KPMG Invites Comments on Current Audit Issues
KPMG is publicly inviting comments on current audit issues through a series of paid statements in the Wall Street Journal. The first statement, which was published on January 6, 2003, explained that the firm is developing issues papers on a number of emerging trends and controversial accounting reforms.
Topics currently under study by the firm include:
- Revisiting the audit model with an eye toward "bringing balance back to the balance sheet."
- The expanded role of the audit committee.
- The need for controls and transparency.
- Rules vs. principle-based accounting.
Readers are welcome to share their views on these topics or suggest other issues or trends for further consideration. You can enter your comments and suggestions on a newly established interactive Web site at www.issues-us-kpmg.com.
The interactive site is part of KPMG's resolution to take an active role and become a "leading voice" in restoring confidence in financial reporting.
The initial statement in the Journal was entitled, "Regaining Investors' Trust: A Resolution We Plan To Keep." An accompanying press release explains that KPMG is hoping this interactive issues campaign will lead to a more informed public with greater confidence in the financial reporting of the companies in which they invest.