Transparency report 2015 EY Oman - Ernst ??Transparency report 2015 — EY Oman 2 ... Revenue and remuneration ... EY is a global leader in assurance, tax,

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  • Transparency report 2015 EY Oman

  • Transparency report 2015 EY Oman 2

    Contents Country managing partners letter ......................................................................................................................................... 3 Message from the EY Oman Assurance Leader ...................................................................................................................... 4 About us ............................................................................................................................................................................... 5

    Legal structure, ownership and governance ........................................................................................................................ 5 Network arrangements ...................................................................................................................................................... 6

    Commitment to quality .......................................................................................................................................................... 8 Infrastructure supporting quality ........................................................................................................................................ 8 Instilling professional values .............................................................................................................................................. 9 Internal quality control system ......................................................................................................................................... 10 Client acceptance and continuance ................................................................................................................................... 10 Performing audits ............................................................................................................................................................ 11 Review and consultation .................................................................................................................................................. 12 Audit partner rotation...................................................................................................................................................... 14 Audit quality reviews ....................................................................................................................................................... 14 External quality assurance review..................................................................................................................................... 15 Compliance with legal requirements ................................................................................................................................. 15

    Independence practices ....................................................................................................................................................... 16 Continuing education of statutory auditors .......................................................................................................................... 18 Revenue and remuneration.................................................................................................................................................. 19

    Financial information ....................................................................................................................................................... 19 Partner remuneration ...................................................................................................................................................... 19

    Appendix: EY Oman public interest entity audit clients......................................................................................................... 20

    More information about EY can be found at ey.com

  • Transparency report 2015 EY Oman 3

    Country managing partners letter

    Welcome to the 2015 Transparency Report of Ernst & Young (EY Oman). We appreciate that our stakeholders want to understand what we do to advance audit quality, manage risk and maintain our independence as auditors. This report is one of the ways in which we share with you, our stakeholders, what we are doing in each of these areas.

    Executing audits in a high-quality manner continues to be our number one priority. It is at the heart of our ability to serve the public interest and grow the global EY network successfully and responsibly, while achieving our purpose of building a better working world. Auditors play a vital role in the functioning of capital markets throughout the world by promoting transparency and supporting investor confidence. Companies, regulators and other stakeholders count on us to deliver quality and excellence in every engagement.

    EY is focused on investing in tools to improve what we do, creating the highest-performing teams and building trust and confidence in the audits we perform.

    Regular dialogue with our stakeholders remains a priority for me and my colleagues. During the past year, I have spoken with many of our stakeholders to seek your views and input. Thank you to all of you who took the time to share your views with us in 2015.

    I encourage everyone reading this report investors, audit committee members, companies, regulators and all our stakeholders to continue to engage with us on our strategy as well as any of the matters covered in this report.

    Ahmed Al Esry

    Country Managing Partner

    EY Oman

    Our purpose: Building a better working world EY is committed to doing its part in building a better working world.

    The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to stakeholders. In so doing, we play a critical role in building a better working world for our people, our clients and our communities.

  • Transparency report 2015 EY Oman 4

    Message from the EY Oman Assurance Leader

    EY Oman serves an important public interest role as an auditor of public interest companies. This role is central to our purpose, values, management and processes. EY Omans reputation is based on providing high-quality, professional audit services objectively and ethically to each and every company we audit.

    We continue to embrace the transparency objectives of the European Unions 8th Company Law Directive, which require Oman statutory auditors of public interest entities to publish annual transparency reports.

    The 2015 EY Oman Transparency Report complies with the Directive and covers the fiscal year ending 30 June 2015. In this report, you can learn more about our internal quality control system: how we instill professional values, how we perform an audit, our review and consultation process, and our approach to audit quality reviews.

    EY Oman is focused on continuing to enhance audit quality, informed by several matters including external and internal inspection findings. Continuously improving audit quality can require challenging prior approaches to audit execution, and we focus on continuous improvement by evaluating all inspection findings and taking responsive actions.

    Globally, EY has a multi-faceted Sustainable Audit Quality (SAQ) effort underway to support the execution of the highest-quality audits. The SAQ effort includes the launching of new audit tools and methodologies, increased support and enablement for audit teams and communications reinforcing the importance of audit quality.

    Sanjay Kawatra

    Country Assurance Leader

    EY Oman

  • Transparency report 2015 EY Oman 5

    About us Legal structure, ownership and governance In Oman, Ernst & Young is a branch organized in UK andis a member firm of Ernst & Young Global Limited, a UK company limited by guarantee (EYG). In this report we refer to ourselves as EY Oman, we, us or our. EY refers collectively to the global organization of member firms of EYG.

    EY member firms are grouped into four geographic Areas: Americas, Asia-Pacific, EMEIA (Europe, Middle East, India and Africa) and Japan. The Areas comprise a number of Regions, which consist of member firms or sections of those firms.

    EY Oman is part of the EMEIA Area, which comprises EYG member firms in 99 countries in Europe, the Middle East, India and Africa. Within the EMEIA Area, there are 12 Regions. EY Oman is part of the Mena Region. Ernst & Young (EMEIA) Limited (EMEIA Limited), an English company limited by guarantee, is the principal coordinating entity for the EYG member firms in the EMEIA Area. EMEIA Limited facilitates the coordination of these firms and cooperation between them, but it does not control them. EMEIA Limited is a member firm of EYG and has no financial operations and does not provide any professional services.

    Each Region elects a Regional Partner Forum (RPF), whose representatives advise and act as a sounding board to Regional Leadership. The partner elected as Presiding Partner of the RPF also serves as the Regions representative on the Global Governance Council.

  • Transparency report 2015 EY Oman 6

    Network arrangements

    EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, 190,000 people in member firms in more than 150 countries share a commitment to building a better working world and are united by shared values and an unwavering commitment to quality, integrity and professional skepticism. In todays global market, EYs integrated approach is particularly important in the delivery of high-quality multinational audits, which