KPMG：AuditorIndependence独立审计ppt课件

1、Auditor Independence2019 KPMG LLP, the U.S. member firm of KPMG International, a Swiss nonoperating association. All rights reserved. 1Auditor Independence Restrictions on Scope of Services Audit Partner Rotation Employment with Audit Clients Audit Committee Administration of the Engagement Communic

2、ation with Audit Committee Disclosure of Fees Paid to Auditor Effect of Tax Services on Independence Other Tax Service Consideration2Restrictions on Scope of Services Bookkeeping Financial information systems design and implementation Appraisal and valuation services Actuarial services Internal audi

3、t outsourcing Management functions or human resources Broker-dealer, investment advisor, investment banking Legal and expert services unrelated to audit (includes forensic services) Tax services that involve court representation Other as PCAOB may determine3Audit Partner Rotation Leading and concurr

4、ing partners 5 years on/off Other high contact partners and lead partner on subsidiary above 20% asset/revenue 7 years on/2 years off Complex transition provisions to avoid both lead and concurring partner rotation off in same year Effective for 1st FY beginning after effective date (approx. mid-May

5、) for lead partner; for 1st FY beginning after 1st anniversary of effective date for concurring partner For foreign firms, first year of 5 or 7 years begins after effective date4Employment with Audit Clients “One year cooling off period” before any former engagement team member acceptance of employm

6、ent with client in key position The one-year period preceding the date that the audit procedures commenced for the fiscal period that included the date of initial employment of the audit engagement team member by the issuer Likely to be longer than one year Employment commenced prior to effective da

7、te is “grandfathered”.5Audit Committee Administration of the Engagement Auditor engaged by audit committee Engagement subject to pre-approval policies and procedures Pre-approval of non-audit services and all audit, review, and attest services6Communication with Audit Committee Critical accounting p

8、olicies Alternative accounting treatments Other written communications Management representation letter Reports on internal controls Schedule of unadjusted differences Engagement letter Independence letter7Disclosures of Fees Paid to Auditor Disclosure for each of two most recent years Audit fees fe

9、es for services that normally would be provided by the accountant in connection with statutory and regulatory filings (e.g. comfort letters, statutory audits, consents, assistance with SEC filings, internal control attestation fee) Audit related fees assurance and related services traditionally perf

10、ormed by the independent accountant (e.g. employee benefit plan audits, due diligence for M&A, internal control reviews, attest services not required by statute or regulation, consultation on financial accounting and reporting standards) Tax fees tax return review, tax compliance, tax planning,

11、tax advice All other8Effect of Tax Services on Independence Adopting release clarifies permissibility of tax services Permissible services include: Tax compliance Tax planning Tax advice Representation in IRS conferences and appellate proceedings Impermissible activities Representation in tax court,

12、 district court, court of claims9Other Tax Service Consideration “Audit committees also should scrutinize carefully the retention of an accountant in a transaction recommended by the accountant, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be support

13、ed in the Internal Revenue Code and related regulations”F I N A N C I A L A C C O U N T I N GS T A N D A R D S B O A R D I N T R E P R E T A T I O N N O. 4 5Accounting and Disclosures by Guarantors (FIN 45)11FIN 45-Accounting and Disclosures by Guarantors Accounting Recognition and Measurement FV of

14、 certain guarantees recorded upon inception. Differs from SFAS 5 in that payment does not need to be probable for a liability to be recorded. FV = amount received or estimated (e.g. probability weighted average cash flows) for multiple element transaction Disclosure Requirements Required disclosure

15、for guarantees for which recognition and measurement does not apply. Required regardless of probability. Timing (1) Recognition and measurement guarantees issued or modified after 12/31/02 (2) Disclosure Annual and interim periods ending after 12/15/02 Debit Debit is based upon judgment and usually

16、differs depending on the nature of the transactionF I N A N C I A L A C C O U N T I N GS T A N D A R D S B O A R D I N T R E P R E T A T I O N N O. 4 6Consolidation of Variable Interest Entities (FIN 46)13FIN 46-Consolidation of Variable Interest Entities Variable Interest Entity (VIE) Undercapitalized legal structure (e.g. SPE or LLC) usually a limited purpose entity Who Consolidates Not majority owner (i.e., 51% shareholder), but primary beneficiary (i.e., party that absorbs majority of expected losses) When Evaluated Assessed as of transaction inception and not again