Appendix 6 – Summary of QRP improvement actions KPMG
Area
Key messages from file reviews
Recommendations
File reviews this year have identified recurrence of significant issues, particularly the audit of property valuations and defined benefit pension arrangements.
Firms should:
- complete Root Cause Analysis as applicable the identified improvement areas;
- determine the actions required to address the common weaknesses identified; and
- prioritise actions required to address the significant recurring matters raised including consideration of a formal action plan response and monitoring of its application at a local level.
Firm response
We will undertake a detailed root cause analysis to identify where we can enhance our approach to secure consistently high quality audit work in these challenging areas.
The issues identified are consistent with those being addressed through our Audit Quality Transformation Programme, for example our new mandatory Estimates and Judgements Working Paper.