The Value of Audit

The Value of Audit

Auditors should work to understand stakeholders changing needs.

Auditors should work to understand stakeholders changing needs.

Value of Audit roundtables provide forum for listening to key stakeholders.

We believe that auditors should talk to key stakeholders to better understand their changing needs and expectations of the audit. KPMG’s ‘Value of Audit’ is one example of the way we follow through on that viewpoint. We joined forces with economia, the highly respected magazine published for members of the Institute of Chartered Accountants in England and Wales, and held roundtable discussions in Frankfurt, Johannesburg, London, Toronto and Singapore, with more set to follow in other major capital markets.

These roundtable discussions bring together investors, management, audit committee members, regulators and standard-setters to join in this critical debate. Feedback from the senior stakeholders attending has been extremely positive and useful:

“I was surprised to see a major firm go beyond what the standards had set because quite often we’re told that standards limit innovation … we’re delighted to see KPMG take that step beyond.” - Melanie McLaren, Executive Director for Codes and Standards, Financial Report Council

“Part of the challenge is how do we, as capital markets, derive more value from the audit report? There is a tremendous amount of good work going on. The question is how do you bring that into a dialogue with capital market participants?” - David Smith, Head of Corporate Governance, Aberdeen Asset Management

“I don’t think any economy can afford to have its directors being risk-averse. You have to take risk for reward otherwise economies won’t grow. But you need to control it and that is where audit comes in. - Judge Professor Mervyn E. King, Chairman, International Integrated Reporting Council

“I think ultimately investors are the ones who should be making the decisions and should be driving a number of things, including the regulatory regime, toward making sure that everyone can feel comfortable in the capital markets.” - Ian Bourne, Board Director

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