26
T ransparency Report 2017 EY Greece

Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

  • Upload
    others

  • View
    8

  • Download
    0

Embed Size (px)

Citation preview

Page 1: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

TransparencyReport 2017

EY Greece

Page 2: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 2

ContentsMessage from the Country Managing Partner and the Assurance Leader ........................................................................... 3

About us ...................................................................................................................................................................... 5

Legal structure, ownership and governance ................................................................................................................. 5

Network arrangements .............................................................................................................................................. 7

Commitment to quality ................................................................................................................................................ 10

Infrastructure supporting quality............................................................................................................................... 10

Instilled professional values ...................................................................................................................................... 11

Internal quality control system .................................................................................................................................. 12

Client acceptance and continuance ............................................................................................................................ 13

Performance of audits ............................................................................................................................................. 14

Review and consultation .......................................................................................................................................... 15

Audit partner rotation .............................................................................................................................................. 16

Audit quality reviews ............................................................................................................................................... 16

External quality assurance review ............................................................................................................................. 17

Compliance with legal requirements .......................................................................................................................... 17

Independence practices ............................................................................................................................................... 18

Continuing education of audit professionals .................................................................................................................. 20

Revenue and remuneration .......................................................................................................................................... 21

Financial information ............................................................................................................................................... 21

Partner remuneration .............................................................................................................................................. 21

Appendix 1 : EY Hellas PIE audit clients ........................................................................................................................ 23

Appendix 2 ................................................................................................................................................................. 24

More information about EY can be found at ey.com.

Page 3: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 3

Message from the Country Managing Partner and theAssurance Leader

Welcome to the 2017 Transparency Report of Ernst & Young (Hellas) Certified Auditors Accountants S.A. (“EY Hellas”). Weappreciate that our stakeholders want to understand how we advance audit quality, manage risk and maintain our independenceas auditors. Regular dialogue is important to us, and this report is one of the ways in which we advise our stakeholders on what weare doing in each of these areas.

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

We are focused on investing in tools to improve what we do, creating the highest-performing teams, and building trust andconfidence in the audits we perform.

EY Hellas’ reputation is based on and grounded in providing high-quality professional audit services objectively and ethically toevery company we audit.

We continue to embrace the transparency objectives of the European Union’s 8th Company Law Directive and EU Regulation537/2014, which require Greek statutory auditors of public interest entities (PIEs) to publish annual transparency reports.

The 2017 EY Hellas Transparency Report complies with the directive and EU Regulation 537/2014, and covers the fiscal yearended June 30, 2017. In this report, you can learn more about our internal quality control system: how we instill professionalvalues, how we perform an audit, our review and consultation processes, our approach to audit quality reviews, and ourindependence practices.

EY Hellas is focused on enhancing audit quality and upholding our independence, informed by several matters including externaland internal inspection results. Continuous improvement of audit quality requires us to challenge approaches to audit execution,and we focus on this by evaluating all inspection findings and taking responsive actions.

As a result of our internal procedures on internal control system of EY Hellas, we consider this as effective. Furthermore, all policiesrelating to independence described in this Transparency Report have been followed and internal review procedures have beenperformed with respect to the independence compliance for all statutory audit engagements.

Page 4: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 4

At EY we apply all components and initiatives of the Global Sustainable Audit Quality program. More specifically, in 2017 weimplement initiatives around audit milestones, archiving, Root Cause Analysis, continuous education monitoring compliance etc.

We are closely following up on the developments in our profession, including the launch of new technologies in the audit process,and the increase of standardization, simplification and accountability.

We are exploring new methods of training with the aim to increase the effectiveness and the flexibility of the learning process. Weaim to maintain open dialogue with all stakeholders of the audit profession in the country, including regulators, professionalassociations, universities, our employees and our clients.

We encourage all our stakeholders — including investors, audit committee members, companies and regulators — to continue toengage with us on our strategy as well as any of the matters covered in this report.

For Ernst & Young (Hellas)Certified Auditors Accountants S.A.

Panagiotis I. K. Papazoglou Vassilios KaminarisCountry Managing Partner Country Assurance Leader

EY’s purpose: building a better working worldEY 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 worldover. We develop outstanding leaders who team to deliver on our promises to stakeholders. In so doing, we play a critical rolein building a better working world for our people, our clients and our communities.

Page 5: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 5

About us

Legal structure, ownership andgovernanceIn Greece, Ernst & Young (Hellas) Certified AuditorsAccountants S.A. is a Societe Anonyme organized in Athens,Greece and is a member firm of Ernst & Young Global Limited,a UK company limited by guarantee (EYG). EY referscollectively to the global organization of the member firms ofEYG.

EY Hellas was incorporated as a Greek Societe Anonyme on7 December 1990. Its registered seat is located in MarousiAttica (Address: Chimarras Street n. 8B).

EY Hellas is registered in the registries of the Prefecture ofAttica, General Directorate of Development, Region of NorthAthens, Directorate of Development, Department forSocietes Anonymes, with the registration number:23013/01/Β/90/ 394/ (2002).

Furthermore, EY Hellas is registered in the General Registryof Companies (GEMI) with the registration number000710901000.

The company is registered with the Body of CertifiedAuditors Accountants of Greece with registration number107.

Ownership Structure

The shares of EY Hellas are registered, undivided andrestricted according to art. 6 of its Articles of Association.The restriction consists of the provision by the shareholders’meeting of the company of its approval prior to any transfer.

The shareholders of EY Hellas are the following:

1. The legal entity under the trade name “ERNST & YOUNGSOUTHEAST EUROPE PUBLIC LIMITED”, a companyestablished under the laws of Cyprus, with its registeredseat at 6 Stasinos Avenue, Jean Nouvel Tower, 1060Nicosia.

Shareholders of “ERNST & YOUNG SOUTHEAST EUROPEPUBLIC LIMITED”, are the following individuals and legalentity:

a) the legal entity under the trade name “ERNST &YOUNG EUROPE LLP”, a limited liability partnershipestablished under the laws of England and Wales andits registered seat is at Becket House, 1 Lambethpalace Road, London SE1 7EU,

b) individuals who hold preference non - voting shares.

2. The legal entity under the trade name “ERNST & YOUNGCYPRUS LIMITED”, a company established under the lawsof Cyprus with its registered seat at 6 Stasinos Avenue,Jean Nouvel Tower, 1060 Nicosia. Its sole shareholder is“ERNST & YOUNG” a partnership established under thelaws of Cyprus, having its registered offices at 6 StasinosAvenue, Jean Nouvel Tower, 1060 Nicosia, the Partnersof which are the following:

a) Stavros Pantzaris, son of Christos.

b) Philippos Raptopoulos, son of Zacharias.

c) Yiannakis Theoklitou, son of Socratis.

d) Savvas Pentaris, son of Fotios.

e) Stelios Demetriou, son of Andreas.

f) Andreas Avraamides, son of Stavros.

g) Petros Liassides, son of Liasis.

h) Nikolaos Nicolaou, son of Charalampos and

ERNST & YOUNG SOUTHEAST EUROPE BUSINESSADVISORY SERVICES LIMITED, a company established andoperating under the laws of Cyprus, having its registered seatat 6 Stasinos Avenue, Jean Nouvel Tower, 1060 Nicosia, thesole partner of which is the company ERNST & YOUNGSOUTHEAST EUROPE PUBLIC LIMITED.

Reference to “ERNST & YOUNG SOUTHEAST EUROPEPUBLIC LIMITED” and its shareholders is made above.

EY Greece also includes the other EYG member firms, whichhave been incorporated according to the provisions of Greeklaw and operate in Greece:

Ñ ERNST & YOUNG Societe Anonyme for the Provision ofAdvisory Services with the distinctive title “Ernst &Young Business Advisory Solutions”,

Page 6: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 6

Ñ ERNST & YOUNG COMMERCIAL SOCIETE ANONYME FORTHE PROVISION OF ACCOUNTING SERVICES ANDADVICE with the distinctive title “ERNST & YOUNGSERVICES”. Such company has been absorbed by ERNST& YOUNG Societe Anonyme for the Provision of AdvisoryServices on June 30, 2017.

Ñ ERNST & YOUNG REGIONAL ACCOUNTING SERVICESSOLE MEMBER LIMITED LIABILITY COMPANY with thedistinctive title “Ernst & Young Accounting Sole MemberLtd”. Such company is currently under liquidation.

Whenever reference is made to the present TransparencyReport to “EY Greece”, “we,” “us” or “our”, it shall bedeemed to refer collectively to the aforementioned member-firms of EYG in Greece.

EY Hellas has established a branch in Thessaloniki, Greece.The branch’s address is Polytechniou 4 & N. Limnou-ChapsaStreet.

Governance – Board of Directors

Various partners at EY Hellas are charged with managementfunctions for EY Hellas. These partners are responsible forall day to day management activity and for the application ofglobal and area level policy at the country level. Details of theformal/legal governing bodies of EY Hellas are given below.

The Members of the Board of Directors of EY Hellas as ofMarch 3, 2017 and until August 3, 2017 were the following:

1. Panagiotis Papazoglou, son of Ioannis-Konstantinos,Chairman and Managing Director.

2. Vasileios Kaminaris, son of George, Vice-Chairman.

3. Dimitrios Konstantinou, son of Christoforos, Member.

4. Christos Pelendridis, son of Anastassios, Member.

5. Ioannis Pierros, son of Antonios, Member.

6. Stefanos Mitsios, son of Ilias, Member.

7. Sofia Kalomenidou, daughter of George, Member.

8. Christianna Panagidou, daughter of Kostakis, Member.

9. Andreas Chatzidamianou, son of George, Member.

10. Kostas Stathopoulos son of Konstantinos, Member.

The general management and representation of EY Hellasbefore public and private authorities in Greece and abroad isexercised either by the Chairman of the Board and ManagingDirector, Mr. Panagiotis Papazoglou, who binds the companyby his sole signature, or by the company’s Vice – ChairmanMr. Vasileios Kaminaris who also binds the company by hissole signature or by the Member of the company’s Board ofDirectors, Mr. Dimitrios Constantinou, who also binds thecompany by his sole signature.

As regards the realization of bank transactions, i.e.indicatively the issuance, endorsement of Checks, of bills ofexchange or of other promissory notes, the withdrawal ofmoney etc. (hereafter the “Banking Transactions”), thefollowing apply:

1. For Banking Transactions of an amount up to 5,000Euro, the joint signature of two of the following personsis required: a) either the joint signature of Mr. NikolaosNikolakis, son of Ioannis, and Ms. ZacharoulaArgyropoulou, daughter of Nikolaos, or b) the jointsignature of any two members of the Board of Directors,or c) the joint signature of Mr. Nikolakis and anymember of the Board of Directors, or d) the jointsignature of Ms. Argyropoulou and any member of theBoard of Directors.

2. For Banking Transactions of an amount between 5,001Euro and 50,000 Euro, the joint signature of thefollowing persons is required: a) either the jointsignature of any two of the members of the Board ofDirectors, or b) the joint signature of Mr. Nikolakis andany member of the Board of Directors, or c) the jointsignature of Ms. Argyropoulou and any member of theBoard of Directors.

3. For Banking Transactions exceeding the amount of50,001 Euro, the joint signature of any two of themembers of the Board of Directors is required.

4. For the signature of accounting - administrative andfinancial reports, experts’ reports, reports of theSpecial Tax Audit (Tax Certificate), of agreements ofthe Company with its clients and other companies-members of the network of Ernst & Young of anyamount, of confidentiality agreements with clientsand/or prospective clients, of consortium/teamingagreements and/or sub-contract agreements with thirdparties, as well as solemn declarations and documentsaddressed to Tax Authorities in Greece relating to thepayment of invoices of suppliers of the Company,suffices the sole signature of either the Chairman of theBoard of Directors and Managing Director, MrPanagiotis Papazoglou or the sole signature of Vicechairman Mr. Vasileios Kaminaris or the sole signatureof any of the members of the Board of the Directors orthe sole signature of one of the below mentionedindividuals:

1. Georgios Anastopoulos, son of Anastasios.

2. Konstantinos Tsekas, son of Socrates.

3. Konstantinos Katsagannis, son of Vasileios.

4. Maria Chatziantoniou, daughter of Theodoros.

5. Vassilios Kaplanis, son of Panagiotis.

Furthermore, Mr. Konstantinos Katsagannis is authorised torealize transactions with his sole signature of the bankaccount with the number 0026-0016-16-0200-167-183,which the Company keeps in EFG Eurobank Bank, which isused by the branch of the Company in Thessaloniki, towithdraw money, to issue and endorse checks and to issue,accept and endorse exchanges and bills of exchange, torealise payments on behalf of the Company, provided thatthe above transactions do not overcome the amount of5,000 Euro, and to sign in the name and on behalf of the

Page 7: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 7

Company agreements regarding the operational needs ofthe branch of the Company at Thessaloniki, provided that thescope of such agreements does not exceed in value theamount of 5,000 Euro.

For the execution of labor and freelance agreements of theCompany, the sole signature of any member of the Board ofDirectors or the sole signature of Mrs. Vasileia Perivolari,daughter of Dimitrios is required.

Additionally, Mrs. Vasileia Perivolari is authorised to executein the name and on behalf of the Company documentsaddressed to the Commission of Work (indicatively personnellists, any kind of notifications, applications for the approvalof overtime work and other applications etc.), to the SocialSecurity Fund (IKA) (indicatively any kind of notifications,sickness papers of employees, employer’s certificatesrelating to stamps etc.) to OAED (indicatively any kind ofdocuments and notifications etc.) as well as employmentcertificates for the employees of the Company, offer lettersaddressed to future employees of the Company and anyletter addressed to insurance companies, hospitals andmedical centers in Greece and abroad.

Finally, copies of minutes of Board of Directors meetings andShareholders’ Meetings may be issued by either theChairman of the Board of Directors and Managing Director,Mr. Panagiotis Papazoglou or the Vice-Chairman of the Boardof Directors, Mr. Vasileios Kaminaris or the Member of theBoard of Directors, Mr. Dimitrios Konstantinou.

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

EY Hellas is part of the EMEIA Area, which comprises EYGmember firms in 98 countries in Europe, the Middle East,India and Africa. Within the EMEIA Area, there were 12Regions and from 1 July 2017 the number has reduced to11. EY Hellas is part of the CSE Region. Ernst & Young(EMEIA) Limited (“EMEIA Limited”), an English companylimited by guarantee, is the principal coordinating entity forthe EYG member firms in the EMEIA Area. EMEIA Limitedfacilitates the coordination of these firms and cooperationbetween them, but it does not control them. EMEIA Limitedis a member firm of EYG, has no financial operations anddoes not provide any professional services.

Each Region elects a Regional Partner Forum (RPF), whoserepresentatives advise and act as a sounding board toRegional leadership. The partner elected as PresidingPartner of the RPF also serves as the Region’s representativeon the Global Governance Council (see page 8). In Europe, aholding entity, Ernst & Young Europe LLP (“EY Europe”), wasformed in conjunction with EMEIA Limited. EY Europe is anEnglish limited liability partnership, owned by partners of theEYG member firms operating in Europe. It is an audit firmregistered with the Institute of Chartered Accountants inEngland and Wales (ICAEW), but it does not carry out auditsor provide any professional services. To the extent permitted

by local legal and regulatory requirements, EY Europe hasacquired or will acquire voting control of the EYG memberfirms operating in Europe. EY Europe is a member firm ofboth EYG and EMEIA Limited.

EY Europe acquired voting control of EY Hellas asof February 2, 2011.

EY Europe’s principal governing bodies are:

Europe Operating ExecutiveThe Europe Operating Executive (EOE) operates as the boardof EY Europe. It has authority and accountability for strategyexecution and management of EY Europe’s operations. TheEOE comprises: the Europe Managing Partner; the leadersfor Accounts, Talent and Risk Management; the service lineleaders for Assurance, Advisory, Transaction AdvisoryServices and Tax; and all European Regional ManagingPartners.

Europe Governance Sub-CommitteeEY Europe has the Europe Governance Sub-Committee,which includes one representative from each Region inEurope. It serves in an advisory role to the EOE on policies,strategies and other matters, and its approval is required fora number of significant matters, such as the appointment ofthe Europe Managing Partner, approval of the financialreports of EY Europe and material transactions.

Subsequent EventsBy virtue of the Shareholders’ Meeting Minutes of EY Hellasdated August 3, 2017, Mr. Evangelos Analytis, son of Stavroswas elected as member of the Board of Directors. The newBoard of Directors, consisting of the previous members of theBoard of Directors (as specified above) and Mr. EvangelosAnalytis, constituted into a body by virtue of the minutes ofthe Board of Directors dated August 3rd, 2017 with the sameauthorities as described above.

Additionally, Mr. Ioannis Dracoulis, son of Vasileios, wasauthorized to sign factual findings reports, contracts withclients and other EY Member firms, without limitation to theamount, confidentiality agreements with clients and/orprospective clients, of consortium/teaming agreements and/or sub-contract agreements with third parties, as well assolemn declarations and documents addressed to TaxAuthorities in Greece relating to the payment of invoices ofsuppliers, offers of the Company without limitation to theamount as well as engagement letters and invoices of theCompany without limitation to the amount.

Network arrangementsEY is a global leader in assurance, tax, transaction andadvisory services. Worldwide, 250,000 people in memberfirms in more than 150 countries share a commitment tobuilding a better working world, united by shared values andan unwavering commitment to quality, integrity andprofessional skepticism. In today’s global market, theintegrated EY approach is particularly important in the

Page 8: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 8

delivery of high-quality multinational audits, which can spanmultiple jurisdictions.

This integrated approach enables EY to develop and drawupon the range and depth of expertise required to deliversuch complex audits.

EYG coordinates the member firms and promotescooperation among them. EYG does not provide services, butits objectives include the promotion of exceptional high-quality client service by member firms worldwide.

Each member firm is a legally distinct entity. Theirobligations and responsibilities as members of EYG aregoverned by the regulations of EYG and various otheragreements.

The structure and principal bodies of the global organizationduring the year ended 30 June 2017 are described below.They reflect the principle that EY, as a global organization,has a common shared strategy.

The Executive includes the Global Executive (GE), itscommittees and teams, and the leadership of the four Areas.This streamlined structure allows EY to enhance its global

scale and the delivery of consistent exceptional client serviceworldwide, with the Executive responsible for coordinating aglobal approach to strategy, quality, risk managementbusiness planning and priorities.

At the same time, the network also operates on a Regionallevel. This operating model allows for greater stakeholderfocus in the 28 Regions, permitting member firms to buildstronger relationships with clients and others in eachcountry, and be more responsive to local needs.

Global Governance CouncilThe Global Governance Council (GGC) is the main oversightbody of EYG. It comprises one or more representatives fromeach Region, other member firm partners as at-largerepresentatives and up to six independent non-executives(INEs). The Regional representatives, who otherwise do nothold senior management roles, are elected by their RPFs fora three-year term, with provision for one successivereappointment. The GGC advises EYG on policies, strategiesand the public interest aspects of its decision-making. Theapproval of the GGC is required for a number of significantmatters that could affect EY.

Americas EMEIA Asia-Pacific Japan

Regions 10 Regions 12 Regions 5 Regions 1

Countries 31 Countries 98 Countries 22 Countries 1

Page 9: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 9

Independent Non-ExecutivesUp to six Independent Non-Executives (INEs) are appointedfrom outside EY. The INEs are senior leaders from both thepublic and private sectors, and reflect diverse geographicand professional backgrounds. They bring to the globalorganization, and the GGC, the significant benefit of theirvaried perspectives and depth of knowledge. The INEs alsoform a majority of the Public Interest Sub-Committee of theGGC, which addresses public interest matters, includingstakeholder dialogue. The INEs are nominated by a dedicatedcommittee.

Global ExecutiveThe Global Executive (GE) brings together EY’s leadershipfunctions, services and geographies. It is chaired by theChairman and CEO of EYG, and includes its Global ManagingPartners of Client Service and Business Enablement; theArea Managing Partners; the global functional leadership forTalent and Finance; the leaders of the global service lines —Assurance, Advisory, Tax and Transaction Advisory Services;the Global Leader for Public Policy; and one EYG memberfirm partner on rotation.

The GE also includes the Chair of the Global AccountsCommittee and the Chair of the Emerging MarketsCommittee, as well as a representative from the EmergingMarkets practices.

The GE and the GGC approve nominations for the Chairmanand CEO of EYG, and ratify appointments of the GlobalManaging Partners. The GE also approves appointments ofGlobal Vice Chairs. The GGC ratifies the appointments of anyGlobal Vice Chair who serves as a member of the GE.

The GE’s responsibilities include the promotion of globalobjectives and the development, approval, and, whererelevant, implementation of:

Ñ Global strategies and plans

Ñ Common standards, methodologies and policies to bepromoted within member firms

Ñ People initiatives, including criteria and processes foradmission, evaluation, development, reward andretirement of partners

Ñ Quality improvement and protection programs

Ñ Proposals regarding regulatory matters andpublic policy

Ñ Policies and guidance relating to member firms’ serviceof international clients, business development, marketsand branding

Ñ EY’s development funds and investment priorities

Ñ EYG’s annual financial reports and budgets

Ñ GGC recommendations

The GE also has the power to mediate and adjudicatedisputes between member firms.

GE committeesEstablished by the GE and bringing together representativesfrom the four Areas, the GE committees are responsible formaking recommendations to the GE. In addition to the GlobalAudit Committee, there are committees for Global Marketsand Investments, Global Accounts, Emerging Markets,Talent, Risk Management, Assurance, Advisory, Tax, andTransaction Advisory Services.

Global Practice GroupThis group brings together the members of the GE, GEcommittees and Regional leaders. The Global Practice Groupseeks to promote a common understanding of EY’s strategicobjectives and consistency of execution across theorganization.

EYG member firmsUnder the regulations of EYG, member firms committhemselves to pursue EY’s objectives, such as the provisionof high-quality service worldwide. To that end, the memberfirms undertake the implementation of global strategies andplans, and to maintain the prescribed scope of servicecapability. They are required to comply with commonstandards, methodologies and policies, including thoseregarding audit methodology, quality and risk management,independence, knowledge sharing, human resources, andtechnology.

Above all, EYG member firms commit to conducting theirprofessional practices in accordance with applicableprofessional and ethical standards, and all applicablerequirements of law. This commitment to integrity and doingthe right thing is underpinned by the EY Global Code ofConduct and EY values (see page 12).

Besides adopting the regulations of EYG, member firms enterinto several other agreements covering aspects of theirmembership in the EY organization, such as the right andobligation to use the EY name, and the sharing of knowledge.

Member firms are subject to reviews that evaluate theiradherence to EYG requirements and policies governingissues such as independence, quality and risk management,audit methodology, and human resources. Member firmsunable to meet the quality commitments and other EYGmembership requirements may be subject to separation fromthe EY organization.

Page 10: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 10

Commitment to quality

Infrastructure supporting qualityQuality in our service linesVision 2020+, which sets out EY’s purpose, ambition andstrategy, calls for EYG member firms to provide exceptionalclient service worldwide. This is supported by an unwaveringcommitment to quality and service that is professionally andglobally consistent, and means service that is based onobjectivity, professional skepticism, and adherence to EY andprofessional standards.

EYG member firms and their service lines are accountable fordelivering quality engagements. EY service lines manage theoverall process for quality reviews of completedengagements and input for the quality of in-processengagements, which helps achieve compliance withprofessional standards and EY policies.

Vision 2020+ has reinforced the ownership of qualityby the service lines, including audit. It has alsoresulted in increased clarity around the role of riskmanagement in policies and practices that support andimprove quality audit.

The Global Vice Chair of Assurance coordinates memberfirms’ compliance with EY policies and procedures forassurance services.

Professional PracticeThe Global Vice Chair of Professional Practice, referred to asthe Global Professional Practice Director (PPD), is overseenby the Global Vice Chair of Assurance and works to establishglobal audit quality control policies and procedures. Each ofthe Area PPDs is overseen by the Global PPD and the relatedArea Assurance Leader. This helps provide greater assuranceas to the objectivity of audit quality and consultationprocesses.

The Global PPD also leads and oversees the GlobalProfessional Practice group. This is a global network oftechnical subject matter specialists in accounting andauditing standards, who consult on accounting, auditing andfinancial reporting matters, and perform various practicemonitoring and risk management activities.

The Global PPD oversees development of the EY Global AuditMethodology (EY GAM) and related technologies so that theyare consistent with relevant professional standards andregulatory requirements. The Global Professional Practicegroup also oversees the development of the guidance,training and monitoring programs and processes used bymember firm professionals to execute audits consistentlyand effectively. The Global, Area and Region PPDs, togetherwith other professionals who work with them in each memberfirm, are knowledgeable about EY people, clients andprocesses, and they are readily accessible for consultationwith audit engagement teams.

Additional resources often augment the Global ProfessionalPractice group, including networks of professionalsfocused on:

Ñ Internal-control reporting and related aspects of the EYaudit methodology

Ñ Accounting, auditing and risk issues for specificindustries and sectors

Ñ Event-specific issues involving areas of civil and politicalunrest; or sovereign debt and related accounting,auditing, reporting and disclosure implications

Ñ General engagement issues and how to work effectivelywith audit committees

Risk managementResponsibility for the delivery of high-quality service andownership of the risks associated with quality is placed withthe member firms. Among other things, the Global RiskManagement Leader helps oversee the management of theserisks by the member firms, as well as other risks across theorganization as part of the broader Enterprise RiskManagement framework.

Member firm partners are appointed to lead riskmanagement initiatives in both the service lines and memberfirms, supported by other staff and professionals. The GlobalRisk Management Leader is responsible for establishingglobally consistent risk management execution priorities andenterprise-wide risk management. These priorities cascadeto member firms, and their execution is monitored throughan Enterprise Risk Management program.

Page 11: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 11

Global confidentiality policyProtecting confidential information is ingrained in theeveryday activities of EYG member firms. Respect forintellectual capital and all other sensitive and restrictedinformation is required by the Global Code of Conduct, whichprovides a clear set of principles to guide the behaviorsexpected of all EY people. The Global Confidentiality Policyfurther details this approach to protecting information andreflects the ever-increasing use of restricted data. This policyprovides added clarity for EY people and forms thefundamental element of broader guidance that includes keypolicies on conflicts of interest, personal data privacy andrecords retention. Other guidance includes:

Ñ Social media guidance

Ñ Information-handling requirements

Ñ Knowledge-sharing protocols

Components of the audit quality control programIn the following sections, we describe the principalcomponents of the EY Hellas audit quality control program:

Ñ Instilled professional values

Ñ Internal quality control system

Ñ Client acceptance and continuance

Ñ Performance of audits

Ñ Review and consultation

Ñ Audit partner rotation

Ñ Audit quality reviews

Ñ External quality-assurance reviews

Ñ Compliance with legal requirements

Instilled professional valuesSustainable Audit QualityQuality is the foundation for exceptional client service. It iswhat we pride ourselves on. It is integral to our work andcentral to our responsibility to provide confidence to thecapital markets. Delivering quality is at the heart of all we doand supports our purpose of building a better working worldfor our people, our clients and our communities. This isreflected in the Sustainable Audit Quality (SAQ) program,which is the highest priority for our Assurance practice.

Each member firm that makes up our global structure iscommitted to providing high-quality audits. In 2015, welaunched the SAQ initiative throughout our Assurancepractices. SAQ establishes a governance structure and isfocused on continuously improving our audit process.

We use the word “sustainable” in SAQ to demonstrate thatthis is not a one-off short-term initiative, but an ongoingprocess of improvement. EY has had a common auditmethodology for some time; now we have a commonlanguage and processes regarding audit quality.

There are six components to SAQ: tone at the top,strengthening people capabilities, simplification, audittechnology and digital, enablement and quality support, andaccountability. SAQ is implemented by each member firm,and is coordinated and overseen globally.

We constantly reinforce the importance of the sixcomponents, and discuss them with every RegionalAssurance leader and every partner. Audit quality and thekey elements of SAQ are something every senior manager,manager and team member must understand and becommitted to implementing locally. SAQ is essential to all ourgoals and ambitions.

We have made significant progress through SAQ. EY’sinternal and external inspection findings globally are showingimprovement, and we are producing greater consistency inexecution.

We have deployed world-class tools that enhance thequality and value of our audits. Our ability to deliverconsistency is based in part on the use of EY Canvas, ouronline audit platform. EY Canvas was broadly deployedbeginning in 2015 and is now used globally. It bettersupports audit execution, streamlines communications andenables us to provide a seamless audit.

We recently launched the EY Canvas Client Portal, whichadds to the leading-edge tools already offered to ourauditors. In addition, we have deployed the 2017 AuditMilestones Program globally, which establishes the use ofMilestones on selected PIE audits as one important step toimproving results and sustaining quality acrossengagements.

In 2016, EY developed a network of Quality EnablementLeaders (QELs) and created a Global Audit QualityCommittee.

These and other SAQ initiatives have helped us to continueto drive quality improvements. They demonstrate that auditquality is the single most important factor in our decision-making and the key measure on which our professionalreputation stands.

Tone at the topSenior EY and EY Hellas’ leadership are responsible forsetting the right tone at the top and demonstrating EY’scommitment to building a better working world throughbehavior and actions. While the tone at the top is vital, ourpeople also understand that quality and professionalresponsibility start with them. Our shared values, whichinspire our people and guide them to do the right thing, andour commitment to quality are embedded in who we are andin everything we do.

The EY approach to business ethics and integrity is containedin the EY Global Code of Conduct and other policies, and isembedded in the EY culture of consultation, trainingprograms and internal communications. Senior managementregularly reinforces the importance of performing qualitywork, complying with professional standards, adhering to our

Page 12: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 12

policies, leading by example and through variouscommunications. Also, EY’s quality review programs assessprofessional service as a key metric in evaluating andrewarding all professionals.

The EY culture strongly supports collaboration and placesspecial emphasis on the importance of consultation indealing with complex or subjective accounting, auditing,reporting, regulatory and independence matters. We believeit is important to determine that engagement teams andclients correctly follow consultation advice, and weemphasize this when necessary.

The consistent stance of EY Hellas has been that noclient is more important than our professionalreputation — the reputation of EY Hellas and thereputation of each of our professionals.

Code of conductWe promote a culture of integrity among our professionals.The EY Global Code of Conduct provides a clear set ofprinciples that guide our actions and our business conduct,and are to be followed by all EY personnel. The Code ofConduct is divided into five categories:

Ñ Working with one another

Ñ Working with clients and others

Ñ Acting with professional integrity

Ñ Maintaining our objectivity and independence

Ñ Respecting intellectual capital

Through our procedures to monitor compliance withthe EY Global Code of Conduct, and through frequentcommunications, we strive to create an environment thatencourages all personnel to act responsibly, includingreporting misconduct without fear of retaliation.

The EY Ethics Hotline provides our people, clients and othersoutside of the organization with a means confidentially toreport activity that may involve unethical or improperbehavior and that may be in violation of professionalstandards or otherwise inconsistent with the EY Global Codeof Conduct. The hotline is operated by an externalorganization that provides confidential and, if desired,anonymous hotline reporting services for companiesworldwide.

When a report comes into the EY Ethics Hotline, either byphone or internet, it receives prompt attention. Dependingon the content of the report, appropriate individuals fromRisk Management, Talent, Legal or other functions areinvolved to address the report. The same procedures arefollowed for matters that are reported outside of the EYEthics Hotline.

Our values : who we are

People who demonstrate integrity, respect and teaming

People with energy, enthusiasm and the courage to lead

People who build relationships based on doing theright thing

Internal quality control systemEY Hellas’ reputation for providing high-quality professionalaudit services independently, objectively and ethically isfundamental to our success as independent auditors. Wecontinue to invest in initiatives to promote enhancedobjectivity, independence and professional skepticism. Theseare fundamental attributes of a high-quality audit.

At EY Hellas, our role as auditors is to provide assurance onthe fair presentation of the financial statements of thecompanies we audit. We bring together qualified teams toprovide our services, drawing on our proven experienceacross industry sectors and services. We continually strive toimprove our quality and risk management processes so thatthe quality of our service is at a consistently high level.

We recognize that in today’s environment — characterized bycontinuing globalization and the rapid movement of capital —the quality of our audit services has never been moreimportant. As part of EY Vision 2020+, we continue toinvest heavily in developing and maintaining our auditmethodology, tools and other resources needed tosupport quality service delivery.

While the market and stakeholders continue to demand high-quality audits, they also demand increasingly efficient andeffective delivery of audit services. In addition to theinvestment mentioned, EY continues to seek ways to improvethe effectiveness and efficiency of its audit methodology andprocesses, while improving audit quality.

We work to understand where our audit quality may not beup to our own expectations and those of stakeholders,including external audit firm regulators. We seek to learnfrom external and internal inspection activities and toidentify root causes of adverse quality occurrences to enableus continually to improve audit quality, and we believe thattaking effective and appropriate actions to improve quality isimportant.

Effectiveness of the quality control system

EY has designed and implemented a comprehensive set ofglobal audit quality control policies and practices. Thesepolicies and practices meet the requirements of theInternational Standards on Quality Control issued by theInternational Auditing and Assurance Standards Board(IAASB). EY Hellas has adopted these global policies andprocedures, and has supplemented them as necessary tocomply with local laws and professional guidelines, and toaddress specific business needs.

Page 13: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 13

We also execute the EY Audit Quality Review (AQR) programto evaluate whether our system of audit quality control hasoperated effectively so as to provide reasonable assurancethat EY Hellas and our people comply with applicableprofessional and internal standards and with regulatoryrequirements.

The results of the AQR program and external inspections areevaluated and communicated within EY Hellas to provide thebasis for continual improvement in audit quality, consistentwith the highest standards in the profession.

The GE is responsible for implementing quality improvementand protection programs across EY. As such, it reviews theresults of our internal AQR program and external regulatoryreviews, as well as any key actions designed to address areasfor improvement.

The recent results of such monitoring, together with therecent feedback from independent regulatory inspectionvisits, provide EY Hellas with a basis to conclude that ourinternal control systems are designed appropriately and areoperating effectively.In addition, EY Hellas managementsystem is ISO 9001:2015 certified by Bureau Veritas.

Client acceptance andcontinuanceEY policyThe EY Global Client Acceptance and Continuance Policy setsout principles for member firms to determine whether toaccept a new client or a new engagement, or to continue withan existing client or engagement. These principles arefundamental to maintaining quality, managing risk,protecting our people and meeting regulatoryrequirements. The objectives of the policy are to:

Ñ Establish a rigorous process for evaluating risk andmaking decisions to accept or continue clients orengagements

Ñ Meet applicable independence requirements

Ñ Identify and deal appropriately with any conflictsof interest

Ñ Identify and decline clients or engagements that poseexcessive risk

Ñ Require consultation with designated professionals toidentify additional risk management procedures forspecific high-risk factors

Ñ Comply with legal, regulatory and professionalrequirements

In addition, the EY Global Conflicts of Interest Policy definesglobal standards for addressing categories of potentialconflicts of interest and a process for identifying them. It alsoincludes provisions for managing potential conflicts ofinterest as quickly and efficiently as possible through the useof appropriate safeguards. Such safeguards range fromobtaining a client’s consent for EYG member firms to act for

two or more clients to declining an engagement to avoid anidentified conflict.

The EY Global Conflicts of Interest Policy and associatedguidance were updated in early 2015. The updates take intoaccount the increasing complexity of engagements and clientrelationships, and the need for speed and accuracy inresponding to clients. They also align with the latestInternational Ethics Standards Board for Accountants(IESBA) standards.

Putting policy into practiceWe use the EY Process for Acceptance of Clients andEngagements (PACE), a new intranet-based system, forefficiently coordinating client and engagement acceptanceand continuance activities in line with global, service line andmember firm policies. PACE takes users through theacceptance and continuance requirements, and identifies thepolicies and references to professional standards needed toassess both business opportunities and associated risks.

As part of this process, we carefully consider the riskcharacteristics of a prospective client or engagement andseveral due diligence procedures. Before we take on a newengagement or client, we determine whether we can commitsufficient resources to deliver quality service, especially inhighly technical areas, and if the services the client wants areappropriate for us to provide. The approval process isrigorous, and no new audit engagement may be acceptedwithout the approval of our PPD.

In our annual client continuance process, we review ourservice delivery and ability to continue to provide qualityservice, and confirm that clients share EY Hellas’commitment to quality and transparency in financialreporting. The partner in charge of each audit, together withour Assurance leadership, annually reviews our relationshipwith the audit client to determine whether continuance isappropriate.

As a result of this review, certain audit engagements areidentified as requiring and are then subjected to additionaloversight procedures during the audit (close monitoring),and some audit clients are discontinued. As with the clientacceptance process, our Regional PPD is involved in theclient continuance process and must agree with thecontinuance decisions.

Both client acceptance and client continuance decisionsconsider the engagement team’s assessment of whetherthe company’s management could pressure us to acceptinappropriate accounting, auditing and reportingconclusions to undermine quality. Considerations andconclusions on the integrity of management are essentialto acceptance and continuance decisions.

Page 14: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 14

Performance of auditsAs part of EY Vision 2020+, EY has invested significantly inimproving audit methodologies and tools, with the goal ofperforming the highest-quality audits in the profession. Thisinvestment is consistent with EY’s goal to have the leadingaudit practices in the profession by 2020 and reflects thecommitment to building trust and confidence in the capitalmarkets and in economies the world over.

Audit methodologyEY GAM provides a global framework for delivering high-quality audit services through the consistent application ofthought processes, judgments and procedures in all auditengagements.

Making risk assessments, reconsidering and modifyingthem as appropriate, and using these assessments todetermine the nature, timing and extent of audit procedures

are fundamental to EY GAM. The methodology alsoemphasizes applying appropriate professional skepticismin the execution of audit procedures. EY GAM is based onInternational Standards on Auditing (ISAs) and issupplemented in Greece to comply with the localGreek auditing standards and regulatory or statutoryrequirements.

An EY auditor is presented with a version of EY GAMorganized by topic and designed to focus the audit strategyon the financial statement risks, and the design andexecution of the appropriate audit response to those risks.EY GAM consists of two key components: requirements andguidance, and supporting forms and examples. Therequirements and guidance reflect both audit standards andEY policies. The forms and examples include leading practiceillustrations, and assist in performing and documenting auditprocedures.

Using technology, EY GAM can be “profiled” or tailored topresent the relevant requirements and guidance, dependingon the nature of the entity being audited. For example, thereare profiles for listed entities and for those considered non-complex entities.

Enhancements to the audit methodology are made regularlyto address new standards, emerging auditing issues andmatters, implementation experiences, and external andinternal inspection results. In 2016, EY GAM was updated toinclude the new and revised ISAs dealing with auditorreporting, other information included in an annual report andfinancial statement disclosures. EY GAM was also enhancedby adding guidance to address common questions from auditteams and issues arising from inspections.

In addition, we monitor current and emerging developmentscontinually, and issue timely audit planning and otherreminders. These reminders emphasize areas noted duringinspections as well as other key topics of interest to ourregulators, including the International Forum of IndependentAudit Regulators (IFIAR). These topics include professional

skepticism, group audits, revenue recognition andengagement quality reviews.

EY GAM requires compliance with relevant ethicalrequirements, including independence from the company weaudit.

TechnologyOur audit engagement teams use technology to assist inexecuting and documenting the work performed inaccordance with EY GAM.

Beginning in late fiscal year 2015, we launched EY Canvas,our global audit platform that lies at the heart of the auditand enables us to provide a high-quality audit. This waslaunched on a phased basis across EYG member firmsglobally, with deployment completed in 2017. EY Canvas isbuilt using HTML5, state-of-the-art technology for webapplications. This allows us to provide heightened datasecurity and to evolve our software to respond to changes inthe accounting profession and regulatory environment.

Through the use of profile questions, audit engagements inEY Canvas are automatically configured with informationrelevant to the company’s listing requirements and industry.This helps to keep our audit plans customized and up-to-date,and provides direct linkage to our audit guidance,professional standards and documentation templates. EYCanvas is built with a fresh, clear design and user interfacethat allows users to visualize risks and their relationship toour planned response and work performed in key areas. Italso enables a linkage for our group audit teams tocommunicate inter-office risks and instructions so that theprimary audit team can direct execution and monitorperformance of the group audit. The predecessor auditsupport tool, GAMx, will be decommissioned in our 2018fiscal year.

EY Canvas includes a Client Portal, released in April 2017, toassist teams in communicating with clients and streamlinetheir client requests. Mobile applications, integrated with EYCanvas, were released in fiscal year 2017 that assist ourpeople in their audit work; for example, in monitoring thestatus of the audit, capturing audit evidence securely andperforming inventory observations.

Audit engagement teams use other software applications,forms and templates during various phases of an audit toassist in executing procedures, making and documentingaudit conclusions, and performing analysis.

EY Helix is our suite of data analytic tools for use in audits.Analytics is transforming the audit by analyzing largerpopulations of audit-relevant data, identifying unseenpatterns and trends in that data, and helping to direct ouraudit efforts. The use of analytics also allows us to obtainbetter perspectives, richer insights and a deeperunderstanding of transactions and areas of risk.

We have developed analytics that cover our clients’ end-to-end business operating cycles, supported by analytics-basedaudit programs to aid their application.

Page 15: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 15

Using our analytics, our engagement teams can enhancetheir audit risk assessment, enabling the audit of higher-risktransactions, and assisting our people in asking betterquestions about audit findings and evaluating the outcomes.

Formation of audit engagement teamsEY Hellas’ policies require an annual review of partnerassignments by our Assurance leadership and Regional PPDto make sure that the professionals leading listed-companyaudits possess the appropriate competencies (i.e., theknowledge, skills and abilities) to fulfill their engagementresponsibilities, and are in compliance with applicableauditor rotation regulations.

The assignment of professionals to an audit engagement isalso made under the direction of our Assurance leadership.Factors considered when assigning people to audit teamsinclude engagement size and complexity, specializedindustry knowledge and experience, timing of work,continuity, and opportunities for on-the-job training. Formore complex engagements, consideration is given towhether specialized or additional expertise is needed tosupplement or enhance the audit engagement team.

In many situations, internal specialists are assigned as partof the audit engagement team to assist in performing auditprocedures and obtaining appropriate audit evidence. Theseprofessionals are used in situations requiring special skills orknowledge, such as information systems, asset valuation andactuarial analysis.

Review and consultationReviews of audit workEY policies describe the requirements for timely and directsenior professional participation, as well as the level ofreview required for the work performed. Supervisorymembers of an audit engagement team perform a detailedreview of the audit documentation for accuracy andcompleteness. Senior audit executives and engagementpartners perform a second-level review to determineadequacy of the audit work as a whole, and the relatedaccounting and financial statement presentation. A taxprofessional reviews the significant tax and other relevantworking papers. For listed and certain other companies, anengagement quality reviewer (described below) reviewsimportant areas of accounting, financial reporting and auditexecution, as well as the financial statements of the companywe audit and our audit report.

The nature, timing and extent of the reviews of audit workdepend on many factors, including:

Ñ The risk, materiality, subjectivity and complexity of thesubject matter

Ñ The ability and experience of the audit team memberspreparing the audit documentation

Ñ The level of the reviewer’s direct participation in theaudit work

Ñ The extent of consultation employed

Our policies also describe the roles and responsibilities ofeach audit engagement team member for managing,directing and supervising the audit, as well as therequirements for documenting their work and conclusions.

Consultation requirementsOur consultation policies are built upon a culture ofcollaboration, whereby audit professionals are encouraged toshare perspectives on complex accounting, auditing andreporting issues. Consultation requirements and relatedpolicies are designed to involve the right resources so thataudit teams reach appropriate conclusions.

Consultation is built into the decision-making process; itis not just a process to provide advice.

For complex and sensitive matters, we have a formal processrequiring consultation outside of the audit engagement teamwith other personnel who have more experience orspecialized knowledge, primarily Professional Practice andIndependence personnel. In the interests of objectivity andprofessional scepticism, our policies require members ofProfessional Practice, Independence and certain others towithdraw from a consultation if they currently serve, or haverecently served, the client to which the consultation relates.

Our policies also require that we document all consultations,including written concurrence from the person or personsconsulted, in order to demonstrate their understanding ofthe matter and its resolution.

Engagement quality reviewsEngagement quality reviews are performed by auditpartners in compliance with professional standards for auditsof all listed companies and those considered higher risk.Engagement quality reviewers are experienced professionalswith significant subject matter knowledge. They areindependent of the engagement team and ableto provide objective evaluation of significant accounting,auditing and reporting matters. In no circumstances maythe responsibility of the engagement quality reviewer bedelegated to another individual.

The engagement quality review spans the entire engagementcycle, including planning, risk assessment, audit strategy andexecution. Policies and procedures for the performance anddocumentation of engagement quality reviews providespecific guidelines on the nature, timing and extent of theprocedures to be performed, and the requireddocumentation evidencing their completion. Our RegionalPPD approves all engagement quality review assignments forlisted companies and those considered higher risk.

Page 16: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 16

Audit engagement team resolution process fordifferences of professional opinionEY has a collaborative culture that encourages and expectspeople to speak up, without fear of reprisal, if a differenceof professional opinion arises or if they are uncomfortableabout a matter relating to a client engagement. Policiesand procedures are designed to empower members of anaudit engagement team to raise any disagreements relatingto significant accounting, auditing or reporting matters.

These policies are made clear to people as they join EY, andwe continue to promote a culture that reinforces a person’sresponsibility and authority to make their own views heard,and seek out the views of others.

Differences of professional opinion that arise during an auditare generally resolved at the audit engagement team level.However, if any person involved in the discussion of an issueis not satisfied with the decision, they refer it to the next levelof authority until agreement is reached or a final decision ismade.

Furthermore, if the engagement quality reviewer makesrecommendations that the engagement partner does notaccept or the matter is not resolved to the reviewer’ssatisfaction, the audit report is not issued until the matter isresolved. EY policies require documentation ofdisagreements and their resolution.

Audit partner rotationEY supports mandatory audit partner rotation to helpstrengthen auditor independence. EY Hellas complies withthe audit partner rotation requirements of the code of theIESBA, the Regulation (EU) 537/2014 of the EuropeanParliament and of the Counsel of 16 April 2014 (EU537/2014), the Greek legislation rotation requirements, aswell as the U.S. Securities and Exchange Commission (SEC),where required. EY Hellas supports audit partner rotationbecause it provides a fresh perspective and promotesindependence from company management, while retainingexpertise and knowledge of the business. Audit partnerrotation, combined with independence requirements,enhanced systems of internal quality controls andindependent audit oversight, helps strengthen independenceand objectivity, and are important safeguards of auditquality.

For PIEs where rotation of the audit partner is not mandatedby local independence regulation or is less restrictive thanthe IESBA or EU 537/2014 requirements, the EY GlobalIndependence Policy requires the lead engagement partnerand the engagement quality reviewer to be rotated afterseven years. For a new PIE (including a newly listed company)client, the lead engagement partner and the engagementquality reviewer may remain in place for an additional twoyears before rotating off the team, if they have served theclient for six or more years prior to the listing. Followingrotation, the partner may not resume the lead or

engagement quality review role until at least two years haveelapsed.

We employ tools to track partner rotation that enableeffective monitoring of compliance with requirements.We have also implemented a process for partner rotationplanning and decision-making that involves consultationwith, and approvals by, our Professional Practice andIndependence professionals.

Audit quality reviewsThe EY Global AQR program is the cornerstone of the EYprocess to monitor audit quality. EY Hellas executes theGlobal AQR program, reports results and developsresponsive actions plans. The primary goal of the program isto determine whether systems of quality controls, includingthose of EY Hellas, are appropriately designed and followedin the execution of audit engagements to provide reasonableassurance of compliance with policies and procedures,professional standards, and regulatory requirements. TheGlobal AQR program complies with guidelines in theInternational Standard on Quality Control No. 1 (ISQC No. 1),as amended, and is supplemented where necessary tocomply with Greek professional standards and regulatoryrequirements. It also aids EY Hellas’ continual efforts toidentify areas where we can improve our performance orenhance our policies and procedures.

Implemented annually, the program is coordinated andmonitored by representatives of the Global PPD network,with oversight by Global Assurance leadership.

The engagements reviewed each year are selected on a risk-based approach, emphasizing audit engagements that arelarge, complex or of significant public interest. The GlobalAQR program includes detailed risk-focused file reviewscovering a large sample of listed and non-listed auditengagements to measure compliance with internal policiesand procedures, EY GAM requirements, and relevant localprofessional standards and regulatory requirements. It alsoincludes reviews of a sample of non-audit engagements.These measure compliance with the relevant professionalstandards and internal policies and procedures that shouldbe applied in executing non-audit services. In addition,practice-level reviews are performed to assess compliancewith quality control policies and procedures in the functionalareas set out in ISQC No. 1. The Global AQR programcomplements external practice monitoring and inspectionactivities, such as regulatory inspection programs andexternal peer reviews.

AQR reviewers and team leaders are selected for their skillsand professional competence in accounting and auditing, aswell as their industry specialization; they often work in theGlobal AQR program for a number of years and are highlyskilled in the execution of the program. Team leaders andreviewers are assigned to inspections outside of their homelocation and are independent of the audit teams reviewed.

Page 17: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 17

The results of the Global AQR program, external practice-monitoring and inspection activities are evaluated andcommunicated to improve quality. Any quality improvementplans describe the follow-up actions to be taken, the peopleresponsible, the timetable and deadlines, and sign-off oncompleted actions. Measures to resolve audit qualitymatters noted from the Global AQR program, regulatoryinspections and peer reviews are addressed by Assuranceleadership and our PPD. The actions are monitored by ourPPD and Assurance leadership. These programs provideimportant practice monitoring feedback for our continuingquality improvement efforts.

External quality assurancereviewEY Hellas’ audit practice and our registered statutoryauditors are subject to inspections by the HellenicAccounting and Auditing Standards Board (ELTE), to beperformed at least every 3 years. As part of its inspections,ELTE evaluates quality control systems and reviews selectedengagements. Furthermore, EY Hellas is registered with thePublic Company Accounting Oversight Board (PCAOB) in theUnited States of America and, therefore, subject to itsinspections as well.

Α joint quality assurance inspection by ELTE and PCAOB wasinitiated in October 2017.

We respect and benefit from the inspection process. Wethoroughly evaluate points raised during the inspection inorder to identify areas where we can improve audit quality.Together with our AQR process, external inspections aid usin making our audits and related control processes of thehighest quality in the interests of investors and otherstakeholders.

Information on the above-mentioned regulators can be foundat http://www.elte.org.gr and https://www.pcaobus.org.

Compliance with legalrequirementsThe EY Global Code of Conduct provides a clear set ofstandards that guide our actions and business conduct.EY Greece complies with applicable laws and regulations, andEY’s values underpin our commitment to doing the rightthing. This important commitment is supported by a numberof policies and procedures, explained in the paragraphsbelow.

Anti-briberyThe EY Global Anti-bribery Policy provides EY people withdirection around certain unethical and illegal activities. Itemphasizes the obligation to comply with anti-bribery lawsand provides greater definition of what constitutes bribery. Italso identifies reporting responsibilities when bribery isdiscovered. In recognition of the growing global impact of

bribery and corruption, efforts have been increased toembed anti-bribery measures across EY.

Insider tradingThe EY Global Insider Trading Policy reaffirms the obligationof our people not to trade in securities with insiderinformation, provides detail on what constitutes insiderinformation and identifies with whom our people shouldconsult if they have questions regarding theirresponsibilities.

Trade sanctionsIt is important that we are aware of the ever-changingsituation with respect to international trade sanctions. EYmonitors sanctions issued in multiple geographies andprovides guidance to our people on impacted activities.

Data privacyThe EY Global Personal Data Privacy Policy sets out theprinciples to be applied to the use and protection of personaldata, including that relating to current, past and prospectivepersonnel, clients, suppliers, and business associates. Thispolicy is consistent with applicable laws and regulationsconcerning data protection and privacy for maintaining andprocessing personal data. Furthermore, we have a policy toaddress our specific Greek data privacy requirements andbusiness needs.

Document retentionEY Hellas’ record retention policy applies to all engagementsand personnel. This policy addresses document preservationwhenever any person becomes aware of any actual orreasonably anticipated claim, litigation, investigation,subpoena or other government proceeding involving us orone of our clients that may relate to our work. It alsoaddresses Greek legal requirements applicable to thecreation and maintenance of working papers relevant to thework performed.

Page 18: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 18

Independence practicesEY Global Independence policies require EY Greece and ourpeople to comply with the independence standardsapplicable to specific engagements, including, for example,the Code of Ethics of the IESBA, the EU Regulation537/2014 and Law 4449/2017.

We consider and evaluate independence from severalperspectives, including our financial relationships and thoseof our people; employment relationships; businessrelationships; the permissibility of non-audit services weprovide to audit clients; applicable firm and partner rotationrequirements; fee arrangements; audit committee pre-approval, where applicable; and partner remuneration andcompensation.

Failure to comply with applicable professionalindependence requirements will factor into decisionsrelating to a person’s promotion and compensation, andmay lead to other disciplinary measures, includingseparation from EY Greece.

EY Greece has implemented EY’s global applications, toolsand processes to support us, our professionals and otheremployees in complying with independence policies.

EY Global Independence PolicyThe EY Global Independence Policy contains theindependence requirements for member firms, professionalsand other personnel. It is a robust policy predicated on theIESBA Code of Ethics and supplemented by more stringentrequirements where prescribed by a given regulator. Thepolicy also contains guidance to help people apply theindependence rules. The EY Global Independence Policy isreadily accessible and easily searchable on the EY intranet.

Global Independence System (GIS)The GIS is an intranet-based tool that helps EY professionalsidentify the listed entities from which independence isrequired and the independence restrictions that apply. Mostoften, these are listed audit clients and their affiliates, butthey can be other types of attest or assurance clients too.The tool includes family-tree data relating to affiliates oflisted audit clients and is updated by client-serving

engagement teams. The entity data includes notations thatindicate the independence rules that apply to each entity,helping our people determine the type of services that canbe provided or other interests or relationships that can beentered into.

Global Monitoring System (GMS)The GMS is another important global tool that assists inidentifying proscribed securities and other impermissiblefinancial interests. Professionals ranked as manager andabove are required to enter details about all securities theyhold, or those held by their immediate family, into the GMS.When a proscribed security is entered or if a security theyhold becomes proscribed, professionals receive a notice, andare required to dispose of the security. Identified exceptionsare reported through the Global Independence IncidentReporting System (GIIRS) for regulatory matters.

GMS also facilitates annual and quarterly confirmation ofcompliance with independence policies, as described below.

Independence complianceEY has established a number of processes and programsaimed at monitoring the compliance with independencerequirements of EY member firms and their people. Theseinclude the following activities, programs and processes.

Independence confirmations

Annually, EY Greece is included in an Area-wide process toconfirm compliance with the EY Global Independence Policyand process requirements, and to report identifiedexceptions, if any.

All EY professionals, and certain others, based on their roleor function, are required to confirm compliance withindependence policies and procedures at least once a year.All partners are required to confirm compliance quarterly.

Global independence compliance reviews

EY conducts internal procedures to assess member firmcompliance with independence matters. These reviewsinclude aspects of compliance related to non-audit services,business relationships with the companies we audit andfinancial relationships of member firms.

Page 19: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 19

Personal independence compliance testing

Each year, the EY Global Independence team establishes aprogram for testing compliance with personal independenceconfirmation requirements and with reporting of informationinto GMS. For the 2016 testing cycle, EY Greece tested morethan 19 partners and other personnel.

Non-audit services

We monitor compliance with professional standardsgoverning the provision of non-audit services to audit clientsthrough a variety of mechanisms. These include the use oftools, such as PACE (see page 13) and Service OfferingReference Tool (see below), and training and requiredprocedures completed during the performance of audits andinternal inspection processes.

Global independence learning

EY develops and deploys a variety of independence learningprograms. All professionals and certain other personnelare required to participate in annual independence learningto help maintain our independence from the companieswe audit.

The goal is to help EY people understand theirresponsibility and to enable each of them, and theirmember firms, to be free from interests that might beregarded as incompatible with objectivity, integrity andimpartiality in serving an audit client.

The annual independence learning program coversindependence requirements focusing on recent changes topolicy, as well as recurring themes and topics of importance.Timely completion of annual independence learning isrequired and is monitored closely.

In addition to the annual learning program, independenceawareness is promoted through a number of events andmaterials, including new-hire programs, milestone programsand core service line curricula.

Service Offering Reference Tool (SORT)

We assess and monitor our portfolio of services on anongoing basis to confirm that they are permitted by law andprofessional standards, and to make sure that we have theright methodologies, procedures and processes in place asnew service offerings are developed. We restrict servicesfrom being provided that could present undue independenceor other risks. SORT provides EY people with informationabout EY service offerings. It includes guidance aroundwhich services can be delivered to audit and non-auditclients, as well as independence and other risk managementissues.

Business Relationship Evaluation Tool (BRET)

The BRET process helps to support compliance withindependence requirements. Our people are required to useBRET in many circumstances to identify, evaluate and obtain

advance approval of a potential business relationship with anaudit client.

Audit committees and oversight of independenceWe recognize the important role audit committees andsimilar corporate governance bodies undertake in theoversight of auditor independence. Empowered andindependent audit committees perform a vital role on behalfof shareholders in protecting independence and preventingconflicts of interest. We are committed to robust and regularcommunication with audit committees or those charged withgovernance. Through EY quality review programs, wemonitor and test compliance with EY standards for auditcommittee communications, as well as the pre-approval ofnon-audit services, where applicable.

Page 20: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 20

Continuing education ofaudit professionalsProfessional developmentThe EY career development framework, EYU, provides ourpeople with opportunities for the right experiences, learningand coaching to help them grow and achieve their potential.

The learning component of EYU is based on an extensive andglobally consistent learning curriculum that helps all EYpeople develop the right technical and personal leadershipskills, wherever they are located around the world. Core audittraining courses are supplemented by learning programs thatare developed in response to changes in accounting andreporting standards, independence and professionalstandards, and emerging practice issues.

EY has redesigned its core audit training into “The AuditAcademy” — a curriculum for learning. This high-impact andaward-winning learning combines interactive classroom-based simulations and “on-demand” e-learning modules withrelevant reinforcement and application support.

Where an EYG member firm audits and reviews InternationalFinancial Reporting Standards (IFRS) financial statements,relevant team members undertake learning to become IFRS-accredited.

EY Hellas requires our audit professionals to obtain at least20 hours of continuing professional education each year andat least 120 hours over a three-year period. Of these hours,40% (8 hours each year and 48 hours over a three-yearperiod) must cover technical subjects related to accountingand auditing.

In addition to formal learning, professional developmentoccurs through coaching and experiences our professionalsreceive on the job. Coaching helps to transform knowledgeand experience into practice.

Experienced professionals are expected to coach and developless-experienced personnel to create a continual learningenvironment. We also manage the assignment of our peopleto particular engagements in a systematic way that helpsprovide them exposure to a range of experiences as part oftheir own development.

Knowledge and internal communicationsIn addition to professional development and performancemanagement, we understand the importance of providingclient engagement teams with up-to-date information to helpthem perform their professional responsibilities. EY makessignificant investments in knowledge and communicationnetworks to enable the rapid dissemination of information tohelp people collaborate and share best practices. Examplesinclude:

Ñ EY Atlas, which includes local and internationalaccounting and auditing standards, as well asinterpretive guidance; replacement for GlobalAccounting and Auditing Information Tool (GAAIT) sincethe fiscal year 2017

Ñ Publications such as International GAAP, IFRSdevelopments and illustrative financial statements

Ñ Global Accounting and Auditing News, a weekly updatecovering assurance and independence policies,developments from standard setters and regulators, aswell as internal commentary thereon

Ñ Practice alerts and webcasts covering a range of globaland country-specific matters designed for continuousimprovement in member firms’ Assurance practices

Performance managementA comprehensive performance management processrequires our people to set goals, have clear workexpectations, receive feedback and talk about theirperformance. The Performance Management andDevelopment Process (PMDP) is designed to help our peoplegrow and succeed in their careers.

Under the PMDP, periodic job performance reviews arecombined with annual self-appraisal and reviews. As part ofthe annual review process, each professional, in conjunctionwith their counselor (an assigned, more experiencedprofessional), identifies opportunities for furtherdevelopment. Professionals and their counselors are guidedby a set of expectations that articulate the knowledge, skillsand behaviors that should be maintained and developed fortheir respective ranks. These expectations are derived from,and align with, the EY Global strategy and values.

Page 21: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 21

Revenue andremuneration

Financial informationRevenue represents combined, not consolidated, revenuesand includes revenues related to billings to other EYGmember firms. Revenue amounts disclosed in this reportinclude revenues from both audit and non-audit clients.

Revenue is presented in accordance with InternationalFinancial Reporting Standards as adopted by the EuropeanUnion and included for:

1. Revenues from the statutory audit of annual andconsolidated financial statements of PIEs, and entitiesbelonging to a group of undertakings whose parentundertaking is a PIE

2. Revenues from the statutory audit of annual andconsolidated financial statements of other entities

3. Revenues from permitted non-audit services to entitiesthat are audited by the statutory auditor or the auditfirm

4. Revenues from non-audit services to other entities

Financial information for the period ended 30 June 2017expressed in millions of Euro.

EY Hellas

Service Revenue Percent

Statutory audits anddirectly related servicesfor PIEs

4.8 21%

Other audit services anddirectly related servicesfor non-PIEs

12.0 54%

Non-audit servicesprovided to audit clients

1.3 6%

Non-audit servicesprovided to other entities

4.4 19%

Total revenue related toEY Hellas

22.4 100%

Non-audit servicesprovided by otherEY Greece entities

53.6

Total revenue ofEY Greece

76.0

Partner remunerationQuality is at the center of the EY strategy and is a keycomponent of EY performance management systems. EYGreece’s partners and other professionals are evaluated andcompensated on the basis of criteria that include specificquality and risk management indicators, covering bothactions and results.

Global performance management processes cover partnersin EYG member firms around the world. They reinforce theglobal business agenda by linking performance to wider goalsand values. These ongoing cyclical processes include goalsetting, personal development planning and performancereview, and are tied to partners’ recognition and reward.Documenting partners’ goals and performance is thecornerstone of the evaluation process. A partner’s goals arerequired to reflect various global priorities, one of which isquality.

EY prohibits evaluating and compensating lead auditengagement partners and other key audit partners on anengagement based on the sale of non-Assurance services totheir audit clients. This reinforces to our partners theirprofessional obligation to maintain our independence andobjectivity. For audits conducted in accordance with therequirements of Directive 2014/56/EU of the EuropeanParliament and of the Council of 16 April 2014, EY prohibitsevaluating and compensating any partner or professionalinvolved in, or able to influence the carrying out of, anengagement based on the sale of non-Assurance services totheir audit clients. This reinforces that professionals areobligated to maintain independence and objectivity.

Page 22: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 22

Specific quality and risk performance measures have beendeveloped to account for:

Ñ Providing technical excellence

Ñ Living the EY values as demonstrated by behaviors andattitude

Ñ Demonstrating knowledge of, and leadership in, qualityand risk management

Ñ Complying with policies and procedures

Ñ Complying with laws, regulations and professional duties

Ñ Contributing to protecting and enhancing the EY brand

The EY partner compensation philosophy calls formeaningfully differentiated rewards based on a partner’slevel of performance, as measured by the Global PartnerPerformance Management (GPPM) process, which is ourglobal evaluation process for partners in EYG member firmsaround the world. Partners are assessed by their firmsannually on their performance in delivering quality,exceptional client service and people engagement alongsidefinancial and market metrics. In 2017, we have also begunour early adoption phase of the successor to GPPM, calledLeadership Evaluation and Development (LEAD). This modelhas been deployed in the Asia-Pacific and the Central USRegion before full deployment in fiscal year 2018.

To recognize different market values for different skills androles, and to attract and retain high-performing individuals,the following factors are also considered when we determineour partners’ total reward:

Ñ Experience

Ñ Role and responsibility

Ñ Long-term potential

Instances of non-compliance with quality standards result inremedial actions, which may include compensationadjustment, additional training, additional supervision orreassignment. A pattern of non-compliance or particularlyserious non-compliance may result in actions that includeseparation from EY Greece.

We operate under a system that requires quality tobe a significant consideration in a partner’s overallyear-end rating.

Page 23: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 23

Appendix 1 : EY Hellas PIE audit clientsIn the fiscal year that ended on 30 June 2017, EY Hellas performed audits of the following PIEs:

PUBLIC INTEREST ENTITYSTATUTORY AUDIT

2016 2015AEGEAN AIRLINES S.A. ✔ ✔ ALUMIL ALUMINIUM INDUSTRY S.A. ✔ ✔ FCA BANK GmbH. ✔ ✔ FCA INSURANCE HELLAS S.A. ✔ ✔ FORTHNET S.A. ✔ ✔ FOURLIS HOLDING S.A. ✔ ✔ GENERALI HELLAS S.A. ✔ ✔ HELLENIC EXCHANGES S.A. ATHENS STOCK EXCHANGE GROUP ✔ ✔ HELLENIC FABRICS S.A. ✔ ✔ HOUSEMARKET S.A. ✔ ✔ NAFTEMPORIKI P. ATHANASSIADES & CO. S.A. ✔ ✔ NIREUS AQUACULTURE S.A. ✔ ✔ NN HELLENIC LIFE INSURANCE CO. S.A. ✔PIRAEUS PORT AUTHORITY S.A. ✔THESSALONIKI PORT AUTHORITY S.A. ✔ ✔

Page 24: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 24

Appendix 2: Audit firms - EYG member firms of ΕU/EEAAs of 30 June 2017, the following EYG member firms are audit firms registered in an EU or EEA Member State

Member State Statutory auditor or audit firm

Austria Ernst & Young Wirtschaftspruefungsgesellschaft mbH

Belgium Ernst & Young Assurance Services BCVBA

Ernst & Young Bedrijfsrevisoren B.C.V.B.A

Bulgaria Ernst & Young Audit OOD

Croatia Ernst & Young d.o.o.

Cyprus Ernst & Young Cyprus Limited

Czech Republic Ernst & Young Audit, s.r.o.

Denmark Ernst & Young Godkendt Revisionspartnerselskab

EY Grønland Statsautoriseret Revisionspartnerselskab

Estonia Ernst & Young Baltic AS

Finland Ernst & Young Oy

Julkispalvelut EY Oy

France Artois Audit

Auditex

Barbier Frinault & Associes

Conseil Audit & Synthese

Ernst & Young Atlantique

Ernst & Young Audit

Ernst & Young et Autres

Picarle et Associes

Germany Ernst & Young GmbH Wirtschaftsprufungsgesellschaft

Gibraltar EY Limited

Greece Ernst & Young (Hellas) Certified Auditors Accountants SA

Page 25: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

Transparency Report 2017 : EY Greece 25

Member State Statutory auditor or audit firm

Hungary Ernst & Young Könyvvizsgáló Korlátolt Felelõsségû Társaság

Iceland Ernst & Young ehf

Ireland Ernst & Young Chartered Accountants

Italy Ernst & Young S.p.A

Latvia SIA Ernst & Young Baltic

Liechtenstein Ernst & Young AG

Lithuania UAB Ernst & Young Baltic

Luxembourg Compagnie de Revision S.A.

Ernst & Young Luxembourg S.A.

Ernst & Young S.A.

Malta Ernst & Young Malta Limited

Netherlands Ernst & Young Accountants LLP

Norway Ernst & Young AS

Poland Ernst & Young Audyt Polska sp. z o.o.

Ernst & Young Audyt Polska Spółka z ograniczoną odpowiedzialnością Finance spółka komandytowa

Ernst & Young Audyt Polska Spółka z ograniczoną odpowiedzialnością JZP spółka komandytowa

Ernst & Young Audyt Polska spółka z ograniczoną odpowiedzialnością sp. k.

Ernst & Young Usługi Finansowe Audyt sp. z o.o.

Portugal Ernst & Young Audit & Associados - SROC, S.A.

Romania Ernst & Young Assurance Services S.r.l.

Ernst & Young Support Services SRL

Slovakia Ernst & Young Slovakia, spol. s r.o.

Slovenia Ernst & Young d.o.o.

Spain ATD Auditores Sector Público, S.L.U

Ernst & Young, S.L.

Sweden Ernst & Young AB

United Kingdom Ernst & Young LLP

Ernst & Young Europe LLP

Total turnover of these EYG member firms resulting from statutory audits of annual and consolidated financial statementswas approximately Euros 2.6 billion.

Page 26: Transparency Report 2017 - EY - US · 2017-10-31 · Transparency Report 201 7 : EY Greece 4 At EY we apply all components and initiatives of the Global Sustainable Audit Quality

EY | Assurance | Tax | Transactions | Advisory

About EYEY is a global leader in assurance, tax, transaction and advisoryservices. The insights and quality services we deliver help buildtrust and confidence in the capital markets and in economies theworld over. We develop outstanding leaders who team to deliver onour promises to all of our stakeholders. In so doing, we play acritical role in building a better working world for our people, forour clients and for our communities.

EY refers to the global organization, and may refer to one or more,of the member firms of Ernst & Young Global Limited, each of whichis a separate legal entity. Ernst & Young Global Limited, a UKcompany limited by guarantee, does not provide services to clients.For more information about our organization, please visit ey.com.

©2017 Ernst & Young (Hellas) Certified Auditors AccountantsS.A.All Rights Reserved.

BMC AgencyGA 1005072

ED None

This material has been prepared for general informational purposes only andis not intended to be relied upon as accounting, tax, or other professionaladvice. Please refer to your advisors for specific advice.

This document contains information in summary form and is thereforeintended for general guidance only. It is not intended to be a substitute fordetailed research or the exercise of professional judgment. Neither EYGMLimited nor any other member of the global EY organization can accept anyresponsibility for loss occasioned to any person acting or refraining fromaction as a result of any material in this publication. On any specific matter,reference should be made to the appropriate advisor.

ey.com