Regulatory Alerts2024-01-19
Added · Updated
CSSF Circular 24/850 as Amended: Annual Reporting and Statutory Auditor Requirements for Support PFS
Support PFS classified as category I must annually submit a descriptive report and a new self-assessment questionnaire, which replaces the previous risk assessment report. The scope of the questionnaire and the specific procedures performed by approved statutory auditors (REAs) are determined by a CSSF-assigned risk rating of low, medium, or high. REAs are required to draw up a management letter detailing audit weaknesses and a separate report verifying the reliability of the self-assessment questionnaire, with sample sizes and procedures varying by risk category. The circular also establishes specific reporting obligations for REAs to the CSSF regarding material infringements or urgent prudential concerns and repeals Circulars CSSF 12/544 and CSSF 19/727.
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