Chairman’s Statement
- Introduction
- Better services for our clients
- Better opportunities for our people
- A better profession
- A better sense of corporate responsibility
- We are determined to achieve even more
A better profession
I am a strong believer in the importance of the profession to both the UK and global capital markets. We have collectively come a long way: but there is still further to go. The key attributes remain the same – quality, honesty and trustworthiness – and our combined commitment to all three is stronger than ever.
At an operational level, the profession is not short of regulatory developments. Accounting convergence, rules versus principles, the EU 8th Directive, liability reform, the competition and choice debate are all open issues.
On all of these issues we have our own openly stated views, but we equally listen to other people’s perspectives and are open to change.
Whilst we do have a vested interest in the outcome of some of these debates, we are responsible enough to recognise that the needs of the market should come first. So, for example, we support the Financial Reporting Council’s proposals for more competition in the audit marketplace just as enthusiastically as we agree there is a need for proportionate liability for auditors.
It is quite possible that the audit profession is going to be put to the test again over the issues arising from the ’credit crunch’ in the financial markets. Whilst these issues are complex and the audit decisions will therefore be difficult, I believe the profession is where it should be: that is, in a position where it will be able to help solve the problems rather than be seen as a part of them.
Dr. Alan Greenspan and Alistair Johnston, KPMG Global Vice Chairman, speaking at a KPMG event on the world economy
“We’re constantly striving to provide an even more stimulating environment where people can flourish and achieve more.”