Audit
FRC welcomes KPMG’s good practice, identifies areas of improvement
KPMG was instructed to embed the new gifts and entertainment system, which is said to have gone live on 1 December 2021, to ‘ensure pre-approvals are sought from the firm’s ethics function in advance’
The FRC has welcomed KPMG’s good practice but identified areas of improvement as it released its audit inspection report of the firm, which was performed based on the policies and procedures the firm had in place on 31 March 2021. It also set out to review the firm’s quality control procedures.
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