CSSF Regulation No 22-01 of 4 February 2024 is a CSSF regulation 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, published 4 February 2024. The CSSF marks it as outdated.
\nLegal basis: Law of 23 July 2016 on the audit profession, Law of 23 December 1998 creating the CSSF.
\nRelevant for: Public Oversight of the Audit Profession.
\nKeywords: Auditing standards, Ethical standard, Internal Quality Control Standard.
\nCSSF Regulation No 22-01 of 11 January 2022 relating to: 1)
\nthe adoption of auditing
\nstandards in the field of statutory audit under the Law of 23 July 2016 concerning the audit profession; 2)
\nthe adoption of
\nstandards on professional ethics and internal quality control or on quality management, respectively, under the Law of 23 July 2016 concerning the audit profession.
\nCSSF REGULATION NO 22-01 OF 11 JANUARY 2022
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCSSF Regulation No 22-01 of 11 January 2022 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. (Mém. A 2022, No 44) 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 letter (b) of Article 36(3); Having regard to the opinion of the Consultative Committee for the Audit Profession; Decides:
\nChapter 1: Adoption of auditing standards in the field of statutory audits
\nArticle 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 - 2020 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.
\nCSSF REGULATION NO 22-01 OF 11 JANUARY 2022
\nArticle 2. The list of auditing standards included in Annex 1 and the Luxembourg supplements to these standards included in Annexes 2 and 3 shall be an integral part of this chapter.
\nChapter 2: Adoption of standards on professional ethics and internal quality control or on quality management, respectively, by the cabinets de révision agréés (approved audit firms)
\nArticle 3. (1)
\nThe international standard on quality control or the international standards on
\nquality management, respectively, as drawn up 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 supplements to these standards shall be mandatory. (2)
\nThe Code of Ethics for the audit profession in Luxembourg which corresponds
\nto 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), as well as its Luxembourg supplement shall be mandatory.
\nArticle 4. The standards included in Annexes 4 to 11 shall be an integral part of this chapter.
\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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