This Transparency Report provides information about our firm鈥檚 governance, culture, relentless focus on quality, and processes for risk management.
Whilst 乐鱼（Leyu）体育官网 is a multi-disciplinary firm, the report is primarily focused on our Audit practice and the policies and programmes we have in place to support audit quality.
The information disclosed relates to 乐鱼（Leyu）体育官网 in the UK鈥檚 activities as at 30 September 2024, and demonstrates compliance with the following reporting requirements:
- Audit Firm Governance Code (Revised 2022).
- Article 13 (Transparency Report) of Regulation (EU) No 537/2014 of the European Parliament and of the Council 鈥� as amended by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019.
- The Local Auditors (Transparency) Regulations 2020.
- Consultative Committee of Accountancy Bodies Voluntary Code of Operative Practice on Disclosure of Audit Profitability (March 2009).
- The FRC鈥檚 principles for operational separation of the audit practices of the Big Four firms.
Jon Holt / Group Chief Executive & UK Senior Partner
For and on behalf of 乐鱼（Leyu）体育官网 LLP
29 January 2025
Our commitment to audit quality
Audit quality is fundamental to maintaining public trust and is the key measure on which our professional reputation stands.
We define 鈥渁udit quality鈥� as the outcome when audits are executed consistently, in line with the requirements and intent of applicable professional standards within a strong system of quality management.
All of our related activities are undertaken in an environment of the utmost level of objectivity, independence, ethics and integrity.
To that end, 乐鱼（Leyu）体育官网 has a Global Quality Framework (GQF) for use across 乐鱼（Leyu）体育官网 globally. This framework guides how we work and how we approach the audit. It helps ensure a consistent approach with quality at its heart.
To provide more transparency on what drives 乐鱼（Leyu）体育官网 audit and assurance quality, this report is structured around the 乐鱼（Leyu）体育官网 Global Quality Framework.
The drivers outlined in the Framework are the ten components of our 乐鱼（Leyu）体育官网 system of quality management (SoQM). In line with the International Standard on Quality Management (ISQM) 1, our SoQM also aligns with the requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA), which apply to professional services firms that perform audits of financial statements.
Our Global Quality Framework
Visit the Audit quality page for more information on the components of this framework, and the activities we鈥檝e delivered during the year against it.
Under ISQM1 we are required to evaluate the effectiveness of our system of quality management on an annual basis. Our first evaluation was performed as of 30 September 2023.
Based on the annual evaluation of the firm鈥檚 System of Quality Management as of 30 September 2024, the System of Quality Management provides the firm with reasonable assurance that the objectives of the System of Quality Management are being achieved.
Our full Statement on the effectiveness of the System of Quality Management of 乐鱼（Leyu）体育官网 UK LLP as at 30 September 2024 can be .
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Throughout this document, 鈥溊钟悖↙eyu）体育官网鈥�, 鈥渨e鈥�, 鈥渙ur鈥� and 鈥渦s鈥� refers to 乐鱼（Leyu）体育官网 in the UK.
Any references to the 乐鱼（Leyu）体育官网 global organisation mean the member firms of 乐鱼（Leyu）体育官网 International Limited, each of which is a separate legal entity. 乐鱼（Leyu）体育官网 International Limited is a private English company limited by guarantee and does not provide services to clients.
No member firm has any authority to obligate or bind 乐鱼（Leyu）体育官网 International Limited or any other member firm vis-脿-vis third parties, nor does 乐鱼（Leyu）体育官网 International Limited have any such authority to obligate or bind any member firm.
乐鱼（Leyu）体育官网 International means 乐鱼（Leyu）体育官网 International Limited unless the context requires the reference to mean 乐鱼（Leyu）体育官网 International Services Ltd (which provides services, products and support to, or for the benefit of, member firms or 乐鱼（Leyu）体育官网 International Limited but not services, products or support to clients) or 乐鱼（Leyu）体育官网 International Cooperative (which owns and licenses the 乐鱼（Leyu）体育官网 brand).
Throughout this document, references to 鈥渇irm鈥�, 鈥溊钟悖↙eyu）体育官网 firm鈥�, 鈥渕ember firm鈥� and 鈥溊钟悖↙eyu）体育官网 member firm鈥� refer to firms which are either: members of 乐鱼（Leyu）体育官网 International Limited; sublicensee firms of 乐鱼（Leyu）体育官网 International Limited; or entities that are wholly or dominantly owned and controlled by an entity that is a member or a sublicensee. The overall governance structure of 乐鱼（Leyu）体育官网 International Limited is provided in the About Us page of kpmg.com