KPMG has appointed Rees Aronson as the new head of financial services audit in the UK. Rees has been a partner with KPMG since 1989 and also sits on the insurance leadership team as head of insurance audit.
Bill Michael, UK head of financial services at KPMG, said: “We are very pleased that Rees has accepted the role to lead the audit practice within our financial services group. Rees is an experienced auditor, having led our insurance audit practice for the past four years.
“Rees takes over this role at a critical time for the audit and assurance industry. Never before has the role of the auditor been more important, especially within the financial services sector. Changes to the future shape and direction of the financial audit are inevitable and will present challenges to both our business and our clients.”
Rees Aronson said: “The role auditors play within financial services is evolving. As companies and the financial landscape have grown more complex, the industry at large is being forced to question the traditional audit function. I am delighted to take on this role at such an interesting time and look forward to working with our clients as we navigate our way through future changes to the industry.”
KPMG’s UK audit practice has approximately 3,200 professional staff, including 150 partners, and a turnover of over £450m.
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff. The UK firm recorded a turnover of £1.6 billion in the year ended September 2010. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have more than 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.