In Luxembourg, only registered auditors and registered auditing firms are authorised to perform the statutory audit of accounts and the other activities reserved to them by law. Access to this profession is regulated by the Law of 18 December 2009 on the auditing profession, which replaces the amended Law of 28 June 1984. The title "auditor" and "auditing firm" are granted by the Commission de surveillance du secteur financier (CSSF), the financial supervisory authority.
Registered auditors and registered auditing firms must be independent from the entity they are reviewing. They may not be associated with the decision-making process of the entity reviewed. Nor can they audit the accounts if there is a relationship, whether financial, business, employment or of any other type, direct or indirect, including the provision of additional services other than audit, between the registered auditor, the registered auditing firm or its network and the entity under review.
Registered auditors and registered auditing firms must be listed as members of the Institut des réviseurs d’entreprises (IRE). This organisation, which was created by law, has been delegated the responsibility, among other things, for minding the application of rules of the profession and the respect, by its members, of their professional obligations.
Registered auditors and registered audit firms are submitted to public oversight by the CSSF.