Profession of registered auditor (Belgium)
description
Transcript of Profession of registered auditor (Belgium)
![Page 1: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/1.jpg)
Profession of registered
auditor(Belgium)
![Page 2: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/2.jpg)
Professional organization – Royal Institute Created in 1953 Role of the Institute (law of 1953) : organization of
the profession
Belgian Institute of Registered Auditors
![Page 3: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/3.jpg)
Role of the Institute (under public oversight) Public register of auditors Access to the profession / training period Standards on auditing Permanent education Quality control Investigation
Belgian Institute of Registered Auditors
![Page 4: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/4.jpg)
Access to the profession / training period- Entrance exam to the training period- Training period of three years with a trainee
supervisor (registered auditor)- Seminars - Training examination- Aptitude test twice a year
> written test: analysis of specific cases> oral test in front of a jury
- One training journal per year- Paid traineeship
Belgian Institute of Registered Auditors
![Page 5: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/5.jpg)
Permanent education - Obligation of permanent education for registered
auditors
- Activities: seminars, workshops, training cycles, study days, regional meetings
- Target audience: registered auditors, trainees
Belgian Institute of Registered Auditors
![Page 6: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/6.jpg)
The profession in figures- 1,040 registered auditors- 500 trainees- 500 audit firms- 3,000 persons employed in audit firms
Profession of registered auditor
![Page 7: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/7.jpg)
Profession of registered auditor
Privileged partner of all economic actors:- companies- public and private institutions, not for profit sector- approximately 18,000 companies and 3,000 not for
profit organizations (hospitals, NGO’s, …) subject to audit in Belgium
![Page 8: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/8.jpg)
Added value of the registered auditor Increases confidence of third parties and
stakeholders in the audited entity:- managers and management- employees and trade unions- shareholders and bankers - suppliers and clients- Government (Public Treasury, Social Security, etc.)
Positive impact on:- the company’s financial position- the economy in general- the public interest
![Page 9: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/9.jpg)
Engagements of the registered auditor Statutory permanent engagements
- statutory audit of financial statements - workers’ council
Statutory non-permanent engagements Contractual engagements
![Page 10: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/10.jpg)
Statutory engagements
Statutory audit of (consolidated) financial statements: - Monopoly of certification of (consolidated) financial
statements in Belgium = report in which the true and fair view of the company’s net assets value and financial position is being certified
Safeguard quality of financial reporting- Independent and impartial expert
![Page 11: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/11.jpg)
Statutory engagements
Workers’ council- Certification of the true and fair view and
completeness of the economic and financial information provided to the workers’ council
- Analysis and explanation of the economic and financial information
Belgian Institute of Registered Auditors
![Page 12: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/12.jpg)
Statutory engagements
Other statutory engagements- Contribution in kind- Mergers and demergers- Conversion- Dissolutions- Modification of the corporate purpose- Modification of the legal form- Liquidation of a company- Limitation of priority rights- Issues below accounting par- Etc.
![Page 13: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/13.jpg)
Contractual engagements
Due diligence (analysis of financial reporting – acquisitions / investment)
Company valuation engagements Restructuring Criminal investigations Advise and assistance provided to companies
with respect to company law, accounting law or tax law, in compliance with independence rules
![Page 14: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/14.jpg)
Registered auditor = liberal profession - prohibition to exercise commercial activities - prohibition to be administrator of a commercial company
Quality and requirements of the procedures of the registered auditor (regular quality control, compulsory permanent education)
His values - Impartial
- Independent - Subject to the professional ethical rules
Profession of registered auditor
![Page 15: Profession of registered auditor (Belgium)](https://reader033.fdocuments.in/reader033/viewer/2022051416/56813069550346895d9644ef/html5/thumbnails/15.jpg)
ContactBelgian Institute of Registered Auditors
Boulevard Emile Jacqmain 135
1000 Brussels
Tel.: +32 (0)2 512 51 36
Fax: +32 (0)2 512 78 86
www.ibr-ire.be
Belgian Institute of Registered Auditors