Audit requirements   practices

If you are faced with one of the following issues (and if certain conditions are met), you may need the help of a statutory auditor:

  • You are founding a business in Belgium by making a contribution in kind
  • You are now a regulated business and have to begin filing audited financial statements
  • You are a rapidly growing company and need a global audit process for your financial statements
  • You are changing the legal form of your company and need the special-purpose report required by Belgian law
  • Your business has grown and exceeded its legal thresholds, and you now need to file audited consolidated financial statements
  • You want to increase your capital by way of a contribution in kind
  • You want to distribute interim dividends during the year
  • You want to merge your business with another business

Key information you will find in this section:

Legal Requirements

Companies meeting more than one of the following three criteria must appoint one or more statutory auditors for a renewable period of three years:

  • Average workforce: 50
  • Annual turnover: EUR 7,300,000
  • Balance sheet total: EUR 3,650,000

If the average workforce exceeds 100, or if the entity is part of a group that, on a consolidated basis, exceeds one of these three criteria, it is also obliged to appoint a statutory auditor.

More information on legal requirements

Accounting profession

The only officially recognised audit body is the Institut des Reviseurs d'Entreprises/Instituut der Bedrijfsrevisoren (IRE-IBR).

More information on the accounting profession

Auditing standards

The auditing profession follows a number of Belgian auditing standards established by the IRE-IBR as well as a number of international auditing standards (ISA) set up by the International Auditing and Assurance Standards Board (IAASB).

More information on Auditing standards

Independence rules

To ensure the independence of statutory auditors, they are also prohibited from providing a number of other services.

More information on Independence rules

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