KPMG publishes first integrated report after audit failures
KPMG’s revenue in 2018 year shrunk as the firm bled clients, but it has now published its first ever integrated annual report
KPMG says it is confident that it will regain clients' trust and be able to serve more listed companies and public-sector clients again. The disgraced auditing firm published its first ever integrated annual report on Thursday and said it hopes its transparency will convince clients, the public and regulators that it is on a renewal path. “Given the public concerns about the behaviour of audit firms after all the reported audit failures, there is a demand for increased transparency. Having experienced a crisis as KPMG, we felt that we must, as a matter of urgency, be much more transparent,” said KPMG chair Prof Wiseman Nkuhlu. Nkuhlu said KPMG has put more emphasis on understanding what its advice reports will be used for in the public sector. For listed private-sector companies, he said that when the firm is awarded an auditing contract, it no longer offers other services, especially advisory work. KPMG has bled clients over the past two years following revelations of KPMG’s handli...
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