Independence rules for auditors
In Belgium, a registered auditor is permitted to provide non-audit services to audit clients, on the condition that his independence is not impaired.
The services that cannot be rendered by an auditor have been specifically addressed in the Belgian legislation (prohibited services). In addition to these specific services, the auditor needs to comply with the "One to One rule", which is only applicable for quoted companies, companies that are legally required to prepare and publish consolidated financial statements, and their subsidiaries.
- Disclosure of auditor fees
- One-to-one rule for non-audit services
- Prohibited non-audit services and cooling-off period
Disclosure of auditor fees
All companies and groups are required to disclose statutory audit fees as well as non-audit fees in the notes to the financial statements, both at a statutory as well as a consolidated level.
The one-to-one rule for non-audit services
Services other than the prohibited non-audit services are, in principle, permitted. However, for most companies the total fee for non-audit services cannot exceed the total audit fees ("1-to-1 rule").
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Prohibited non-audit services and cooling-off period
Find out why a Belgian statutory auditor and his/her professional partners or network worldwide are not permitted to perform certain prohibited non-audit services before, during and after the audit mandate at the audited company.