KPMG will create a new audit executive committee in the UK with responsibility for managing the performance and risks of that part of the business, in response to the Competition and Markets Authority’s conclusion that audit arms should have a separate chief executive and board.
KPMG said in a statement: “These changes do not mark the separation of KPMG UK’s Audit practice from the rest of the firm, but will deliver on many of the recommendations proposed by the CMA and the [House of Commons Business, Energy and Industrial Strategy] Select Committee,” The firm said last year it would stop offering consulting services to its largest UK audit customers in response to concerns over perceived conflicts of interest, and has introduced new performance management rules for its auditors with audit quality as the primary objective, another CMA recommendation.
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