Audit of stand-alone annual accounts

Delivering the highest standards of excellence

Why Grant Thornton Luxembourg?

As a sophisticated user of professional services, responsible for adhering to your own high standards of internal governance together with ever increasing stakeholder expectations, you should expect the same high standards from your independent auditors.

Our people are committed to delivering the highest standards of excellence, based on integrity, deep technical skills, and commercial experience.

Our audit and assurance approach means that we provide:

• Risk-based global audit methodology: as the Luxembourg member firm within Grant Thornton International Ltd., one of the first international networks to adopt a truly global audit methodology, we have access to a network of more than 700 international offices. This enables us to gain effective audit evidence using a combination of systems/controls work, substantive audit testing, and computer-assisted audit techniques
• Robust independence: we are aware of the need to establish appropriate mechanisms to ensure the independence of our engagement teams, we have invested in automated systems that ensure our firm complies with Luxembourg and international ethical standards
• Partner-led service: with more hands-on input and accessibility at a senior level — your engagement partner will draw upon the firm specialist resources and will ensure you receive prompt, decisive, and consistent service
• Technical knowledge, commercial application: we have specialist sector groups at your disposal, each with dedicated audit and financial reporting specialists. Sector-specific audit programmes allow us to streamline our approach to enhance audit efficiency and relevance to you
• Thought leadership: we aim to lead the debate on emerging accounting issues. Grant Thornton is represented on key bodies such as The Forum of Firm

Statutory audit

Article 69 of the amended law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings stipulates that :

• Companies incorporated under Luxembourg law referred to in Article 1 of Council Directive 78/660/EEC of 25th July 1978 (société anonyme, société en commandite par action, sociéte à responsabilité limitée and société à commandite simple where all the unlimited liability partners are one of the here before mentioned companies), must have their annual accounts audited by one or more Réviseurs d’Entreprises Agréés unless they meet the exemption criteria in Article 35 of the above mentioned law.

In addition, the following companies must always have their accounts audited regardless of their size:

• Companies whose securities are admitted to trading on a regulated market of any Member states
• Banks
• Professionals of the Financial Sector
• UCITS
• FIS
• SICAR
• Securitisation vehicles
• Insurance companies
• Reinsurance companies

Article 27 of the amended law of 18 December 2009 on the audit profession requires statutory audit to be performed using the international standards on auditing (ISA). Those international standards on auditing have been endorsed by the CSSF in its regulation n°11-01.

Article 70 of the amended law of 18 December 2009 on the audit profession restricts the use of the international standards on auditing to the Réviseurs d’Entreprises Agréés.

Voluntary audit

Any companies not eligible for a statutory audit can opt for a voluntary audit to raise the confidence in the quality of the financial information provided in the annual accounts.
Article 70 of the amended law of 18 December 2009 on the audit profession restricts the use of the International Standards on Auditing to the Réviseurs d’Entreprises Agréés.

For Commercial Companies, please contact Didier Simon.

For Financial Services, please contact Mehdi Mansoury.