2012/2013. Re Focus. Integrated View on FY 2012/2013. Integrated Report of KPMG N.V. Including the KPMG Accountants N.V. Transparency Report

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1 Re Focus 2012/2013 Integrated Report of KPMG N.V. Including the KPMG Accountants N.V. Transparency Report Re Focus Integrated View on FY 2012/2013 (including the Transparency Report of KPMG Accountants N.V.)

2 Contents 1 Stepping up to the plate Introduction Public opinion in the Boardroom Refocus Mandatory firm rotation In closing About this report Inside-out: why we are here Our Purpose How we live it: our values and beliefs How we do it: our Value Creation Cycle What we will do to achieve this: our strategy Outside-in: managing expectations Who we are Governance Who our stakeholders are Stakeholder expectations Risk management Material issues: linking expectations with our strategic objectives Be Relevant Reputational issues Quality Performance Reviews Market Presence Client feedback Firm Independence Consultation with specialists Innovation Be the Standard Personal independence Compliance & Claims External inspections (Audit) Be the Community of Choice Skill development and knowledge contribution Employee benefits expenses Diversity Be Responsible Sustainable Profit Equity partner remuneration

3 7.3 Sustainability performance Statement on effectiveness of quality controls and independence Appendices Governance and network arrangements Public Interest Entities ( organisaties van openbaar belang ) audited by KPMG Accountants N.V GRI Disclosure table Glossary

4 1 Stepping up to the plate 1.1 Introduction The past year was characterised by three dominant themes: the continued adverse economic climate, issues related to our role at audit clients and the mandatory audit firm rotation. Economic and market conditions remained difficult which affected predominantly our Advisory business. The profit before tax in Audit increased by EUR 1.7 million (2.0%) and the profit before tax in Advisory decreased by EUR 17.8 million (29.7%). Advisory marked a lower result than the previous year, particularly as we have seen lower levels of deal activity in our Transactions & Restructuring practice. In Audit we experienced continued pressure on fees. As a result of the legislation to rotate auditors and an analysis of our current high market share in the top segment, we expect a further decline in Audit revenues. This will, however, also result in more opportunities for Advisory and, as a result, we expect Advisory revenues slightly to increase. Due to a number of measures we expect an improvement in profitability in the coming financial year. The total number of staff in the Netherlands is expected to decline in line with the decline in revenues and a further build up of capacity in India to assist our professionals in the Netherlands. We continue to invest in the long-term success of the organisation, especially in our people and the growth and quality of our services. 1.2 Public opinion in the Boardroom The intense media attention for issues at our clients and in fact the public opinion joining us in the Boardroom, represents new dilemmas for us as a profession and a firm. Whereas we want to be transparent, and address the call to arms from our stakeholders and society at large to explain our role and position in these issues, we were often withheld from such transparency by both requirements of client confidentiality as well as legal constraints. Once or twice in your lifetime you are tested for all you believe in. We knew the challenges would be steep with a continued adverse economic climate, issues related to our audit performance and the effects of the mandatory firm rotation. The settlement with the Public Prosecutor s Office (PPO), however, struck at the root of our existence and was one which we never expected even in our worst case scenarios. Quality, ethics and integrity are the pillars of the KPMG organisation. Any violation thereof will not be tolerated. KPMG has not hesitated to act in cases where the firm s service quality has not met the very highest of standards. The measures we have taken, and shared with the AFM, on top of the programme we have already started to assure the highest possible level of integrity, give us complete confidence that KPMG is ready for the future. A future in which a stronger and better KPMG will demonstrate its clear focus on quality, ethical conduct and integrity. 1.3 Refocus But we learn and want to improve, both in our day to day audit and advisory work and in the way we communicate. In itself, it represents a new challenge for us, and the audit profession at large. That is why we titled last year s report Re View. We needed to review our thinking on the profession and our service delivery. We continued on that path by concentrating this fiscal year on the question of why we are here. We wanted to reconnect with our purpose and in doing so refocus our attention to what matters most: we cannot function without the unconditional trust of our clients, our people and society. In July 2013 we commenced a series of interviews and workshops with KPMG employees and external parties to develop an understanding of what KPMG is and stands for at its root (see also 2.1). We value an open and honest dialogue with stakeholders and our actions should be geared towards building and maintaining public trust by delivering undisputed quality of our service. We have included our learnings and discoveries in our strategic programme Regaining Public Trust (see 2.4.2). We are halfway through our exercise of defining, designing 4

5 and implementing KPIs associated with our purpose and value creation cycle. We expect to report on those KPIs in next year s integrated report. 1.4 Mandatory firm rotation We are just on the eve of the full firm rotation, which will be mandatory per 2016, but there are clients that wish to rotate sooner than that. KPMG historically has a large representation in PIE/OOB audit clients and for which we will no longer be able to provide audit services for the next 8 years, such as for AkzoNobel, Heineken, and Royal Philips. Although anticipated and being well prepared, the efforts needed to participate in tens of audit tenders in a few months, represents an unprecedented challenge for our organisation. We remain relevant and therefore take great pride in the recent wins of industry leaders such as ASMI, Eumedion, Pon Holdings, Royal HaskoningDHV, Robeco, and Unilever. 1.5 In closing We look back on a turbulent year. The near future will remain uncertain and challenging but with our highly competent and determined professionals we are well positioned to cope with these challenges and we are confident that we can seize future opportunities. 1.6 About this report Although we are in favour of integrated or comprehensive reporting, we have chosen to publish a transparency report separate from our financial statements, as we wanted to include the events and developments of the settlement with the PPO into our reporting of this year rather than treating it as a post balance sheet event. We hope that you as the readers of this report will appreciate that decision. This report does of course address all the legal requirements of the Wta. Consequently it incorporates disclosures on the system of quality controls, ethics and independence policies and procedures as well as descriptions of legal and organisational governance. The mandatory statement on the effectiveness of the system of quality controls is also included. This report is structured as follows. Why we are here, what we stand for and believe in will be the subject of chapter 2, after which chapter 3 will provide an overview of the most significant topics based on our extensive stakeholder dialogue and materiality assessment. Chapters 4-7 provide the results of the FY under review with each chapter representing one of our strategic pillars: Be Relevant (Markets), Be the Standard (Quality), Be the Community of Choice (People) and Be Responsible (Operational Excellence and CSR). Amstelveen, 31 December 2013 Jurgen van Breukelen Senior Partner / Head of Advisory Jaap van Everdingen Chief Operating Officer Marc Hogeboom Head of Audit Martine Frijlink Head of Quality, Risk & Human Resources 5

6 2 Inside out: why we are here 2.1 Our Purpose Today s challenges are universal, and call for leaders who inspire confidence through their trusted insight, expertise and comprehensive view. Leaders who have the courage and humility to do the right thing and provide moral certainty in uncertain times. From the days of Klynveld, Peat, Marwick and Goerdeler, we have led with truth and transparency, earning the trust of our clients and each other. Today, KPMG continues to gain trust and lead our profession in the right direction. Through our expertise, our forward thinking, our global mindset and our passion we have the collective insight, foresight, and courage to lead in today s complex world. In our fast-paced, complex world organisations, businesses, governments and communities need to be able to adapt to change. Whether applied globally or locally, to the world s biggest challenges or a market s smallest issues we help enable informed decision making. In our view that requires an understanding of facts and opinions embedded in the interactions between people, processes and systems. Hence, our strong belief in multidisciplinary teams of Audit, Tax and Advisory, where we foster independent views, input and dialogue, because we transcends me. We bring the fluidity, flexibility and sound judgment required to achieve sustainable and insightful change in the world, in our organisations and in our communities. We believe there is power in deliberate action and that everything we do can positively impact those who come after us. That s why we will always act with future generations in mind, with clear and complete vision. Helping make the world a better place by empowering positive change. We believe in individual responsibility, personal growth and dedicated teamwork. We crack the code with outstanding professionals that are alert, sharp observers with a hands-on attitude. We thrive in team collaboration and spirit building on mutual respect and fun. We believe in hard work and stretching ourselves to become more every day. 6

7 2.2 How we live it: our values and beliefs Our purpose is supported by our values, which are documented in our Code of Conduct, available to every KPMG professional on the desktop of their computers and on our intranet. We deliver on our core values every day. We lead by example at all levels in a way that exemplifies what we expect of each other and our clients. We work together to bring out the best in each other and create strong and successful working relationships. We respect the individual for who they are and for their knowledge, skills and experience as individuals and team members. We seek the facts and provide insight by challenging assumptions and pursuing facts to we strengthen our reputation provide insight as trusted and objective business advisers. We are open and honest in our communication and share information, insight and advice frequently and constructively and our communication managing tough situations with courage and candour. We are committed to our communities to act as responsible corporate citizens by broadening our skills, experience our communities and perspectives through work in our communities. We act with integrity and are constantly striving to uphold the highest professional standards, provide sound advice and rigorously maintain our independence. Radiating from our core values are our core beliefs of how we define ourselves. In delivering the KPMG difference we are committed on a daily basis to being the experts with a global mindset, who are passionate and value-adding by being forward-thinking. 2.3 How we do it: our Value Creation Cycle Experts: we provide deeper insights. Global Mindset: we think beyond borders. Passionate: we will go further! Value-adding: we strive to enhance performance. Forward-thinking: we anticipate change. Based on our purpose and values, our promise to the market is Cutting Through Complexity. Our value creation cycle (see figure 1), consisting of 7 interlinked elements, provides an overview of the main drivers we identify in delivering our high quality services to our clients and serves as a framework for our system of quality controls. The value creation cycle, including underlying policies and procedures, is designed to also comply with the requirements prescribed by the legislator through the Supervision Act on Audit Firms (Wta) and its accompanying Decree to the Supervision Act on Audit Firms (Besluit toezicht accountantsorganisaties; hereafter Bta). The Wta and Bta are relevant to firms that perform statutory audits and assurance engagements and encompass the standards issued by the International Federation of Accountants (IFAC), including International Standard on Quality Control 1. These policies and associated procedures are designed to assist the Firm in complying with relevant expert standards, regulatory and legal requirements, and in issuing reports that are appropriate in the circumstances. In addition, our policies and procedures and systems of quality control are also designed to meet the rules and standards issued by regulators such as the US Public Company Accounting Oversight Board (PCAOB). Value creation is the responsibility of all KPMG personnel. This responsibility includes the need to understand and adhere to member firm policies and associated procedures in carrying out their day-to-day activities. At KPMG, quality is not just about getting the job done. It is about the processes, thought and integrity behind our work that count. Our professional scepticism, drive and passion for our work are equally important. This means, above all, being independent, compliant with relevant legal and professional requirements. 7

8 2.3.1 Tone from the Top Figure 1. Our Value Creation Cycle. For us, tone from the top means that our leadership clearly demonstrates and communicates its commitment to quality, ethics and integrity. Internal surveys show that we employ professionals that are very committed to delivering quality services. We also have created a culture within KPMG that allows professionals to vent their concerns and difficulties so that we can resolve our challenges as a team. In addition, we maintain a proper tone from the top regarding quality and adhering to policies and procedures. However, to ensure we progress in terms of quality, consistent attention and monitoring of our quality mindset is quintessential to our sustainable success. Tone from the top therefore sits at the core of our value creation and helps ensure that the right behaviours permeate across our entire firm. Integrity is a critical characteristic that stakeholders expect and rely on. It is also the key KPMG Core Value: Above all, we act with Integrity. For us, integrity means constantly striving to uphold the highest professional standards in our work, providing sound good-quality advice to our clients and rigorously maintaining our independence. Our Values, which have been explicitly codified now for a number of years, are embedded into our working practices. For example, they are reflected in the performance appraisal process that our people follow and adherence to these Values is also reviewed when our people are considered for promotions to more senior positions, including partner. Our Code of Conduct incorporates our Core Values and defines the standards of ethical conduct that we require from our firms and our people. The Code of Conduct was updated in 2012 to reflect changes in laws, regulations and professional ethics. It sets out KPMG s ethical principles, and helps partners and employees to understand and uphold those principles. The Code of Conduct emphasises that each partner and employee is personally responsible for following the legal, professional, and ethical standards that apply to his or her job function and level of responsibility. It has provisions that require KPMG people to: Comply with all applicable laws, regulations and KPMG policies; Report any illegal acts, whether committed by KPMG personnel, clients or other third parties; Report breaches of risk management policies by KPMG firms or people; Uphold the highest levels of client confidentiality; Not offer, promise, make, solicit or accept bribes (whether directly or through an intermediary). The commitments in our Code of Conduct underlie our values-based compliance culture where individuals are encouraged to raise their concerns when they see behaviour or actions that are inconsistent with our Values or professional responsibilities. 8

9 Our process for admission to the partnership is rigorous and thorough, involving appropriate members of our group s leadership. This procedure includes a business case and a personal case for the individual candidate. Our key criteria for admission to partner are consistent with a commitment to professionalism and integrity, quality and being an employer of choice. Anyone who is being considered for promotion to partner within KPMG Europe LLP is evaluated against criteria which include evidence of the way that an individual has managed quality and risk as well as their overall adherence to our Values (at the heart of which is the overriding value of integrity). Similarly, attitude to quality and risk is explored for any external partner hires that we are considering. It goes without saying that the PPO-settlement triggers internal debate on our tone from the top and the values that exemplify that tone. As from January 2014, we will commence an intensive cultural programme, designed to discuss our findings as a result of the case, emanate that such behaviour and practices are intolerable in today s KPMG and to instil a professional mindset geared towards outstanding quality based on undisputed ethics and integrity Association with the right clients Prospective client and engagement evaluation process Before accepting a client, we undertake an evaluation of the prospective client. This involves an assessment of its principles, its business, and other service-related matters. This also involves background checks on the prospective client, its key management and beneficial owners. A key focus is on the integrity of management at a prospective client. A second partner, as well as the evaluating partner, approves the prospective client evaluation. Where the client is considered to be high risk a quality and risk management partner is involved in approving the evaluation. Each prospective engagement is also evaluated; in practice this may be completed at the same time as the client evaluation, particularly in respect of audit appointments. The engagement partner evaluates a prospective engagement in consultation with other senior personnel and quality and risk management leadership as required. A range of factors is considered as part of this evaluation, including potential independence and conflict of interest issues (including use of Sentinel TM, our worldwide online tool for accepting engagements), as well as a range of factors specific to the type of engagement, including for audit services, the competence of the client s financial management team. In addition, when taking on a statutory (legal) audit for the first time, the prospective engagement team is required to perform additional independence evaluation procedures including a review of any non-audit services provided to the client and of other relevant relationships. Depending on the overall risk assessment of the prospective client and engagement, additional safeguards may be introduced to help mitigate the identified risks. Any potential independence or conflict of interest issues are documented and resolved prior to acceptance. We will decline a prospective client or engagement if a potential independence or conflict issue cannot be resolved satisfactorily in accordance with professional and firm standards, or there are other quality and risk issues that cannot be appropriately mitigated Continuance process We undertake an annual re-evaluation of all audit clients. In addition, clients are re-evaluated earlier if there is an indication that there may be a change in their risk profile. Recurring or long-running engagements are also subject to re-evaluation. This re-evaluation serves two purposes. Firstly, we will decline to act for any client who is unable to deliver to our expected level of quality or if we consider that it would not be appropriate to continue to be associated with the client. Secondly, and more commonly, our firms use the re-evaluation process to consider whether or not any additional risk management or quality control procedures need to be put in place for the next engagement (this may include the assignment of additional professionals or the need to involve additional specialists on the audit). 9

10 2.3.3 Clear standards and robust tools All of our professionals are expected to adhere to KPMG policies and procedures (including independence policies) that we set. We provide a range of tools to support them in meeting these expectations. The policies and procedures set for the Audit function also incorporate the relevant requirements of accounting, auditing, ethics, and quality control standards, and other relevant laws and regulations Personal independence We provide all relevant personnel (including all partners and client service professionals) with annual independence training appropriate to their grade and function and provide all new personnel with relevant training when they join. All personnel are required to sign an independence confirmation upon joining one of our operating firms. Thereafter, professionals are required to provide an annual confirmation that they have remained in compliance with applicable ethics and independence policies throughout the period. This confirmation is used to evidence the individual s compliance with and understanding of the operating firm s independence policies. KPMG International policy extends the IESBA Code of Ethics restrictions on ownership of audit client securities to every member firm partner in respect of any audit client of any member firm. Our professionals are responsible for making appropriate enquiries to ensure that they do not have any personal financial interests that are restricted for independence purposes. In common with other member firms of KPMG International, we use a web-based independence tracking system (KICS) to assist our professionals in their compliance with personal independence investment policies. This system contains an inventory of publicly available investment products (including the Publicly Held Audit Clients List, or PHAC list). Partners and client-facing managers are required to use this system prior to entering into an investment to identify whether they are able to do so. They are also required to maintain a record of all of their investments in the system, which automatically notifies them if their investments subsequently become restricted Firm independence Audit partner rotation Audit partners are subject to periodic rotation of their responsibilities for audit clients under applicable laws and regulations and independence rules. These limit the number of years that partners in certain roles may provide audit services to an audit client. Our policies are consistent with the IESBA Code of Ethics and also require us to comply with any stricter applicable rotation requirements. The rotation monitoring is subject to compliance testing. Non-audit services and conflicts of interest KPMG policies, consistent with IESBA principles and applicable laws and regulations, require the lead audit engagement partner to evaluate the threats arising from the provision of non-audit services and the safeguards available to address those threats. KPMG International s proprietary system, SentinelTM, facilitates compliance with these policies. Lead audit engagement partners are required to maintain group structures for their publicly traded and certain other audit clients and their affiliates in the system. Every engagement entered into by any KPMG member firm in our network is required to be included in the system prior to starting work. The system then enables lead audit engagement partners for restricted entities to review and approve, or deny, any proposed service wherever in the world the service is proposed to be provided and wherever the member firm is based. SentinelTM system is also used to identify and manage potential conflicts of interest within and across member firms. Any potential conflict issues identified are resolved in consultation with other parties as applicable, and the resolution of all matters is documented. An escalation procedure exists in the case of 10

11 dispute between member firms. If a potential conflict issue cannot be resolved, the engagement is declined or terminated. It may be necessary to apply specific procedures to manage the potential for a conflict of interest to arise or be perceived to arise so that the confidentiality of all clients affairs is maintained. Such procedures may, for example, include establishing formal dividers between engagement teams serving different clients and making arrangements to monitor the operation of such dividers. Business relationships/suppliers We have policies and procedures in place that are designed to ensure that business relationships are maintained in accordance with the IESBA Code of Ethics and any additional applicable independence requirements. Compliance with these policies and procedures is reviewed periodically. Our Supplier Code of Conduct also contains Corporate Social Responsibility (CSR) and Diversity objectives and we require our suppliers to adopt our Supplier Code. As one of the industry leaders, we fully support the development of CSR in our supply chain. We are profoundly convinced that issues such as child labour, forced labour, slavery, discrimination, inequality, corruption and bribery, large-scale devastation of our natural habitats as well as other forms of ethical wrongdoing no longer should prevail in the 21st century. In this respect, we enhanced the KPMG CSR Supplier Code to support our ambitions to take our responsibility in our secondary supply chain a step further Audit methodology and tools Significant resources are dedicated to keeping our standards and tools complete and up to date. Our global audit methodology, developed by the Global Service Centre (GSC), is based on the requirements of International Standards on Auditing (ISAs). The methodology is set out in the KPMG Audit Manual (KAM) and includes additional requirements that go beyond the ISAs where KPMG believes these enhance the quality of our audits. KPMG Europe LLP s operating firms may also add local requirements and/or guidance in KAM to comply with additional professional, legal or regulatory requirements. Our audit methodology is supported by eaudit, KPMG s electronic audit tool, which provides KPMG auditors worldwide with the methodology, guidance, and industry knowledge needed to perform efficient, high-quality audits. eaudit has been deployed to all audit professionals. eaudit s activity-based workflow provides engagement teams with ready access to relevant information at the right time throughout the audit, thereby enhancing effectiveness and efficiency and delivering value to our audit clients. KAM contains, among other things, procedures intended to identify and assess the risk of material misstatement and procedures to respond to those assessed risks. Our methodology encourages engagement teams to exercise professional scepticism in all aspects of planning and performing an audit. The methodology encourages the use of specialists when appropriate and also requires the use of certain specialists in the core audit engagement team when certain criteria are met Advisory methodologies and tools The materials included in our Advisory Services Directory are developed and updated, in response to specific needs articulated by Advisory leadership. Importantly, development is both a field-driven and collaborative process. It brings together representatives of member firms with KPMG s Global Services Centre to produce globally-available resources that address client needs. The toolkits library contains methods, tools and knowledge resources that have been developed to support Advisory professionals as they deliver services and build client relationships in today's challenging business environment. The Advisory Services Directory features the most current information regarding approved global offerings that are available, or are currently under development, to help address our client's business needs. Methodologies and tools are available for multiple service lines and engagement types. 11

12 Assignment We have procedures in place to assign both the engagement partners and professionals to a specific engagement by evaluating their individual skill set, relevant professional and industry experience, and the nature of the assignment or engagement. The function heads are responsible for the process of allocating particular engagement partners to clients. Engagement partners are required to be satisfied that their engagement teams have appropriate competencies and capabilities, including time, to perform audit engagements in accordance with KAM, professional standards and applicable legal and regulatory requirements. This may include involving KPMG s local and global specialists. When considering the appropriate competence and capabilities expected of the engagement team as a whole, the engagement partner s considerations may include the following: An understanding of, and practical experience with, engagements of a similar nature and complexity through appropriate training and participation; An understanding of professional standards and legal and regulatory requirements; Appropriate technical skills, including those related to relevant information technology and specialised areas of accounting or auditing; Knowledge of relevant industries in which the client operates; Ability to apply professional judgement; An understanding of KPMG s quality control policies and procedures Client confidentiality, information security and data privacy We are committed to providing a secure and safe environment for the personal data and confidential information we hold, as well as protecting the privacy of our clients, service providers and our third parties. The importance of maintaining client confidentiality is emphasised through a variety of mechanisms including through regular communication on the topic, the Code of Conduct, training and the annual affidavit/confirmation process, which all of our professionals are required to complete. Everyone has role to play in protecting client and confidential information. Policies and practices are communicated to all personnel and, as appropriate, reinforced through guidance, awareness and training. We published an Acceptable Use Policy that applies to all KPMG personnel. This policy encourages effective and appropriate use of KPMG information technology resources, and highlights the protection requirements of all employee, KPMG, and client confidential and personal information. Data privacy policies are also in place governing the handling of personal information. In addition, 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 requirements as well as other applicable laws, standards and regulations. As part of KPMG International requirements, we have appointed a National IT Security Officer (NITSO), with the necessary authority, skills and experience, to lead the information security function. The NITSO is in charge of the operating firm s information security programme and works closely with the local IT services and Quality and Risk Management Group (QRMG). The National IT Security Officer (NITSO) also reports to the operating firm s Senior Management and to the Global IT Security Officer and Global Head of Information Protection. We have an incident response procedure to minimise the impact of a security breach or data loss Recruitment, development and assignment of appropriately qualified personnel We are totally committed to equipping our people with the skills and tools they need to cut through the complexity of today s world complexity that sees our people increasingly working across borders, collaborating on a global basis and taking on challenging and innovative projects. 12

13 Recruitment All candidates applying for professional positions are required to submit an application and are employed following a variety of selection processes, which may include application screening, competency-based interviews, psychometric and ability testing, and qualification/reference checks. Upon joining our firm, new personnel are required to participate in a comprehensive on-boarding programme, which includes training in areas such as ethics and independence, quality and risk management principles and our people management procedures. Our on-boarding programme also includes ensuring that any issues of independence or conflicts of interest are addressed before the individual s employment or partnership commences Personal development It is important that all professionals have the necessary business and leadership skills to be able to perform quality work in addition to technical skills. A partner development framework is in place that links particular training programmes to various partner levels and roles. Partners are encouraged to make use of these development opportunities, and also to contribute to the development of other partners and staff through coaching, mentoring, and teaching on our core programmes. In relation to audit we provide opportunities for professionals to develop the skills, behaviours and personal qualities that form the foundations of a successful career in auditing. Courses are available to enhance personal effectiveness and develop technical, leadership and business skills. We further develop our personnel for high performance through coaching and mentoring on the job, stretch assignments, country rotational and global mobility opportunities and the like Performance evaluation and compensation For some time now, the glue that binds all of our people processes and policies together for our employees has been our Core Values. We use these to shape their performance management process, to underpin the learning and development offering and also the promotion processes. All professionals undergo annual goal-setting and performance reviews. Each professional is evaluated on attainment of agreed-upon goals, demonstration of the KPMG global behaviours for their level, and adherence to the KPMG values and attributes. This is achieved through our global performance management process, which is supported by a web-based application. These evaluations are conducted by performance managers and partners who are in a position to assess the professionals performance. In preparation for their counselling, all of our people are required to seek evidence of their performance during the year. As part of the year-end counselling process they are awarded a grading based on how well they have performed in meeting their objectives. This grade directly influences the total amount of remuneration that they are paid. The results of the annual counselling are also considered when promotion decisions are being made. All engagement leaders within our firm are issued with standardised quality and risk metrics which are fed into their annual counselling process. The quality and risk metrics include a number of parameters, such as the results of external regulatory reviews, timely completion of training, and the outcome of internal monitoring programmes. As part of these metrics, an overall grading is awarded. We refer to chapter 7 for further details on partner remuneration. As an additional control in Audit (where the services are of more of a recurring nature than across much of the rest of our business), each national Head of Audit together with the national Audit Quality & Risk partner performs an annual review of the portfolio of all of our Audit engagement leaders. The purpose of this portfolio review is to look at the complexity and risk of each audit and then to consider whether or not, taken as a whole, the specific engagement leader has the appropriate time, suitable experience and the right level of support to enable them to perform a high-quality audit for each client in their portfolio. 13

14 Compensation and promotion We have compensation and promotion policies that are clear, simple, and linked to the performance evaluation process so that our people know what is expected of them and what they can expect to receive in return. Our compensation policies do not permit audit partners to be compensated for the sale of non-audit services to their audit clients. A common senior grading model and career path framework has been implemented for all partners across our Firm. This outlines the various roles a partner may undertake throughout his/her career, the level of seniority associated with the roles and the potential career routes a partner may take to achieve the roles/level of seniority. Expectations of each role are described through a role profile Commitment to technical excellence and quality service delivery We provide all professionals with the technical training and support they need, including access to networks of specialists, the Department of Professional Practice (DPP) and the Quality & Risk Management Group (QRMG) or equivalent which are made up of senior professionals with extensive experience in audit, reporting and risk management, either to provide resources to the engagement team or for consultation. At the same time, we use accreditation and licensing policies to require professionals to have the appropriate knowledge and experience for their assigned engagements. Our structure enables our engagement teams to apply their business understanding and industry knowledge to deliver valued insights and to maintain quality Accreditation and licensing All KPMG professionals are required to comply with applicable professional licence rules in the jurisdiction where they practice. We have accreditation requirements for many of our services (for example for US audit and accounting work, International Financial Reporting Standards, Transactions Services and Corporate Finance) which ensure that only partners and employees with the appropriate training and experience are assigned to clients and are appropriately licensed where necessary. In addition, we require that all eligible Audit and Advisory professionals are also required to maintain accreditation with their applicable professional bodies and satisfy the Continuing Professional Development requirements of such bodies (at a minimum, professionals comply with IESBA requirements). Our policies and procedures are designed to ensure that those individuals who require a licence to undertake their work are appropriately licensed Access to specialist networks Our engagement teams have access to a network of local and global specialists in KPMG member firms. Engagement partners are responsible for ensuring that their engagement teams have the appropriate resources and skills. The need for specialists (e.g. Information Technology, Tax, Treasury, Pensions, Forensic) to be assigned to a specific audit engagement is considered as part of the audit engagement acceptance and continuance process Training In addition to personal development discussed earlier, our policies require all professionals to maintain their technical competence and to comply with applicable regulatory and professional development requirements. Our technical training curriculum covers all grades of staff with a core training programme for junior staff and periodic and annual update training for qualified and experienced staff and partners. In addition to structured technical training, there is a coaching culture that encourages consultation, on-thejob training and mentoring. 14

15 Training attendance and completion is monitored at country level through a Learning Management System. This allows individuals to monitor their compliance both with their ongoing Continuing Professional Development requirements and with KPMG s mandatory training and accreditation requirements. Nonattendance at mandatory training is captured as one of the measures on the quality and risk metrics Performance of effective and efficient engagements Timely partner and manager involvement To identify and respond to the significant risks applicable to each audit, the engagement team requires an understanding of the client s business, its financial position (particularly in Audit) and the environment in which it operates. The engagement partner is responsible for the overall quality of the engagement and therefore for the direction, supervision and performance of the engagement. The engagement partner is a key participant in planning meetings, reviews key documentation in particular documentation relating to significant matters arising during the engagement and conclusions reached and is responsible for the engagement deliverables (including the final audit opinion). The engagement manager assists the partner in meeting these responsibilities and in the day-to-day liaison with the client and team. Involvement and leadership from the engagement partner early in the engagement process helps set the appropriate scope and tone for the engagement and helps the engagement team to obtain maximum benefit from the partner s experience and skill. Timely involvement of the engagement partner at other stages of the engagement allows the engagement partner to identify and appropriately address matters significant to the engagement, including critical areas of judgement and significant risks Critical assessment of audit evidence with emphasis on professional scepticism We consider all audit evidence obtained during the course of the audit, including consideration of contradictory or inconsistent audit evidence. The nature and extent of the audit evidence we gather is responsive to the assessed risks. We recognise that audit evidence obtained from external sources tends to be more persuasive. The analysis of the audit evidence requires each of our team members to exercise professional judgement and maintain professional scepticism to obtain sufficient appropriate audit evidence. Professional scepticism involves a questioning mind and alertness to contradictions or inconsistencies in audit evidence. Professional scepticism features prominently throughout auditing standards and receives significant focus from regulators. Our Audit Quality Framework emphasises the importance of maintaining an attitude of professional scepticism throughout the audit. Professional judgement training has been embedded in our core Audit technical training programme for junior staff as well as being included in our periodic and annual update training for qualified and experienced staff and partners Ongoing mentoring and on-the-job coaching, supervision and review We understand that skills build over time and through exposure to different experiences. To invest in the building of skills and capabilities of our professionals, without compromising on quality, we use a continuous learning environment. We support a coaching culture throughout KPMG as part of enabling personnel to achieve their full potential. Ongoing mentoring and on-the-job coaching and supervision during an engagement include: Engagement partner participation in planning discussions; Tracking the progress of the engagement; Considering the competence and capabilities of the individual members of the engagement team, including whether they have sufficient time to carry out their work, whether they understand their instructions, and whether the work is being carried out in accordance with the planned approach to the engagement; 15

16 Helping engagement team members address any significant matters that arise during the engagement and modifying the planned approach appropriately; Identifying matters for consultation with more experienced team members during the engagement. A key part of effective monitoring, coaching and supervision is timely review of the work performed so that significant matters are promptly identified, discussed and addressed Appropriate involvement of the Engagement Quality Control (EQC) reviewer EQC reviewers are appointed by the Country Quality & Risk Management Partner and have appropriate experience and knowledge to perform an objective review of the decisions and judgements made by the engagement team. They are experienced KPMG professionals who are independent of the engagement team. They offer an objective review of the more critical and judgemental elements of the engagement. An EQC reviewer is required to be appointed for all engagements that are graded high risk (such as the audits, including any related review(s) of interim financial information, of all listed entities, non-listed entities with high public profile, engagements that require an EQC review under applicable laws or regulations, and other (Advisory) engagements as designated by the Country Quality & Risk Management Partner. Before the date of the deliverable (e.g. the auditor s report), these individuals review: Selected audit documentation and client communications; The appropriateness of the financial statements and related disclosures (Audit only); The significant judgements the engagement team made and the conclusions it reached. The engagement is completed only when the EQC reviewer is satisfied that all significant questions have been raised and that those questions have been resolved. In 2011, the AFM imposed further measures on our Audit EQCR process. We, however, do not concur with some of the AFM findings and have therefore lodged an objection against the imposed measures. As reported last year, the AFM is currently reviewing our objections 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 continuous improvement. Additionally, we have processes in place to proactively identify emerging risks and to identify opportunities to improve quality and provide insights Compliance with our system of quality controls The Compliance Officer and Compliance Office perform specific procedures on compliance related topics, which are out of scope of the operational audits. In addition, the Compliance Office monitors internal compliance with the system of quality controls through its issue tracker. The Compliance Officer reports findings on a quarterly basis to the policy makers (see 3.2) for further follow up Quality Performance Reviews (QPR) The International QPR programme 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 programme 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 three-year cycle. The reviews are tailored to the relevant function, performed at a member firm level, overseen by a Lead Reviewer from outside the specific operating firm being reviewed, 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 programme to our 16

17 professionals through written communications, internal training tools, and periodic partner, manager and staff meetings. These areas are also emphasised in subsequent inspection programmes to gauge the extent of continuous improvement. Each engagement partner is selected for review at least once every three years. Engagements are graded as satisfactory or less than satisfactory(lts) for Audit and in Advisory, engagements are graded Green, Amber or Red. Less than satisfactory can be further graded as performance improvement necessary or unsatisfactory. A Satisfactory / Green grading requires both (i) the work performed, the evidence obtained and the documentation produced to comply with our internal policies, applicable auditing standards and legal and regulatory requirements (Audit only), and (ii) key judgements concerning significant matters in the engagement and for Audit only the audit opinion itself to have been appropriate. A Performance Improvement Necessary or Amber grading is attributed where the engagement deliverable is generally supported by the work performed and again for Audit only the auditor s report is appropriate. However, improvements are necessary in one or more significant area including with respect to the documentation of the work performed. An Unsatisfactory or Red grading is attributed where the engagement was not performed in accordance with the firm s policy and professional standards in significant areas, in particular where there are significant deficiencies in the financial statements themselves (Audit), the (audit) work paper documentation or the actual work undertaken. All partners receiving a LTS rating are subject to a review in the following year and all partners receiving an unsatisfactory rating are subject to a review of at least one other engagement in the current year. The ratings from the annual QPR are included in the annual quality & risk metrics generated for all partners Risk Compliance Programme (RCP) The RCP is a member firm s annual self-assessment programme. The objectives of the RCP are to monitor, assess, and document firm wide/cross-functional 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 programme is overseen and monitored regionally as well as globally. Member firms are required to self-assess their overall levels of compliance as Green, Yellow or Red. A Green grade indicates that the firm is substantially compliant with KPMG s policies and procedures and where there are issues identified these are minor and isolated and are acted on promptly. A Yellow grade also indicates that the firm is substantially compliant with KPMG policies and procedures although there may be several instances of non-compliance with policies or procedures, however, these do not indicate serious deficiencies within the firm as a whole. A Red grade indicates that there are serious deficiencies Global Compliance Review (GCR) GCRs are performed by reviewers independent of the member firm led by the Global Compliance Group and are carried out once in 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 Risk Compliance Programme). Each major review area is assigned a traffic light rating by the GCR review team. A Green rating indicates that policies and procedures are generally satisfactory and that the firm is substantially compliant with KPMG International s policies and procedures. A Yellow rating is given when the results indicate that the firm is generally compliant with KPMG International s policies and procedures. There may be several instances of non-compliance with policies and procedures; however, these do not necessarily indicate serious deficiencies within the firm as a whole. A Red rating indicates that a firm has serious deficiencies. 17

18 2.4 What we will do to achieve this: our strategy The success of the KPMG difference is determined by the hygiene and health of our business. Improving our hygiene relates to becoming better and more agile at our current game, which means that we need to adapt our organisation to better serve our clients and communities. We want to become more efficient (better, faster and cheaper) in producing and delivering our current services, while fully recognising that their added value as currently perceived will inevitably diminish over time. At the same time, we are adamant that hygiene dictates there can be no short cuts in terms of quality and compliance. Improving our health relates to our ambition to become champions in a different game and demonstrate our leadership in the changing environment. We want to ensure that we increase our added value by demonstrating the skills and behaviour our clients and stakeholders expect. We recognise that if we do not get the quality of our service and deliverables right we lose our relevance to society. As such, we place significant focus on ensuring that we deliver the quality of service that our clients expect by continually reinforcing the importance of quality across our firm. In addition, we need to offer new services as a response to opportunities offered by the changing world, today and tomorrow in combination with an unprecedented degree of technical and professional excellence. Our delivery is underpinned by four interlinked strategic pillars: Markets/Public (Be Relevant), Quality (Be the Standard), People (Be the Community of Choice) and CSR (Be Responsible). Each of the pillars hold two major focus areas to continually reinforce the quality and value creation of our Firm (see figure 2). Figure 2. Strategic pillars and major focus areas. 18

19 2.4.1 Be Relevant As our purpose states we want to be perceived as the enablers of informed decision making, we can only achieve that if we provide relevant high quality services in the domain of Audit, Tax and Advisory. And although most of our services are dependent in part on decisions by regulators, legislators and public domain, we see opportunities to rethink and refocus the concepts by which we service our clients and, ultimately, society. We identified two areas of strategic relevance to our business success. The first focus area is that of the mandatory firm rotation. The recently adopted new act on the auditing profession enforces a ban on advisory services for PIE/OOB audit clients as well as mandating a firm rotation if an audit firm has audited its PIE/OOB audit client for 8 consecutive years. We see the firm rotation as a massive opportunity. As such, we are confident that we will maintain our leading positions based on the value that we bring to clients and society. Which brings us to the second focus area within this strategic pillar and that is to further improve our markets focus. We want to bring our collective Audit, Tax and Advisory knowledge to the market and thus contribute in finding solutions to complex problems our clients face. This will require expanding our mindset as individual auditors, tax specialists, and advisors, both in personal skills as well as going beyond functions or silos where necessary Be the Standard In our industry, relevance is closely tied to high quality services. And this is also the area in which the auditing profession is most under scrutiny by the general public. Public trust must be earned. It is not a given. And it has two precursors: performance and communication. So, in terms of performance we have our usual attention for quality in terms of methodology, continuous education, and tooling, as well as the focus area of innovation to further improve our service delivery. Regarding communication, we have initiated a specific programme: Regaining Public Trust. In last year s report, we introduced our High Value Propositions, which have now been combined into the focus area of aimed and effective innovation. In Audit, we have a new approach in place for first year or initial audits that is geared towards better understanding our clients from Day 1 as well as providing them with an upfront assessment of their entire organisation to further improve their efficiency and effectiveness. In Advisory, we are assisting clients in getting to grips with Big Data opportunities for better decision making. In addition, we are investing in start up companies by opening up our networks and knowledge to them as the future generation market leaders. Regaining Public Trust requires hardly any explanation in terms of its necessity. We have said last year that we needed to review our actions and relevance to society; what we bring to the table. We have had extensive dialogue with our (main) stakeholders (see 3.3) to learn their different expectations of KPMG. We followed up by revisiting our purpose and codifying that purpose into our Manifesto (see 2.1). Next actions will be to provide more details on these expectations and to contribute to the current debate with insights and experience. One of these actions is to increase our level of communication in the auditor s report for which we are piloting now. We also increased our engagement during annual meetings of shareholders, as also noticed and appreciated (in writing) by Eumedion. Based on NBA-research KPMG was leading in attendance as well as the manner in which our external auditors responded to questions and explained our findings. 19

20 2.4.3 Be the Community of Choice We are a people business and without our people our service delivery would be ineffective. KPMG has always been at the forefront of employee engagement and development with leading HR practices. We do have to strike a proper balance between nature and nurture as we do not believe in lifetime employment. What we do believe in, is helping employees to maximise their capabilities in reaching their next level. Here too, we see two focus areas for strategic success. We have made the decision to invest time and energy in the broader development of our partners and professionals. We want our professionals to be even better sounding boards for clients and those charged with governance. Professionals that bring more to the table than the technicalities of the latest IFRS standard, risks and rewards in transactions or change management. Those play a significant part in what we do, but how we do it is where KPMG stands out. In addition, we want to build on our key strength as the people oriented professional service firm. Our culture and spirit of collaboration when dealing with complex client issues is what makes us KPMG. During the most recent Global People Survey our employees signalled that we can further utilise our collective capabilities and talents even more. To underpin our commitment to our communities it is beyond question that high performance culture is a focus area for strategic success. Under this heading we combine our efforts for building and maintaining the collaborative nature of KPMG as well as ensuring our clients are served by the best professionals and a team fit for their purposes. It also includes our responses to changes in the HR environment, such as new generations to the workforce, flexibility, changing views on work/life balance and diversity and not to mention our impact on society Be Responsible None of the other strategic objectives can be achieved without proper attention to the way we run our own business. We have to be vigilant in the efficiency and effectiveness of our processes and procedures. Focus on keeping our own house in order is a responsibility, as this ensures sustainable growth, minimises our ecological footprint and maximises our ability for value creation to stakeholders. Realising profitable growth is therefore one of the focus areas within this strategic pillar, the other being hygiene management. We plan to optimise our portfolio of services, and build and invest in opportunities for growth. As a consequence, we will also identify unprofitable or limited growth activities and act accordingly. We have already taken measures to ensure ongoing focus on our cost base in the context of our competitiveness, including off-shoring of activities to either India or our national Service Delivery Centre. As for responsibility towards our footprint and social impact, our focus is on stakeholder dialogue, fully embedding CSR into our core business processes and our involvement in and commitment to local communities. In terms of hygiene, we, of course, have specific objectives and actions for reducing our ecological footprint to the extent that this is material for our business and not already accounted for in the supply chain. 20

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