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Eumedion supports the proposal for a revised Practice Statement from The Royal Netherlands Institute of Chartered Accountants (NBA) on the role of the external auditor in corruption. In its response submitted today, Eumedion emphasises the importance of transparency regarding corruption risks and the effectiveness of anti-corruption policies. 

Corruption is not only a crime, it also undermines the business and investment climate of countries, it rewards and strengthens individuals who profit unlawfully, and corruption can even initiate the decline of states. Companies involved in corruption not only face potential liabilities and reputational risks but also risk losing access to capital from long-term investors. Eumedion observes that there is a lack of transparency on corruption risks, anti-corruption policies and the effectiveness thereof in the annual reports of publicly listed companies. Eumedion sees a crucial role for the external auditor, supported by the proposed Practice Statement, to improve transparency by companies on corruption. The draft Practice Statement does need further refinement in some areas and, in Eumedion's view, will only be complete when it substantially contributes to enriching the insight and the justified trust of investors in corporate reporting on the effectiveness of the anti-corruption policies.