In Luxembourg, the activity of accountant can be practiced by an individual or by a legal entity. Either way, access to the profession is strictly regulated by the Law of 10 June 1999.
The law defines a qualified accountant (expert-comptable) as someone whose professional occupation is to organise, appraise and correct accounts and financial statements of all sorts, to establish balance sheets and to analyse, by means of accounting techniques, the efficient functioning of the company from an economic and financial point of view.
The legislator has thus extended to qualified accountants not only the role of managing accounts and establishing the annual accounts, but equally financial and organisational analysis concerning companies.
Where the qualified accountant has the required qualifications and authorisations, the law equally allows him or her to exercise other activities such as: company domiciliation, salary calculation and company secretarial services, the provision of tax advice and filling in tax returns, contractual inspection of accounts and company audit work.
Whilst remaining subject to professional secrecy, the qualified accountant has very strict professional obligations in the area of the fight against money laundering and the financing of terrorism.
Qualified accountants who are authorised to practice in Luxembourg, whether they are individuals or legal entities, belong to the Ordre des experts-comptables (OEC). This organisation, which was created by law, has been delegated the responsibility, among other things, of minding the application of rules of the profession and the respect, by its members, of their professional obligations.