Circular CSSF 19/717 is a CSSF circular, published 26 April 2019. Subject: Update of the general presentation of the Law of 23 July 2016 and of the regulations on audit profession.
\nLegal basis: Law of 23 July 2016 on non-financial and diversity information, Law of 23 July 2016 on the audit profession, Law of 18 December 2009 on the Maison des Sciences humaines at Belval, Law of 10 November 2009 on payment services and electronic money.
\nRelevant for: Public Oversight of the Audit Profession.
\nKeywords: Annual declaration, Approved statutory auditor (réviseur d'entreprises agréé), Audit Committee, Audit firm, Auditing standards, Authorisation, Cabinet de révision, Cabinet de révision agréé, Candidate to the Audit profession, Complaint, Continuing education, Ethical standard, Public-interest entities, Statutory auditor (réviseur d'entreprises), Third-country audit entities, Whistleblowing.
\nAmended by Circular CSSF 22/794.
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nLuxembourg, 26 April 2019 To all entities subject to the public oversight of the audit profession by the CSSF
\nUpdate of the general presentation of the Law of 23 July 2016 and regulations relating to the audit profession
\nLadies and Gentlemen, This circular presents the updates of the legal and regulatory framework concerning the audit profession following the entry into force of several new regulatory texts. The Law of 23 July 2016 concerning the audit profession (hereinafter, the “Law”), which repealed and replaced the Law of 18 December 2009, confers on the CSSF the public oversight of the audit profession. The Law transposes Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (hereinafter, the “Directive”) and implements Regulation (EU) No 537/2014 on specific requirements regarding statutory audit of public-interest entities (hereinafter, the “EU Regulation”). It is supplemented by regulations that are implementing measures of the Law or specifications of certain provisions of the Law. This circular aims at providing further information on the following laws and regulations:
\nLaw of 23 July 2016 concerning the audit profession, published in Mémorial A - No 141 of 28 July 2016; Grand-ducal Regulation of 14 December 2018 determining the requirements for the professional qualification of réviseurs d'entreprises (statutory auditors) and réviseurs d’entreprises agréés (approved statutory auditors), as amended (hereinafter, the “GDR access to the profession”), published in Mémorial A - No 1148 of 18 December 2018; Grand-ducal Regulation of 18 December 2009 determining the conditions for the recognition of service providers from other Member States in order to carry out any duties
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\nexclusively entrusted to réviseurs d’entreprises (statutory auditors) by way of free provision of services, as amended (hereinafter, the “GDR LPS”); CSSF Regulation No 16-10 organising continuing education of réviseurs d'entreprises (statutory auditors) and réviseurs d'entreprises agréés (approved statutory auditors) pursuant to Article 10 of the Law (hereinafter, the “RCSSF continuing education”); CSSF Regulation No 19-03 relating to the establishment of a consultative commission for the access to the audit profession (hereinafter, the “RCSSF consultative commission”); CSSF Regulation No 19-02 relating to 1) the adoption of audit standards in the field of statutory audit under the Law, 2) the adoption of standards on professional ethics and internal quality control under the Law (hereinafter, the “RCSSF standards”); CSSF Regulation No 19-04 relating to 1) the establishment of a list of Master’s degrees or diplomas corresponding to equivalent training which satisfy the requirements referred to in Article 2(1) and (2) of the GDR access to the profession, 2) the establishment of a list of approvals referred to in Article 1, Section D of the GDR access to the profession (hereinafter, the “RCSSF list of diplomas and approvals”); CSSF Regulation No 16-13 relating to the reporting of infringements of the Law of 23 July 2016 concerning the audit profession and Regulation (EU) No 537/2014 on specific requirements regarding statutory audit of public-interest entities (hereinafter, the “RCSSF whistleblowing”); CSSF Regulation No 16-07 relating to out-of-court complaint resolution (hereinafter, the “RCSSF complaints”).
\nThis circular repeals and replaces Circular CSSF 17/662 of 27 July 2017, effective as from 26 April 2019.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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