Ernst & Young Glossary

Abbreviation	Meaning	Comments
AFM	Autoriteit Financiële Markten	Dutch oversight authority on (amongst others) the audit profession
AQR	Audit Quality Review	Annual internal review of a number audit files by the firm
BeNe	Belgium-Netherlands region	1 out of 12 regions in EY’s EMEIA area
CO	Compliance Office	The department in our firm that monitors compliance of our firm with applicable law and regulations
CPB	Commissie Publiek Belang	Our firm´s Public Interest Committee consisting of three independent non-executives
EMEIA	Europe, Middle-East, India and Africa	1 out of 4 areas of EY globally, of which BeNe is a region
EYG	Ernst & Young Global Limited	EY’s central entity
EY GAM	EY Global Audit Methodology	A generic set of rules that describe the way we perform our audits globally. Of course, in each audit other applicable regulations (if any) are taken in to account as well
EQR	Engagement Quality Review	Internal review of key audit areas and issues by another professional, independent from the audit team
FSO	Financial Services Organization	1 out of 12 Regions in EY’s EMEIA area, the only non-geographical Region in EMEIA
GIS	Global Independence System	Global tool to allow professionals to verify independence requirements for listed entities
GMS	Global Monitoring System	Global tool to register all listed securities held by every professional ranked manager to partner and to assess whether securities might be held
GPPM	Global Partner Performance Management	Performance measurement tool for partners
GTAC	Global Tool for Acceptance and Continuance	Tool structuring the client acceptance and continuance process and resulting in a risk rating score
IFAC	International Federation of Accountants	Global organization for the accountancy profession
IFRS	International Financial Reporting Standards	International set of accounting principles
NBA	Nederlandse Beroepsorganisatie van Accountants	Dutch professional association of accountants, the professional body for Dutch auditors
NV/COS	Nadere Voorschriften Controle- en Overige Standaarden	Dutch set of auditing standards, with ISA as a basis and Dutch add-on’s
OOB	Organisatie van Openbaar Belang	Public interest company according to Dutch Law; non-OOB is an entity that does not qualify as public interest company according to Dutch Law
PCAOB	Public Company Accounting Oversight Board	USA oversight authority on (amongst others) the audit profession
PIE	Public Interest Company	Public interest company according to international regulations
PPD	Professional Practice Director	The partner responsible for the Professional Practice Group
PPG	Professional Practice Group	The department in our firm that provides technical support to our audit and other assurance professionals both up front as well as during the audit cycle
QUIP	Quality Improvement Plan	Action plan describing steps and planning to improve
RM	Risk Management	Department at region level performing risk management
SEC	Securities and Exchange Commission	Agency of the United States federal government
US-GAAP	Generally Accepted Accounting Principles in the USA	USA set of accounting principles
US-GAAS	Generally Accepted Auditing Standards in the USA	USA set of auditing standards
ViO	Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten	Dutch independence rules issued by NBA, our professional body, regarding independence of auditors at both public interest entities and other entities
WeCo	Wettelijke controle	Financial statement audit required by law; non-WeCo is a financial statement audit not required by law
Wta/Bta	Wet toezicht accountantsorganisaties and Besluit toezicht accountantsorganisaties	Dutch law and additional rules applicable to audit firms.
GUP	Global Ultimate Parent	Global Ultimate Parent
LCE	Less Complex Entity	Less Complex Entity
OOB; PIE	Organisatie van Openbaar Belang (OOB); Public Interest Entity (PIE)	Organisatie van Openbaar Belang (OOB); Public Interest Entity (PIE)