Luxembourg statutory auditors
LPG Fiduciaire is an international chartered accounting firm which regularly carries out statutory auditing for its clients. In Luxembourg, a statutory auditor is required in the following three circumstances:
- For Luxembourg SA companies (Luxembourg PLC*): from the time a Luxembourg SA company is created, it is required by law to appoint at least one statutory auditor.
- For Luxembourg SARL (Luxembourg LLC**) companies with more than 25 shareholders: these companies must have at least one statutory auditor. Those with 25 shareholders or fewer are not required to appoint an auditor.
For private SCA or SECA companies (similar to partnerships limited by shares): Luxembourg SCA companies must appoint a panel of at least three statutory auditors. In Luxembourg, a statutory auditor has the right to supervise and control all the companies in which the auditor is appointed.
Large companies1 are required to use an external auditor to check their accounts. They do not require a simultaneous audit by statutory auditors.
Please note that it is important not to confuse the role of a statutory auditor with that of a chartered accountant. While a chartered accountant advises and assists companies who have defined the extent of the engagement, a statutory auditor has a legal obligation to supervise and control the company.
1Only the companies meeting two of the three following criteria during two consecutive years must use an external auditor: (i) balance sheet total > 4.4 million EUR (ii) total revenue > 8.8 million EUR (iii) total staff > 50 employees. (updated December 1, 2011)