Chartered Accountants Australia and New Zealand (CA ANZ) has concluded its first CEO-mandated Quality Practice Review assessing major accounting practices in Australia.
Led by CA ANZ CEO Ainslie van Onselen, the assessment evaluated KPMG Australia’s internal frameworks and procedures for managing confidential audit client information, as well as its measures for fostering an ethical culture.
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Van Onselen said: “The profession’s standards are fundamental to trust. When serious questions arise it is important that we use the powers available to us to examine the systems and controls that support those standards.”
The Quality Practice Review entailed a comprehensive review of internal records, discussions with executive leadership and primary process owners.
It also included practical walkthroughs of operational systems and controls, and an assessment of how these measures function in day-to-day operations.
Van Onselen added: “KPMG has taken the step to publish the review report in full, including CA ANZ’s suggestions focused on further strengthening governance and processes.
“I acknowledge the willingness and transparency KPMG has demonstrated in engaging with the review.”
These focused assessments are part of a wider programme by CA ANZ to enhance accountability, public trust and the standard of auditing across the industry.
In August, the professional body presented a five-point reform proposal to the Australian Government, advocating for balanced and specific regulatory supervision at the company level.
The proposed measures included expanded authority for the Australian Securities and Investments Commission, a binding governance framework for large audit practices and revised legislative protections for whistleblowers.
Van Onselen said: “Maintaining public trust requires action from all parts of the system.
“Professional bodies have a vital role in setting expectations, upholding ethical and professional standards and promoting the values that underpin trust, but that needs to be backed by strong, targeted regulation where it matters most.
“That is why we are using our own powers through these targeted reviews, while also advocating for reforms that strengthen firm-level accountability, governance and whistleblower protections.
“The work does not stop with these reviews. Once the programme is complete, CA ANZ will continue to consider how the profession can continue to strengthen ethical leadership, governance and accountability.”
