Speeches from the SEC continue to underscore
that compliance with auditor independence rules does not
rest solely with the auditor, but rather is a shared responsibility.
All parties, including the client’s management, the Audit
Committee or Those Charged with Governance, audit teams, and
non-audit services engagement teams, share in this
responsibility. It may also involve collaboration between
engagement teams and other firm professionals, such as the
Independence Group, Engagement Management Coordinators, and others.
It is crucial to communicate this shared responsibility and
promote the client’s understanding of their role.
We encourage using the Audit Committee communication
templates, specifically the slide on “Shared
responsibilities: Independence” when delivering our audit
plan to the Audit Committee to reinforce this important message.