Audit of PostNL annual financial statements: who does what?
The General Meeting of Shareholders appoints an external auditor to perform the audit under the supervision of the audit committee of the Supervisory Board.
|Board of Management|
- audit planning, quality and professionalism of the audit team
- effectiveness and efficiency of the execution of the audits
- Assesses (together with the audit committee of the Supervisory Board) the functioning of the external auditor every three years.
|General Meeting of Shareholders|
- Appoints the external auditor
- Performs an audit of the annual financial statements
- Prepares an audit report
- Attends all meetings of the audit committee of the Supervisory Board
- Attends meetings of the Supervisory Board in which the financial statements and the audit report of the external auditor are discussed
|Internal audit department PostNL|
- Provides independent and objective assurance to the Board of Management and (the audit committee of) the Supervisory Board on the effectiveness of the internal control framework
- Provides consultancy services to the organisation regarding internal and external audits
- Provides support to the external auditor
- On each audit issues a formal audit report to the responsible management and ensures adequate follow-up on their conclusions.
- Submits a summary report of conclusions, follow-up and other audit-related topics to the Board of Management and the audit committee of the Supervisory Board every quarter
|Audit Committee of the Supervisory Board|
- Recommendation external auditor
Recommends an external auditor to the Supervisory Board to be nominated for appointment by the General Meeting of Shareholders
- Ensure independence of external auditor
Required to pre-approve on behalf of the Supervisory Board (supported by the Director Internal Audit) all services provided by the external auditor, in order to ensure the independence of PostNL’s external auditor
- Supervise remuneration and provided services of external auditor
Directly responsible for overseeing the remuneration and provided services of the external auditor on behalf of the Supervisory Board. The PostNL Group Policy Auditor Independence & Pre-Approval governs how and when PostNL may engage an external auditor. It also explains how to resolve conflicts of interest between the external auditor and PostNL
- Dispute resolution
Helps to resolve any disagreements between management and the external auditor regarding financial reporting
- Monitor the ratio of audit to non-audit services
Monitors the ratio of total fees charged for audit-related services to total fees for non-audit services
- Responsible for approving the audit
PostNL's external auditor
The lead (signing) partner and the concurring (review)partner of the external auditor are rotated after a maximum period of seven years. In 2011, Mr R. Dekkers was succeeded by Mr H.C. Wüst. The most recent assessment was held in 2013. The main conclusions of this assessment were communicated during the General Meeting of Shareholders in April 2013.
The contact details are:
PricewaterhouseCoopers Accountants N.V.
Attn. H.C. Wüst RA
Thomas R. Malthusstraat 5
1066 JR Amsterdam
Tel:+31 (0)88 792 0020
Fax:+31 (0)88 792 9640
|Year ended at 31 December||2014
|Tax advisory fees||0,0
|in € millions|
Explanation external auditor fees
The fees can be divided into the following categories:
- Audit fees
Audit fees include the audit of PostNL N.V.’s annual financial statements, procedures on internal controls and the review of interim financial statements, statutory audits, services associated with issuing an audit opinion on the postal concession reporting and services that only the independent auditor can reasonably provide.
- Audit-related fees
Audit-related fees include employee benefit plan audits, due diligence related to mergers and acquisitions, internal control reviews and consultation concerning financial accounting and reporting matters not classified as audit.
- Tax advisory fees
Tax advisory fees include tax compliance and tax advice, including all services performed by the auditor’s professional staff in its tax division, except those rendered in connection with the audit.
- Other fees
Other fees include financial risk management reviews and audit of corporate sustainability reports.