Can a Big 4 company, specifically either KPMG or PwC provide both audit and advisory (e.g. corporate finance, business performance) services to the same company? Or is it definitely not allowed?
It’s definitely not allowed. There might be very rare exceptions but generally they can NEVER do both audit and advisory services otherwise they’ll end up evaluating (/auditing) their own work.
No, they can provide non-audit services.
This is related to sarbox but my understanding was that the audit committee will agree to a certain level of fees outside of audit work. The advisory services will need to agree with the audit partner the scope of the work performed, the level of fees and their basis (fixed fee, time and materials, contingent). They may also need to institute certain safeguards to prevent audit independence being impaired (separation of teams, conflict checks etc.).
We regularly sell advisory work to audit clients, including US based, SEC registered ones.
they can still do tax, cos audit ihas been known as a loss leader to cross sell other activites…and when i spoke to a pwc partner they said they still do audit and other services for the same client
Bit late in replying to this thread but the default position would be no. While it is possible in certain scenarios to do audit and non-audit work for the same client (via different teams), for the purposes of an interview, I wouldn’t advise you to say “Yes, they can defininitely do both…”.