BDO AS
Transparency Report 2021
Innhold 3
About the Transparency Report
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Trust requires transparency
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Trust requires quality
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About BDO 8 The BDO network 10 Participants in the BDO network in the eu/eea 12 BDO in Norway 14 Corporate structure 17 Financial information
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Competence development 18 BDO - For the future 18 Employee satisfaction and commitment 20 The competence model in BDO 21 Continuing education 21 Inclusion and diversity
22 Quality in BDO 22 The board of directors’ and management’s responsibility for quality 22 Ethical requirements and independence 23 Acceptance of clients and engagements 23 Information security and data protection 23 Audit methodology 24 Monitoring 25 Quality control by BDO global 25 Inspections by Finanstilsynet 26 Statements 26 Statement from the board of directors regarding the quality control system 28 Sustainability 28 Our role as auditor 30 Partner compensation 31
Eiere i BDO 31 31 31
Kvinneandel i partnerskapet Aktive partnere Deltakere uten oppdragsansvar (ambassadører)
32 Our offices 33 Enterprises of public interest audited by BDO
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About the Transparency Report Pursuant to the Norwegian Act on Audit and Auditors, BDO is required to publish an annual transparency report. This report shall show how we secure independence and quality in the audit process. The purpose is to ensure transparency and insight into how we meet our social duties. In this year’s transparency report you can read more about our continuous efforts to improve the quality of the audit. The last decade has brought substantial changes for the audit business, but our role as society’s trustees has not changed. On the contrary, we notice that the job carried out by the auditors has become even more deeply rooted in society. We take the trust we receive very seriously, and we are obliged to deliver services of the best possible quality at all times. Society needs to know that we attend to our social responsibility in the form of integrity, objectivity, attitudes, culture and expertise. BDO shall be a company for the future – for our clients, our employees and for society. Trust in BDO has been demonstrated by the fact that more than 40,000 enterprises, including many public-interest entities, have chosen to be our clients. BDO AS is part of BDO International Limited. ”BDO” or ”BDO AS” in this report refers to BDO AS with the organisation number 993 606 650. When we refer to our international network, we use the term BDO Global or BDO International Limited.
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MARTIN AASEN Managing Partner in BDO AS
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ERIK H. LIE Partner/Service Leader, Audit and Assurance in BDO AS
Trust requires transparency
In the Norwegian society, trust is generally high, but this is not to be taken for granted. Trust requires transparency, and transparency is demanding. We are an open and trusting society because the participants cooperate and consider transparency to be important. BDO constitutes a small, but important part of this structure, a fact that makes us proud. . More than 40 000 Norwegian companies, public enterprises, municipalities and foundations cooperate with BDO. By certifying that the information our clients present to the outside world can be trusted, we meet our role as society’s trustees. We shall also help our clients to reach their goals, strategic as well as operational. We shall attend to our social responsibility, but also assist and contribute to value creation. This implies a heavy responsibility for BDO and each of our more than 1 800 employees. Adequate competence and capacity are required to meet this responsibility. Thorough recruitment processes to find the best candidates are important, but just as crucial is how we ensure that those already working in BDO feel comfortable in an inclusive working environment with exciting tasks and personal development. Our goal is that all those working in BDO shall be equally treated and with respect. Our employee promise also confirms that in BDO, you become part of a community characterised by genuine engagement and high competence. This shall be noted by both employees, enterprises and local communities. Large parts of the business community have recently increased attention as well as communicating information on the efforts carried out within sustainability and ESG (environmental, social and business ethical matters). Positive attention has now turned to seriousness. A well-balanced and relevant reporting contributes to create more transparency on how sustainability is part of corporate management. The need for independent confirmations of this type of information is strongly increasing, and we expect that this development will be intensified in the time to come.
The development has been driven forward by requirements from clients and employees. Businesses not operating sustainably will lose in the long run. This is a development we want and are prepared for. We already assist a number of our clients in increasing their consciousness and change in order to succeed in the future. We also take our part of the responsibility and have chosen four sustainability goals for which we in BDO will concentrate our efforts. Society’s requirements and expectations to us as a profession are increasing, and our mandate is closely followed up by the authorities. In order to secure quality and trust, the requirements are stricter than ever. The new Norwegian Act on Audit and Auditors came into effect on 1 January 2021. It increases the obligations for both the businesses’ management and us as auditors. In addition, the «International Standard on Quality Management», ISQ1, becomes effective from December 2022. The updated standard implies that all audit firms must upgrade their systems for quality control. The most important demands are nevertheless those that we make of ourselves concerning each employee’s objectivity and integrity, including ensuring compliance with the established controls that we have implemented. BDO has invested heavily in new technological solutions that shall simplify the working day for both clients and employees. When the routine tasks are automated, our employees have more time to talk with our clients about challenges and needs. An effective use of technology contributes to increase quality and maintain trust. Enjoy your reading!
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Trust requires quality
The leader of Quality and Risk Management (QRM) has the overall responsibility for the quality in our deliveries and all BDO’s deliveries shall be of a high quality. For the audit business, it is vital that the users of our auditor’s reports and other statements and confirmations believe that they have been issued on an appropriate basis, and that we clearly draw attention to any, in our material misstatement in the accounts or other information on which we issue an opinion.
Steinar Andersen Partner/Leader of QRM i BDO AS
A condition for quality in the deliveries is first and foremost that we have adequate capacity in the form of partners and staff to execute the deliveries, and that they have the relevant competence for each individual engagement. In order to ensure quality in the deliveries, all work is reviewed by at least one other person than the one who has carried out the work. On most engagements, where several staff are involved, there is more than one level of quality control before we issue our audit report. We have established procedures to prevent errors and to ensure that we do not make similar errors again. Our internal quality control and our training and introductory training programmes are important elements in this part of the work. The sections «Competence development» and «Quality in BDO» below have more information on this. NEW AUDIT AND AUDITORS ACT On 1 January 2021, a new Audit and Auditors Act came into effect in Norway that contributes to harmonise the regulation of the audit in Europe. Through the introduction of this act, some distinctively Norwegian regulation were removed and new regulations that our colleagues in other European countries have had for some years were introduced. We have adapted the new regulation by measures like changing our
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procedures for assessing independence, acceptance and continuance of clients and considering the non-audit services we deliver to our public-interest clients. The new Audit and Auditors Act requires that we have a system of quality control. The audit firms already have, however, such a system in the standard on quality control (ISQC1). The new act implies that the audit firms must adhere to the regulation on risk management and internal control. As BDO AS is also licensed as an external accounting firm, we have already been subject to this regulation for many years and complied with its requirements. KNOW YOUR CLIENT-TEAM (KYC-TEAM) As a consequence of increasingly more requirements to the acceptance and continuance of clients, BDO has set up a central department to assist with all establishments of client relationships. The KYC team’s services include assessments of independence and other ethical requirements and controls within the money laundering legislation and data protection rules. Even though the KYC team to a large extent makes the work of the client teams easier, the auditor in charge of the engagement still has the overall responsibility for the assessments and the conclusions of them.
ANTI-MONEY LAUNDERING INITIATIVES After the last firm inspection by the Financial Supervisory Authority of Norway (Finanstilsynet), we have changed our practice for risk classification of clients. As a consequence, a large number of clients have been moved to a higher risk level. We have also implemented procedures and introduced support systems to ensure that the required client assessments are performed before new engagements are accepted. QRM COMMITTEE In BDO, we have monthly QRM committee meetings to discuss issues of an overall importance for the risk to which BDO is exposed. The Managing Partner, the leaders of the four service areas and the QRM partner are permanent members. Other internal experts attend depending on the subjects to be discussed. COMPLIANCE BDO has decided to establish a compliance team as a separate unit, exclusively engaged in ensuring that everybody in BDO complies with acts, regulations and internal guidelines and that the internal control is functioning as expected. The compliance team will be part of QRM and report to the QRM leader on a regular basis. Periodically and systematically, the compliance team will also report to the Managing Partner and the BDO board.
BDO GLOBAL BDO in Norway is subject to quality controls from BDO Global. After the last control, we have made our classification of uncovered errors and deficiencies at the internal quality control in 2021 more rigorous. In 2020 and 2021, BDO Global has focused on audit quality and compliance with ethical rules, including independence, and intensified the sanctioning of deviations. BDO Norway has not been sanctioned by BDO Global. CONSEQUENCES OF QUALITY DEFICIENCIES Even though we spend much effort in quality controls and preventing errors, deliveries will in some instances not be of the desired quality. We have various ways to follow up and sanction uncovered errors and deficiencies, depending on the underlying causes. Sanctions carried out in 2021 include follow-up controls and instructions to prepare action plans after the internal quality control, replacement of the engagement partner and financial sanctioning.
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About BDO The BDO network is an international network of independent companies in the areas of auditing, tax, accounting and advisory who are members of BDO International Limited and provide professional services under the brand name BDO.
LEGAL AND ORGANISATIONAL STRUCTURE OF THE NETWORK
Each BDO member firm is a member of BDO International Limited, a UK company with limited liability, either as a voting member (one company per country) or non-voting member. BDO International Limited is the umbrella company in the BDO network and sets the terms for membership in its articles of association.
The BDO network is governed by the BDO International Limited Council, the Global Board and the Global Leadership Team. The BDO International Limited Council consists of one representative for each voting member and represents the member firms of BDO International Limited in company meetings. The Council approves the network’s central budget, appoints the members of the Global Board and determines any amendments to BDO International Limited’s articles of association.
BDO-NETWORK
1 728
97 292
165
104 MRD NOK
OFFICES
COUNTRIES
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EMPLOYEES WORLDWIDE
IN TOTAL TURNOVER
The Global Board, which is the board of directors for BDO International Limited, consists of one representative for the BDO network’s seven largest member firms, each appointed for a three-year term and approved by the Council. The Global Board sets priorities for the BDO network and supervises the work performed by the Global Leadership Team. The Global Board convenes at least four times a year. The Global Leadership Team is responsible for coordinating the activities of the BDO network. The team is led by the Managing Partner and includes the service leaders for Audit & Accounting, Tax, HR & Development, Business Development & Marketing, IT, the Managing Partner for EMEA, the Americas, Asia Pacific and the International Secretary. The Global Leadership Team is supported by the Global Office through Brussels Worldwide Services BVBA. Brussels Worldwide Services BVBA, a Belgian limited company, provides
services in connection with the coordination of the BDO network. BDO International Limited and Brussels Worldwide Services BVBA provide no professional services to clients. Only the member firms, including BDO AS, provide such services. BDO International Limited, Brussels Worldwide Services BVBA and the member firms of the BDO network are all separate legal entities and have no liability for other entities’ acts or omissions. Nothing in the arrangements or rules of the BDO network shall constitute or imply an agency relationship or a partnership between BDO International Limited, Brussels Worldwide Services BVBA and/or BDO’s member firms.
BDO IN NORWAY
MORE THAN 1 800
69
EMPLOYEES IN NORWAY
OFFICES
2,4 MRD NOK
181
IN TOTAL TURNOVER
PARTNERS
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PARTICIPANTS IN THE BDO NETWORK IN THE EU/EEA OTAL TURNOVER FOR AUDIT SERVICES PERFORMED BY BDO IN THE EU/EEA: € 605,172,068
COUNTRY
AREA
NAME OF BDO COMPANIES IN THE AREA
AUSTRIA
Austria
BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Austria
BDO Steiermark GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Austria
BDO Salzburg GmbH Wirtschaftsprüfungs - und Steuerberatungsgesellschaft
Austria
BDO Oberösterreich GmbH Wirtschaftsprüfungs - und Steuerberatungsgesellschaft
Austria
BDO Audit GmbH, Vienna
BELGIUM
Belgium
BDO Bedrijfsrevisoren BV / Réviseurs d’Entreprises SRL
BULGARIA
Bulgaria
BDO Bulgaria OOD
CROATIA
Croatia
BDO Croatia D.O.O.
Albania
BDO ALBANIA LLC
Kosovo
BDO KOSOVO
Sarajevo
BDO BH d.o.o. Sarajevo
CYPRUS
Cyprus
BDO Limited
CZECH REPUBLIC
Czech Republic
BDO Audit s.r.o
Czech Republic
BDO Group s.r.o.
Czech Republic
BDO Czech Republic s.r.o.
Denmark
BDO Statsautoriseret revisionsaktieselskab
DENMARK
Denmark
BDO Holding V, Statsautoriseret Revisionsaktieselskab
ESTONIA
Estonia
Aktsiaselts BDO Eesti
FINLAND
Finland
BDO Oy
Finland
BDO Audiator Oy
Finland
Finnpartners BDO Oy
France
BDO France
France
BDO AUDIT DES ACTIVITES SOCIALES
France
BDO PARIS ENTREPRISES
France
BDO PARIS AUDIT PME
France
BDO ATLANTIQUE
France
BDO RENNES
France
BDO LYON AUDIT
France
BDO IDF
France
BDO LES HERBIERS
France
BDO FONTENAY LE COMTE
France
BDO NANTES
France
BDO LES ULIS
France
BDO Paris Audit & Advisory
France
BDO Méditerranée
Germany
BDO AG Wirtschaftsprüfungsgesellschaft
Germany
BDO Oldenburg GmbH & Co KG Wirtschaftsprüfungsgesellschaft
Germany
BDO DPI AG Wirtschaftsprüfungsgesellschaft
Germany
BDO Dr. Daiber Audit GmbH Wirtschaftsprüfungsgesellschaft
Gibraltar
BDO Limited
FRANCE
GERMANY
GIBRALTAR
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COUNTRY
AREA
NAME OF BDO COMPANIES IN THE AREA
GREECE
Greece
BDO CERTIFIED PUBLIC ACCOUNTANTS S.A.
GREECE
Greece
BDO Services SA
HUNGARY
Hungary
BDO Hungary Audit Ltd
ICELAND
Iceland
BDO ehf.
IRELAND
Ireland
BDO
ITALY
Italy
BDO Italia S.p.A.
LATVIA
Latvia
SIA BDO ASSURANCE
LIECHTENSTEIN
Liechtenstein
BDO (Liechtenstein) AG
LITHUANIA
Lithuania
BDO Auditas ir Apskaita, UAB
LUXEMBOURG
Luxembourg
BDO Audit
MALTA
Malta
BDO Malta CPAs
NETHERLANDS
Netherlands
BDO Audit & Assurance B.V.
NORWAY
Norway
BDO AS
POLAND
Poland
BDO Spółka z ograniczoną odpowiedzialnością Sp. K.
Poland
BDO Legal Latala is Wspólnicy Sp.K.
PORTUGAL
Portugal
BDO & Associados, SROC, Lda
ROMANIA
Romania
BDO Audit SRL
Romania
BDO Auditors & Accountants SRL
Romania
BDO Auditors and Business Advisors SRL
SLOVAK REPUBLIC
Slovak Republic
BDO Audit, spol. s r.o.
SLOVENIA
Slovenia
BDO Revizija d.o.o.
SPAIN
Spain
BDO Auditores, S.L.P.
Spain
BDO Audiberia Abogados y Asesores Tributarios, S.L.P.
Sweden
BDO AB
Sweden
BDO Göteborg AB
Sweden
BDO Göteborg Intressenter AB
Sweden
BDO Göteborg KB
Sweden
BDO Mälardalen AB
Sweden
BDO Mälardalen Intressenter AB
Sweden
BDO Norr AB
Sweden
BDO Norr Intressenter AB
Sweden
BDO Stockholm AB
Sweden
BDO Sweden AB
Sweden
BDO Syd AB
Sweden
BDO Syd Intressenter AB
Sweden
BDO Syd KB
United Kingdom of Great Britain and Northern Ireland
BDO LLP
Northern Ireland
BDO Northern Ireland
Switzerland
BDO Ltd/AG/SA
SWEDEN
UNITED KINGDOM
SWITZERLAND
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BDO IN NORWAY BDO is organised as a limited company and is an audit firm authorised pursuant to the Norwegian Audit and Auditors Act. BDO is also an external accounting firm authorised under the Norwegian Authorisation of Accountants Act. BDO’s business in Norway is carried out by the companies BDO AS (org. no. 993 606 650) and BDO Advokater AS (org. no. 996 798 577). These two companies have no ownership in each other, but all equity partners in BDO Advokater AS are also equity partners in BDO AS. BDO AS is the principal in BDO Internal partnership, in which all the shareholders in BDO AS participate as individual silent partners. The company model has been established for practical reasons. BDO AS cannot conduct any business other than what is conducted for BDO Internal partnership. BDO AS is the only member of the company meeting, but all the participants are entitled to be present. Prior to each company meeting, a partner meeting is held which, with binding effect, makes decisions on issues to be discussed by the company meeting. BDO’s operations in Norway are wholly owned by equity partners. As at 31 December 2021, there were 138 owners of BDO AS, of which 104 were audit partners, 9 advisory partners, 12 legal partners and 11 were accounting partners, in addition to 2 partners who are engaged in national management. All partners in BDO AS have an equal ownership share and are listed in the last part of this report. All partners are individual silent partners in BDO Internal partnership, with the addition of 12 partners without project responsibilities (ambassadors).
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BDO increased the audit business in 2021 by taking over operations in: • Regnskap og Revisjon Farsund (org.nr. 927 784 657)
Legal entities operating for BDO Norway or in which BDO has ownership shares • BDO’s business in Norway is operated by: - BDO AS (org.nr. 993 606 650) - BDO Advokater AS (org.nr. 996 798 577) As at 31 December 2021, BDO has the following whollyowned subsidiaries: • Evolver by BDO AS (org.nr. 923 134 875) • Noraudit AS (org.nr. 968 008 358) • Inter Revisjon Norge AS (org.nr. 915 915 167) BDO AS also has ownership shares in the following companies: • Ørje Næringspark AS (org.nr. 989 686 984) • Økonomiklyngen AS (org.nr. 917 592 950) • Godt Sagt AS (org.nr. 987 917 091) • Molde Sentrum AS (org.nr. 961 893 992)
Our clients range from large, worldwide companies to small and medium-sized enterprises. We have clients from most industries in both private and public sectors. When necessary, we collaborate with large parts of the BDO network on international as well as Norwegian clients.
Our values reflect our internal company culture. OPEN. CLOSE. BRAVE. We shall work closely with each other and with our clients with the appropriate expertise. Transparency shall contribute to improvement. Our clients shall perceive us as open and attentive. Our integrity as auditors and consultants shall be high – also in other areas than our profession requires. This implies that we must have the courage to challenge the clients, the market as well as ourselves.
All across Norway, thousands of businesses and organisations work hard to create value and BDO is there to help them. We are an international consultancy and audit firm deeply rooted in Norwegian society and business community. We are familiar with the challenges, see the opportunities and make strong commitments to help our clients reach their goals.
We have more than 1800 employees In Norway and 76 offices across the entire country.
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CORPORATE STRUCTURE
General meeting The general meeting of BDO AS is executed in accordance with the Norwegian Limited Liability Companies Act, the company’s articles of association and shareholder agreement, and it elects the board of directors of BDO AS. The board of directors of BDO AS Internal partnership comprises the same members as those at any time elected as chair and members of the board of directors of BDO AS. The company board is responsible for BDO’s operations.
Nomination committee The nomination committee is elected by the general meeting of BDO AS and shall propose members for the board of directors. The nomination committee has three members and one deputy member. The composition of the nomination committee shall reflect the varying sizes of the departments. No profit centre may have more than one member in the nomination committee.
Board of directors The representation on the board of directors shall reflect the individual department’s size as well as geographical location. A profit centre should not have more than one representative on the board. The board of directors must at all times represent a combined expertise that serves the partners. Employees are entitled to representation on the board 14
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pursuant to section 6-4 of the Norwegian Limited Liability Companies Act. The board of directors shall comprise 5 to 8 members as decided by the general meeting, with the addition of employee representatives. The board consists of 10 members of which 3 represent the employees. The board members are elected for a period of up to 2 years. The chair is elected by the general meeting, and the board appoints the deputy chair. According to BDO AS’ articles of association, the board must have a composition that meets the prevailing requirements of the Norwegian Audit and Auditors Act. This implies that the majority of both the members and the deputy members of the board must be certified public accountants. The Board of Directors has the following members: • Chair Ingjer Ofstad, Partner • Deputy Chair Henrik Dagestad, Partner • Anne Merete Vorpenes, Partner • Knut Haugen, Partner • Kåre Rødssæteren, Partner • Cathrine Sæther Karlsen, Partner • Yngve Gjethammer, Partner • Svein Zwygart, Manager • Ingrid Lønmo Cappelen, Senior Manager • Cecilie Kristensen, Manager
Organisation of the business BDO AS shall have a managing partner appointed by the board of BDO AS. The managing partner in BDO AS shall also be the managing partner of BDO Internal partnership. BDO has 76 offices in Norway headed by an office manager. Each office is part of a profit centre. As at 31 December 2021, BDO has 11 profit centres. Each profit centre is a separate economic entity distributing its profit among the equity partners of the entity.
Managing partner and leader group The managing partner’s role and responsibilities are determined by the board of directors’ instructions for the managing partner. The managing partner reports directly to the company board and submits a summary of the business developments and the most important goals in the time to come. The managing partner keeps the employees continuously informed through weekly vlogs, monthly information meetings, office visits and presentations at internal events, thereby providing knowledge about BDO’s focus and operations. This also gives individuals an opportunity to raise issues directly with the managing partner. Together with the national management group, the managing partner prepares BDO’s business strategy and ensures that it is
implemented when adopted by BDO’s board. The national management group has monthly meetings. Members of the national management group: • Martin Aasen, Managing Partner • Knut Evensen, Partner/Head of Region Østfold/Follo • Roger Telle-Hansen, Partner/Head of Stor- Oslo • Stein Rhoar Juul, Partner/ Head of Region SørVest • Tom Aleksandersen, Partner/Head of Region MidtNord • Steinar Andersen, Partner/Head of QRM • Kristina Bors, HR Director • Jørgen Brodtkorb, IT Director • Maria Fronth-Sagen, Marketing & Communications Director • Marianne Rygvold Karlsen, Partner/Head of Strategy and Business Development • Eirik Meling Veien, Finance Director • Marte Bjelland, Senior Associate Advisory and Project Manager for BDO’s internal sustainability strategy In addition, national service leaders play a key role in the company’s management. National service leaders at BDO are: • Hanne Fritzsønn, Partner/Head of Legal • Andreas Ystgaard Tjemsland, Partner/Head of Accounting • Erik H. Lie, Partner/Head of Audit and Assurance • Morten Thuve, Partner/Head of Advosory
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Board of Directors
Managing Partner
National management group
Technical support functions
Discipline
Administrative support functions
QRM
Strategy and business development
Molde
SørVest
Buskerud
NordVest
Stor-Oslo
Telemark
HR
IT
Finance
Marketing and communications
Førde
MidtNord
Vestfold
Østfold
Innlandet
NATIONAL MANAGEMENT GROUP
Martin Aasen Managing Partner
Knut Evensen Partner/Head of Region Østfold/Follo
Roger Telle-Hansen Partner/Head of Region Metropolitan Oslo
Stein Rhoar Juul Partner/Head of Region SørVest
Tom Aleksandersen Partner/Head of Region MidtNord
Steinar Andersen Partner/Head of QRM
Kristina Bors Chief HR Officer
Jørgen Brodtkorb Chief Information Officer
Maria Fronth-Sagen Chief Marketing & Communications Officer
Marianne Rygvold Karlsen Partner/Head of Strategy and Transformation
Eirik Meling Veien Chief Financial Officer
Marte Bjelland Senior Associate Advisory and Project Manager for BDO’s sustainability Strategy
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FINANCIAL INFORMATION
Tax and legal 6 % Advisory 9 %
Accounting 26 % Audit 59 %
Turnover per business area (financial figures as at 31/12/2020,NOK thousands)* 2021 Audit Accounting Advisory Tax and legal
1 453 000 638 000 232 000 134 000
Total
2 457 000
Financial figures include BDO Advokater AS. Turnover between BDO AS and BDO Advokater AS has been eliminated.
*
Advisory 3 %
Tax and legal 4 %
Assistance 18 %
Entities of public interest 1 % Audit and assurance 74 %
Audit client turnover (project figures as at 31/12/21, in NOK thousands) Audit and assurance Entitites of public interest Assistance Advisory Tax and legal Total
2021 1 100 000 19 000 267 000 37 000 63 000 1 486 000
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Competence Development BDO uses considerable resources in developing our employees professionally as well as personally, both as individuals and as a group. We believe in a strength-based approach whereby we cultivate the strengths of each employee. In our view, this provides quality and good client experiences. Commitment and good experiences in the daily work is therefore a great concern of ours.
BDO – FOR THE FUTURE Our business strategy provides clear guidelines for our focus and expectations as an organisation, also with respect to the development of our employees. BDO shall be a company for the future – for our clients, our people and society. We have great confidence in an approach where focus is on the client, and everything we do, our focus and commitment shall be centred around the client. We want to develop ourselves and the entire BDO to meet our clients’ needs more rapidly, more efficiently and with higher quality. Our business strategy unites us in certain selected and specific priorities that we will realise together by 2023. Individual employees in BDO are encouraged to determine for themselves how the strategy is governing their own workday and what each individual can do to accomplish the goals we have set. All employees have their own development plan, consistent with the objectives and ambitions founded in the strategy. EMPLOYEE SATISFACTION AND COMMITMENT We survey the experiences of working in BDO in several ways including an annual employee survey and ongoing pulse measurements throughout the year. For the first time in December 2021, the employees in BDO replied to an employee survey from Peakon – our new system for employee surveys. Peakon measures commitment, and BDO employees provide feedback on questions about our commitment, about health and well-being and their own BDO assertions. The survey maps experiences of satisfaction, trust, pride and the sense of fellowship. The results provide us with valuable insight and are closely followed up with national and local initiatives. On questions concerning commitment in BDO, the most recent result from the employee survey shows a feedback of 8,1 points on a 10 points scale. 18
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Client orientation Range of services Professional development Industry
CLIENT
Change Leadership Relationships Personal development
PEOPLE
Strategy Risks and quality Digital BDO Culture
FIRM
FOR THE FUTURE
THE COMPETENCE MODEL IN BDO Our joint competence model consists of three overall competence sectors with underlying areas that are critical for us to deliver in line with our vision, values and strategic objectives.
BDO. Camp BDO is a unique combination of social interaction and professional development. The purpose is to create arenas for both networking and training. In 2021, 115 participants completed the onboarding programme.
The three overall competence sectors are: • Client skills required in meetings with clients and the market to create the best client experience • People skills that characterise personal strengths among BDO employees • BDO skills that ensure a common understanding of and identical approach to BDO as an organisation
We hire a large number of experienced employees each year. For experienced new hires, the scope of the training depends on their own experience level. All experienced new hires are given an opportunity to participate in an introduction to BDO-day with the focus on becoming familiar with BDO as a company, the people in BDO and our culture. In addition, we have a number of introduction programmes through our digital training tool.
Continuous training and development characterise our culture and our way of working. The competence model functions as a useful compass concerning what is expected of each individual employee and the direction in which the company prioritises competence development. The competence model is the starting point for all our efforts in terms of employee and competence development. All employees at BDO must be professionally up to date, and we shall constantly develop our individual and organisational skills. The impression is that everyone in the company is active and positive to both their own and BDO’s total competence development. Recently graduated new employees in BDO are included in the comprehensive induction and training programme Camp 20 TRANSPARENCY REPORT
2021
Courses and training in BDO are provided under the BDO Academy umbrella. Training takes place both in person and digitally, often in combination. 2021 became an almost entirely digital year also when training was concerned, and many new solutions and adaptations were introduced and put to use. We continuously develop our courses in line with the technical developments and requirements from our surroundings. Developing our leaders is another ongoing priority, and we have several customised leader development programmes. In our business strategy, our ultimate goal is to be ”the advisers for the future”. We shall continue to be a great workplace, with a culture with room for ambitions to further development with us. As a consequence, there are demands on the development opportunities that we offer all our employees.
We ensure that everyone has, and receives, the opportunity to develop • appropriate and adequate professional skills • the right attitudes, conduct and values In 2020, we introduced a new training platform as part of a new ERP system in BDO. This means that all training can be concentrated in one place and thereby becoming more flexible, more accessible, more interactive and more engaging than previously. This will result in a better learning experience for everyone in BDO. CONTINUING EDUCATION The Norwegian Audit and Auditors Act requires all state authorised public accountants to take continuing education. All state authorised public accountants in BDO complete such education, and we record and monitor continuing education hours in our own digital course portal. The requirements for continuing education are met through participation in internal and/or external courses and conferences. In addition, our goal is that everyone working with auditing has continuing education corresponding to at least 5 course days annually. QRM in BDO reviews annual continuing education hours to ensure that the legal requirement is met.
in BDO shall be treated fairly, have the same advantages and opportunities and feel appreciated, irrespective of gender, age, nationality, skin colour, sexual orientation, faith, political perspective and/or or physical and mental limitations or challenges. We recognise that we have a special responsibility for creating an inclusive culture with respect to our employees, clients and, not least, the society that we are part of. In view of this, we have prepared a separate strategy for inclusion and diversity, approved by the board of BDO and the national management group. The strategy comprises 14 KPIs on equality and equal salaries, followed up through customised reports in Workday, nationally as well as locally. In the last year, we have further enhanced these efforts by establishing a network of «People of BDO» ambassadors with the responsibility to follow up local initiatives and challenges in their own region. In October, we carried out a «Diversity month» nationally in BDO, with focus on raising consciousness throughout the entire organisation by various activities like lectures, campaigns in social media and Girls Takeover. We have also increased our attention on physical health both during and after Corona, through a close cooperation with Moment Organisasjon og Ledelse.
INCLUSION AND DIVERSITY BDO has clear ambitions related to inclusion and diversity – both as an element in our sustainability efforts and as part of the “People of BDO” initiative. All employees and partners TRANSPARENCY REPORT 2021
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Quality in BDO THE BOARD OF DIRECTORS’ AND MANAGEMENT’S RESPONSIBILITY FOR QUALITY The board of directors has the overall responsibility for quality at BDO and ensures that the managing partner attends to his or her operational duties through satisfactory systems for quality control, risk management and internal controls in the business.
regarding our ethical guidelines and ongoing monitoring of compliance with independence rules. In addition, all employees and partners engaged in each audit team confirm their independence on this particular audit engagement at least once a year. Our independence rules are summarised as follows:
The head of Quality and Risk Management (QRM) in BDO is responsible for designing and implementing the company’s quality and risk management system. QRM has a dedicated team in the company’s internal staff that is working strategically and operationally throughout the entire organisation to ensure the board that BDO as a supplier of auditing, accounting and consultancy services meets requirements and expectations. The work is carried out along three dimensions: • Preventive activities - Developing procedures and guidelines - Providing information, courses and other training activities - Building a quality-oriented company culture • Ongoing assistance and advice in individual matters - Consulting for partners and employees - Handling complaints and insurance matters - Having dialogues with external supervisory bodies - Reporting suspicious transactions to the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime • Review and monitor compliance - Coordinating and conducting internal quality controls - Verifying compliance with external and internal guidelines and requirements - Keeping the managing partner and the board currently updated on important issues. ETHICAL REQUIREMENTS AND INDEPENDENCE BDO has ethical guidelines set by the company’s board of directors. We impose absolute requirements for the integrity and independence of employees and partners. We must be independent as well as perceived as such by our clients. This implies that we cannot provide services to or enter into business relationships with our clients that may affect our professional role. When hired, and thereafter at least annually, all employees confirm that they know and follow our ethical guidelines and thereby also confirming their independence of our clients. This is supplemented with training activities for employees
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Employees in BDO • Employees or employees’ spouses/co-habitants/partners may not have substantial investments in companies audited by BDO. • Employees must inform their employer of investments that the employees or the employees’ spouse/co-habitants/ registered partners have in companies where BDO is the auditor. • As a general rule, employees cannot be members of boards of directors. The same applies for similar positions, such as members of audit committees, shareholder committees and similar. Exceptions to the general rule can be approved by QRM or the BDO board of directors. • Employees may not under any circumstances hold a position on the board of directors of an audit client. • Employees must always inform their employer of any other positions or part-time employments. Partners in BDO • Partners or spouses/co-habitants/partners of partners may not have investments in companies for which BDO is an auditor. For services other than auditing, it must always be assessed whether ownership can be of significance for the work to be performed. • Partners or spouses/co-habitants/partners of partners may not make investments with audit clients. Investments with other business connections must be assessed with respect to integrity and impartiality. • As a general rule, partners may not be members of boards of directors. The same applies for similar positions, such as members of audit committees, shareholder committees and the like. Exceptions to the general rule may be approved by QRM or the BDO board of directors. • Partners can under no circumstances hold a position on the board of directors of an audit client. • Spouses/co-habitants/partners may not be members of the board of directors in companies where BDO is the auditor. • An individual partner or the partner’s spouse/co- habitant may freely invest in listed companies, equity funds and equity certificates. This excludes investments in companies
audited by BDO. If BDO is auditor or otherwise engaged where share ownership is not accepted, the partner or spouse/co-habitant is required to sell his or her shares. The Norwegian Audit and Auditors Act and the EU Statutory Audit Regulation require that the audit partner in charge of public-interest entities be changed every seven years. Audit firms must also be changed after a maximum of 20 years. To ensure compliance with this, BDO has rotation plans for changing auditors responsible for engagements and second partners, and the rotation plan is monitored by QRM in BDO. As a general rule, changing audit firms, including conducting tender processes, is the client’s own responsibility, ACCEPTANCE OF CLIENTS AND ENGAGEMENTS BDO has procedures for accepting new clients and engagements, and we carry out controls to ensure that these procedures are observed on a regular basis. Our procedures include: • Conflict checks to uncover possible conflicts of interest with other clients and engagements. • Independence checks to ensure formal independence between our clients and our leading employees. • Engagement assessments to uncover other risk factors, including requirements for special expertise on the team carrying out the engagement, and requirements related to the Norwegian Anti-Money Laundering Act. • Inquiry to the previous auditor • Annual confirmation from all employees that procedures for client acceptance are known and that training activities related to client and engagement acceptance have been carried out. • Barrier that prevents a client from being registered in internal systems before it has been documented that procedures for client acceptance have been completed. For clients with international connections, we also perform conflict and independent checks in our international network. INFORMATION SECURITY AND DATA PROTECTION Many of our systems are supplied by BDO Global IT. BDO Global IT is ISO 27001 certified by the auditing body DEKRA. By passing DEKRA’s external audit, we can be certain that our services are in accordance with the internationally approved ISO 27001 standard for information security.
We use an external service to continuously monitor the traffic in our own network as well as penetration testing of our own infrastructure. In addition, the external service has conducted an external penetration test. To enable us to fulfil our obligations under the data protection regulations and process data in an efficient manner, we follow the “BDO Global Privacy Programme”. An important part of the programme is BDO’s global data protection policy (“BDO’s Binding Corporate Rules for Controllers and Processors”), in addition to other training material, guidelines and templates. The policy has been designed in line with the provisions in the GDPR. Compliance with BDO’s global data protection policy is a requirement for all members of the BDO network. AUDIT METHODOLOGY BDO’s audit methodology has been developed globally and is based on the International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB). The methodology is divided into the following phases: • Scoping • Identify and asess risk • Design audit response • Obtain audit evidence • Form opinion • Report The audit methodology ensures that we comply with the auditing standards and that the audit is concentrated on the areas with the highest risk. The methodology is used by all auditors in BDO globally to ensure consistent quality worldwide.
Tools and technology APT is BDO’s global audit tool and is used by auditors for planning, documenting execution and concluding the audit. A new main release of this tool was launched globally in 2018, and it is the largest individual global project in BDO. The audit tool enhances the quality of our audit and ensures compliance with the ISAs as it is scalable and can be adjusted to types of clients, complexity and industry. It also enables the audit teams to make adaptations for an individual client. The flexible technology platform on which the audit tool is built has been developed in collaboration with Microsoft and enables the audit teams to cooperate efficiently on both large and small engagements, including cross-border audit engagements. The tool is also designed for seamless integration with other support systems used in daily operations.
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Another important tool in our portfolio is Heartbeat, a data and analysis platform developed by and for BDO in Norway. Heartbeat is directly integrated with our clients’ accounting systems enabling BDO to interact with the client’s digital environment. This simplifies the work of obtaining updated accounting data for our clients and BDO. Our clients want increasingly more insight into their own operations and the markets in which they operate. We therefore work continuously on identifying and integrating new data sources. Our client portal is a seamless and secure workplace for information sharing and interaction between BDO and our clients. The portal provides advantages for all clients in all service areas and contributes to secure and effective communication in connection with monitoring engagements and sharing documents. We regard data as a valuable asset in BDO, and our clients must be confident that we administer their data in a good manner. All client data is therefore processed according to laws and regulations, in addition to BDO’s own policies for use of client data and information security.
Consultations The audit teams consult qualified persons who are independent of the audit team, or the Technical Support Department or QRM, if difficult or disputed questions arise in connection with the performance of the audit. QRM has prepared guidelines for consultations. For certain issues, we are also required to consult with our global organisation.
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Engagement review BDO designates engagement controllers (“second partners”) on all public-interest companies, selected major clients and on other clients defined as risk engagements. Second partners are appointed on the basis of expertise. The purpose of a second partner is to ensure an objective evaluation of the significant judgmental assessments made by the audit team and the conclusions they have arrived at in the audit. The second partner can therefore not be part of the audit team on the client in question. MONITORING
Monitoring internal policies QRM controls that we comply with laws, standards and internal policies for client acceptance, including anti-money laundering, independence, ethical requirements and human resources. QRM applies various control mechanisms, both based on random samples and built-in controls/alerts in our systems. Deviations uncovered by compliance controls are followed up individually, and national measures are implemented at recurrent findings. In 2021, it was decided to establish a compliance team operative from 2022. The compliance team shall monitor internal controls carried out in the service lines, in internal shared functions and QRM.
Annual internal quality control of the audit business The reviews are performed by a team of two experienced auditors, of which one must have been a reviewer on a
previous occasion. All quality reviewers complete annual training for reviewers. The reviewers must be independent of the engagements to be reviewed. This implies that the reviewer cannot review engagements in his or her own department or office. Findings from a quality review are considered by a quality control committee with the following possible results: • Approved - the results of the review are regarded as satisfactory and provide no basis for further measures. • Action plan - an action plan is to be prepared describing how the reviewed auditor shall improve uncovered weaknesses. • Follow-up control – action plan as above and a new review in the following year. • Not approved - report to the BDO board of directors to consider additional measures, but there is a minimum requirement for an action plan and a new review in the following year. The result of each quality control is communicated to the auditor reviewed and his or her manager. The result of all reviews is reported to the management of BDO through the managing partner and the board of directors. The report includes root cause analysis for errors and deviations and suggestions for relevant measures. The quality control results at an overall level are also discussed in information meetings for partners, and findings from the reviews are the basis for courses and other training in the following year. Non-compliance concerning quality can result in financial sanctions against partners. QUALITY CONTROL BY BDO GLOBAL Our international network conducts quality controls of BDO in Norway at least once every third year. These controls include reviewing internal policies and procedures and compliance of them in addition to reviews of a number of audit engagements. The last review from BDO Global took place 2 – 13 November 2020. We received a report with findings and deviations on 6 May 2021. There were individual findings on inadequate formalisation of some written routines and compliance controls. We have worked on improvements of written routines and a tightening of classifications on the engagement level. INSPECTIONS BY FINANSTILSYNET As BDO is auditing entities of public interest, we are subject to a firm inspection by Finanstilsynet every third year. The firm inspection entails a review of our organisation and procedures
in key areas, as well as a sample of randomly selected audit engagements. The firm inspection shall also include an assessment of our internal quality control, and the results documented in a written report. Finanstilsynet may also conduct other forms of reviews, either through visits to us or based on documentation we send upon request.
Firm inspections Finanstilsynet’s firm inspection is part of the regular supervisory duties with the largest auditing firms. The most recent ordinary firm inspection of BDO took place 2 - 19 September 2019. The inspection comprises a control of several audit engagements, as well as a review of internal policies and procedures. The final report was received in May 2020 and is available on Finanstilsynet’s website. We were criticised for some matters concerning our anti-money laundering work, information security, engagement reviews and acceptance assessments of acquisitions. Several audit engagements were reviewed, of which 3 concerned enterprises of public interest. Finanstilsynet expressed criticism to several matters related to one of these engagements. We have implemented measures to rectify these matters, both at the company and engagement level. Following the firm inspection, Finanstilsynet decided on a penalty for violations of MNOK 2,2 concerning weaknesses in compliance with the Anti-Money Laundering Act that was reviewed at the firm inspection in September 2019. BDO has since the inspection in 2019 made considerable efforts to strengthen the anti-money laundering work.
On-site inspections Finanstilsynet carried out three on-site inspections during 2021. 1.
On-site inspection of an audit client who went bankrupt, following a report from the bankrupt estate, where BDO was criticised for the audit related to the valuation and income recognition of project work and for assessing the company’s ability to continue as a going concern. The report is available on Finanstilsynet’s websites. Measures have been implemented. 2. On-site inspection of an audit engagement listed on Euronext Growth Oslo, as part of Finanstilsynet’s topic inspection for companies listed on this market place. We have received some remarks concerning the information in a note to the IFRS financial statements, the engagement letter, the treatment of specific risk and filing. The report is available on Finanstilsynet’s website. Measures have been implemented.
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3. On-site inspection of a foundation receiving public grants, following an initiative from Finanstilsynet itself. BDO received remarks on violations of generally accepted auditing standards related to adequate competence and understanding of the auditor’s role, inadequate planning of the audit, fraud risk, related party transactions, the audit of project accounts and deficient professional scepticism in the audit of the use of public grants. The report is available on Finanstilsynet’s website. Measures have been implemented to improve these matters. STATEMENTS
Statement on independence measures BDO confirms, pursuant to Article 13.2(g) of the EU Statutory Audit Regulation, that we have internal guidelines for compliance with and review of independence on audit engagements and that BDO meets the requirements of laws, standards and internal guidelines. Independence is confirmed by each individual team member in addition to the engagement partner of the audit’s confirmation of the team’s independence in the annual continuation assessment. Quality and Risk management conducts reviews for compliance with the independence regulations and BDO’s internal ethical guidelines.
Statement on continuing education BDO confirms, pursuant to Article 13.2(h) of the EU Statutory Audit Regulation, that we facilitate and verify that auditors in charge of engagements have adequate continuing education according to the requirements of the Norwegian Audit and Auditors Act. STATEMENT FROM THE BOARD OF DIRECTORS REGARDING THE QUALITY CONTROL SYSTEM The board of directors is responsible for BDO’s quality system. The system has been prepared and implemented to ensure satisfactory quality on the work carried out by employees and partners at all times. The board’s duty is to ensure that the system functions satisfactorily, while the managing partner and QRM are responsible for an effective implementation. This includes ensuring that prevailing guidelines and routines for independence are complied with at all times. In the BDO board’s opinion, the quality system functions effectively. The board deals with matters concerning breaches of approved guidelines for quality. BDO’s board and management use the main conclusions from the quality control work to provide recommendations to practising employees and partners. In our view, BDO’s quality system has functioned satisfactorily in the period. The same applies to BDO’s guidelines for ensuring that the auditors comply with the independence requirements.
Ingjer Ofstad Henrik Dagestad Anne Merete Vorpenes Board of Directors Chair Board of Directors Deputy Chair Member of the Board Sign. Sign. of Directors Sign.
Ingrid Lønmo Cappelen Member of the Board of Directors Sign.
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Kåre Rødssæteren Member of the Board of Directors Sign.
Yngve Gjethammer Member of the Board of Directors Sign.
Svein Zwygart Member of the Board of Directors Sign.
Knut Haugen Member of the Board of Directors Sign.
Cathrine Sæther Karlsen Member of the Board of Directors Sign.
Cecilie Kristensen Member of the Board of Directors Sign.
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Sustainability
OUR ROLE AS AUDITOR In BDO we are committed to being close to the client. It is important for us to understand how our clients deal with sustainability and social responsibility in practice. In this manner, we can provide value-creating feedback on the client’s progress in the sustainability work and assess whether the client has well-functioning systems for regular reporting on planning and implementation of measures in addition to actual qualitative and quantitative effects. Society expects more and more transparency and information on how firms and organisations are contributing to a sustainable development. Authorities and society have clearly signalled that stricter and more standardised requirements for Norwegian enterprises’ sustainability reporting will soon be a reality. Reporting can make it possible for businesses to share knowledge, show examples to be followed and be transparent about their sustainability work. This is not just a matter of showing what they are doing, but actually taking action, encouraging and creating commitment. As auditors, we have an important role in this regard. As an independent third party we can contribute to strengthen the credibility of the report with our assessments and reviews.
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In BDO, quality in the services we provide is essential, and we therefore have auditors with certifications from the Global Reporting Initiative (GRI), which is one of the most recognised standards for sustainability reporting. We collaborate with our colleagues in BDO Global in developing the service area related to certifying sustainability reports. BDO uses international assurance standards as the basis for our engagements. We review the company’s process for preparing sustainability reports in order to develop a better understanding of how social responsibility is managed in practice. Through interviews of persons responsible for reporting, we gain an understanding of how the information is selected, collected and presented. We then verify, on a random sample basis, the information in the report against basic data before we finally evaluate the completeness of the information and whether it is based on the criteria of the selected reporting standard. We require that the information in the report is verifiable and well documented and that we through a close dialogue with the client ensure a common understanding of the job we are to do. Our certification is part of reducing the risk of incorrect reporting and inconsistencies. In this way, we strengthen society’s trust in the reporting as an important contribution to sustainable development.
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Partner compensation
BDO has salary partners and equity partners. The salary partners are employed in BDO and compensated for their work in the form of salary and performance-based bonus. Equity partners are participants in BDO’s Internal partnership and are compensated by being entitled to a share of the profit. Profits are distributed to the partners annually, and the remuneration is determined locally in the respective profit centres. The local compensation models must be approved by the company’s board of directors. The models are performance-based whereby an individual’s effort and contributions are assessed. Quality is a key parameter in the evaluation process, and a specific assessment is made of each
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equity partner when considering quality in the compensation process. Non-performance with respect to quality may result in reduced compensation, which was the case at the 2021 distribution. For salary partners, such non-compliance with regard to quality will affect the size of the bonus and can imply that no bonus is paid. The compensation models also include each partner’s contributions to developing employees, the client portfolio and the business in general. The compensation models do not reward sales from other service areas to audit clients. The final remuneration to equity partners consists of remuneration for work and profit share.
Equity partners in BDO WOMEN’S SHARE OF THE PARTNERSHIP In BDO, everybody shall have the same opportunities, irrespective of gender. This also implies equal pay for equal work. As at 31 December 2021, 24 of 138 equity partners in BDO were women, representing a percentage share of 17%. AKTIVE PARTNERE Leif Åge Aabø Jan Anders Aalborg Sven Mozart Aarvold Siv Irene Aasen Martin Aasen Magne Aasheim Tom Aleksandersen Arne Almklov Alexander Amundsen Steinar Andersen Knut Andreassen Kjetil Andrè Ardem Yngve Aslaksrud Anders Olai Aunli Tommy Benum Jan Ove Bergin Arnfred Lennart Berntsen Anders Bjerke Thomas Bjørseth Gro Kristin Borchgrevink Dagfinn Buset Norunn Byrkjeland Charlotte Bårdsen Kjetil Bårdsen Eli-Ann Murberg Casso Henrik Dagestad Christian Reegård Dalby Henning Dalsegg Solveig Bø Dalstø Kim-Are Dønland Håvard Edvardsen Kristen Elstad Per Harald Eskedal Knut Evensen John Arne Fiskerstrand
Stig Andre Fjelldahl Stig Forr Hanne Fritzsønn Azad Gake Arve Garberg Per Ove Giske Yngve Gjethammer Rolf Udnes Glesne Kjell Henriksen Grure Trine Gulestø Jens Arne Hagen Audun Halsen Tollef Halvorsen Per Aage Hansen Knut Haugen Roald Haugland Vidar Hermansen Øyvind Hjemgård Bente Hodne Tore Hoem Erik Horghagen Ingeborg Hukkelås Harald Husabø Kurt Inge Hyllestad Jostein Håland Else Iversen Kjell Iversen Rune Iversen Ketil Jacobsen Stein Rhoar Juul Cathrine Sæther Karlsen Marianne Rygvold Karlsen Laina M. Karlsen Peder Karlsson Eivin Aleksander Redbo Kjær
Lars Terje Klæth Stein Knutsen Frode Kristiansen John Krogstad Gunhild Kveine Erik Langlo-Johansen Tom Erik Lehne Thomas Lidsheim Erik H. Lie Johan Henrik L’orange Trine Agathe Lorentzen Ståle Lorås Frode Ludvigsen Jørn Løken Einar Giljarhus Løkken John Christian Løvaas Jan Erik Marthinsen Ellen Marie Mo Marvik Karl-Ludvig Mauland Elisabeth Moum Anders Nordahl Knut Nyerrød Lars Kristian Nygaard Ingjer Ofstad Geirr Fuglestad Olsen Thomas Olstad Rune Pettersen Anders Ramberg Snorri Sverrisson Rasch Erik Ritch-Reinfjord Håkon Romuld Jan Inge Rygg Grete Sørvik Rød Henning Rødal Kåre Rødssæteren
Sigbjørn Selvik Børre Skisland Kent Olav Stabell Idar Stavran Arve Sunde Roar Svensbakken Rolf K. Sæther Stein Erik Sæther Geir Bjarne Sørensen Roger Telle-Hansen Morten Thuve Andreas Ystgaard Tjemsland Henning Torgersen Jan Inge Torset Espen Trædal Terje Tvedt Frank Tveita Toril Ulfsnes Anders Urdal Hans Petter Urkedal Olav Velure Trond Vidar Vettestad Roald Viken Anne Merete Vorpenes Asbjørn Wathne Ole Jørgen Winther Eldar Zahl Stine Marie Zetterstrøm Dag Georg Øhre Øyvind Ørbeck Siv Merethe Øveraasen Erlend Åsebø Espen Åsulfsen
PARTICIPANTS WITHOUT ENGAGEMENT RESPONSIBILITIES (AMBASSADORS1) Håkon Andersen-Gott Ove G. Bøhn Thor Martin Eidem
1
Former active partners in the company
Håvard Hammertrø Tor Johan Jelstad Trond-Morten Lindberg
Ole Herman Nordby Tore Samuelsen Steinar Skjetne
Bente Sletten Svein H. Wiik Vidar Øyslebø
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Verksvegen 5 6884 Øvre Årdal
Enterprises of public interest audited by BDO2 • • • • • • •
2
Arribatec Group ASA Atlantic Sapphire AS Bud og Hustad Forsikring Gjensidig Bulk Industrier AS Bulk Infrastructure Group AS Cultura Sparebank Drangedal Sparebank
• • • • • • •
Endur ASA Europris ASA First Mover Group Holding AS Gyldendal ASA Hjartdal og Gransherad Sparebank MediStim ASA Norske Skog ASA
Public-interest enterprises where BDO has issued auditor’s reports in 2021
• • • •
Olav Thon Eiendomsselskap ASA Pioneer Property Group ASA Romsdal Sparebank Surnadal, Heim og Tingvoll Gjensidig Brannkasse • Techstep ASA • Varig Forsikring Nord-Odal
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BDO AS www.bdo.no The contents of this publication are only for general information and cannot replace professional guidance on the individual matters discussed. Please contact one of our offices if you would like answers to your specific questions concerning matters discussed. BDO, the firm’s partners, employees and business partners are not to be regarded as liable for any losses resulting from actions or decisions based on the contents. BDO AS, a Norwegian limited company, is a member of BDO International Limited, a UK company limited by guarantee, and is part of the international BDO network, which consists of independent companies in individual countries. BDO is the trademark name for the BDO network and for each individual BDO member firm. Copyright © April 2022 BDO AS. All rights reserved. Published in Norway. Photo: Kimm Saatvedt TRANSPARENCY REPORT 2021 34
