Statement on the effectiveness of the System of Quality Management of KPMG N.V. as at September 30, 2024
As required by the International Auditing and Assurance Standards Board (IAASB)’s International Standard on Quality Management (ISQM 1) and KPMG International Limited Policy, KPMG N.V. and its subsidiaries (jointly referred to as ‘KPMG’) have responsibility to design, implement, and operate a System of Quality Management for audits or reviews of financial statements, or other assurance or related services engagements performed by KPMG.
The objectives of the System of Quality Management are to provide KPMG with reasonable assurance that:
KPMG and its personnel fulfil their responsibilities in accordance with professional standards and applicable legal and regulatory requirements, and conduct engagements in accordance with such standards and requirements; and
Engagement reports issued by KPMG or engagement partners are appropriate in the circumstances.
Integrated quality monitoring and compliance programs enable KPMG to identify and respond to findings and quality deficiencies both in respect of individual engagements and the overall System of Quality Management. The programs include the conduct of an internal review of compliance with the independence regulations and the monitoring that the continuing education policy of the partners, directors, and staff of KPMG has been followed.
If deficiencies are identified when we perform our annual evaluation of the System of Quality Management, we evaluate the severity and pervasiveness of the identified deficiencies by investigating the root causes, and by evaluating the effect of the identified deficiencies individually and in the aggregate, on the System of Quality Management, with consideration of remedial actions taken as of the date of the evaluation.
Based on the annual evaluation of KPMG’s System of Quality Management as of September 30, 2024, the System of Quality Management provides the Firm with reasonable assurance that the objectives of the System of Quality Management are being achieved.
Amstelveen, November 29, 2024
Stephanie Hottenhuis
CEO of KPMG N.V. and Country Senior Partner