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«Transparency Report for Financial Year 2012/2013 KPMG Accountants B.V. December 2013 Introduction The European Eighth Company Law Directive ...»

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Transparency Report

for Financial Year

2012/2013

KPMG Accountants B.V.

December 2013

Introduction

The European Eighth Company Law Directive (Directive 2006/43/EC of the European Parliament

and of the Council – and the implementation hereof (hereafter also the “Directive”) requires that

statutory auditors and audit firms that carry out statutory audits of public interest entities in the

European Union publish annual transparency reports on their websites, within three months of the end of each financial year.

This is the transparency report for KPMG Accountants B.V., established in Curacao (hereafter also “KPMG” or the “firm”) as meant in Article 40 of the Directive. The objective of this transparency report concerning the KPMG 2012-2013 financial year, which ended on 30 September 2013, is to provide the reader with general insight into the design of KPMG Accountants B.V.’s system of quality management and the way in which this has operated during the past financial year. Appendix 2 contains a summary of public interest entities in the European Union of which KPMG Accountants B.V. conducted a statutory audit during the past financial year.

Curacao, December 2013 KPMG Accountants B.V.

Mr. L.L.P. Scoop Throughout this document, “KPMG” (“we,” “our,” and “us”) refers to KPMG International Cooperative (“KPMG International”), a Swiss entity, and/or to any one or more of the member firms of the KPMG network of independent firms affiliated with KPMG International. KPMG International provides no client services.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

1. Who we are

1.1. Our business KPMG Accountants B.V. is a professional services firm that delivers Audit services. We operate from offices in Curacao, Bonaire and Sint Maarten (the latter two are branch offices so they do not have any responsibility for issuing audit reports in relation to relevant audit clients according to Article 45(1) of the Directive). and had an average of 145-150 personnel (through KPMG Beheer N.V.) in the year to 30 September 2013 (2012: 120-125 through KPMG Beheer N.V.).

Our audit services in the Dutch Caribbean are delivered through (branches of) KPMG Accountants B.V. and affiliated entities. Full details of the services offered by KPMG Accountants B.V. can be found on our website www.kpmg.com/dutchcaribbean.

KPMG Accountants B.V. provides services in the accountancy field. Specialised services in the Advisory field are provided by a number of Advisory entities that are its fellow subsidiaries.

1.2 Our Strategy The strategy for our firm is set by the Management Board and has remained consistent for some time. It has determined that our overall ambition remains to be the number one multi-disciplinary professional services firm in the Dutch Caribbean and Suriname.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

2 Our structure and governance

2.1. Legal structure Legal structure and ownership KPMG Accountants B.V, is affiliated with KPMG International, a Swiss cooperative, which is a legal entity formed under Swiss law. Further details about KPMG International and its business, including our relationship with it, are available in the 2012 KPMG International Transparancy Report (http://kpmg.com/Global /en/WhoWeAre/Documents/Transparency-Report.pdf. ) KPMG Accountants B.V. is a limited liability company (besloten vennootschap) established on Curacao. It is governed by Curacao law. It is wholly owned by KPMG Holding C.V., a limited partnership under Curacao law.

The managing partner (beherend vennoot) of KPMG Holding C.V. is KPMG Beheer N.V., a limited liability company (naamloze vennootschap) under Curacao law. KPMG Beheer N.V.

provides in-house services to KPMG Accountants B.V. and its fellow subsidiaries, including services in the area of IT and Human Resources, among other things. The members of the daily management of KPMG Holding C.V. and its subsidiaries are: Mr. Lindomar Scoop (Chairman), Mr Sanjay Agarwal as Head of Audit, Mr. Patrick Newton as Head of Advisory and Mr. Henk de Zeeuw as Head of Corporate Finance. During the financial year 2011-2012 the management was supported by Mrs. Carlanne Emerenciana (Chief Financial Officer).

KPMG Accountants B.V. has branch offices on Bonaire and Sint Maarten, from which audits are also conducted. The Sint Maarten and Bonaire office do not have any responsibility for issuing audit reports in relation to relevant audit clients according to Article 45(1) of the Directive.

KPMG Accountants B.V. provides services in the accountancy field. Specialised services in the Advisory field are provided by a number of Advisory entities that are its fellow subsidiaries.

The authorisation held by the partners and duly authorised directors of KPMG Accountants B.V.

implies, among other things, that they are competent to issue auditor's reports and other statements concerning the results of auditing work.





During the year to 30 September 2013, there was an average of 5 limited partners in KPMG Holding C.V. (and thereby indirectly in its subsidiaries) (2012: 5 partners)

2.2 Name and ownership KPMG is the registered trademark of KPMG International and is the name by which the member firm are commonly known. The rights of member firms to use the KPMG name and marks are contained within the agreements with KPMG International.

Member firms are generally locally owned and managed. Each member firm is responsible for its own obligations and liabilities. KPMG International and other member firms are not responsible for a member firm’s obligations or liabilities.

Member firms may consist of more than one separate legal entity. If this is the case, each separate legal entity will be responsible only for its own obligations and liabilities, unless it has expressly agreed otherwise.

The current transparency report for KPMG International is available at the following link:

http://kpmg.com/Global /en/WhoWeAre/Documents/Transparency-Report.pdf.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

2.3 Governance structure The key governance and management body of KPMG Accountants B.V. is the Management Board.

In its corporate governance, KPMG Accountants B.V. identifies the following bodies:

the General Meeting of Shareholders being (indirectly the Partners of KPMG Holding C.V.);

the Statutory Directors; and the Management Board.

The organizational structure of KPMG Accountants B.V. and its affiliates is also subdivided into Business Units and Lines of Business, each of which is managed by one or more statutory directors or proxy holders.

The shareholders exercise their rights at the General Meeting of Shareholders. The General Meeting of Shareholders meets at a minimum on an annual basis. Mr. Lindomar Scoop is the chairman of the General Meeting of Shareholders. See also the description at section 2.1 “Legal structure”.

The Board The Management Board consists of five Partners. They are assisted by the Chief Financial Officer.

They meet from time to time to undertake certain statutory duties for KPMG Accountants B.V.

(including approving the annual accounts and the transparency report).

Full details of those charged with governance for KPMG Dutch Caribbean, including their biographies are set out in Appendix 1.

In addition, there is one main body that deals with key aspects of governance within the group that

report into the Board. This is:

the Quality & Risk Committee Details about the role and responsibilities and composition of this key body is set out below.

The Quality & Risk Committee The principal role of the Quality & Risk Committee is to provide oversight of quality & risk management matters across the group. As part of its role it oversees that a culture of quality and integrity is maintained within the group and, where required, it will act as a sounding board to the Head of Quality & Risk on the policies and procedures relating to professional risk management, ethics and independence, quality control and compliance. The Committee also considers the impact of the key findings from our compliance quality monitoring programs and the adequacy of proposed remedial actions.

During the year ended 30 September 2013, The Quality & Risk Committee consisted of RMP – Marc Kesselaer; Senior Partner – Lindomar Scoop, EIP- Patrick Newton and RCM- Lydia Wijnerman-Obispo. The Quality & Risk Committee met 6 times in the year to 30 September 2013.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

3. System of Quality control KPMG International has policies of quality control that apply to all member firms. These policies are based on professional standards issued by the International Ethics Standards Board for Accountants (IESBA), including International Standard on Quality Control 1, relevant to firms that perform statutory audits and other assurance and related services engagements. These policies and associated procedures are designed to guide member firms in complying with relevant professional standards, regulatory and legal requirements, and in issuing reports that are appropriate in the circumstances.

Our firm implements KPMG International policies and procedures and adopt additional systems of quality controls that are designed to meet the rules and standards issued by the Royal Netherlands Institute of registered Accountants (NIVRA) and other regulators such as the US Public Company Accounting Oversight Board (US PCAOB) and also other relevant regulators as well as local legal and other requirements.

KPMG International’s policies reflect individual quality control elements to help our personnel act with integrity and objectivity, perform their work with diligence, and comply with applicable laws, regulations, and professional standards.

Quality control and risk management are the responsibility of all KPMG personnel. This responsibility includes the need to understand and adhere to member firm policies and associated procedures in carrying out their day-to-day activities.

While many KPMG quality control processes are cross-functional, implemented by quality and risk management and apply equally to tax and advisory work, the focus of this section is on explaining what we do to achieve the highest quality in the audits supporting opinions issued by our firm. In this section we therefore focus on our system of audit quality control.

At KPMG audit quality is not just about reaching the right opinion, but how we reach that opinion.

It is about the processes, thought and integrity behind the audit report. KPMG views the outcome of a quality audit as the delivery of an appropriate and independent opinion in compliance with the auditing standards. This means, above all, being independent, compliant with relevant legal and professional requirements, and offering insight and impartial advice to our clients.

In order to deliver an appropriate and independent opinion, we have our global audit methodology (see section 3.3.1 for further information on our methodology). We also have our Audit Quality Framework which we use to describe, focus on and enhance audit quality for the benefit of all our stakeholders. In particular it highlights what we believe drives audit quality and how we address these.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

The Audit Quality Framework identifies seven drivers of audit quality.

Tone at the top.

Association with the right clients.

Clear standards and robust audit tools.

Recruitment, development and assignment of appropriately qualified professionals.

Commitment to technical excellence and quality service delivery.

Performance of effective and efficient audits.

Commitment to continuous improvement.

Tone at the top sits at the core of the Audit Quality Framework’s seven drivers of audit quality and helps ensure that the right behaviors permeate across our entire network. All of the other key aspects of our system of quality control then operate within a virtuous circle, with each driver of the model reinforcing the others. Each of these key drivers of our quality control system is described in more detail in the following sections of this report.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

3.1. Tone at the Top Our leadership clearly demonstrates and communicates their commitment to quality, ethics and integrity.

KPMG’s tone at the top provides a clear focus on quality through:



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