More information about the suitability assessment
Given the great public interest in proper statutory audits of PIEs, strict quality criteria apply to members of the management bodies and supervisory boards of audit firms licensed to perform these audits. In addition to a trustworthiness assessment, these persons must pass a suitability assessment to ensure they are suitable persons for the duties their position entails.
Assessment of knowledge, skills and conduct
The AFM assesses the knowledge, skills and conduct of policymakers and co-policy makers at PIE audit firms. This assessment covers the elements listed below. Our assessment also considers the position the person is to be appointed to and the composition of the management body or supervisory board the person is to join. To this end, we apply the statutory provisions of the Wta Policy Rule on Suitability (Beleidsregel geschiktheid Wta). Whether the candidate is to complete a (detailed) onboarding programme prior to the appointment or may complete an onboarding programme (or parts thereof) after the assessment and appointment is at the discretion of (and is the responsibility) of the PIE audit firm itself or of the hierarchically highest Netherlands-based entity in the auditor network to which the firm belongs. In our assessment, we assume that the candidate has at least a basic knowledge of all elements (A through D) listed in the Policy Rule.
Assessment concerns policymakers and those charged with supervision at PIE audit firms
The AFM assesses the suitability of persons to be appointed to management bodies or supervisory boards (referred to in the Policy Rules as ‘collectives’ (collectieven)) at PIE audit firms. These are the members of the body charged with the PIE audit firm’s day-to-day management (‘collective I’); the members of the management body of the hierarchically highest Netherlands-based entity in the auditor network to which the firm belongs that influences the policy of the firm (‘collective II’); and the members of the supervisory board supervising the policy of the firm and that of the highest entity in the auditor network to which the audit firm belongs (‘collective III’).
If a prospective policymaker or co-policymaker is not a candidate for any of these three ‘collectives’, their appointment is only subject to the trustworthiness assessment.
Demonstrating suitability
Audit firms must demonstrate the suitability of prospective policymakers. The AFM assesses the suitability of a person for a particular ‘collective’ on the basis of the job profile, the arguments provided by the audit firm on the extent to which the person matches the job profile, the curriculum vitae, the completed suitability matrix and the references provided by the audit firm. We may also conduct an assessment interview.
Fees
The fee for a suitability assessment is €7,000. Where a person is to be appointed to multiple ‘collectives’, or where a change to a person’s current position or duties is envisaged, we will charge this fee for each suitability assessment. These fees are payable regardless of the outcome of the assessment, including if you withdraw your application before the assessment has been completed or if we cease to consider your application.