Final Assessment 2024

Interim Assessment: HLB CMA SA Inc. as of 30 June 2023

The Executive Committee, on behalf of HLB CMA SA Inc., is required to conduct an interim assessment of the SQM on a biannual basis, as of 30 June 2023, to preliminarily gauge its effectiveness.

This interim assessment is conducted to ensure continued alignment with HLB CMA SA Inc.’s commitment to quality and professional standards. The assessment is intended to provide early insights into the SQM’s performance, enabling proactive adjustments before the annual review.

Scope of the Interim Assessment

• The interim assessment is carried out in accordance with the protocols established by HLB CMA SA Inc., which is indicative of a robust internal consistency in our approach to global best practices. This assessment considers whether HLB CMA SA Inc. maintains a system that supports:
• • The firm's adherence to its responsibilities in ensuring that all personnel act in accordance with professional standards and applicable legal and regulatory requirements, and in an environment that supports compliance with such standards and requirements.
• • Interim reporting by practice leaders to provide a snapshot of compliance and quality control mechanisms in place, and the effectiveness of the SQM in the context of ongoing operations.
• • The collation of interim metrics from monitoring activities conducted over the period. The assessment reviews the following:
• ⋅ Monitoring of SQM quality indicators, including:
• ⋅ Internal audits and reviews.
• ⋅ External quality assurance checks and benchmarking against industry standards.
• • Review of internal and external engagement inspections and other monitoring activities (e.g., compliance with professional standards and ethics, as reflected in the firm's risk management and ethical guidelines).
• • Professional judgment in evaluating the results of interim activities, including the identification of any potential deficiencies, with preliminary measures taken to address them before the annual review.

Interim Conclusion

The preliminary findings of the interim assessment for HLB CMA SA Inc. as of 30 June 2023 indicate that the firm is maintaining a course consistent with its quality assurance objectives. However, a detailed review and final conclusions will be presented after the comprehensive annual review scheduled for the first half of 2024, with findings to be published in June 2024.

Final Assessment: HLB CMA SA Inc. as of 30 June 2024

The Executive Committee, on behalf of HLB CMA SA Inc., has conducted a final assessment of the System of Quality Management (SQM) as of 30 June 2024.

This assessment aims to evaluate the overall effectiveness of the SQM in ensuring that the firm's objectives for quality management are being achieved.

Scope of the Final Assessment

• The final assessment was conducted following the protocols established by HLB CMA SA Inc. and in alignment with global best practices. This comprehensive review included:
• • Adherence to Professional Standards: Evaluating whether all personnel continue to act in accordance with professional standards and applicable legal and regulatory requirements, within an environment that supports compliance with such standards.
• • Review of Monitoring Activities: A detailed review of the SQM's quality indicators, including:
• ⋅ Internal audits and reviews conducted throughout the year.
• ⋅ External quality assurance checks, including benchmarking against industry standards.
• ⋅ Review of internal and external engagement inspections, along with other monitoring activities.
• • Risk Management and Ethical Compliance: Ensuring the firm's risk management practices and ethical guidelines remain robust and are consistently applied.
• • Professional Judgment: Exercising professional judgment in assessing the results of monitoring activities and identifying any deficiencies that may have arisen during the period.

Findings of the Final Assessment

The final assessment concluded that, except for matters related to identified deficiencies that have a severe but not pervasive effect on the design, implementation, and operation of the SQM, the system of quality management provides the firm with reasonable assurance that the objectives of the SQM are being achieved. These deficiencies, while severe in nature, do not undermine the overall effectiveness of the SQM. They have been identified and addressed through specific corrective actions, which will be closely monitored for effectiveness in future assessments.

Conclusion

The final findings as of 30 June 2024 indicate that HLB CMA SA Inc. continues to maintain a strong commitment to quality management. The system in place provides reasonable assurance that the firm is meeting its quality objectives, with ongoing improvements to address identified deficiencies.