Fiducia Audit, our audit firm approved by the CSSF, has been involved since 2013 in the audit of the annual accounts and review of other financial information of Luxembourg companies, in order to ensure a true and fair view in full independence and in compliance with professional standards and the code of ethics governing our profession.
Legal and contractual audit of annual and consolidated accounts
Whether it is a legal or a contractual audit, the objective remains the same: to guarantee, in complete independence, the reliability and transparency of the financial information provided by your company.
Our auditors and staff have the required qualifications and undergo regular professional training to allow us to effectively monitor the operations of companies and their compliance with the law.
Our audit approach:
Our audit approach complies with international auditing standards (ISA), as adopted for Luxembourg by the CSSF. In order to document our work, we use Caseware, a software recognized on the market and adapted to Luxembourg specificities.
Our approach is based on a thorough understanding of our customers’ activities, the related risks and the internal controls in place. It responds to our concern to ensure the quality of the control and verification procedures on which management relies in the management and supervision of your entity’s activities.
- We will adapt the volume of controls to be performed on risk-free transactions and activities.
- We may issue recommendations on any improvement points for that we would identify.
The main steps of our audit mission are the following:
Client acceptance procedures including KYC/AML due diligence and issuance of our engagement letter;
Risk assessment and planning;
Responses to identified risks through tests of procedures and substantive controls;
Conclusions of our audit work on the basis of the audit evidence obtained;
Issuance of our audit opinion.
Our audit usually takes place according to the following steps:
A planning meeting with your Management and team, which will result in a list of documentary audit requirements and a timetable for the completion of our audit.
As soon as your final accounting data are available, we will start our audit work in accordance the audit calendar agreed upon. If the documents defined in the list established beforehand should not be available, we will see with you how to adapt the audit calendar.
A debriefing meeting with the management, during which we will summarize our work and its results, debrief on specific topics and difficulties encountered and suggest any possible recommendations and improvement points.
At the end of our audit, we will issue our opinion on the annual accounts of the entity, in accordance with International Standards on Auditing.
Our objective is to obtain reasonable assurance about whether the financial statements taken as a whole are free of material misstatement and to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with applicable accounting standards.
Member of the CSSF
Member of the IRE
Special Assignments & Consulting
Our firm being a member of the Institut des Réviseurs d’Entreprises (IRE) in Luxembourg, it is authorized to carry out assignments in relation with the following topics:
- Distribution of interim dividends;
- Contributions in kind;
- Mergers/ Demergers;
- Liquidation of companies (as a liquidation auditor or liquidator);
- Requests for the reimbursement of actual administrative costs pursuant to the amended Grand-Ducal regulation of August 7, 2012 determining the eligibility criteria for the granting of subsidies under Article 17bis of the amended law of January 6, 1996 on development cooperation and humanitarian action;
- Agreed-upon procedures’ report on professional training expenses;
- Issuance of shares without mention of nominal value below the accounting par value of the old shares of the same category;
- Limited review of the annual accounts of any non-governmental development organization benefiting from annual co-financing for an amount between one hundred thousand and five hundred thousand euros.
We are also authorized to perform the following types of engagements:
- Assignments in accordance with the international standards ISA, ISRS, ISRE and ISAE;
- External expert in charge of the internal audit function;
- Valuation reports;
- Reports in relation to anti-money laundering and anti-terrorist financing procedures for investment funds and investment fund management companies in the framework of the new CSSF circular 21/788.