The Belgian statutory auditor and his network worldwide are not permitted to provide a certain number of non-audit services to the Belgian audited entity, its parent(s) established in the European Economic Area (“EEA”) and its subsidiaries established in the EEA (the so-called prohibited non-audit services). These prohibited non-audit services cannot be provided from the first day of the first financial year to be audited until the issuing of the audit report (which is generally deemed to coincide with the general assembly approving the financial statements on which the audit report is issued). Show
Explore ContentProhibited non-audit servicesThe prohibited non-audit services are contained in two black lists: a common black list applicable to all audited entities, and a PIE black list only applicable to public interest entities (PIEs). Common black listThe common black list includes the following prohibited non-audit services:
PIE black listThe PIE black list includes the following prohibited non-audit services for PIEs:
Note that, by way of derogation, valuation services and tax services (other than those relating to payroll tax and customs duties) can be provided to PIEs if the following conditions are simultaneously satisfied:
All permissible non-audit services to PIEs, their EEA parents and EEA subsidiaries must be pre-approved by the audit committee. Cooling-in for certain non-audit servicesThe Belgian auditor independence legislation contains 2 cooling-in provisions. First, an auditor may not accept a statutory audit appointment (save in exceptional and duly motivated instances) when, during the 2-year period prior to the appointment, the auditor or his network have:
An auditor may also not accept a statutory audit appointment when, during the 1-year period prior to the first day of the first financial year to be audited, the auditor or his network have provided the following non-audit services to the entity to be audited, its EEA parents or its EEA subsidiaries:
Cooling-off periodUntil two years after the end of the audit mandate, the statutory auditor, the statutory audit firm or the audit partner representing the audit firm is not allowed to accept a mandate as director or any other function in:
Get in TouchMarie-Noëlle GodeauPartner, Audit & AssuranceMarie-Noëlle has over 20 years of experience in audit services for SMEs and large national and international groups, mostly in a multinational context. She acts as consumer business & retail audit ind... More Explore ContentWhich services are permitted to provide to an SEC restricted entity?Financial information systems design and implementation. Appraisal or valuation services, fairness opinions, or contribution-in-kind reports. Actuarial services. Internal audit outsourcing services.
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