Circular CSSF 22/826 is a CSSF circular, published 23 December 2022. Subject: Practical rules concerning the statutory audit mandate of the statutory auditors ( réviseurs d’entreprises agréés ). It was repealed by Circular CSSF 22/821.
\nLegal basis: Law of 5 April 1993 on the financial sector.
\nRelevant for: Credit institutions.
\nKeywords: Accounting, Approved statutory auditor (réviseur d'entreprises agréé), Audit firm, Auditing standards, Cabinet de révision, Cabinet de révision agréé, Statutory auditor (réviseur d'entreprises).
\nAmended by Circular CSSF 23/845.
\nCircular CSSF 22/826 as amended by Circular CSSF 23/845 Practical rules concerning the statutory audit mandate of the approved statutory auditors (réviseurs d’entreprises agréés) To all Luxembourg credit institutions and Luxembourg branches of non-EU credit institutions
\nLuxembourg, 23 December 2022 Ladies and Gentlemen, The purpose of this circular is to define the scope of the statutory audit mandate and the content of the reports and written comments issued by the réviseur d’entreprises agréé (REA) in the context of its audit of the annual accounting documents (audit reports) prepared pursuant to Article 54(1) of the Law of 5 April 1993 on the financial sector, as amended (LFS). The circular also clarifies the REA’s reporting obligations under Article 54(3) of the LFS. The circular draws upon the provisions formerly contained in Circular CSSF 01/27. The latter was repealed by Circular CSSF 22/821 as of 31 December 2022.
\nTABLE OF CONTENTS 1. 2. 3. 4. 5.
\nScope of application and legal basis Mandate Report on annual accounts Reporting to the CSSF Final provisions
\n4 4 5 6 7
\nthe balance sheet, the profit and loss account and the notes to the accounts, as drawn up by an institution on a statutory or consolidated basis, pursuant to Article 2(1) and Article 85(1) of the Law of 17 June 1992 relating to the accounts of credit institutions, as amended (Law on the accounts of banks) and according to the Luxembourg statutory format for annual accounts.
\nthe statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes to the financial statements, pursuant to Article 76a of the Law on the accounts of banks.
\nThese documents shall constitute a composite whole. As concerns Luxembourg branches of non-EU credit institutions (third-country branches), the term “annual accounts” is to be understood as the final annual accounting information drawn up according to the Law on the accounts of banks with regard to the branches’ activities in Luxembourg. The requirements outlined in this circular are based on Article 54(1) of the LFS.
\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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