Profession of
registered
auditor
(Belgium)
Belgian Institute of Registered Auditors
 Professional organization – Royal Institute
 Created in 1953
 Role of the Institute (law of 1953) : organization of
the profession
Belgian Institute of Registered Auditors
 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
 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
 Permanent education
- Obligation of permanent education for registered
auditors
- Activities: seminars, workshops, training cycles, study
days, regional meetings
- Target audience: registered auditors, trainees
Profession of registered auditor
 The profession in figures
-
1,040 registered auditors
500 trainees
500 audit firms
3,000 persons employed in audit firms
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
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
Engagements of the registered auditor
 Statutory permanent engagements
- statutory audit of financial statements
- workers’ council
 Statutory non-permanent engagements
 Contractual engagements
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
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
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.
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
Profession of registered auditor
 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
Belgian Institute of Registered Auditors
 Contact
Belgian Institute of Registered Auditors
Boulevard Emile Jacqmain 135
1000 Brussels
info@ibr-ire.be
Tel.: +32 (0)2 512 51 36
Fax: +32 (0)2 512 78 86
www.ibr-ire.be