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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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Culture, values, and code of conduct - clearly stated and demonstrated in the way we work Focused and well-articulated strategy - incorporating quality at all levels Standard set by leadership Governance structure and clear lines of responsibility for quality- skilled and experienced people in the right positions to influence the quality agenda.

Integrity is a critical characteristic that stakeholders expect and rely on. It is also the key KPMG Core Value – Above all, we act with Integrity.

We have a Code of Conduct which incorporates our core values and addresses the commitments that we make as well as the responsibilities of our personnel at all levels across our group. Our core

values are:

We lead by example, At all levels we act in a way that exemplifies what we expect of each other and our clients;

We work together, We bring out the best in each other and create strong and successful working relationships;

We respect the individual, We respect people for who they are and for their knowledge, skills and experience as individuals and team members;

We seek the facts and provide insight, By challenging assumptions and pursuing facts, we strengthen our reputation to provide insight as trusted and objective business advisers.;

We are open and honest in our communication, We share information, insight and advice frequently and constructively and manage tough situations with courage and candor;

We are committed to our communities, We act as responsible corporate citizens by broadening our skills, experience and perspectives through work in our communities;

Above all, we act with integrity, We are constantly striving to uphold the highest professional standards, provide sound advice and rigorously maintain our independence.

This commitment underlies our values-based compliance culture where individuals are encouraged to raise their concerns when they see behaviors or actions that are inconsistent with our values or professional responsibilities.

A KPMG International Hotline is available for KPMG personnel, clients, and other parties to confidentially report concerns they have relating to certain areas of activity by KPMG International itself, those who work for KPMG International, or the senior leadership of a KPMG member firm.

Tone at the top sits at the core of the Audit Quality Framework and ensures the right behaviors permeate our entire network.

© 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.

3.1.1. Leadership responsibilities for quality and risk management While we stress that all professionals are responsible for quality and risk management the following entities and individuals have leadership responsibilities.

Senior partner In accordance with the principles in ISQC1, our senior partner Lindomar Scoop has assumed ultimate responsibility for KPMG Accountants B.V. system of quality control. Details of some of the measures that he and the rest of the Board have taken to ensure that a culture of quality prevails within KPMG Accountants B.V. are set out in section 3.

Head of Quality and Risk Operational responsibility for the system of quality control, risk management and compliance in KPMG Accountants B.V. has been delegated to the Head of Quality and Risk who is responsible for setting overall professional risk management and quality control policies and monitoring compliance for the firm. The Head of Quality and Risk is supported by a team of partners and professionals in each of the functions.

The Audit, Corporate Finance and Advisory functions – Function Heads The three heads of the client service functions (Audit, Corporate Finance and Advisory) are accountable to the senior partner for the quality of service delivered in their respective functions.

Between them, they therefore determine the operation of the risk management, quality assurance and monitoring procedures for their specific functions within the framework set by the Head of Quality and Risk. These procedures all make it clear though that at engagement level risk management and quality control is the ultimately the responsibility of all professionals.

© 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.

3.2. Association with the right clients 3.2.1 Acceptance and continuance of clients and engagements Rigorous client and engagement acceptance and continuance policies and processes are vitally important to our ability to provide quality professional services and to protect KPMG’s reputation and support its brand.

3.2.2 Prospective client and engagement evaluation process Before accepting a client, we undertake an evaluation of the prospective client. This involves an assessment of its principals, its business, and other service-related matters. This also involves background checks on the prospective client, its key management and beneficial owners. A key focus is on the integrity of management at a prospective client. A second partner, as well as the evaluating partner, approves the prospective client evaluation. Where the client is considered to be ‘high risk’ a risk management partner is involved in approving the evaluation.





Each prospective engagement is also evaluated. The prospective engagement partner evaluates a prospective engagement in consultation with other senior personnel and review by quality and risk management leadership as required. A range of factors is considered as part of this evaluation including potential independence and conflict of interest issues (using Sentinel our global conflicts and independence checking system) as well as a range of factors specific to the type of engagement, including for audit services, the competence of the client’s financial management team.

Where audit services are to be provided for the first time, the prospective engagement team is required to perform additional procedures including a review of any non-audit services provided to the client and of other relevant relationships.

Depending on the overall risk assessment of the prospective client and engagement additional safeguards may be introduced to help mitigate the identified risks. Any potential independence or conflict of interest issues are documented and resolved in consultation with other parties.

Our firm will decline a prospective client or engagement if a potential independence or conflict issue cannot be resolved satisfactorily in accordance with professional and firm standards, or there are other risk issues that cannot be appropriately mitigated.

Sections 3.3.2.5 and 3.3.2.8 provide more information on our independence and conflict checking policies.

© 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.

3.2.3 Continuance process An annual re-evaluation of all audit clients is undertaken. In addition, clients are re-evaluated earlier if there is an indication that there may be a change in their risk profile. Recurring or long running engagements are also subject to re-evaluation.

This re-evaluation serves two purposes. Firstly our firm will decline to act for any client where they are unable to deliver to our expected level of quality or if they considered that it would not be appropriate to continue to be associated with the client. More commonly we use the re-evaluation process to consider whether or not any additional risk management or quality control procedures need to be put in place for the next engagement (this would include the assignment of professionals or the need to involve additional specialists on the audit).

3.2.4 Client portfolio management Our leadership allocates engagement partners that have the appropriate competence, capabilities time and authority to perform the role.

Each partner’s client portfolio is regularly reviewed to ensure that they have sufficient time to manage the portfolio and to ensure that the risks are being appropriately managed.

3.3 Clear standards and robust audit tools Professional practice, risk management and quality control are the responsibilities of every KPMG professional. We expect our professionals to adhere to the clear policies and procedures (including independence policies) we set and we provide a range of tools to support them in meeting these expectations. The policies and procedures we set for audit incorporate the relevant requirements of accounting, auditing, ethics, and quality control standards, and other relevant laws and regulations.

3.3.1 Audit methodology and tools We dedicate significant resources to keeping our standards and tools complete and up to date. Our global audit methodology, developed by the Global Service Centre (GSC), is based on the requirements of International Standards on Auditing (ISAs). The methodology is set out in the KPMG Audit Manual (KAM) and includes additional requirements that go beyond the ISAs where KPMG believes these enhance the quality of our audits. KPMG member firms may also add local requirements and/or guidance in KAM to comply with additional professional, legal or regulatory requirements.

Our audit methodology is supported by eAudIT, KPMG’s electronic audit tool, which provides auditors worldwide with the methodology, guidance, and industry knowledge needed to perform efficient, high-quality audits. eAudIT has been deployed to all audit professionals in our firm.

© 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.

eAudIT’s activity-based workflow provides engagement teams with ready access to relevant information at the right time throughout the audit, thereby enhancing efficiency and delivering value

to our audit clients. The key activities within the eAudIT workflow are:

Engagement setup Engagement acceptance and scoping.

Team selection and timetable.

Risk assessment Understand the entity and identify and assess risks.

Plan for involvement of specialists and others including, experts, internal audit, service organizations and other auditors.

Evaluate design and implementation of selected controls.

Risk assessment and planning discussion.

Determine audit strategy and planned audit approach.

Testing Test operating effectiveness of selected controls.

Plan and perform substantive procedures.

Completion Update risk assessment.

Perform completion procedures, including overall review of financial statements.

Perform overall evaluation, including evaluation of significant findings and issues.

Communicate with those charged with governance (e.g., the audit committee).

Form the audit opinion.

KAM contains, among other things, procedures intended to identify and assess the risk of material misstatement and procedures to respond to those assessed risks. Our methodology encourages engagement teams to exercise professional skepticism in all aspects of planning and performing an audit. The methodology encourages use of specialists when appropriate and also requires use of certain specialists in the core audit engagement team when certain criteria are met.

KAM includes the implementation of quality control procedures at the engagement level that provides us with reasonable assurance that our engagements comply with the relevant professional, legal, regulatory, and KPMG requirements.

The policies and procedures set out in KAM are specific to audits and supplement the policies and procedures set out in the Global Quality and Risk Management manual that is applicable to all KPMG member firms, functions and personnel. The provisions of International Standard of Quality Control 1 (ISQC-1) are addressed through KAM and through member firm’s implementation of the Global Quality and Risk Management manual.

© 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.

3.3.2 Independence, integrity, ethics and objectivity 3.3.2.1 Overview We have adopted the KPMG Global Independence Policies which are derived from the IESBA Code of Ethics and incorporate, as appropriate, SEC, US PCAOB and other applicable regulatory standards. These policies are supplemented by other processes to ensure compliance with the standards issued by the IFAC Code of Ethics and those required by other applicable regulatory bodies (which may included those of a foreign jurisdiction where those requirements apply extraterriorially). These policies and processes cover areas such as firm independence (covering for example treasury and procurement functions), personal independence, post-employment relationships, partner rotation, and approval of audit and non-audit services.

Our firm has a designated Ethics and Independence Partner (EIP) supported by a core team of specialists to help ensure that we apply robust and consistent independence policies, processes and tools. Ethics and independence policies are communicated through the issue of Risk Alerts and an annual training program. If applicable, amendments to the ethics and independence policies in the course of the year are communicated through the use of Risk Alerts. All our independence policies are available on our Risk Intranet site.

To help ensure ethical conduct, including integrity and independence, our firm, and its personnel must be free from prohibited financial interests in, and prohibited relationships with, the network’s audit clients, their management, directors, and significant owners.



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