The four largest accounting firms in the country are once again heavily fallen through the ice after a quality review of the financial watchdog AFM. According to a scathing report that was presented this afternoon
by AFM.
Especially KPMG scores bad, 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
Out
The AFM has ten statutory audits from the period 2012 to each of the four audit firms -. 2013 reviewed so does the watchdog known. The number of “unsatisfactory” statutory audits is four at Deloitte, EY three by seven at KPMG and four by PwC. In total, the AFM, the quality of eighteen of the forty (45%) assessed statutory audits as ‘insufficient’ scheme. That is only a marginal improvement over the previous AFM reporting
Read also:. Scandals KPMG
“In these statutory audits the auditors in the opinion of the AFM is insufficient and not appropriate audit evidence obtained to support the auditor’s report issued. The checks are therefore under the measure, “writes the AFM. The watchdog also demands strong measures.
Distance
They come there too. This morning was a special working group already known a range of measures. Thus, management and supervision of the auditor giants spaced. The remuneration of auditors is made more dependent on the quality of work.
KPMG CEO Jan Hommen calls the AFM reporting “very disappointing.” But according to him is “control system” KPMG not in question. Instead, it’s all about failing individual partners. However, the chief executive who has intervened at KPMG, already much has great confidence in the future. He calls the morning proposals presented ‘solid’ and think that they are a sufficient basis to recover. Confidence in the beleaguered profession
Fines
But Professor forensic accounting Marcel Pheijffer Nyenrode has reservations. ,, In fact, the AFM says that if the financial statements are correct, that is not thanks to but despite the accountants. This type of failure may be so but a new affair as cause Vestia, with all the damage that entails. It would be logical if the AFM, despite the promised improvement still handing out fines. “He also doubts the effectiveness of the proposed measures earlier today. Who could have on the technique of accountancy. Too little impact is precisely the technique is enormous verslonsd .
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But the big banks they do not dare to tackle. Too much intertwined with politics! Maybe Wouter Bos can provide clarification?
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Well! The champagne corks popping in the OK-guru Okkerse ratings Institute! What he said all the time and is now being written by a third party, the AFM, confirmed “The assessment by the auditors of the financial statements is severely below par!” Let’s hope that these accountants soon an agreement with the Institute close OK to apply. OK score with their customers Do not need the full 100 to be% assessment but at least 30% – and public! That we may INVESTMENT! When investors feel confident
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Thanks for the AFM has become awake hopefully with the Dutch Central Bank. The problem is that Municipalities will power on participation. But lacking knowledge and control of officials. Multatuli has already warned against this chaos.
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Then forget the AFM the other accountants and advisors offices, which are to be found! throughout the particular Alpha can play some, with its hourly rate, while other offices of the same company for half 75,00 euro per hour, can do! Advice you get hardly and they may love to count! Doing make mistakes and do not make excuses, it should pay attention to yourself, with the resulting call again and they rely, called 20 minutes, you may alarm there next turn, just accountants, one hourly rate, as well as lawyers, just drop off!
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Fortunately not suffer the rewards underneath.
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Watchdog AMF. provides no penalties to the accounts but shall determine the amount of the bonus fixed’re all money from the community.
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acccountants let them know that their very high salaries really not been able to lower …………
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And still the leadership of the accounting firms stuck to the outrageously high salaries for job so bad that it can be. not even mentioned debatable The men and women may be better to do it with all Holland baked bunch cake bakers. The worst thing is that companies suffer from bad working capital which must be paid. The leaders may also return their loft in the chat, with high salaries the best out inside, now we see the result. For all companies, it is good to have a good think about this madness.
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Fortunately, they are well paid.
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So they do their job well, but in the meantime catch it fat bonuses. Again let the bonus policy that this does not lead to better performance, the contrary is proved again
But who will give the failing AFM doing a bang?
Was the AFM but also as active as it was failing advisors for individuals, zzzzzzzz yawn!