Reflections on a challenging but inspiring few weeks

It is fair to say that the audit profession has witnessed a fair amount of change in recent years, but the current challenge facing the world certainly puts all that firmly into perspective.

Personally, I’ve looked on with a mixture of awe and concern at the nurses, doctors, carers and many others fighting on the front lines to keep people safe and well. It is hard not to be moved by the sound of entire streets, villages, towns and cities simultaneously applauding, cheering and banging pots and pans in support of our NHS, as they did at 8 o’clock last night.

While our challenges are far, far smaller, I am hugely proud of how our own people have responded in the face of an unprecedented global crisis – being adaptable in the face of real uncertainty, delivering their work in increasingly innovative ways and most importantly of all, looking out for each other. That simple act of ‘checking in’ with colleagues has become part of the everyday routine for so many people at KPMG and it is really inspiring to see.

As this unpredictable situation began to unfold a few weeks ago, it quickly became apparent that a large number of companies would struggle to report on time. As auditors, it is our responsibility to support them as they manage their reporting obligations and this is a role we do not take lightly. This is also combined with the need for robust challenge and scepticism given complex accounting, which cannot lessen even under the current circumstances. So it was reassuring to see regulators take decisive action, quickly issuing clear guidance around the right course of action.

Over the past few weeks, those of us representing the profession have stayed in constant dialogue with our regulators, the Bank of England and Government to make them aware of the practical challenges companies are facing when it comes to fulfilling their reporting obligations. We have continued to see regularly updated guidance which reflects our new reality. For example, Companies House extending the deadline for reporting by three months. Neither in audits or in the current situation can we predict the future, and these are all welcome interventions - we will no doubt see more in the coming weeks.

Like the companies we audit, we are dealing with some unique and complex challenges as we work hard to give the right level of assurance. Our focus is on playing our small part in getting UK plc through this crisis in the best shape possible.