CSSF Regulation No 24-02 of 31 January 2024 is a CSSF regulation relating to: the adoption of auditing standards in the field of statutory audit under the Law of 23 July 2016 concerning the audit profession; the adoption of standards on professional ethics and quality management under the Law of 23 July 2016 concerning the audit profession, published 31 January 2024.
\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.
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCSSF Regulation No 24-02 of 26 January 2024
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCSSF Regulation No 24-02 of 26 January 2024 relating to: 1)
\nthe adoption of auditing standards in the field of statutory audit under the Law of 23 July 2016 concerning the audit profession;
\nthe adoption of standards on professional ethics and quality management under the Law of 23 July 2016 concerning the audit profession. (Mém. A 2024, No 21)
\nThe Executive Board of the Commission de Surveillance du Secteur Financier, Having regard to Article 129(2) 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) thereof; 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 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 Management, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2022 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 Annexes 2 and 3 shall be an integral part of this chapter. Chapter 2: Adoption of standards on professional ethics and quality management by the cabinets de révision agréés (approved audit firms) Article 3. (1) The International Standards on Quality Management 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 - 2022 Edition by the International Federation of Accountants (IFAC), as well as the Luxembourg supplements to these standards shall be mandatory.
\nCSSF REGULATION NO 24-02
\n(2) The Code of Ethics for the audit profession in Luxembourg 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 – 2023 Edition by the International Federation of Accountants (IFAC), as well as its Luxembourg supplement shall be mandatory. Article 4. The standards included in Annexes 4 to 9 shall be an integral part of this chapter. Chapter 3: Common provisions Article 5. 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, including its annexes, 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.
\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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