{"id":"circulars/reg-18-02","title":"CSSF Regulation No 18-02 of 26 April 2019","type":"circular","date":"2019-04-26","kind":"regulation","html":"<p>CSSF Regulation No 18-02 of 26 April 2019 is a CSSF regulation relating to: 1) the adoption of audit 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 under the Law of 23 July 2016 concerning the audit profession, published 26 April 2019. The CSSF marks it as outdated.</p>\n<p>Relevant for: Public Oversight of the Audit Profession.</p>\n<h2>Text</h2>\n<p>CSSF Regulation No 19-02 of 26 April 2019 relating to: 1) the adoption of audit 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 under the Law of 23 July 2016 concerning the audit profession. (Mém. A 2019, No 299) The Executive Board of the Commission de Surveillance du Secteur Financier, Having regard to Article 108a of the Constitution; Having regard to the Law of 23 December 1998 establishing a financial sector supervisory commission (“Commission de surveillance du secteur financier”), and in particular Article 9(2) thereof; Having regard to the Law of 23 July 2016 concerning the audit profession, and in particular Article 33 and Article 39(3)(d) thereof; Having regard to the opinion of the Consultative Committee for the Audit Profession; Decides:</p>\n<p>Chapter 1: Adoption of audit standards in the field of statutory audits Article 1. The sections Introduction, Objective, Definitions and Requirements of the international standards on auditing as drawn up by the International Auditing and Assurance Standards Board (IAASB) in its version published in the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2018 Edition by the International Federation of Accountants (IFAC) as well as the Luxembourg supplements to these international standards included in Annex 2 of this regulation shall be mandatory for the activities of statutory audit referred to in point (6) of Article 1 of the Law of 23 July 2016 concerning the audit profession. Article 2. The list of auditing standards included in Annex 1 and the Luxembourg supplements to these standards included in Annex 2 shall be an integral part of this chapter. Chapter 2: Adoption of standards on professional ethics and internal quality control of the cabinets de révision agréés (approved audit firms) Article 3. (1) The international standard on quality control as drawn up by the International Auditing and Assurance Standards Board (IAASB) in its version published in the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2018 Edition by the International Federation of Accountants (IFAC), as well as the Luxembourg supplements to this standard shall be mandatory. (2) The Code of Ethics for the audit profession in Luxembourg which corresponds to the amended 2018 version of the Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA) and published on 14 August 2018, as well as its Luxembourg supplement shall be mandatory. Article 4 The standards included in Annexes 3 to 6 shall be an integral part of this chapter.</p>\n<p>Chapter 3: Common provisions Article 5 CSSF Regulation N° 18-02 relating to 1) the adoption of audit 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 under the Law of 23 July 2016 concerning the audit profession shall be repealed. Article 6 This regulation shall be published in the Journal officiel du Grand-Duché de Luxembourg and on the CSSF’s website. It enters into force on the day of its publication.</p>\n<p>Luxembourg, 26 April 2019.</p>\n<p>Marco ZWICK</p>\n<p>Jean-Pierre FABER</p>\n<p>Françoise KAUTHEN</p>\n<p>Claude MARX</p>\n<p>Annex 1 Adoption of auditing standards in the field of statutory audit under Article 33(2) of the Law of 23 July 2016 concerning the audit profession.</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/cssf-regulation-n-18-02/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/RCSSF19-02_eng-1.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}