Value of Audit: Perspectives for Government | KPMG | CA

Value of Audit: Perspectives for Government

Value of Audit: Perspectives for Government

The value of audit in government today and in the future

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Candid views of KPMG’s audit leaders as well as senior government audit professionals on the value of an audit. Their observations demonstrate a number of challenges and concepts that are critical to the value of audit in government today and in the future.

Audit has proved its worth over the years, to organizations and their stakeholders: investors and companies, tax payers and governments – and society as a whole. But as the events of the last decade have shown, it’s time for change – for a revolution in audit thinking and execution. Business has changed, issues of public trust have arisen, stakeholder needs have evolved, and audit needs to keep up. That’s why we created the Value of Audit project.

This report, The Value of Audit: Perspectives for Government, features the views of KPMG government audit leaders in nine countries – Australia, Canada, France, Germany, Japan, the Netherlands, South Africa, the UK and the US as well as senior government audit professionals from Canada, the Netherlands and the US. Their observations demonstrate a number of challenges and concepts that are critical to the value of audit in government today and in the future, including:

  • The lack of consistent accounting standards across the globe, which limits the usefulness of government financial statements as a means of comparison.
  • The differing approaches to conducting government audits around the world that impacts the reliance on government financial reports.
  • Challenges in demonstrating the trust and independence of government audits around the world.
  • Looking for ways that government audits can provide more value to government and its citizens.
  • Technology integration is the key to the future of audits in government.

Throughout this report, our interviewees explore and address these themes helping to provide fresh perspectives based on their country’s operations. We hope that sharing the knowledge and experience of our government audit leaders from around the world will spur discussion and help lead to a further sharing of information across borders to help inform decisions.

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