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Jimmy Daboo, Partner, KPMG in the UK starts talking:
“So I feel I should really start by congratulating the FRC on taking a global leadership position on new audit reporting.
But the FRC actually threw out a challenge implicitly to all of us audit firms and that was how can you move this forward yourselves? Could you take it to the next step? What could we do differently to really enhance the value we are giving to shareholders through audit reporting?
That’s why we’ve run this trial on a number of companies in the UK. Shareholders have told us that they believe they can get more value from audit reports. The FRC has taken the first step by asking us to report to them the key risks that we’ve been worried about on audits, and what steps we took to deal with those risks.
It seemed to me though that it would be natural to take that to the next step and actually tell shareholders what we found when we looked at those areas and that’s what we’ve done on these three companies. The key challenge here was we were going to unchartered fields, uncharted for us, unchartered for the boards of directors of the companies we were dealing with, and unchartered for the management teams.
We all had the same objective and that was to work out what was the best new information we could give to shareholders, and we had to work together really co-operatively to achieve that.
I think we’re on a long road forward in terms of looking at new audit reporting.
What did I hope to achieve by trying this new technique out? Well I think one thing only, and that is starting a dialogue with the investor community as to what it is they would find most helpful, so that we as an audit profession can move forward on their agenda”.
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