Financial Crime World

Belgium’s Financial Institutions Face Compliance Audits

Strengthening Regulatory Oversight

Financial institutions in Belgium are gearing up for compliance audits as part of a bid to strengthen regulatory oversight. The country’s accountancy profession is governed by several laws and regulations, including:

  • The Accounting Act of 1953, as amended in 2015
  • The Law of 2019 Concerning the Accountancy and Tax Professions
  • The Act Regarding the Organization and Supervision of Statutory Auditors of 2016

Requirements for Accountants

To become an accountant in Belgium, one must:

  • Acquire a recognized degree
  • Pass an initial admission test
  • Complete a three-year internship or have at least seven years of practical experience
  • Register with the Institute for Tax Advisors and Accountants (ITAA)
  • Obtain a license to offer services

Responsibilities of ITAA

The Law of 2019 grants ITAA responsibility for:

  • Implementing initial and continuing professional development requirements for its members
  • Providing training and licensing examinations
  • Maintaining a registry for accountants and tax consultants
  • Conducting an investigation and disciplinary system
  • Keeping members informed of revised or new accounting and ethical standards

Regulation of Auditors

Auditors in Belgium are regulated under the Audit Act of 2016, which outlines the roles of:

  • The Belgian Institute of Registered Auditors (IBR-IRE)
  • The Belgian Audit Oversight Board (BAOB)
  • The Ministry of Economy

To practice as an auditor in Belgium, one must:

  • Be a citizen of a Member State of the European Union
  • Be less than 65 years old
  • Be free of any criminal convictions
  • Possess a master’s degree from a Belgian university or equivalent foreign diploma
  • Complete three years of practical training in auditing
  • Pass theoretical training exams
  • Take the auditor’s oath at the Court of Appeal

Compliance is Key

Experts warn that financial institutions must ensure compliance with these regulations to avoid severe penalties. The upcoming audits are expected to be rigorous, and institutions must be prepared to demonstrate their adherence to the laws and regulations governing the accountancy profession in Belgium.

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