HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

A comparison between the audit and financial due diligence process in Belgium

Franssen, Mike ULiège
Promotor(s) : Francis, Yves ULiège
Date of defense : 24-Jun-2020/26-Jun-2020 • Permalink :
Title : A comparison between the audit and financial due diligence process in Belgium
Author : Franssen, Mike ULiège
Date of defense  : 24-Jun-2020/26-Jun-2020
Advisor(s) : Francis, Yves ULiège
Committee's member(s) : Niessen, Wilfried ULiège
Antonelli, Cédric ULiège
Language : English
Number of pages : 70
Discipline(s) : Business & economic sciences > Accounting & auditing
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] The purpose of this master thesis was to establish a comparison between the financial due diligence and the audit process. Few papers outlined the significant differences between both processes but did not offer a detailed overview of the key concepts. Therefore, a thorough literature review was performed to provide a detailed overview of the differences and similarities. This methodology enabled to establish a solid foundation for the qualitative survey conducted with experts of the domain. Through semi-structured interviews, the findings of the literature review created a synergy with the answers of the experts to set up a detailed comparison table between both concepts. The findings showed that both processes have similarities but also significant differences that were not addressed in the research before, for example, the principle of materiality. Generally, the differences between both processes increased in recent years. While due diligence became much more customized to the client’s needs, the audit process emerged to a standardized process due to the evolvement of the legal environment.



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  • Franssen, Mike ULiège Université de Liège > Master sc. gest., à fin.


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