• Auditors often provide additional non-audit services such as financial statement preparation, word processing, and translation, in conjunction with statutory audits
  • Non-audit services must be evaluated for permissibility separately from the statutory audit

There are two new Sentinel taxonomy codes related to financial statement preparation services:

  • AA4401 – Financial Statement Preparation
  • AA4402 – Financial Statement Word Processing and/or Translation Services
  • Sentinel Lead Partners can then approve Sentinel requests once:
    • All services have been reviewed for permissibility, and
    • We have received pre-approval from the Audit Committee or Those Charged with Governance.
  • Financial statement preparation for downstream subsidiaries of audit client with same year-end cannot start until issue of report on group financial statements.
  • If a request is only for audit services, the Sentinel Lead Partner (SLP) can indicate in their comments that approval is solely related to the submitted audit service.
For more information, refer to the recently updated “Financial statement preparation, word processing, translation and other related services FAQs”.