About external regulatory reviews
The Public Company Accouting Oversight Board (PCAOB) was established by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. To assist it in fulfilling its mission, the PCAOB conducts periodic inspections of registered public accounting firms.
KPMG has been subject to 12 periodic PCAOB inspections, including a limited inspection in 2003. You can find the 2010, 2011, 2012, and 2013 PCAOB inspections reports of the firm below.
About external peer reviews
KPMG’s system of audit quality control for its nonpublic company accounting and auditing practice is subject to external peer review triennially.
PricewaterhouseCoopers LLP issued a report on its most recent external peer review in December 2014. In that report, KPMG received a peer review rating of pass for the year ended March 31, 2014. Under the AICPA’s Peer Review Standards, firms may receive a rating of pass, pass with deficiency(ies), or fail.
KPMG’s most recent peer review report, and the AICPA’s acceptance letter of our peer review, is available below.