2014_KPMG_LLP - 1666 K Street N.W Washington DC 20006...

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1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 Report on 2013 Inspection of KPMG LLP (Headquartered in New York, NY) Issued by the Public Company Accounting Oversight Board September 24, 2014 PCAOB RELEASE NO. 104-2014-167 THIS IS A PUBLIC VERSION OF A PCAOB INSPECTION REPORT PORTIONS OF THE COMPLETE REPORT ARE OMITTED FROM THIS DOCUMENT IN ORDER TO COMPLY WITH SECTIONS 104(g)(2) AND 105(b)(5)(A) OF THE SARBANES-OXLEY ACT OF 2002
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PCAOB Release No. 104-2014-167 2013 INSPECTION OF KPMG LLP Preface In 2013, the Public Company Accounting Oversight Board ("PCAOB" or "the Board") conducted an inspection of the registered public accounting firm KPMG LLP ("the Firm") pursuant to the Sarbanes-Oxley Act of 2002 ("the Act"). Inspections are designed and performed to provide a basis for assessing the degree of compliance by a firm with applicable requirements related to auditing issuers. For a description of the procedures the Board's inspectors may perform to fulfill this responsibility, see Part I.C of this report (which also contains additional information concerning the PCAOB inspections generally). Overall, the inspection process included reviews of portions of selected issuer audits completed by the Firm. These reviews were intended to identify whether deficiencies existed in those portions of the inspected audits, and whether such deficiencies indicated defects or potential defects in the Firm's system of quality control over audits. In addition, the inspection included reviews of policies and procedures related to certain quality control processes of the Firm that could be expected to affect audit quality. The Board is issuing this report in accordance with the requirements of the Act. The Board is releasing to the public Part I of the report, portions of Appendix C, and Appendix D. Appendix C includes the Firm's comments, if any, on a draft of the report. If the nonpublic portions of the report discuss criticisms of or potential defects in the Firm's system of quality control, those discussions also could eventually be made public, but only to the extent the Firm fails to address the criticisms to the Board's satisfaction within 12 months of the issuance of the report.
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PCAOB Release No. 104-2014-167 Inspection of KPMG LLP September 24, 2014 Page 2 PART I INSPECTION PROCEDURES AND CERTAIN OBSERVATIONS Members of the Board's staff ("the inspection team") conducted primary procedures 1/ for the inspection from December 2012 through February 2014. The inspection team performed field work at the Firm's National Office and at 25 of its approximately 82 U.S. practice offices. A. Review of Audit Engagements The 2013 inspection of the Firm included reviews of portions of 48 audits performed by the Firm and a review of the Firm's audit work on two other issuer audit engagements in which the Firm played a role but was not the principal auditor. The inspection team identified matters that it considered to be deficiencies in the performance of the work it reviewed.
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