Presentation on theme: "Profession of registered auditor (Belgium). Professional organization – Royal Institute Created in 1953 Role of the Institute (law of 1953) : organization."— Presentation transcript:
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 Belgian Institute of Registered Auditors
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
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
Contact Belgian Institute of Registered Auditors Boulevard Emile Jacqmain 135 1000 Brussels email@example.com Tel.: +32 (0)2 512 51 36 Fax: +32 (0)2 512 78 86 www.ibr-ire.be Belgian Institute of Registered Auditors
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