| IRE | OEC | |
|---|---|---|
| Membership | Mandatory | Mandatory |
| No. of members | 468 Public practice 113 In business & 78 audit firms (21 February 2020) | 1,168 natural persons 553 firms (20 February 2020)1,168 natural persons 553 firms (20 February 2020) |
| Institute staff | 3 | 4 |
| Date of establishment | 1984 | 1999 |
| Local branches | 1 | 1 |
| Subject to public oversight | No | No |
| Public oversight authority | N/A (For qualified professionals: Financial Sector Supervisory body “Commission de Surveillance du Secteur Financier”, CSSF) | N/A (For qualified professionals: Ministère de l’Economie – Direction générale Classes moyennes) |
| Involvement in Qualification and Market Access | IRE[1] | OEC |
|---|---|---|
| Initial education | No | No |
| Examination | No | No |
| Approval and registration | No (CSSF) | No (Ministère des Classes Moyennes) |
| Continued Professional Development | Approved statutory auditors (“Réviseurs d’entreprises agréées”): CSSF Statutory auditors (“Réviseurs d’entreprises« ): IRE | Yes |
| Activities | IRE | OEC |
|---|---|---|
| Standard setting | Auditing / independence standards: CSSF Other subjects: IRE | Yes |
| Quality assurance | Statutory audit (“contrôle légal des comptes »): CSSF Other matters including AML/CFT: IRE | Peer review process |
| Disciplinary measures | Administrative sanctions (statutory audit): CSSF Disciplinary measures (other matters): IRE | Yes |
| Professions | Statutory auditor (Réviseur d‘entreprises) | Chartered Accountant (Experts-Comptables) |
|---|---|---|
| Professional body | IRE | OEC |
| Protected title | Yes | Yes |
| Reserved activities | Statutory auditors (“réviseurs d’entreprises”) are authorised to carry out any duties entrusted exclusively to statutory auditors (“réviseurs d’entreprises”) by a law. The exercise of those duties is not incompatible with the exercise of other activities, such as domiciliation, contractual auditing, giving fiscal advice, organising and carrying out accounting and analysing using accounting techniques the situation and functioning of undertakings from their various economic, legal and financial aspects. In addition to the above, approved statutory auditors (“réviseurs d’entreprises agréés”) are authorised to carry out statutory audits (“contrôle légal des comptes”). | Bookkeeping, preparation of annual accounts and financial analysis of entities: engagements as provided by the Law of 10 June1999 (Article 1) as modified (https://www.oec.lu/myeteam/index.htm#PDF/1074) |
| Included authorisations | Keeping accounts, domiciling companies. Performing all services relating to payroll and social secretarial services, giving advice on tax matters and drawing up tax returns, carrying out contractual auditing of accounts or acting as auditors |
| Statutory auditor | Chartered Accountant | |
|---|---|---|
| Regulated profession | Yes | Yes |
| Supervision | Yes | Yes |
| Public oversight authority | Financial Supervisory Commission (CSSF) Institut des réviseurs d’entreprises (IRE) | Ordre des Experts-Comptables (OEC) |
| Statutory auditor | Chartered Accountant | |
|---|---|---|
| • Academic degree (minimum master’s degree) • Auditing practice: 3 years • Complementary education | • Academic degree (minimum bachelor’s degree) • Professional practice: 3 years • Complementary education |
| No. of qualified professionals | 468 Public practice 113 In business & 78 audit firms (21 February 2020) | 1,168 natural persons 553 firms (20 February 2020) |
| No. of new trainees per year | 63 trainees (21 February 2020) | Information not available |
| No. of people taking the professional examination | 44 (2019 session) | Information not available |
| No. of people passing the professional examination | 19 (2019 session) | Information not available |
| Statutory auditor | Chartered Accountant | |
|---|---|---|
| Registration required | Yes | Yes |
| Competent authority for registration | CSSF | Ministère des Classes Moyennes, then OEC |
| Annual membership fee | CSSF (annual fees) • Statutory auditors €1000 • Approved statutory auditors €1000 • Audit firms €500 • Approved audit firms €2000 Approved audit firms are also subject to an additional lump sum fee based on the number of statutory audit engagements. For additional information, the reader is invited to read pages 16 & 17 of the Grand-ducal Regulation of 21 December 2017 relating to the fees to be levied by the CSSF[2]. IRE (annual fee) • Approved statutory auditors and statutory auditors in public practice EUR 700 Statutory auditors in business EUR 300 | Annual membership fee: €450 (natural persons only) |
| Cost of appointment/ registration | See pages 16 & 17 of the Grand-ducal Regulation of 21 December 2017 relating to the fees to be levied by the CSSF. | No |
| Oath required | No | No |
| Insurance required | Yes | Yes |
| Professional address required | Yes | Yes |