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Transparency Report 2020 (Part 2) | Ernst & Young Accountants

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Transparency Report 2020 (Part 2) | Ernst & Young Accountants Transparency Report 2020 Part 2 Ernst & Young Accountants LLP Ernst & Young Accountants LLP 1 | Transparency Report 2019 – 2020 Part 2: Ernst & Young Accountants LLP Contents About us ....................................................................................................................................................... 3 Legal structure, ownership and governance .................................................................................................. 3 Network arrangements ............................................................................................................................... 5 Commitment to Sustainable Audit Quality ....................................................................................................... 7 Infrastructure supporting quality ................................................................................................................. 7 Dutch quality and risk infrastructure ............................................................................................................ 8 Instilled professional values ....................................................................................................................... 10 Internal quality control system .................................................................................................................. 11 Client acceptance and continuance ............................................................................................................ 13 Performance of audits .............................................................................................................................. 14 Review and consultation ........................................................................................................................... 16 Rotation and long association .................................................................................................................... 18 Audit quality reviews ................................................................................................................................ 18 External quality assurance review .............................................................................................................. 21 Compliance with legal requirements ........................................................................................................... 22 Litigation ................................................................................................................................................ 24 Independence practices ............................................................................................................................... 26 Continuing education of audit professionals ................................................................................................... 29 Revenue and remuneration........................................................................................................................... 31 Financial information ................................................................................................................................ 31 Partner remuneration ............................................................................................................................... 31 Statement of th eBoard of Directors ............................................................................................................. 34 Appendix 1: List of PIE audit clients .............................................................................................................. 35 Appendix 2: List of approved EYG member firms in an EU or EEA member state ............................................... 37 Appendix 3: Biographies .............................................................................................................................. 39 Appendix 4: Key Performance Indicators ....................................................................................................... 43 Appendix 5: Glossary ................................................................................................................................... 48 2 | Transparency Report 2019 – 2020 Part 2: Ernst & Young Accountants LLP About us In Europe, there is a holding entity, EY Europe SCRL Legal structure, ownership (EY Europe). EY Europe is a Limited Liability Cooperative Company (SCRL or CVBA) incorporated in and governance Belgium. It is an audit firm registered with the Institut des Reviseurs d’Entreprises (IRE-IBR) in Belgium, but it Ernst & Young Accountants LLP (EYA) is an audit firm does not carry out audits or provide any professional operating in the Netherlands and is organized as a UK services. Limited Liability Partnership. EYA is a member firm of Ernst & Young Global Limited, a UK company limited by To the extent permitted by local legal and regulatory guarantee (EYG). In this report, we refer to ourselves requirements, EY Europe has acquired or will acquire as “EYA,” “we,” “us” or “our.” EY refers collectively to voting control of the EYG member firms operating in the global organization of the member firms of EYG. Europe. EY Europe is a member firm of EYG. EY Europe acquired voting control of Ernst & Young Our firm engages in various professional activities Nederland LLP as of 29 March 2019. through the service line Assurance. The Board of Directors of EY Europe is made up of EYG member firms are grouped into three geographic senior partners of EYG member firms in Europe. It has Areas: Americas; Asia-Pacific; and Europe, Middle authority and accountability for strategy execution and East, India and Africa (EMEIA). The Areas comprise management of EY Europe. multiple Regions, which themselves consist of member firms. Ownership Our activities in the Netherlands are part of the EMEIA Our firm is owned by the private practice companies of Area, which comprises EYG member firms in 97 our partners in the Netherlands (“members”). Apart countries in Europe, the Middle East, India and Africa. from holding a stake in EYA, our members also co-own Within the EMEIA Area, there are 10 Regions. As of 1 Ernst & Young Nederland LLP, together with the July 2017, the Netherlands forms part of the WEM members of Ernst & Young Belastingadviseurs LLP and Region (Western Europe & Maghreb). This Region does the members of EY Advisory Netherlands LLP. not include the financial sectors in the WEM countries, as these industry sectors are part of the EMEIA Control Financial Services Reghio. Although Financial EY Europe obtained voting control in Ernst & Young Serrvices constitutes a separate Region within EMEIA, Nederland LLP on 29 March 2019 and therefore in this Transparency Report, we report all activities of maintains indirect control over our firm. EYA, including Financial Services with respect to The Board of Directors of EY Europe is made up of assurance in the Netherlands. senior partners of EYG member firms in Europe. It has Ernst & Young (EMEIA) Limited (EMEIA Limited), an authority and accountability for strategy execution and English company limited by guarantee, is the principal management of EY Europe. coordinating entity for the EYG member firms in the EMEIA Area. EMEIA Limited facilitates the coordination EY Europe of these firms and cooperation between them, but it does not control them. EMEIA Limited is a member firm of EYG, has no financial operations and does not Ernst & Young provide any professional services. Nederland LLP Each Region elects a Regional Partner Forum (RPF), Ernst & Young whose representatives advise and act as a sounding Ernst & Young EY Advisory Belastingadviseurs board to Regional leadership. The partner elected as Accountants LLP Netherlands LLP LLP Presiding Partner of the RPF also serves as the Region’s representative on the Global Governance Council (see page 5). 3 | Transparency Report 2019 – 2020 Part 2: Ernst & Young Accountants LLP Organization Governance of the Audit Firm • The network of EYA operates from 15 offices in The Board of Directors of EYA is responsible for the the Netherlands and comprises: reputational, financial and commercial standing of our • Ernst & Young Nederland LLP firm as cornerstones of its sustainable success. • Ernst & Young Belastingadviseurs LLP – tax Appointment procedures, time in office and other services relevant personal details of members of the Board are • EY Advisory Netherlands LLP – (transaction) published on our website. advisory services • Ernst & Young Actuarissen B.V. – actuarial The Board manages our firm’s operational and services financial effectiveness, its compliance with local and • Ernst & Young CertifyPoint B.V. - independent and international professional standards and audit impartial certification regulations, the implementation of our assurance • Ernst & Young VAT Rep B.V. – VAT representation strategy, methodology and tools, and the sufficiency • Ernst & Young Real Estate Advisory Services B.V. of our resources. – real estate investment advice and valuations • Stichting Ernst & Young Foundation – support for The members of the Board of Directors of EYA are initiatives by not-for-profit organizations appointed by Ernst & Young Nederland LLP. There are regarding sustainability and environmental issues currently seven Board members: Rob Lelieveld (Chair), • Centre B.V. - EPM services, including financial André Wijnsma (Markets), Nico Pul (Quality), Patrick consolidation, budgeting, planning and Gabriëls (Innovation), Mirjam Sijmons (Talent
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