(Photo: HH)
the Financial Markets Authority has handed out fines to the four major accounting firms; Deloitte, EY, KPMG and PwC. They have failed in the audits of 2012 and some in 2011.
According to the AFM, the violation ‘serious’ and justified fines. EY gets by € 2.2 million, the largest fine. Deloitte has to pay € 1.8 million, € 1.2 million, KPMG and PwC € 0.8 million.
legal duty failed
research by the regulator showed that the four stabbing dropped at the controls of some accounts. In several audits examined the existence of such failures by the AFM that the auditor upon issuance of the auditor’s report had not obtained sufficient and no appropriate audit evidence, the AFM writes. Thus, the four branches of their legal obligation to comply with the professional rules failed. Investors, creditors and other stakeholders thus could not rely on the judgment of the auditor. The AFM had already published the results of the investigation in September 2014.
In the case of Deloitte, EY and KPMG were in a 2010 report also identified shortcomings. In subsequent years, all three were fined. With them last year was therefore guilty of an offense. PwC found for the first time faults in 2014.
Improve Measures
Commenting says KPMG lessons to have learned from the past. “We give absolute priority to further improving the quality of our audit work in the present and the future,” said board member Egbert Eeftink, “knowing that the impeccable quality of our audit work is needed to restore public confidence.”
Also, Deloitte stressed that it has implemented measures in recent years and invested to improve quality control and quality assurance. The company claims that the files and are not sufficiently identified by the AFM has re-evaluated, but that it sees no reason to revoke the certificates
the regulator has conducted a review of the audits in 2015 and does so again this year
No comments:
Post a Comment