South Africa

What is the Value of Audit?

Investors, shareholders and society is demanding more from corporate reporting in the wake of the economic crises and scandals of the past few years. The public’s trust in the integrity of business is at a low point and the audit profession can and must play an important role in the restoration of confidence.

KPMG believes that auditors should listen to key stakeholders to help better understand their changing needs and expectations of the audit. Through the Value of Audit programme, we are bringing together investors, audit committee members, regulators, standards setters and management to share ideas and help build consensus around the future of audit.

Some of the aspects that contribute to the Value of Audit include the expanded audit report, the independence of auditors and measuring audit quality. These emerged from roundtable discussions that took place around the world and are expanded on in the enclosed toolkit.

closing quote Understanding the Value of Audit in today's modern world
The Expanded Audit Opinion Opening quote

The Expanded Audit Opinion

“Auditors are straight-jacketed by the audit standards.” This is according to Dr Terence Nombembe, Chief Executive of the South African Institute of Chartered Accountants (SAICA) at the Value of Audit roundtable hosted by KPMG.

The statement clearly rings true, as auditors in collaboration with clients are now beginning to look at different aspects of the organisation when preparing audit reports.

closing quote

 

 

Find out how KPMG can help you. Join the conversation on #valueofaudit or @KPMG_SA