KPMG Podcast Series: Building Confidence

Last month, the Government announced that it had withdrawn the proposed changes to Companies Act which introduced new requirements.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.

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.

In this episode, Alexia Perversi, Senior Manager of ESG Reporting, our host for this episode is joined by Tatiana Hardy-Stotz, Senior Manager of ESG Reporting to talk through some of the headlines uncovered as part of KPMG's UK Sustainability Survey report titled, Is Transparency on Track?.

With an increasing volume, breadth and depth of ESG disclosures and data being prepared and reported year-on-year means that ESG reporting can no longer be a once-a-year 'tick-box' exercise. Listen as our experts showcase a few of the headline statistics we uncovered as part of our review of the annual reports and ESG reports from 100 of the UK's most valuable private and listed companies.

Read the full report here.

In this episode, we are joined by George Richards, our Partner and Head of ESG reporting and assurance, and Sahil Malhotra, our Senior Manager for ESG reporting where they share their views on all things COP27. With an increased focus on reporting frameworks, ESG reporting readiness, and a renewed focus on assurance, how can companies report in a meaningful way?

Listen as our experts explore how companies can report in a meaningful way, what has happened since COP26, and more importantly, what we can expect to come in the future.

What does the future of audit look like? How are businesses using cutting-edge technology, automation and AI for audit and assurance engagements to manage risk and obtain assurance?

In this episode we are joined by our Chief Technology Officer, Matt Campbell, who answers these questions and shares his views as to how technology can achieve an audit that delivers quality, provide fresh insights, and can ultimately help to shape the future of your business.

In this episode we are joined by Oonagh Harpur to explore culture – how it can be measured, what it means for boards and the implications for corporate reporting and assurance.

Oonagh is our Independent Non-Executive Director and has over 30 years’ experience in the boardroom including 14 years in CEO roles in the private, public and third sectors and she openly shares her views and experiences on why culture is important and its relation to reputation, strategy and ESG.