The quality of the four major accounting firms is below par. Dijsselbloem Minister (Finance) deems unacceptable. He therefore comes up with stricter laws. The AFM also going tougher action against failing accountants
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writes Dijsselbloem minister in a letter to the Lower House, which is owned by De Telegraaf. Following the shocking scandals string in the accountancy sector in recent years came the AFM today with a damning report. The Ministry also commissioned a study by the Erasmus University Rotterdam.
‘Under the measure’
The investigations show that the quality of the audit by the big four accounting firms ( KPMG, Deloitte, PwC and EY) is below par. Since 2009, the quality hardly improved. The sector this morning presented proposals to improve the quality itself but Dijsselbloem will not be enough. Representing
‘Unacceptable’
Finance Minister Jeroen Dijsselbloem Photo: Reuters
Finance Minister Jeroen Dijsselbloem Photo: Reuters ” The statutory auditor of auditors must be “above reproach writes Dijsselbloem in the letter to the Lower House. “That quality is below par I find unacceptable. The measures proposed by the industry I see as a first step. What is needed now is to strengthen the legal quality and stricter enforcement of the AFM. Only then can we structurally improve the quality of accountants and auditors. The quality check should now be made real. “
stricter supervision
The AFM is therefore tougher action against failing accountants. Accounting firms have a mandatory supervisory board, which strictly supervise the quality. As a result, auditors should have fewer hang to the company whose financial statements they audit their ears. Drivers of audit firms will be screened for suitability by the AFM. There will also be stricter oversight of health care, education and housing associations. This new scandals such as occur in Vestia be. Dijsselbloem also wants to extend the limitation period in the disciplinary rules, so that it stays longer possible for accountants to punish those who have failed in the past.
Damning report
letter Dijsselbloem follows a destructive reporting of AFM, which was presented this afternoon. Especially KPMG scores poorly but Deloitte, EY and PwC not doing their job properly. The AFM speaks of “structural weaknesses” and demands “fundamental improvements.” The watchdog has not yet announced whether the four accounting giants also get fined
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we go again …. fear and panic, the public is going to (even more!) rules questions = more supervision (jobs for former politicians) = even higher costs. Again what freedom lost and finally paid the piper consumers
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This minister needs to take z `own department under the microscope and the failure of Finance and the State Lottery punishable.
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it will be again empty words continue to keep the masses. satisfied Because who knows what lies like Brussels is canceled. For a nice job for him
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Goh a party with it to bags filling has the biggest mouth and delicious privatization see health insurance it has become a great grab paradise, living corporations grabbing and thus you may have to go through thanks to Government of the last 10 years.
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Hr Dijsselbloem. a bit of shouting in the telegraph and call honk in the second chamber solves nothing here again, the true face PvdA
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Exactly four years had the time and the banks too, but the big fat bonuses go on dijsselbloem and nothing is done, even here, on the contrary, and then again to tackle hard now, you’ve given them every opportunity and is now again the alleged innocence hang out and scare, it has only gotten worse over 4 years and the public may coughing up everything! Dijsselbloem departure, because clampdown has nothing to it! Slap hassle!
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Keihard intervene? we hear this for years if it does not go right, they take the bonuses have left and nothing will change that Stoeren cries we know now.
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harsh words with little content, Dijsselbloem has not even been able to get, let alone that he / the greedy and corrupt mess in accounting firms or will address. clear its budget Those high boys do not bite each other;)
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Does the minister of finances there NOW PAS behind, was still visible and already known to the government runs everything for years after the fact!
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I still know a few accountants who merrily messing loose on it. The only thing that is always correct and on time, the bill that they send you, the number of hours you should not complain.
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It’s not really just the larger firms heavily underperforming and far above the hours actually worked invoice.
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Yeah we’re tackling hard again.
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The proposed measures will not change anything. Consider the banker’s oath. Would there be a banker who leaves behind something it located? All little sweetener for the stage.
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Oh yes, he’s going to take tough measures !! He did ….
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Prima that something will be done. Accountants are often ridiculously expensive and not always successful. Ultimately, the entrepreneur responsible even though the auditor makes a mess of it as an entrepreneur must be able to assume that the auditor knows.
tough measures against failed politicians is not wrong
When the government and the AFM they have no understanding of the accounting profession as min as the insurance profession.
They “failure” is not, they cheat! And that’s very different, the profiteers!
Then let them even check where the billions have remained from the EMEA, and the billions that go to Brussels, you hear nothing and see nothing where it is given to
Good plan Dijsselbloem. But all industries working for the common good must be kept properly monitored; education, energy, railways, etc..
Hr Dijsselbloem go even do the job for which you are appointed and stop louchtfietserij agree with that. the ditch mute after the horse has bolted
Not working for nothing and work still ex politicians as a consultant to these companies.
They are slowly waking up there in the cabinet. I hope that their pervades the mess they’ve made of it. And Wilders is right though Dijsselbloem. Boos are cloth but yourself.