Earning trust through our actions
Earning trust through our actions
KPMG South Africa Annual Integrated Report 2019
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Contents
Executive summary Our strategic intent Governance
Section 1 | Executive summary 4 FY19 at a glance 6 Message from our Chairperson 9 Message from our CEO 13 Update on our past issues 15 Commitment to good governance 22 Stakeholder engagement 23 Remuneration philosophy and policy
Section 2 | Our strategic intent 26 Our strategy 28 Linking performance to strategy 28 Leadership and governance 30 Culture and transformation 33 Benchmarking quality 35 Retaining and growing our client base 38 Engaging and empowering our people 43 Getting the operational basics right 45 Leveraging global innovation and
investment 48 Integrating Southern Africa 49 Our material risks and opportunities 55 Our stakeholder engagement plan
Section 3 | Governance 64 Governance report 74 Audit quality report 76 Advisory quality report 78 Tax and legal quality report 80 Glossary
? 2020 KPMG Services Proprietary Limited, a South African company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Integrated Report 1
About this report
Why have we adopted integrated reporting? We intend to be a transparent and accountable organisation, focused on creating and sustaining value for all our stakeholders. The voluntary process of reporting publicly is an expression of our commitment to transparency and open engagement with our stakeholders. By presenting our progress towards our stated goals publicly, we are compelled to back up our words with action. We trust that our reports will enable you to make knowledgeable and confident decisions about KPMG South Africa ("SA") and your working relationship with us.
Executive summary Our strategic intent Governance
What are our integrated reporting objectives?
? Rebuilding trust in our community of stakeholders ? Embedding accountability and stewardship
throughout the organisation ? Visibly expressing our commitment to transparency
and accountability ? Improving internal reporting, analysis and decision-
making processes.
What are our reporting principles and frameworks?
We have adopted the "International Framework" (developed by the International Integrated Reporting Council) because it gives us a set of guidelines on what information will provide our stakeholders with the most meaningful intelligence and how best to communicate this knowledge.
We have also been guided by other frameworks, specifically the King IVTM Report on Corporate Governance for South Africa 2016 ("King IVTM")1.
What is our reporting boundary and scope?
KPMG South Africa ("SA") is a member firm of the global KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMGI"), a Swiss entity. KPMG SA (`the firm' or `the business') operates through two entities: KPMG Incorporated, through which we deliver our audit services, and KPMG Services Proprietary Limited, through which we deliver our advisory and tax services. Both entities are incorporated under the South African Companies Act, 2008. KPMG Incorporated is owned by its directors, all of whom are shareholders. Similarly, KPMG Services Proprietary Limited is owned by its directors, all of whom are shareholders. All the directors and shareholders of KPMG Inc are also directors of KPMG Services Proprietary Limited.
Our report and information disclosed covers the year ended 30 September 2019, but material events and developments to the date of this report have been addressed to provide a complete and current reflection of the activities of the firm.
This integrated report ("report" or "") addresses all pertinent aspects of the operations of KPMG South Africa and excludes KPMG Southern Africa member firms outside South Africa.
1 The King IVTM Report on Corporate Governance for South Africa 2016TM is owned by the Institute of Directors in Southern Africa NPC, with all rights reserved, and is available at
? 2020 KPMG Services Proprietary Limited, a South African company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Integrated Report 2
Executive summary Our strategic intent Governance
Are there other reports?
The following table describes the integrated and audit quality transparency reports that have been produced by KPMG SA for our fiscal year of 1 October 2018 to 30 September 2019. Both reports are available on our website or by contacting our Head of Communications in the office of the CEO, Dudu Ndlovu, at dudu.ndlovu@kpmg.co.za.
KPMG South Africa Integrated Report 2019
KPMG South Africa Transparency Report 2019
How do we achieve assurance and comparability?
We remain at the beginning of our journey and recognise that the information we are able to present will improve as our reporting processes mature, but we are committed to presenting information that is complete, balanced, accurate and unambiguous.
We have established an Steering Committee and working group, which has developed processes and work plans to establish a robust process, with appropriate controls and oversight. The Steering Committee reports to our Executive Committee and the process is overseen by the Combined Assurance & Reporting Committee and reviewed and approved by the Policy Board.
Concise descriptions of our business model, strategy, governance, performance and prospects in the context of our external environment and engagement with stakeholders.
Detailed descriptions of our systems of audit quality control, independence and risk management policies, audit approach, ethical standards, audit quality indicators and related governance processes.
Who approves this report?
The Policy Board is ultimately responsible for overseeing the integrity of this integrated report. After applying its collective mind to the preparation and presentation of this report and reviewing its content, the Policy Board confirms it considers this report to be accurate, reliable and complete in presenting material information about the firm.
The Policy Board approved the 2019 KPMG SA integrated report on 09 April 2020.
What about materiality?
This report seeks to describe and contextualise the most material risks and opportunities faced by our business. We consider a matter to be material if it substantially affects the ability of KPMG SA to create and sustain value for all our stakeholders in the short, medium or long term. We have explained how we determine what matters are material to the business in further detail on page 49 of this report.
? 2020 KPMG Services Proprietary Limited, a South African company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Integrated Report 3
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