Regulatory Alerts2019-04-26
Added · Updated
Circular CSSF 19/717 Update of the General Presentation of the Law of 23 July 2016 and Audit Profession Regulations
This circular updates the legal and regulatory framework for the audit profession in Luxembourg, replacing Circular CSSF 17/662 with effect from 26 April 2019. It details amendments to the Grand-ducal Regulation on professional qualifications, including mandatory attendance for complementary training certificates and a modular examination format. The document establishes specific requirements for public-interest entities, such as mandatory audit committee independence, written independence confirmations from auditors, and procedures for extending audit engagement durations beyond ten years. It also defines obligations for statutory auditors and audit firms regarding the recording of breaches, third-party complaint handling, and the reporting of infringements to the CSSF.
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