Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 178

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 178
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 in the audit process. The Committee assessed KPMG&#8217;s effectiveness, objectivity and independence in the following ways: Reporting throughout the year &#8226; Met with senior members of the KPMG audit team from the UK, Ireland and US to discuss the approach to the 2024 audit and key areas of focus, including how the audit plan would address feedback from the prior year&#8217;s auditor effectiveness assessment. &#8226; Received regular reports from management on the non-audit services provided by KPMG to Barclays. &#8226; Received regular reports from management detailing any employees or workers hired from KPMG. &#8226; Discussed with KPMG their consideration of internal controls over financial reporting. &#8226; Considered areas in which KPMG challenged management&#8217;s assumptions in areas of key judgement. &#8226; Monitored for any potential threats to independence. No such matters were identified and reported by KPMG during 2024. Annual assessment and audit quality reporting &#8226; The Group undertakes an annual formal assessment of KPMG&#8217;s performance, independence and objectivity. The assessment for 2024 was conducted by way of a questionnaire completed by key stakeholders across the Group who have regular interaction with KPMG. The questionnaire was designed to evaluate KPMG&#8217;s audit process, its effectiveness and overall output. It included questions covering areas such as performance regarding key judgements, independence and quality of people. &#8226; During 2024, the Committee received reports from the KPMG UK Head of Audit Quality on her assessment of audit quality for Barclays as well as areas of focus for KPMG in improving audit quality for Barclays and generally. This included her views on the quality of the audit team dedicated to Barclays and how KPMG intends to utilise AI/technology in delivering the Barclays audit. The KPMG Global Head of Audit attended one of these meetings. External reports &#8226; The FRC published its Audit Quality Inspection and Supervision Report on KPMG LLP in July 2024. In the report, the FRC highlighted that KPMG has made notable improvements in priority areas and noted an improvement in audit quality. The percentage of audits inspected by the FRC requiring no more than limited improvements was 89%. &#8226; The FRC outlined two areas of key findings, relating to (1) improving the quality and consistency of the audit of estimates, particularly for impairment assessments and