Circular CSSF 22/794 is a CSSF circular, published 26 January 2022 and updated 31 January 2024. Subject: Update of Circular CSSF 19/717. It was repealed by Circular CSSF 24/852.
\nLegal basis: Law of 23 July 2016 on the audit profession.
\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.
\nAmends Circular CSSF 19/717.
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCircular CSSF 22/794 Re: Update of Circular CSSF 19/717
\nLuxembourg, 26 January 2022
\nLadies and Gentlemen,
\nTo all entities subject to the
\nThis circular amends Circular CSSF 19/717 and in particular paragraph 8 and
\npublic oversight of the audit profession by the CSSF
\nthe annex thereof by including the amendments made by CSSF Regulation No 22-01 relating to: 1) the adoption of auditing standards in the field of statutory audit under the Law of 23 July 2016 concerning the audit profession; 2) the adoption of standards on professional ethics and internal quality control or on quality management, respectively, under the Law of 23 July 2016 concerning the audit profession. Paragraph 8 and the annex to Circular CSSF 19/717 shall be amended in accordance with the appended annex.
\nFrançoise KAUTHEN
\nClaude MARX
\nAnnex: Paragraph 8 and annexes to Circular CSSF 19/717
\nAnnex: Paragraph 8 and annexes to Circular CSSF 19/717 8. Auditing standards and other standards (Article 33 and Article 36(3), letter (b)) The CSSF assumes responsibility for: the adoption of auditing standards in the field of statutory audit for matters not covered by the auditing standards as adopted by the European Commission; the adoption of standards on professional ethics and internal quality control by the cabinets de révision agréés; Pending the adoption by the European Commission of the international standards on auditing through an EU regulation 1, and in order to ensure the continuity of the standard framework applicable to the statutory audit activity in Luxembourg, the CSSF has adopted, by means of the RCSSF standards, the sections “Introduction”, “Objective”, “Definitions” and “Requirements” of the International Standards on Auditing as established by the International Auditing and Assurance Standards Board (IAASB) in their clarified version and published in the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2020 Edition of the International Federation of Accountants (IFAC). These standards have been supplemented by the provisions introduced by the directive and the EU regulation and by the provisions applicable to entities subject to the provisions of Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF) in order to have a standard framework comprising all the applicable rules in Luxembourg. In this same perspective, the CSSF has adopted through the RCSSF standards: the international standard on quality control or the international standards on quality management, respectively, as established by the International Auditing and Assurance Standards Board (IAASB) in its versions published in the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2020 Edition by the International Federation of Accountants (IFAC), as well as the Luxembourg annex to this standard relating to the retention of working papers of réviseurs d’entreprises agréés and; the Code of Ethics for the audit profession which corresponds to the Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA) in its version published in the Handbook of the International Code of Ethics for Professional Accountants – 2021 Edition by the International Federation of Accountants (IFAC). In the same way as the international standards on auditing, these standards have been supplemented by the provisions introduced by the directive and the EU regulation in order to have a standard framework comprising all the applicable rules in Luxembourg.
\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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