Le droit disciplinaire du réviseur d'entreprises en Belgique et au Grand-Duché de Luxembourg

Abstract

The financial crisis of 2008 questioned the role played by auditors and led the European institutions to change the profession. This thesis aims to analyse the disciplinary law of auditors and its consequences in Belgium and Luxembourg. After the presentation of the foundations of this reform and the professional liability of the auditor, this thesis focuses on the disciplinary law of the auditors in Belgium and Luxembourg in order to understand their obligations, as well as the procedures and the potential consequences in case of proven breaches. Interviews with auditors and members of the supervisory authorities were organised to analyse the practical consequences of the disciplinary law for the profession, as well as its influence on the “audit quality”. The opinion of professionals on the attractiveness of the profession, the generated fear, the organisation of firms and the systems in place was collected. While supervision in Belgium is left to an external and independent body, the system in place in Luxembourg is still partially based on a peer supervision. Non-compliance can sometimes have serious consequences for the professionals who could lose the right to practice. Based on the qualitative study carried out, it can be concluded that controls would generate fear for auditors, who are aware that zero risk does not exist. Although the figures do not always illustrate it, interviewed auditors state that the current system affect the attractiveness of the profession. Small audit firms would collaborate with others or would try to be creative, in order to avoid the impacts of supervision. In addition, an internal organisation has been developed within the audit firms. According to the panel of respondents, public oversight is perceived as positive as it would strengthen the credibility of the profession for third parties. Although controls create negative effects, "audit quality" would still be perceived as improved. The interviews show that some auditors do not have enough hindsight. The system established by the reform is recent. The different elements analysed in this thesis could therefore be the subject of similar studies in the future to better understand the implications on the profession. It is also worth mentioning that various scandals have arisen recently, despite the requirements established since the reform. It illustrates the importance of continuous efforts in the quest for quality. Disciplinary law is therefore likely to evolve further in the near future.