Profession of registered auditor (Belgium)

1. Profession of registered auditor(Belgium)

2. Professional organization – Royal Institute Created in 1953 Role of the Institute (law of 1953) : organization of the profession Belgian Institute of Registered Auditors

3. 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

4. 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

5. 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

6. The profession in figures 1,040 registered auditors 500 trainees 500 audit firms 3,000 persons employed in audit firms Profession of registered auditor

7. 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 Profession of registered auditor

8. 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 Added value of the registered auditor

9. Statutory permanent engagements statutory audit of financial statements workers’ council Statutory non-permanent engagements Contractual engagements Engagements of the registered auditor

10. 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

11. 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 Statutory engagements BelgianInstitute of Registered Auditors

12. 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. Statutory engagements

13. 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 Contractual engagements

14. 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

15. Contact Belgian Institute of Registered Auditors Boulevard Emile Jacqmain 135 1000 Brussels info@ibr-ire.be Tel.: +32 (0)2 512 51 36 Fax: +32 (0)2 512 78 86 www.ibr-ire.be Belgian Institute of Registered Auditors