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Abbreviations used in this report

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AFM

Dutch Authority for the Financial Markets (in Dutch: Autoriteit Financiële Markten)

AI

Artificial intelligence

AQC

Assurance Quality Committee (Supervisory Board)

AQIC

Audit Quality Improvement Council (internal)

AQI

Audit quality indicator

ARC

Audit & Risk Committee (Supervisory Board)

BoM

Board of Management

Bta

Dutch Audit Firms Supervision Decree (in Dutch: Besluit toezicht accountantsorganisaties)

CEAOB

Committee of European Auditing Oversight Bodies

CEO

Chief Executive Officer

CFO

Chief Financial Officer

COO

Chief Operating Officer

CSRD

Corporate Sustainability Reporting Directive

CTA

Commission on the Future of Accountancy

DANI

Digital Assurance & Innovation division

DPP

Department of Professional Practice (internal)

EQC

Engagement quality control

EQCR

Engagement Quality Control Review(er)

ERM

Enterprise Risk Management

ESG

Environment, social and governance

EU

European Union

EUR

Euro

FTE

Full-time equivalent

GDP

Gross Domestic Product

GDPR

EU General Data Protection Regulation

GPS

Global People Survey

GRI

Global Reporting Initiative

HR

Human resources

IAASB

International Auditing and Assurance Standards Board

IEA

International Energy Agency

IESBA

International Ethics Standard Board for Accountants

IFIAR

International Forum of Independent Audit Regulators

IFRS

International Financial Reporting Standards

IIRC

International Integrated Reporting Council

IR

Integrated Reporting

ISQC 1

International Standard on Quality Control 1 (quality management standard for firms performing audits on financial statements or other assurance)

ISQM 1

International Standard on Quality Management 1

KCw

KPMG Clara workflow

KPI

Key performance indicator

MCA

Committee on Accountancy Monitoring

MFR

Mandatory Firm Rotation

NA

Not applicable

NBA

The Royal Netherlands Institute of Chartered Accountants (in Dutch: De Koninklijke Nederlandse Beroeporganisatie van Accountants)

NGO

Non-governmental organisation

Non-PIE

Non-Public Interest Entity according to Dutch law (equivalent, in the Netherlands, to OOB, Organisaties van Openbaar Belang according to Dutch law)

NOW

Dutch government’s temporary Emergency Bridging Measure for Sustained Employment (in Dutch, Tijdelijke Noodmaatregel Overbrugging voor Werkbehoud)

NPS

Net Promoter Score

OOB

Organisatie van Openbaar Belang

PCAOB

Public Company Accounting Oversight Board (US)

PIE

Public Interest Entity according to Dutch law (equivalent, in the Netherlands, to OOB, Organisaties van Openbaar Belang according to Dutch law)

QPR

Quality performance review (internal review to ensure engagement comply with relevant professional standards)

QRMG

Quality & Risk Management Group (internal)

RAC

Remuneration & Appointment Committee (Supervisory Board)

SASB

Sustainability Accounting Standards Board

SDG

UN Sustainable Development Goals

VCM

Value creation model

ViO

Verordening inzake de onafhankelijkheid van accountants bij assurance opdrachten – or Regulation concerning the independence of accountants in assurance engagements

VNO-NCW

Dutch employers’ federation (product of merger between the former Verbond van Nederlandse Ondernemingen (VNO) and the Nederlands Christelijk Werkgeversverbond (CNW)

VRF

Value Reporting Foundation

Wta

Dutch Audit Firms Supervision Act (in Dutch: Wet toezicht accountantsorganisatie)

WAB

Dutch Auditors’ Profession Act (in Dutch: Wet op het accountantsberoep)