WEBVTT

00:00:00.000 --> 00:00:03.540
SEC rules prohibit KPMG, including its Covered

00:00:03.540 --> 00:00:06.180
Persons, from having certain business and employment

00:00:06.180 --> 00:00:09.630
relationships with audit clients and their affiliates. We

00:00:09.630 --> 00:00:12.630
require audit engagement teams to make written inquiries of

00:00:12.630 --> 00:00:16.260
the SEC audit client’s directors and officers about certain

00:00:16.260 --> 00:00:19.980
relationships they, their spouse or spousal equivalent, and

00:00:19.980 --> 00:00:23.280
dependents may have with KPMG, to confirm prohibited

00:00:23.280 --> 00:00:27.150
relationships with KPMG are not present. Sometimes clients

00:00:27.150 --> 00:00:30.030
do not include the relationships their spouse or spousal

00:00:30.030 --> 00:00:33.420
equivalent and dependents may have, so inquiring of our

00:00:33.420 --> 00:00:36.360
clients about their inclusion can mitigate against missing

00:00:36.360 --> 00:00:39.120
details within the questionnaires received. These

00:00:39.120 --> 00:00:41.610
questionnaires should be signed by client directors and

00:00:41.610 --> 00:00:44.910
officers after year-end to avoid required follow-ups.