About external regulatory reviews

The Public Company Accounting Oversight Board (PCAOB) was established by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. To assist it in fulfilling its mission, the PCAOB conducts periodic inspections of registered public accounting firms.

KPMG is subject to PCAOB inspection annually. You can find the 2017, 2018, 2019, 2020 and 2021 PCAOB inspection reports of the firm below.

About external peer reviews

KPMG’s system of audit quality control applicable to engagements that are not subject to PCAOB permanent inspection (nonpublic entity accounting and auditing practice) is subject to external peer review triennially.

Grant Thornton LLP issued a report on its most recent external peer review of the firm dated November 20, 2023. In that report, KPMG received a peer review rating of pass for the year ended March 31, 2023. Under the AICPA’s Peer Review Standards, firms may receive a rating of pass, pass with deficiency(ies), or fail.

The rating indicates that the firm’s system of quality control has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects.

KPMG’s most recent peer review report and the AICPA’s acceptance letter of our peer review are available below.

External regulatory reviews:

• On February 28, 2024, the PCAOB released KPMG’s 2022 inspection report. KPMG’s response to the nonpublic portion of this report is due to the PCAOB by December 2024.
• On December 19, 2022, the PCAOB released KPMG’s 2021 inspection report. KPMG submitted its response to the nonpublic portion of this report to the PCAOB in November 2023.
• In November 2021, the PCAOB released KPMG’s 2020 inspection report. KPMG submitted its response to the nonpublic portion of this report to the PCAOB in September 2022.
• In February 2021, the PCAOB released KPMG’s 2019 inspection report. KPMG submitted its response to the nonpublic portion of this report to the PCAOB in December 2021.
• In June 2020, the PCAOB released KPMG’s 2018 inspection report. KPMG submitted its response to the nonpublic portion of this report to the PCAOB in March 2021.

External peer reviews:

• KPMG’s most recent peer review report dated November 20, 2023 and the AICPA’s acceptance letter of our peer review were issued on December 7, 2023.