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Audit & assurance services

Challenges

You seek a firm that is independent — that can deliver unbiased, clear, and straightforward advice, direction, and opinion. At the same time, you seek a firm that can deliver original insights and ideas derived from its own industry-specific experience and research.

For that kind of relationship to work, you need a professional services firm that will work with you in tandem - closely and collaboratively. Not a firm that will keep you at arm’s length, but a firm that will communicate with you often and well to enable it to deliver the insightful, value-driven service needed to help develop your business.

Deloitte is that audit firm.

Deloitte service offering

Statutory audit

  • Statutory audit of the Financial Statements
  • Regulatory audits as part of our audit assignments per delegation by the regulator (Circular 2001/27 and other circulars subsequently issued). Our opinions and conclusions cover the entity’s compliance applicable to the banking industry (organisation and administration, internal controls, prudential ratios (Solvency ratios, liquidity), banking risks, anti-money laundering, rules of conduct (MIFID), related parties, etc.)
  • Reconciliation between annual accounts (LuxGaap) and the FINREP prudential reporting
  • Validation of group reporting, mainly in IFRS or in US Gaap
  • Audit of the Consolidated Financial Statements

Why Deloitte?

  • Collaborative service
  • A local team with national and global reach
  • Year-round communication - no surprises
  • Deep industry knowledge delivered by core team leaders
  • High focus on quality and constant attention to deadlines
  • A team that mirrors your unique business and organisational identity
  • Specialist and multidisciplinary team to test complex areas
  • A “no surprise” fee policy

Regulatory advisory

  • Many consultations on regulatory compliance for banks and branches of foreign banks, for instance in specific situations such as acquisition, merger, spin off, transformation, etc.
  • Relations with the regulatory authorities
  • Assistance to applications for licenses or for specific authorisations from the regulator
  • Regulatory consulting on hot topics, such as the new liquidity framework, the Basel II framework, AMA for operational risk; assistance to calculation of Solvency ratio and to the production of Corep ; gap analysis, assistance and implementation of ICAAP; assistance to the optimisation of processes in relation with large exposures regime ; assistance on banking secrecy matters in IT implementation projects; discussion with regulators on IT/operations outsourcing initiatives ; assessments of internal controls ; remuneration policy
  • Customised trainings in relation with any of the above topics
  • IFRS conversion

Other engagements

  • Specific requests ordered by the regulator (for instance related to anti money laundering, or to assess or validate a specific approach)
  • Engagements in respect of financial information to be submitted on continuous vocational training
  • Report on proposed distributions of an interim dividend
  • Report on agreed upon procedures

The right audit approach for you

Our audit approach is hands-on and partner-led. We place importance on understanding your operations and your long-range strategic plans. Based on this knowledge, our approach will encompass a highly robust risk assessment process and an audit plan designed to respond to the key risks which are relevant to our audit.

Overall, our audit seeks to provide you with information which will assist in the preservation and protection of your brand and reputation.

Industry leadership

  • External auditors for approximately 2,000 regulated sub-funds, which account for 17% market share in terms of number of audited sub-funds and 30% of the Specialized Investment Funds
  • External auditor for approximately 40 banks
  • External auditor for the largest industrial and commercial companies in Luxembourg

Our audit approach

Contacts

  • Martin Flaunet
    Partner - Banking & Securities Leader
  • Stéphane Césari
    Partner - Audit

Related links

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