United Kingdom

Learning from the past will raise audit quality

By Hugh Green, Audit Partner, KPMG in the UK

Improving audit quality requires the profession to open up about close calls experienced during the audit process. As individuals we learn from our mistakes, but faced with a regulatory regime that punishes failure and non-compliance, we keep near-misses to ourselves.

Auditors must prove their true value through audit quality

By Jonathan Bingham, Audit Partner, KPMG in the UK

Auditors must resist relinquishing the right to define ‘audit quality’ to regulators. While I support the increased regulatory scrutiny imposed since the financial crisis, there is more to quality than regulation. Audit firms must take back the initiative in driving quality. We need to demonstrate our relevance to audit committees, investors and management.

More transparency means more confidence in audit quality

By Guy Bainbridge, Audit Partner, KPMG in the UK

Audit is a confidence business. Perception of quality is as important as the strength of the process itself. Auditors not only have to do a good job, but be seen to be doing so.

Cyber security skills gap: Don’t chase alphabets

By Serena Gonsalves-Fersch Senior Manager, UK Cyber Academy Lead, KPMG in the UK

One of the biggest challenges currently facing the IT security industry, is skills and staffing. With a projected gap of 1.5 million security professionals by 2020, according to the seventh annual (ISC)² Global Workforce Survey, conducted by Frost & Sullivan, this is a real problem for all concerned.

“Cyber security is an opportunity” say global directors

By Malcolm Marshall, Partner, UK and Global Leader, Information Protection and Business Resilience

Cyber security’s ascent onto the boardroom priority agenda has been nothing short of rocket fuelled. As an example a few years ago the head of cyber security at one of the world’s most respected banks  gave his reflection on board level interest in cyber security: “I’ve spent half of my life trying to get security on the board agenda and the other half trying to get it off”.  Judging by what I heard last week, he’s now unlikely to get his second wish.

Budget 2015: Osborne’s penny surprise is welcome boost

Commenting on today’s Chancellors Budget, Will Hawkley, Head of Leisure at KPMG said:

Budget 2015: KPMG’s Winners and Losers 2010-2015

Commenting on the winners and losers since 2010, Jo Bateson, Tax Partner at KPMG in the UK, said:

“There have been a multitude of changes to the tax and benefits systems over the period 2010 to 2015.

This makes any comparison of who is better or worse off extremely difficult to measure.

“From a tax viewpoint, basic rate taxpayers have benefited in this period from the increase in the personal allowance. Those on incomes in excess of £42,000 have been squeezed by a fall in the higher rate tax band, with families also losing out due to the withdrawal of child benefit. Those earning over £100,000 have been hit again by the withdrawal of the personal allowance.  However, additional rate taxpayers have benefited in this period from a reduction in the additional rate of tax from 50% to 45%, such that the very highest of earners are better off.

“Overall then, the clear winners then are the low income working families but also the top earners. At the other end, the losers are the ‘squeezed middle’.”

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www.kpmg.com/uk/budget2015

For media enquiries, please contact:

Jessica Liebmann, KPMG Corporate Communications
Mobile: +44 (0)7551 135 778
Email: jessica.liebmann@kpmg.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Budget 2015: Chancellor revs up HGV driving standards

One the back of the announcement that the Government will review the speed with which Heavy Goods Vehicles (HGV) driving tests and driver medical assessments currently take place, and consider options to accelerate both in order to help address the shortage of qualified HGV drivers,  Justin Zatouroff, KPMG’s global head of post and express said:

Budget 2015: Help to Buy ISA will simply inflate house prices, warns KPMG

Jan Crosby, Head of Housing at KPMG, said:

“The Help to Buy ISA scheme is an interesting giveaway, but completely fails to address the fundamental issue causing the housing crisis, which is lack of stock.  While such a handout will make headlines, the only real impact it will have on the housing market will be an inflationary one.

“The house crisis is now so severe that by the time it takes the average person to save £12k in the ISA, the price of an average house will have soared by £50k, based on the latest statistics from the OBR.

“Instead the Government must introduce long term measures to help us build the homes we need.  One way to increase investment into the house building sector and get Britain building would be to change the rules surrounding Venture Capital Trusts and allow them to invest in housing development.

“It would be better to have an ISA to help fund the building of new homes – not the buying of them.”

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Follow us on twitter: @kpmguk #budget15

www.kpmg.com/uk/budget2015

For media enquiries, please contact:

Zoe Sheppard, KPMG Corporate Communications
Mobile: 07770737994
Email: zoe.sheppard@kpmg.co.uk

About KPMG
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Budget 2015: Chancellor pulls rabbit out of the hat for North Sea

Claire Angell, Energy Tax Director at KPMG comments on today’s budget announcements saying: