Statement on the effectiveness of the System of Quality Management (SoQM) of KPMG as of 30 September 2025
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 a responsibility to design, implement, and operate a SoQM for audits or reviews of financial statements or other assurance or related services engagements performed by KPMG.
The objectives of the SoQM 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 SoQM. The programs include an internal review of compliance with the independence regulations and monitoring that the continuing education policy of the partners, directors, and staff of KPMG has been followed.
If deficiencies are identified when KPMG performs its annual evaluation of the SoQM, KPMG assesses 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 SoQM, with consideration of remedial actions taken as of the date of the evaluation.
Based on the annual evaluation of KPMG’s SoQM as of 30 September 2025, the SoQM provides the firm with reasonable assurance that the SoQM’s objectives are being achieved.
Amstelveen, November 20, 2025[1]
Stephanie Hottenhuis
CEO of KPMG N.V. and Country Senior Partner