Dutch Authority for the Financial Markets calls accountants’ exam fraud a systemic problem and signals intensive supervision of remediation

In an opinion article in Financieele Dagblad, Dutch Authority for the Financial Markets (AFM) officials Hanzo van Beusekom and Filip van den Bergh argue that widespread exam fraud at Dutch audit firms points to structural vulnerabilities in the audit sector rather than isolated individual misconduct. They warn that, as firms address exam processes, other weak points in the system could come under pressure. The article recounts that internal exam fraud was found at virtually all large audit firms and persisted for a prolonged period, with some firms reacting slowly to internal signals and AFM instructions. It notes that firms have conducted in-depth investigations and implemented internal measures, and that the US Public Company Accounting Oversight Board (PCAOB) has issued a fine following a joint investigation with the AFM. The authors link the misconduct to market and organisational drivers including time pressure, commercial incentives, the partner model, insufficient management direction and poor role modelling, and explain that this system-focused analysis underpins why the AFM is not bringing disciplinary cases against individual accountants. Looking ahead, the AFM indicates it will closely oversee firms’ remediation in the coming period while giving organisations room to build their own capability to detect and address new vulnerabilities. The supervision approach described is outcome-focused, with firms expected to demonstrate effective results as boards and supervisory boards apply firm internal pressure alongside targeted supervisory scrutiny.