Transparency Report
Section 30 of the Dutch Decree on Supervision of Audit Firms (Besluit Toezicht Accountantsorganisaties) stipulates that audit firms must post a transparency report on their websites no later than three months following the end of the financial year.
We are pleased to present our report for the 2008/2009 financial year, which ends on 30 June 2009. It provides insight into the structure, organisation, governance, quality control system and operations of Ernst & Young Accountants LLP.As part of our profession’s move to greater transparency, the European Union’s 8th Company Law Directive and the Dutch Decree on Supervision of Audit Firms (Besluit toezicht accountantsorganisaties) require statutory auditors of Public Interest Entities (OOB’s) to publish annual transparency reports disclosing certain information. This Ernst & Young Accountants LLP Transparency Report 2010 complies with the Directive and the Dutch Decree on the Supervision of Audit Firms, and covers the period 1 July 2009 - 30 June 2010.
We are pleased to present our report 2010. It provides insight into the structure, organisation, governance, quality control system and operations of Ernst & Young Accountants LLP.
Quality is on top of our agenda and we strive to continuously improve our systems and the quality consciousness of our people based on the feed-back that we receive from our quality control procedures. During the year, we also received preliminary observations from inspections carried out by the Dutch regulator Autoriteit Financiële Markten (“AFM"). We take these observations from the AFM very seriously. During the course of this fiscal year, we have already implemented quality improvements following observations received and we summarized improvements made in this transparency report.
