Is independence impaired for kpmg

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Reference no: EM133345021

Case Study: James Wagner has been the KPMG Audit Partner for Magneta Industries (MI), a private company, for the past five years. Wagner has been recruited by and takes a position at MI as the Senior Vice President for Finance. Wagner severs all ties to KPMG upon taking the new position.

Required: Please answer these questions (making appropriate citations to the AICPA Code of Professional Conduct as needed).

Is independence impaired for KPMG?
Identify any "safeguards" that can be taken by KPMG to allow it to continue audit work for MI.
How will the safeguards in (2) affect audit work?

Reference no: EM133345021

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