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January 30, 2023

KPMG Is Thankful for SOX

I was kinda wondering about this myself, but I figured the answer would be no.

From Tammy Whitehouse of Compliance Week:

KPMG is under fire in the U.K. for diminishing audit performance, particularly in connection with the collapse of British construction firm Carillion. The firm has reportedly advised its partners internally that it would halt all non-essential non-audit services to companies it currently audits that are listed among the largest companies on the Financial Times Stock Exchange.

In the United States, however, KPMG has no plans to make any changes to its mix of services to publicly traded companies because independence issues have already been addressed under Sarbanes-Oxley, the firm said through a spokesman. “We have benefitted from robust independent regulation and oversight to safeguard auditor independence as a result of the Sarbanes-Oxley Act in 2002, which clearly outlines permissible non-audit services for public audit clients,” the spokesman said. The Public Company Accounting Oversight Board indicated recently it may be taking a fresh look at auditor independence requirements.

Related articles:

KPMG U.K. Is Giving Up Non-Audit Work on FTSE 350 Clients. Will the Other Big 4 Firms Follow?
EY, PwC Not Fans of Giving Up Non-Audit Services for FTSE 350 Audit Clients in the U.K.

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