As KPMG audit professionals, our commitment
to objectivity and independence is crucial for maintaining
the quality and credibility of our work and directly impacts
our ability to issue independent auditors’ reports. While
helping to drive quality growth, we all must comply with the
applicable independence professional standards, laws and
regulations, fulfilling our professional responsibilities to
protect the public interest and the capital markets we
serve. Additionally, we must continue to conduct thorough
evaluations of independence, even in the context of existing
audit relationships, to mitigate risks and uphold the
integrity of our audits.
Understanding independence rules and procedures is essential
to perform audits that are in compliance with AICPA, SEC,
PCAOB and IESBA rules. Compliance with all applicable
independence requirements, including the SEC’s general
standard of independence, is essential. This includes our
responsibility for determining that the services being
provided to, and our relationships with, audit clients
conform with the independence rules. This requires diligence
in reviewing audit and non-audit service Sentinel requests
for audit clients and their affiliates, making required
communications with the Audit Committee, and obtaining their
pre-approval and concurrence, when required. We must be
diligent in performing all independence procedures with
Excellence and reinforce with our teams and our audit
clients the importance of maintaining independence.
If we are unsure about an independence matter, it is
important to promptly consult with the Independence Group.