Audit has a key role to play in restoring trust in business. Engage with us as we help to shape the future of corporate reporting.
Audit has a key role to play in restoring trust in business.
Businesses, governmental organisations, charities and enterprises of all shapes and sizes have an important role to play in fostering sustainable growth, investment and job creation. Their success affects all of our futures.
That success depends partly on trust. The trust of those that provide capital, resources or labour. The trust of customers. The trust in those that govern organisations and of those that regulate them. Ultimately the trust of society. Trust is a precious thing, particularly in difficult times: easily lost and hard to restore.
I believe that corporate reporting and audit has an important role to play in restoring trust.
Audit reporting is on a remarkable journey that began in 2013, the year that the long-form report was introduced for premium listed companies. Suddenly shareholders were provided with insight and understanding about how the auditor had gone about his work to arrive at his opinion. It also set off innovation as KPMG offered audit reports that went beyond those requirements. Those audit reports do not just say what we did in the risk areas, but also say what we found, including graduated findings – how cautious or optimistic estimates were, for example. In 2015 we have included audit planning “risk maps” in some reports, explaining the wider picture and positioning of audit risks.
Read more about The audit report journey and our other Restoring Trust articles and tell us what you think. By doing so, you will help shape the future of audit and of corporate reporting.
Tony Cates - Partner, KPMG in the UK