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Hear from our Chair and Senior Partner, Kevin Ellis
Our reputation relies not just on what we do, but in being transparent about how we do it.
We are committed to transparency and to building trust in audit. Our Transparency Report 2022 explains how the firm is governed as well as providing more detailed descriptions of our policies and processes, independence and principal risks, together with the challenges we face and how we are responding to them.
Audit quality
We remain committed to delivering consistently high quality audits that meet the needs of investors, the organisations we audit and wider stakeholders. We have invested significantly in our audit practice over the last three years, through our Programme to Enhance Audit Quality (PEAQ). We are pleased by our improved inspection results and other key measures of quality and that the FRC has recognised the positive impact of the programme and the progress made.
Audit quality is challenging to measure, so as part of PEAQ we developed a framework comprising four key measures to provide a more comprehensive view of the quality of our audits.
Our culture
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A culture that supports audit quality
Performing high quality audits requires more than just the right processes. We’ve embedded an Audit culture that best supports quality work.
View TranscriptOur Audit Behaviours of Team first, Challenge and be open to challenge and Take pride are designed to create a culture that best supports high quality audit. These behaviours set clear expectations for our auditors and have been embedded into everything we do, from audit training to delivery and the evaluation of our people's performance.
- Team first
- Challenge and be open to challenge
- Take pride
Team first
Our teams are inclusive and work together, encouraging a ‘problem shared’ ethos. We invest in our teams’ personal and professional development, coaching with purpose, openly communicating expectations and being present.
We undertake an annual Audit Culture and Behaviours survey to measure how well our behaviours are embedded and identify any barriers to demonstrating them. We use these findings to inform our activities to ensure our culture continues to drive high quality.
Our audit
1:43
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Human-led, tech-powered
Our audit approach brings together the industry knowledge and expertise of our auditors with advanced technology.
View TranscriptOur approach
Our methodology provides a framework for our engagements, and is tailored to each specific entity’s industry, circumstances and characteristics.
Select individual steps below to find out more
Scoping and risk assessment — We start by making sure we understand the organisation – its business model, its key systems and processes, data flows and the overall control environment.
Non-financial reporting
As we look ahead, non-financial reporting is becoming increasingly important as organisations are being judged on more than just financial performance, with stakeholders calling for reporting they can trust on areas such as ESG and controls reporting.
2:55
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Climate change
Investors and wider society are demanding that businesses reflect the impact of climate change in their reporting.
View TranscriptESG measures
100%
Of FTSE 350 December 2021 year ends we audit where climate change considerations were specifically referenced within our audit report.
100%
Of our qualified auditors completed climate training during the year.
Trust and transparency
The importance of transparent reporting and the purpose of audit has never been more relevant.
We have developed our “Restoring Trust series” which contains practical guidance to help organisations identify and implement changes to their corporate governance, reporting and audit processes.
This year we provided our first reasonable assurance opinion to a FTSE 100 financial services business on their climate-related metrics.
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