Auditor Independence Policy
ABN AMRO has adopted an Auditor Independence Policy, resulting in tighter rules for its relationships with audit firms.
Auditor independence is a particularly prominent issue for the Supervisory Board Audit Committee, which formally evaluates the independence of the external auditor, measures the quality of the external auditor's work, and oversees the annual audit budget. The Auditor Independence Policy governs the appointment, compensation and oversight of registered (external) audit firms.
The external audit firm will be appointed or reappointed by the General Meeting of Shareholders for five years on the advice of the Supervisory Board.
The Audit Committee of the Supervisory Board must approve engagements with independent audit firms and fees for audit, audit-related and non-audit services. The bank's policy is that external auditors conducting the audit part of the financial statements are not permitted to perform certain other services for the bank.
Read the Auditor Independence Policy.