DECIDING WHAT MATTERS

Transcription

1 DECIDING WHAT MATTERS The BDO Code of Ethics Because people matter.

2 DECIDING WHAT MATTERS The BDO Code of Ethics

3 BECAUSE PEOPLE MATTER. Integrity and social responsibility are essential principles in today s complex and transparent business world. Earning and maintaining the trust of clients, employees and society at large are absolutely vital if we want to continue to be successful going forward. That is why we have chosen Because people matter as our tag line. To earn trust, an organisation should live and work by a clear moral code. At BDO, we have had a number of shared principles and morals for over 75 years. They are ingrained in our DNA and determine our day-to-day actions, both at and outside of work. They represent the specific BDO way. This Code of Ethics describes our principles and translates them into core values that can be captured in the following four attributes: personal, passion, professional and pragmatic. Together, they form the mirror that we hold up to ourselves and to each other every single day. The BDO Code of Ethics is our frame of reference for how to approach our employees, our clients and society. Every one of our people gives their own interpretation to the Code. That is only natural in an organisation where we all share responsibility. The common denominator is the BDO way: personal, passion, professional and pragmatic. This is how we give direction to our ambition to act as a trusted adviser and an independent external auditor to our clients and to society at large. We endeavour to stand out by offering: service excellence and quality workmanship to our clients; and professional growth and development opportunities to our partners and associates. Our tag line Because people matter has been distilled from our drive to offer uncompromising service excellence, day in day out. And we have agreed to hold each other accountable for delivering on that promise. We will not change the way we work, we are just going to improve every day. Everyone at BDO has the ambition to demonstrate our prowess to our clients and society, and have them experience the BDO way. Reinder Brummelman Chairman of the Board of Directors

4 01 OUR CODE OF ETHICS BDO was formed in the mid-1930s as an enterprising partnership whose members ambition it was to act as a trusted adviser and an independent auditor to clients and society in general. Despite all the changes that occurred over the decades, that same ambition still guides the BDO professionals today. The way we interpret this ambition has not changed either. We focus on our clients and society, and we work as a cohesive team. It was the BDO way that laid the foundation for growth and the excellent reputation that we have built with the help of all our professionals. Why a Code of Ethics? We want to be transparent about our ambitions and how we propose to achieve them. We have defined a Code of Ethics to show our clients, employees and society at large what they can expect of us and how far our accountability stretches. Our Code of Ethics describes who we are and what we believe in. It tells the world about the principles and core values that guide our professionals in their day-to-day action. What is the BDO Code of Ethics about? The BDO Code of Ethics outlines our core values, our beliefs and our DNA; in short, it covers the aspects that set us apart and make us successful. Rather than being an end in itself, the Code of Ethics is the foundation underlying our work and our actions. We hold each other accountable for observing the Code and we expect our clients to do the same. Internally, we have subdivided the BDO Code of Ethics into several secondary codes. This is how we ensure that our Code of Ethics does not become a dead letter, but is incorporated into the rules and handbooks that we use within the firm, including our code of conduct, the quality handbook and our integrity and independence rules. We also consider ethics issues in our recruitment policy and in the talent development and performance process.

5 02 OUR AMBITION AND CORE VALUES Our ambition BDO s ambition is to act as a trusted adviser and an independent external auditor to clients and society at large. BDO endeavours to stand out by offering: service excellence and quality workmanship to our clients; and professional growth and development opportunities to our partners and associates. Our promise: Because people matter Rules and numbers are not everything that matters to BDO. The bridges of trust between our people and our clients are built on close and reliable relationships. We are confident that it is people who matter and that numbers and rules come second. That is why we have chosen Because people matter as our tag line. We can t make it any clearer than that. Our core values Our core values show how we translate our ambitions into concrete actions. They form our DNA and guide us in our dayto-day dealings, not just with clients, but also with each other and with issues affecting the community. Our core values are described in broad outline in the right-hand column. More concrete details will be given later in this publication, when we discuss how our core values benefit our clients, our employees and society at large. Passion We are passionate about our profession, our relationships with clients and our firm. We are inherently motivated to be the best that we can be and help others to do the same. This gives us the energy and the drive to offer service excellence and quality workmanship. Professional We are professionals and we stand for the highest possible quality. All our people act with integrity, and they are professional and objective in their respective fields. We exercise due care and we are discreet, always mindful of the needs of people and the situation. Pragmatic We take a pragmatic approach. We offer practical solutions that are tailored to the situation. Our communications are clear and direct, and we reduce complexities to the essentials. Personal We feel a strong personal connection with our firm, our clients and the world around us. We take personal ownership of our actions. We create trust by being genuinely interested in people.

6 03 HOW DO OUR CORE VALUES BENEFIT OUR CLIENTS? Personal We forge close relationships with our clients based on our true commitment to helping build their business and our genuine interest in them and their operations. We know our clients and the sector of industry in which they operate. We understand their expectations and appreciate the background behind their request for services. Our services are geared towards the specific needs of our clients. This allows us to offer nothing but the best service quality. We actively ask our clients for feedback and follow up on their input. Passion As a team of driven professionals, we have an inner motivation to offer our clients service excellence and quality workmanship, and to build the best possible relationships with them. What our clients give back inspires and encourages us to be the best that we can be, every single day. What clients can expect from us A designated, reliable BDO adviser who is flexible and easy-to-reach. A proactive BDO adviser who understands the business, keeps a close eye on developments in the relevant sector, and interprets these developments to fit the client s specific situation. A team of BDO specialists that can jump in where necessary to fulfil specific needs. Clear and transparent service agreements. Practical and high-quality advisory opinions worded in plain language. Fast response times. Transparent billing based on the agreed terms. Receptiveness to feedback and evaluation. Prompt and appropriate follow-up of the outcome of customer satisfaction surveys. Professional Our clients can trust in our services. We deliver quality as promised, providing our services with due care and discretion, and never losing sight of rules of professional conduct and regulatory requirements. We match up the right professional to every job. We are objective, act with integrity and our fees are transparent. Pragmatic We offer value-added services to our clients. Our advisory opinions are tailored to needs of our clients; they are worded in clear and concise language. We reduce complex issues to the essentials. We communicate openly and honestly, and keep communication lines as short as possible.

7 THAT S WHAT MATTERS. In our view, earning and maintaining the trust of clients, employees and society at large are absolutely vital if we want to continue to be successful going forward.

8 04 HOW DO OUR CORE VALUES BENEFIT OUR EMPLOYEES? Personal It is important to us that our employees have a personal connection with BDO and with their colleagues. That is why we offer them a safe, informal and pleasant work environment that encourages them to pursue their personal ambitions and develop as professionals, but also allows them to find the right work-life balance. Our partners take personal responsibility for the well-being of our employees. Passion Our employees are given the scope to do what they are good at and pursue their passion. We enable them to make the best possible use of their talents. Collaboration and team work are encouraged across our organisation. Our partners lead by example and help our employees to express their passion too. We also offer our employees the opportunity to give back to community by showing their commitment and enthusiasm through volunteering some of their time to the BDO Fund. Professional We expect our employees to act as professionals. The quality of our professional practice is the foundation and our Code of Ethics is the guiding principle in our day-to-day actions. We hold each other accountable to that and we invite our clients to do the same. What employees can expect from us? An informal, yet professional corporate culture where we treat each other with respect. Inspiring projects and the chance to build sound professional relationships with clients. A team of committed and approachable partners who offer help and support. A fair and transparent Talent Development & Performance programme that fosters open communication about targets, progress and expectations relating to personal development and performance. The BDO Talent Academy to help employees achieve professional development and personal growth. Appreciation for the value of the relationships our employees build with clients and the role they play in society, reflected in a suitable pay and benefits package. Receptiveness to feedback. For more information, please log on to Pragmatic We offer the BDO Talent Academy and the Talent Development & Performance programme to help our employees to achieve personal and professional growth. We agree clear targets and give honest feedback on personal development and performance.

9 05 HOW DO OUR CORE VALUES BENEFIT SOCIETY AT LARGE? Personal We are committed to, and feel a responsibility for, the society in which we live and work. That is why we have established the BDO Fund to provide support to socially responsible projects. The BDO Fund works in partnership with Stichting Edukans, a development organisation promoting basic education for underprivileged children in developing countries. The BDO Fund also supports countless employee initiatives to build a better world, including cycling up Alpe d Huez to raise money for the Dutch Cancer Society. We also look for sustainable and socially responsible solutions in our day-to-day conduct of practice, focusing on reducing our climate footprint in particular. Passion We know that we have a responsibility towards society. Here too, we have the inner drive to deliver on the promises we make as a trusted adviser and an independent external auditor. That is why we are passionate about supporting various charities and encourage employees to do their share in developing our profession. What society can expect from us Commitment to the community, concern for our living environment and the pursuit of sustainable business practices. Many CSR initiatives, both at central and local level, because we donate a percentage of our income to social projects. A fair and thorough transparency report that describes how we give practical application to our quality control and assurance system. Constructive input into the public debate about the future of the accounting profession. Active involvement in the development of the profession by encouraging our employees to become teachers or professors at several colleges and universities. A celebration of diversity; we stand united in our differences and our shared DNA brings us together in one body. Professional As a trusted partner to the community, we are committed to raising the quality of the accounting profession, advocating transparent rules that guarantee auditor independence. We are an active discussion partner in the debate about our role in society and believe that this will benefit public confidence in the accounting profession. Pragmatic We are in favour of weeding out restrictive rules that have an obstructive effect on society and our clients. Rules should be clear and consistent to be able to be effective.

10 06 OUR SERVICES BDO has local presence, drawing on the expertise and resources of a global network. The Dutch firm boasts about 2,000 professionals who are based in offices throughout the country. This is how we combine broad advisory capacity with a local focus. The Dutch BDO firm is a member of the global BDO network, which has more than 1,100 offices in over 130 countries and about 49,000 employees. Our global reach allows us to provide services that stretch far beyond the borders of our own country. We offer services across three disciplines: accounting, tax and consultancy. It is not just rules and regulations that determine what services we decide to provide. A client s specific situation also comes into play. In the accounting discipline, we distinguish between the Accountancy & Business Advisory practice for SMEs and the Audit & Assurance practice for medium-sized and large internationally oriented enterprises, including Public-Interest Entities (PIEs). Our professionals offer services across a wide spectrum of market segments, ranging from family businesses to listed companies, and from non-profit organisations to public bodies. This requires the presence of broad knowledge and flexibility, combined with specialist expertise where needed. At BDO, we have formed sector groups to bundle our sector knowledge. The groups provide tailor-made services to our clients on a multidisciplinary basis. quality, so that all they have to do is concentrate on running their business successfully. Audit & Assurance Stakeholders and society in general are more discerning than ever about the reliability of businesses and their financial robustness. Our auditors consider it their professional duty to be independent in auditing financial statements. In our view, audit procedures should not only meet the regulatory requirements, but they should also be performed as efficiently as possible, without compromising quality. We use our global Audit Process Tool to secure the efficiency, quality and reliability of the audit. We also ask our IT auditors to assist in audits to give us an understanding of the risks and checks in automated systems. Our licence to audit PIEs and our expertise in the areas of US GAAP and IFRS enable to provide cross-border audit services to PIEs, including listed companies, financial institutions and insurance companies. As part of our audit and assurance services we offer pragmatic operational advice to our clients, geared to the features of the organisation and the sector of industry. We also perform specialpurpose engagements, such as due diligence reviews. Accountancy & Business Advisory Our accountants and business advisory professionals help SME clients to keep their financial accounts in order and advise them on improving their returns, funding their business, restructuring their operations and on dealing with shareholder issues and running a family business. In addition, our accountants compile the financial statements and the management information, and keep their clients financial and payroll records using efficient and reliable online and offline applications. This guarantees that our clients receive the best possible services of the highest

11 Tax services Our tax professionals take a pragmatic and proactive approach to serving the tax interests of our clients. We prepare periodic tax returns, check tax assessments and rulings, and represent clients in tax proceedings. We see it as our mission to steer them through the maze of ever-changing tax rules. Our tax professionals sit down with their clients to identify potential pitfalls and capitalise on opportunities. Because of the complexity of the tax rules, we offer in-house specialists in the following disciplines: Payroll Tax VAT International Tax Services Estate Planning Pensions Consultancy services Our consultancy services span several disciplines. Our scale and structure allow us to provide the full spectrum of advisory services to help our clients to run their current and future business operations. Our consultants provide tailor-made services that are geared to the client s specific situation. Our areas of expertise include Corporate Finance, Employment Law, Business Restructuring, Forensics & Litigation Support, HR Consultancy, IT Consultancy, Organisation & Control, Risk Advisory, Transaction Advisory and Family Business. We use our expertise to advise businesses on: Strategy and operations Human resource management Legal issues Risk management Mergers & Acquisitions Fraud IT Financial management Online services At BDO, we focus on constant innovation in order to continue to meet our clients needs and requirements. My BDO is a personalised online environment that allows business owners to exchange files with their accountant, auditor or adviser and consult documents, using a secure connection. BDO Direct offers a personalised online environment for all accounting activity, interim reports, financial statements and franchise filings. For more detailed and up-to-date information about our services, please log on to or visit for an office near you. THAT S WHAT MATTERS. We have a strategic alliance with Dijkstra Voermans Advocatuur & Notariaat, our correspondent law firm.

12 This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Accountants & Adviseurs to discuss these matters in the context of your particular circumstances. BDO Accountants & Adviseurs, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

13 BDO is a registered trademark owned by Stichting BDO, a foundation established under Dutch law, having its registered office in Amsterdam (the Netherlands). In this publication BDO is used to indicate the organisation which provides professional services in the field of accountancy, tax and consultancy under the name BDO. BDO Accountants & Adviseurs is a registered trade name owned by BDO Holding B.V., having its registered office in Eindhoven (the Netherlands), and is used to indicate a group of companies, each of which separately provides professional services in the field of accountancy, tax and/or consultancy. BDO Holding B.V. is a member of BDO International Ltd, a UK company limited by guarantee, and forms part of the worldwide network of independent legal entities, each of which provides professional services under the name BDO. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 06/2012 BZ1237