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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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© 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.

3.6.1.7 Insightful, open and honest two-way communication with those charged with governance Two-way communications with those charged with governance at our clients are key to audit quality.

Often the audit committee will be the group identified as those charged with governance. We stress the importance of keeping those charged with governance informed of issues arising throughout the audit and of understanding their views. We achieve this through a combination of reports and presentations, attendance at audit committee or board meetings, and ongoing discussions with members of the audit committee.

We deliver insights such as our assessment of the appropriateness of significant accounting practices including accounting policies, accounting estimates and financial statement disclosures, significant deficiencies in the design and operation of financial reporting systems and controls when such deficiencies come to our attention during the course of the audit, and any uncorrected misstatements.

We share our industry experience to encourage discussion and debate with the members of the audit committee.

3.6.1.8 Focus on effectiveness of group audits The conduct of group audits in one of the key aspects of our role and our KPMG Audit methodology covers this in detail. We work effectively with component auditors. The group audit engagement partner is required to evaluate the competence of component auditors, whether they are KPMG Member firms or not, as part of the engagement acceptance process. Additional guidance has been issued in this area and heightened attention is being given to key risk areas for group audits, for example emerging markets and business environments that may be subject to heightened fraud risks.

3.6.2 Client confidentiality, information security and data privacy The importance of maintaining client confidentiality is emphasized through a variety of mechanisms including the Code of Conduct, training, and the annual affidavit/confirmation process, that all of our professionals are required to complete.

We have a formal document retention policy concerning the retention period for audit documentation and other records relevant to an engagement in accordance with the relevant IESBA rules as well as other applicable regulatory bodies’ standards and regulations.

Our firm has clear policies on information security that cover a wide range of areas. Data Privacy policies are in place governing the handling of personal information, and associated training is required for all KPMG personnel.

© 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.

3.7 Commitment to continuous improvement We focus on ensuring our work continues to meet the needs of participants in the capital markets. To achieve this goal, we employ a broad range of mechanisms to monitor our performance, respond to feedback and understand our opportunities for improvement.

Additionally, we have processes in place to proactively identify emerging risks and to identify opportunities to improve quality and provide insights.

3.7.1. Monitoring 3.7.1.1 Internal monitoring KPMG International has an integrated monitoring program that covers all member firms to assess the relevance, adequacy, and effective operation of key quality control policies and procedures. This monitoring addresses both engagement delivery and important KPMG International policies and procedures. The results and lessons from the programs are communicated within each member firm, and the overall results and lessons from the programs are considered at regional and global levels.

Our monitoring procedures involve ongoing consideration of:

the relevance and adequacy of KPMG’s policies and procedures;

the appropriateness of KPMG’s guidance materials;

the effectiveness of training and other professional development activities; and compliance with applicable laws and regulation and member firms’ standards, policies, and procedures.

We use two formal internal inspection programs conducted annually across the Audit, Tax, and Advisory functions, the Quality Performance Review Program (QPR) and the Risk Compliance Program (RCP).

Additionally all member firms are covered over a three-year period by cross-functional Global Compliance Reviews (GCRs) performed by reviewers in the Global Compliance Group who are external to the member firm. These programs are designed by KPMG International and participation in them is a condition of ongoing membership of the KPMG network (see section 2.1 for further details).

© 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.





Quality Performance Reviews (QPRs) The international QPR Program is the cornerstone of our efforts to monitor engagement quality and one of our primary means of ensuring that member firms are collectively and consistently meeting both KPMG International’s requirements and applicable professional standards. The QPR Program assesses engagement level performance in the Audit, Tax, and Advisory functions and identifies opportunities to improve engagement quality. All engagement partners are generally subject to selection for review at least once in a 3-year cycle. The reviews are tailored to the relevant function, performed at a member firm level, generally overseen by a Lead Reviewer from outside the member firm, and are monitored regionally and globally. Remedial action plans for all significant deficiencies noted are required at an engagement and operating firm level. We disseminate our findings from the QPR program to our professionals through written communications, internal training tools, and periodic partner, manager and staff meetings. These areas are also emphasized in subsequent inspection programs to gauge the extent of continuous improvement.

Lead Audit Engagement Partners (LAEPs) are notified of less than satisfactory engagement ratings on their respective cross-border and/or global audit accounts and subsidiaries. Additionally LAEPs of global audit accounts are notified where a subsidiary of their global account is audited by a member firm where quality issues have been identified during the Audit QPR.

Risk Compliance Program (RCP) The RCP is a member firm’s annual self-assessment program. The objectives of the RCP are to monitor, assess, and document firm-wide compliance with the system of quality control established through KPMG International's quality and risk management policies and applicable legal and regulatory requirements as they relate to the delivery of professional services. The program is overseen and monitored regionally as well as globally.

Global Compliance Review Programs (GCRs) GCRs are performed by reviewers external to the member firm led by the Global Compliance Group and are carried out over a three-year cycle. These reviews focus on significant governance, risk management and independence and finance processes (including an assessment of the robustness of the firm’s RCP Program). In the event that a GCR identifies significant issues that require immediate or near-term attention, a follow-up review will be performed as appropriate.

All three programs require action plans to address identified issues, with timelines, to be developed by the member firm, and these actions to improve performance are followed up at the regional and global level to ensure that the actions are addressing deficiencies with the objective of continuous improvement.

© 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.

3.7.1.2. External monitoring The AFM (the Netherlands Authority for the Financial Markets) did approve registration in Fiscal Year 2010 of KPMG Accountants B.V. as a third country auditor, based on interalia summary information on the quality control system.

The NIVRA performed a quality review in the period 30 November 2007 to 3 December 2007. The scope of this review comprised of the organizational set-up of the office, including the quality control system and audit file reviews. The results were good. The inspection has not identified any issues that have a material impact on the conduct of our statutory audit business.

Our firm is also registered with the POB UK (Professional Oversight Board).They renewed the firm’s registration as a Third country audit entity.

3.7.2 Client feedback In addition to internal and external monitoring of quality, we operate a formal program where we actively solicit feedback from management and those charged with governance on the quality of specific services that we have provided to them. The feedback that they receive from this program is formally considered by our operating firms and individual client service teams to ensure that we continually learn and improve the levels of client service that we deliver. Any urgent actions arising from client feedback are followed up by the engagement partner to ensure that concerns on quality are dealt with on a timely basis.

3.7.3 Monitoring of complaints We have robust procedures in place for handling complaints received from clients relating to the quality of our work. These procedures are detailed in our general terms of business.

3.7.4 Interaction with regulators At an international level KPMG International has regular two way communication with the International Federation of Independent Audit Regulators (IFIAR) to discuss issues identified and actions taken to address such issues at a network level.

The four key areas of focus identified by IFIAR have been addressed in this report at:

Group Audits – see section [3.6.1.8] Professional skepticism – see section [3.6.1.2];

Engagement quality review – see section [3.6.1.5]; and Use of specialists – see section [3.5.3].

3.7.5 Other assessments of audit quality This requirement has been incorporated into the description at section 3.

© 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.

4. Financial Information This report contains the total fee income generated from clients with securities traded in the European Union. All such fee income of the audit firm relates to fees for statutory audits. The financial year of KPMG Accountants B.V. runs from 1 October to 30 September. The total fee income of those components of the network of KPMG Accountants B.V. that can be understood to relate to services rendered to clients with securities traded in the European Union for the 2012/2013

financial year amounted to USD 0,- the breakdown of which is as follows, in USD:

–  –  –

© 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.

5. Partner remuneration Partners’ profit share This requirement has been incorporated into the description at section 3 “System of Quality Control” at subsection 3.4 “ recruitment, development and assignment of appropriately qualified people”. In addition to this, within KPMG Accountants B.V. only partners and duly authorized directors act as external auditors.

The partners receive fixed management fees on the basis of management agreements between the firm and their respective management companies. The management fee that the partner receives through his management company serves as a reward for services provided as a professional practitioner. In additional to the management fees, the partners, through their personal holding companies, are partners in KPMG Holding C.V. and receive a profit share each year based on the result of KPMG Holding C.V. and the length of service.

© 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.

6. Network arrangements

6.1 Legal Structure The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative which is a legal entity formed under Swiss law. The KPMG network consists of approximately 145,000 personnel working in some 150 countries. For the year ended 30 September 2013 the aggregate revenues in USD* from the member firms comprising the network may be published on a later date.

KPMG International carries on business activities for the overall benefit of the KPMG network of member firms but does not provide professional services to clients. Professional services to clients are exclusively provided by its member firms.

The structure is designed to support consistency of service quality and adherence to agreed values wherever in the world the member firms operate. One of the main purposes of KPMG International is to facilitate the provision by the member firms of high quality Audit, Tax, Advisory services to their clients. For example, KPMG International establishes, and facilitates the implementation and maintenance of, uniform policies and standards of work and conduct by member firms and protects and enhances the use of the KPMG name and brand.



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