPMG member firms — Legal structure and relationship KPMG International governance bodies
with KPMG International
As set out above, as at 1 October 2022, the KPMG
Member firms in the KPMG global organization, are International Governance Bodies and their functions are as
members in, or have other legal connections to, KPMG follows:
International, an English private company limited by
Global Council
guarantee. KPMG International acts as the coordinating
Introduction and
entity for the overall benefit of the KPMG member firms The Global Council focuses on high-level governance
foreword
but does not provide professional services to clients. tasks and provides a forum for open discussion and
Professional services to clients are exclusively provided by communication among member firms.
member firms who remain solely responsible and liable The Global Council elects the Global Chairman and also
in respect of these services. Our structure is designed to Living our culture
approves the appointment of Global Board members. It
support consistency of service quality and adherence to and Values
includes representation from 53 KPMG firms.
agreed Values wherever in the world KPMG member firms
operate. KPMG member firms commit to conduct their Global Board
operations in compliance with a common set of Values, The Global Board is the principal governance and oversight Applying expertise
standards and service quality expectations. Partners and and knowledge
body of KPMG International. The key responsibilities of the
employees within those firms commit to act with integrity Global Board include approving global strategy, protecting
at all times. and enhancing the KPMG brand and reputation, overseeing
Under their membership and associated agreements the Global Management Team, and approving policies with Embracing digital
which KPMG firms are required to comply. It also approves technology
with KPMG International, KPMG firms are required to
comply with KPMG International’s policies including the admittance or termination of KPMG firms to/from the
quality standards governing how they operate and how global organization.
they provide services to clients. This includes being Nurturing diverse
It is led by the Global Chairman, Bill Thomas, and also
professionally and financially stable, having an ownership, skilled teams
includes the Chairman of each of the regions and a number
governance and management structure that ensures of members who are also member firm Senior Partners.
continuity, stability and long-term success, and being able The list of Global Board members, as at 1 October 2022, is
Associating with
to comply with policies issued by KPMG International, set out on the Leadership page of our website. the right clients and
adopt global strategies, share resources (incoming and
Global Board committees engagements
outgoing), service multinational clients, manage risk, and
deploy global methodologies and tools. KPMG firm Heads The Global Board is supported in its oversight and
of Audit have direct responsibility for audit quality. governance responsibilities by several committees, Being independent
including: and ethical
Individual KPMG firms may consist of more than one
separate legal entity. If this is the case, each separate legal • Executive Committee;
entity will be responsible only for its own obligations and
• Governance Committee;
liabilities, unless it has expressly agreed otherwise. Assessing risks to
• Global Quality, Risk Management & Reputation quality
A firm’s status as a KPMG firm and its participation in the
Committee; and
global organization may be terminated if, among other
things, it has not complied with the policies set by KPMG • Global Audit Quality Committee.
International or any of its other obligations owed to it. Communicating
The overarching responsibility of the Global Audit Quality effectively
KPMG International and the KPMG firms are not a global Committee is to strive for globally consistent audit quality
partnership, single firm, multinational corporation, joint across all firms and to oversee those KPMG International
venture, or in a principal or agent relationship or partnership activities that relate to improving and maintaining the
Performing quality
with each other. No KPMG firm has any authority to consistency and quality of audits, assurance engagements
engagements
obligate or bind KPMG International, any of its related and the system of quality management provided by KPMG
entities or any other member firm vis-à-vis third parties, nor firms. The Global Head of Audit and the Global Head of
does KPMG International or any of its related entities have Audit Quality provide regular reports to the Global Audit
Quality Committee. Monitoring and
any such authority to obligate or bind any KPMG firm.
remediation
Unless otherwise indicated, references in this document to
Global Management Team
a ‘firm’, ‘KPMG firm’, ‘member firm’ or ‘member firms’ are
references to member firms of KPMG International. The Global Board has delegated certain responsibilities to Governance and
the Global Management Team. leadership
These responsibilities include developing the global Global Audit Quality Council (GAQC)
strategy by working together with the Executive
The GAQC is chaired by the Global Head of Audit Quality
Committee, and jointly recommending the global strategy
and includes: the Global Head of Audit, Global Head of
to the Global Board for its approval and overseeing the
Quality, Risk Management & Regulatory, Global Head
activities of the Global Steering Groups. The Global
of Regulatory Affairs, Audit, Regional Audit Quality
Management Team also supports KPMG firms in their
Leaders, country Heads of Audit Quality from 10 of the
execution of the global strategy and KPMG International Introduction and
largest KPMG firms, and the Head of the Global Audit
decisions and policies by member firms, including holding foreword
Methodology Group.
them accountable against their commitments.
The GAQC is responsible for:
The list of Global Management Team members is available
on the leadership section of our website. • Monitoring and driving progress in global audit quality Living our culture
initiatives to improve the consistency and quality of audit and Values
Global Steering Groups execution throughout the organization, including the
system of quality management;
There is a Global Steering Group for each key function and Applying expertise
• Considering audit quality matters on an organization-
infrastructure area, chaired by the relevant member of the and knowledge
wide basis (including issues arising through quality
Global Management Team and, together, they assist the
performance and regulatory reviews as well as root
Global Management Team in discharging its responsibilities.
cause analysis), with a specific focus on those issues
They act under delegated authority from the Global
arising from the largest KPMG firms; Embracing digital
Board and oversight by the Global Management Team technology
(GMT). Under the oversight of the GMT, they promote the • Assessing and monitoring progress across the
execution of the global strategy and compliance with KPMG organization on how audit quality issues are being
International decisions and policies by member firms. addressed by KPMG firms and the organization as a
Nurturing diverse
whole; and
In particular, the Global Audit Steering Group (GASG) skilled teams
and Global Quality & Risk Management Steering Group • Making recommendations to the GASG on policy
(GQ&RMSG) work closely with regional and member firm changes related to areas for improvement.
leadership to: Associating with
Global Quality & Risk Management Steering Group the right clients and
• Establish and ensure communication of appropriate (GQ&RMSG) engagements
audit and quality/risk management policies;
The GQ&RMSG is chaired by the Global Head of Quality,
• Establish and support effective and efficient risk Risk & Regulatory and its other members are the Risk
Being independent
processes to promote audit quality; Management Partners from the eight largest KPMG firms
and ethical
and the Risk Management Partners for each of the three
• Promote and support strategy implementation in
regions. The Global Head of Audit and the Global Head of
member firms’ audit functions, including standards of
Risk Management, Audit, are regular attendees.
audit quality; and
Assessing risks to
The GQ&RMSG is responsible for setting quality and quality
• Assess and monitor audit quality issues, including
risk management policies and procedures for the global
those arising from quality performance and regulatory
organization and for providing associated guidance. These
reviews, and focus on best practices that reduce audit
are documented in the GQ&RM Manual available to all
quality findings. Communicating
KPMG firms and their personnel on a web-based platform.
effectively
Global Audit Steering Group (GASG) When exercising its responsibilities, the GQ&RMSG
The GASG is responsible for driving the member firms’ considers, through the Quality Performance Review
implementation of KPMG’s audit strategy, including standards (QPR), the KPMG Quality & Compliance Evaluation (KQCE)
program and Global Quality & Compliance Reviews Performing quality
of audit quality. The GASG works closely with the GQ&RMSG
engagements
in relation to quality and risk matters related to audit. (GQ&CR), the following:
The GASG is chaired by the Global Head of Audit, and its • Firm compliance with GQ&RM policies, processes and
other members are the Heads of Audit from the eight systems;
Monitoring and
largest KPMG firms and also includes the Heads of Audit • Proactive identification and mitigation of significant risks remediation
for each of KPMG’s three regions (the Americas, EMA faced by member firms; and
and ASPAC). Senior individuals with direct reporting
• Performance of member firm professional services
responsibilities to the Global Head of Audit also regularly
to drive and help ensure consistent high-quality work Governance and
attend and provide reports to the GASG, as well as several leadership
globally.
standing invitees from key KPMG firms.
Appendix
Introduction and
Total turnover achieved by EU/EEA audit firms resulting from the statutory foreword
audit of annual and consolidated financial statements.
Living our culture
Aggregated revenues generated by KPMG firms from EU and EEA Member States resulting from the statutory audit of and Values
annual and consolidated financial statements was 2.2 billion euros during the fiscal year ending 30 September 2022. The
EU/EEA aggregated statutory audit revenue figures are presented to the best extent currently calculable and translated at
the average exchange rate prevailing in the 12 months ended 30 September 2022.
Applying expertise
and knowledge
Embracing digital
technology
Nurturing diverse
skilled teams
Associating with
engagements
Being independent
and ethical
Assessing risks to
quality
Communicating
effectively
Performing quality
engagements
Monitoring and
remediation
Governance and
leadership
This Transparency Report 2022 contains copyright © material of the IFRS® Foundation. All rights reserved. Reproduced by KPMG International with the permission of the
IFRS® Foundation. Reproduction and use rights are strictly limited. For more information about the IFRS® Foundation and rights to use its material please visit www.ifrs.org
Disclaimer: To the extent permitted by applicable law, the Board and the IFRS® Foundation expressly disclaims all liability howsoever arising from this publication or any
translation thereof whether in contract, tort or otherwise (including, but not limited to, liability for any negligent act or omission) to any person in respect of any claims or losses
of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs.
Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional.
IFRS® Foundation is a registered Trade Mark of the IFRS® Foundation and is used by KPMG International under licence subject to the terms and conditions contained therein.
Please contact the IFRS® Foundation for details of countries where its Trade Marks are in use and/or have been registered.
kpmg.com
kpmg.com/socialmedia
Throughout this document, “we”, “KPMG”, “us” and “our” refers to the global organization, to KPMG International Limited (“KPMG International”) or to one or
more of the member firms of KPMG International, each of which is a separate legal entity.
KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to
obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we
endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue
to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2022 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.
KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate
legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our
structure please visit kpmg.com/governance.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.
Publication name: Transparency Report 2022
Publication number: 138455-G
Publication date: December 2022

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Transparency

• Integrity: We do what is right. Embracing digital

• Excellence: We never stop learning and improving.

all we do Living our culture

Living our culture

key measure on which our professional reputation Embracing digital

All of our related activities are undertaken in an

Living our culture

Live our Communicating

Living our culture and

Living our culture

Living our culture

Living our culture

KPMG is committed to building a diverse and equitable Governance and

• A goal library (including audit quality content); and Embracing digital

Living our culture

Living our culture

Living our culture

Living our culture

More information about KPMG’s global audit methodology

Reviewers must be objective, cannot be members of the Engagement documentation

Living our culture

Living our culture

Global Management Team

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