HEBBEN ACCOUNTANTS NOG EEN TOEKOMST ?

Majoor (Neijenrode) Accountant houdt altijd een rol Koster (VEB) Voor meerwaarde onregelmatigheden tijdiger melden Schilder (IAASB) De accountant kruipt al uit zijn schulp. Vertelt meer, geeft oordelen

KNUPPEL MAAR IN HET HOENDERHOK

GEMEENSCHAPPELIJKE FACTOR

Professor Breesch Universiteit van Brussel >70% bij FAILLISEMENT GEEN GCO >95% bij GCO GEEN FAILLISEMENT

WAT ZOU DE OK-SCORE KUNNEN BETEKENEN VOOR DE ACCOUNTANT?

DE OK-SCORE KLASSEN

100% 50% 0% NIET ONTDEKTE GCO 0% 50% 100% FOUT GEGEVEN GCO AUDITORS 95%/70% CRA C-grades 63%/73% OK-Score Klasse 10 1,6%/0,04 % DE OK-SCORE IN PERSPECTIEF De verwachtingskloof

100% 50% 0% NIET ONTDEKTE GCO 0% 50% 100% FOUTE GEGEVEN GCO Z-Score 35%/25% OK-Score Klassen ,0%/0,0% DE OK-SCORE IN PERSPECTIEF De verwachtingskloof CRA NI 5%/93% AUDITORS 95%/70%

Results …OK-Scores te gebruiken als gelegaliseerde voorkennis (FALSE POSITIVE) TYPE 1True positives (number of true negatives(FALSE NEGATIVE) TYPE 2TOTAL False positive1/61 = 1,64% correct defined business failures60/61 = 98,36% False negative1/2490 = 0,04% correct defined running companies 2489/2490= 99,96%

Achtergrond OK-Score ™ MBA (cum laude) 1990 PhD Programma DoelstellingBeperking Z-Score Vervolgonderzoek Aandelen Doelstelling Is verlaging risico tegelijkertijd mogelijk met rendements- verhoging Real life since

C. Walkshäusl (2013) lower risks and better performances fachportal.de/content/aufsatz/aufsatz/dft,316, fachportal.de/content/aufsatz/aufsatz/dft,316, University of Regensburg IMPORTANT ONLY IN 2013 CONFIRMATION OF OK-SCORE THEORY

OK-Class 10 = Business Failure (Class 9 upfront warning) Relevant definition:  Default (failure to reimburse)  Chapter 11  Bankruptcy  Forced increase of capital  Forced recapitalization  Forced asset stripping  Forced split  Forced takeover  Financial statement fraud (cooking the books)....leading to a substantial drop in share value.

Background OK-Score Institute Parties involved : European Rating House CvBA (2013)OK-Score Institute B.V./CvBA (1997) Board of DirectorsW.D. Okkerse MBA Prof. Drs. E.J. Lammers RA RFA Drs. G.F.C. van Ravenzwaay Drs. J. de Rooy RAA.H. Hoek MBA W.D. Okkerse MBA Supervisory BoardBrokers Drs. R. BrokkingHet Effectenhuis Commissionairs BV M. Gerrits AADirectors R. Boer Rating committeeW. Groot Prof. Dr. Chr. Lefèvre Prof. Chr. van Oosten Special observation Drs. P. de Goed RANo payroll obligations All parties engaged within a long Advisory Board term endurable cooperation Prof. Dr. M. Willekens Dr. O. Everling

Practical results OK-AEX Portfolio Real life – (Yield 255% vs AEX 72%) OK-World Fund Real life since October 1, 2013 (successor of AEX-fund) OK-Magnificent Twenty Fund (ex S&P 500) May (real life test since ( Yield 623% vs 285%) OK-Interest Dividend Fund Real life since February 1, 2014 European Rating House Establishment 2013 ESMA clearance Real life 2016

Markets To be used in the following markets Investors - Institutional + Private Persons Issuers -Public + Private Placements Middlemen -Asset management + Brokers - Banks, M&A + CRA BOD - Early warning on Business Failures Auditors - Early warning Business Failures + STRATEGIC IMPLICATIONS Legenda : bold= actif italic= negotiating not actif yet regular= open

TOPICS FOR DISCUSSION ESSENTIAL FOR WORLD WIDE SET-UP 1.EXCELLENT QUALITY OF INPUT-DATA (Auditors driven) 2.EXCELLENT SELECTION PROCESS OK-SCORE INSTITUTE OBJECTIVE -TRANSFER DATA INTO HIGH VALUE INFORMATION -ADDED VALUE DIFFERS IN EACH INDIVIDUAL MARKET -THEREFOR NO FIXED PRICE : BUT DARE TO SHARE