The firm has appointed Claire Ighodaro CBE as an independent audit non-executive and chair of its audit board, together with Melanie Hind and Kathleen O’Donovan who join the firm’s audit board as independent audit non-executives.
KPMG first created its audit board in May 2019, with the aim to add “additional transparency and independence” to the governance of its audit practice.
The audit board is currently chaired by Tony Cates, who will retire in September after 34 years with the firm.
In line with the principles of operational separation, set out by the FRC, KPMG’s audit board will “oversee and monitor” the firm’s audit practice, its delivery of audit quality and the interaction of the audit practice with the rest of the firm.
Bina Mehta, chair of KPMG UK, said: “The appointment of our new independent audit non-executives marks another significant milestone on our path to delivering operational separation.”
“We recognise the critical role our industry plays and will work with government and regulators to help shape the future for a profession which delivers high quality audits, acts in the public interest and supports successful and attractive capital markets. “
She added:“We support the broad direction of the reforms outlined in the BEIS consultation and will play our role to implement and deliver the change needed.”