KPMG Podcast Series: Building Confidence

In this podcast, we were joined by Hilary Eastman, Partner and Head of ESG reporting at KPMG UK and Anita Chan, Audit Partner at KPMG US as they dive into the latest developments within ESG reporting in the US, the SEC rules, what companies need to be considering and how these updates impact UK companies.

Greg Stinson, Partner and Head of Accounting Advisory Services (AAS), is our host for this episode and is joined by Manisha Santchurn who leads our Corporate Reporting team at KPMG and Geoff LeGouais from the Financial Reporting Council (FRC). They discuss the key themes and findings from the annual corporate reporting review and the latest news on audit and corporate governance reform, including some recent changes and delays.

To find out more, watch our November AAS accounting and reporting update here.

Date: 28 November 2023, Listen now (18m 56s)

In this podcast, Matthew Campbell CTO of Audit at KPMG UK and Mark Wallington, Audit Tech Partner, KPMG UK discuss the relevance of AI in audit.

Listen in as they discuss the rise of AI over the years, it’s capabilities today, and how we apply and use AI within our audits. Mark and Matthew also discuss challenges faced along the way and the key questions you should be asking your auditor.

Date: 19 December 2023, Listen now (10m 13s)

In this podcast, we were joined by Sophie Gauthier-Beaudoin, Head of Investor Engagement as we delve into a topic that holds significant weight in the world of corporate governance, the review of the 2023 proxy season.

Find out the key themes and insights from this year's AGM season in the UK, the growing focus from investors on engaging with companies on ESG issues, and the tension between investors voting to evidence stewardship vs creating real value.

Date: 6 December 2023, Listen now (10m 22s)

Last month, the Government announced that it had withdrawn the proposed changes to Companies Act which introduced new requirements. In addition, the King’s Speech in November did not include primary legislation needed to set up the Audit, Reporting, and Governance Authority (ARGA), and shortly after, the FRC released a policy update on the proposed changes to the UK Corporate Governance Code.

In our latest podcast, we are joined by Greg Stinson, Head and Partner of Accounting Advisory Services, and Manisha Santchurn, who specialises in advising our clients on the quality of their Corporate Reporting, to share what we are hearing from the different stakeholders and what these latest developments mean for companies.

References:

Annual Review of Corporate Reporting (frc.org.uk)

What Makes a Good Annual Report and Accounts (frc.org.uk)

FRC report looks at "Materiality Mindset" for better corporate reporting

In this podcast, KPMG's Accounting Advisory Services experts joined together in the first ever live panel discussion broadcasted from the KPMG studio to reflect on the latest topical accounting and reporting issues.

The session focussed on the following topic areas:

• The status of the regulatory landscape, including updates from the Department of Business and Trade (DBT), the FRC, and the IASB.
• ESG reporting and assurance developments, including the status of the ISSB's work.
• The M&A market and what this means for reporting and accounting - both pre and post deal.

Watch the full discussion here.

Resources:

Accounting and reporting priorities - a forward look with the FRC | KPMG Podcast Series: Building Confidence (podbean.com)

ESG reporting and assurance: the challenges and opportunities ahead

The robustness of Modern Slavery Statements and Assurance

Treasurer's checklist when preparing for increased interest rates

Are you prepared for the changes to FRS 102?

Challenges for Treasurers in 2023

Corporate Sustainability Reporting Directive

Is Transparency on Track?

Consultation on the UK Corporate Governance Code

Audit committees and external audit

Audit and assurance policies: A guide for audit committees

UK IPO values sink this year, but there’s hope for 2023 - KPMG United Kingdom

Maximising the sale value of your business - KPMG United Kingdom

Weighing up the sale options for your business - KPMG United Kingdom

With social issues being pushed up the agenda for UK reporters, stakeholders are now wanting to understand more about how social factors are critical and material to reporters, their business, and their operations. In this episode, we are joined by Tatiana Hardy-Stotz, Senior Manager of ESG Reporting to talk about why social issues are increasingly becoming an area of focus, where UK companies can start to prepare for the tidal wave of regulations at UK, EU and International level, and the tips and advice for clients when responding to these regulatory requirements. 

Resources:

KPMG Global Survey of Sustainability Reporting

Is Transparency on Track? - KPMG's UK Sustainability Survey Report

At our recent webinar, we found that 26% of our attendees see Corporate Governance and Audit Reform and the changes being proposed to UK GAAP as their primary work-related challenge over the next 12 months.

In this episode our host, Greg Stinson, UK Head of Accounting Advisory Services, is joined by Jenny Carter, Director of Accounting and Reporting Policy, from the Financial Reporting Council (FRC). Topics discussed include the evolving status of the Audit and Corporate Governance Reform, the changes recently announced to UK GAAP, and the proposed effective dates and what to expect from the FRC going forward.

Click here to watch the full webinar from 23 March 2023. 

Whether you are still in the 'wait and see' mode, or have started commencing programmes to implement or improve your controls framework, there are still some unknowns on how businesses will need to respond to some of the anticipated UK Corporate Governance Reforms. In this episode, Richard Andrews, Partner for our Financial Services Consulting, and Irene Sellars, Partner and Head of Controls Assurance will talk through regulation, controls, and assurance, and why well implemented internal controls programmes should be at the top of your agenda to keep ahead of the curve.

Listen as our experts delve into the scope of the FRC changes, where businesses should be focusing on to build out their control frameworks, industry examples, why businesses should be thinking about this now, and what this means for boards and investors. 

References:

Service Organisation Assurance Reporting (SOAR) - KPMG United Kingdom

Internal controls | What can assurance cover? | ICAEW

Information for management of a service organization in a SOC 1® engagement (aicpa.org)

2017 Trust Services Criteria (With Revised Points of Focus – 2022) | Resources | AICPA

The EU’s new Corporate Sustainability Reporting Directive also known as the CSRD is transforming ESG reporting. Almost 50,000 companies are subject to mandatory sustainability reporting. Even companies with longstanding experience in sustainability reporting will likely require advancements in their ESG data collection, processing, and reporting systems. The clock is ticking for CSRD reporting and companies should ask whether they are ready.