ALEX: Welcome back to The Independence Report. Now,
let’s go straight to our correspondent, Bruce, who is
standing by outside a KPMG office. Bruce, what’s happening
over there?
BRUCE: Alex, reliable sources have informed me that at this
very moment inside this KPMG office, professionals are
working on permissible tax and advisory engagements for
audit clients and their affiliates.
ALEX: Very interesting. And do you have any word on how the
firm is providing those services in a way that upholds our
commitment to maintaining independence?
BRUCE: Well, Alex, I’m told that professionals use what’s
known as the Independence Non-Audit Services Portal to
appropriately scope non-audit services for audit clients.
It contains relevant independence guidance, including
engagement letter templates scoped for audit clients.
ALEX: It seems like you are a big fan of the
Independence Non-Audit Services Portal, Bruce.
BRUCE: I sure am, Alex. The portal also includes the “Focused
Non-Audit Services for Audit Clients” document which
highlights some of the more common services we can offer our
audit clients. By using this guidance and teaming cross-functionally
across the firm, KPMG professionals can identify
permissible services we can provide, like tax compliance and
ESG assessment services.
ALEX: So using the firm’s resources found on the
Independence Non-Audit Services Portal, and ensuring approval
is obtained through Sentinel, allows the firm to pursue
permissible services for audit clients and their affiliates.
BRUCE: That’s right, Alex. But just remember even though
certain tax and advisory services may be generally
permissible, each service needs to be evaluated and
monitored to ensure compliance with the independence rules.
ALEX: Thank you for that report, Bruce. Please keep us
posted on any developments.
BRUCE: Will do, Alex.
ALEX: Stay tuned for more on The Independence Report.