At KPMG, the quality and integrity of our people and our work is paramount to everything we do. The quality and integrity of the accounting profession is vital to confidence in global capital markets.

This first KPMG Transparency Report should be read alongside our 2004 KPMG International Annual Report. Supported by a set of global values, a KPMG Global Code of Conduct, and common processes, our policies and controls help to maintain our standards of professionalism, integrity and technical competence. These then together promote consistency in the provision of quality audit services to our member firm clients working in global markets.

We are proud of our history and success at KPMG, and believe that the strength of our professional reputation is the cornerstone of our future.