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Transparency Report 2017

Transparency Report 2017

Welcome to the KPMG Ireland Transparency Report for the year ended 31 December 2017.

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Managing Partner

KPMG in Ireland

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Message from our Managing Partner

Welcome to the KPMG in Ireland Transparency Report for the year ended 31 December 2017. We recognise the importance of sharing with our stakeholders what we do to advance quality, to manage risk and to maintain independence. This Transparency Report is one of the ways we share this information.

Our vision is one that sees KPMG as the Clear Choice professional services firm in Ireland. Being the clear choice requires us to be, amongst other things:

  • the number one firm by reputation;
  • a firm that is significantly differentiated by quality; and 
  • a firm that has the very best people. 

Our Firm is built on a foundation of trust and integrity and we are fully committed to ensuring that all of our people do the right thing, every time, and that we continue to provide the highest quality services to our clients.

In this report we take the opportunity to provide stakeholders with a description of KPMG’s audit quality initiatives. Together with our global colleagues we are united in our commitment to providing independent assurance on what matters to all stakeholders – our regulators, our clients, our people and the public.

Our focus on quality is underpinned by:

  • Our culture. We drive a relentless focus on quality and service excellence and aspire to be the standard of trust in our profession. We recognise that trust is not a given – it must be earned and maintained. A quality audit means the delivery of an appropriate and independent opinion that is properly supported in compliance with the applicable auditing standards, laws and professional requirements. This means being seen to be independent in mind and complying with our legal and professional obligations.
  • Our people. We approach all matters in an audit with objectivity and professional scepticism to offer relevant, valued insight and impartial views through candid communications. We nurture talent, create high-performing teams and deploy talented staff globally to deliver insights and innovative ideas. 
  • Our approach to audit quality. This includes having globally consistent methodologies and policies, enabled by innovative tools. The expanding role of innovation and technology in audit continues to evolve providing greater clarity and generating deeper and richer insights. Innovation in audit is an area where KPMG continues to invest significantly. 
  • Our monitoring programmes. These are fundamental to sustaining quality and to building on our success. We have a number of programmes and initiatives primarily aimed at identifying opportunities for continuous improvement and relevant remedial actions. 

The EU audit reform agenda came into effect in 2016 and we would like to acknowledge the work and commitment of our regulators in implementing the agenda and driving audit quality. We look forward to continued engagement.

Our Public Interest Committee, which is responsible for independently overseeing the public interest aspects of decision making in our Firm, assists us in meeting our commitments. We greatly appreciate the external challenge and perspective that the additional oversight provides.

We are hugely conscious of the challenges facing businesses today as a result of significant geopolitical change, enormous technological disruption and increased regulation. In that regard our priority is to support our clients in dealing with the myriad of challenges they face.

KPMG’s business faces all of the same challenges and the specific challenges relevant to our audit business are considered in the message from our Head of Audit, Conall O’Halloran.

This Transparency Report focuses significantly on our audit practice and plays a very important role in helping us to communicate to all of our stakeholders the measures that we take to help to ensure that we deliver high quality audits. However, a written report can never replace the additional insight that comes with discussion. Therefore, I would encourage any of our clients, potential clients, audit committee chairs, investors or indeed any other stakeholder group who wishes to discuss any matter set out in this report, to contact us. We would be very happy to discuss our approach and share our views with you.

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