Dashboard 2015 For Audit firms

PIE audit firms are seriously embracing fundamental change and improvements in the preconditions for increasing the quality of their statutory audits and thereby acting more in the public interest.

This is the finding of the review by the Netherlands Authority for the Financial Markets (AFM) of the design of the measures audit firms are implementing in order to change their culture, organisation and processes in order to raise the quality of their statutory audits. 

The review also shows that the five largest audit firms (the so-called Big 4 and BDO) are leading the way in the elaboration of these measures into vision, policy and procedures. These five audit firms perform approximately 60 per cent of all statutory audits in the Netherlands. They have made the most progress with an approach designed to effect a change in governance, culture and behaviour. These are followed at some distance by three other audit firms that conduct statutory audits of public interest entities (PIEs), while one audit firm is seriously lagging behind. Next year, the AFM will assess whether these changes have actually been effected in the organisation.

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