1. Profession of registered auditor (Belgium)

2.  Professional organization – Royal Institute  Created in 1953  Role of the Institute (law of 1953) : organization of the profession Belgian Institute of Registered Auditors

3.  Role of the Institute (under public oversight) ­ Public register of auditors ­ Access to the profession / training period ­ Standards on auditing ­ Permanent education ­ Quality control ­ Investigation Belgian Institute of Registered Auditors

4.  Access to the profession / training period -Entrance exam to the training period -Training period of three years with a trainee supervisor (registered auditor) -Seminars -Training examination -Aptitude test twice a year > written test: analysis of specific cases > oral test in front of a jury -One training journal per year -Paid traineeship Belgian Institute of Registered Auditors

5.  Permanent education -Obligation of permanent education for registered auditors -Activities: seminars, workshops, training cycles, study days, regional meetings -Target audience: registered auditors, trainees Belgian Institute of Registered Auditors

6.  The profession in figures -1,040 registered auditors -500 trainees -500 audit firms -3,000 persons employed in audit firms Profession of registered auditor

7. Privileged partner of all economic actors: -companies -public and private institutions, not for profit sector -approximately 18,000 companies and 3,000 not for profit organizations (hospitals, NGO’s, …) subject to audit in Belgium

8. Added value of the registered auditor  Increases confidence of third parties and stakeholders in the audited entity: -managers and management -employees and trade unions -shareholders and bankers -suppliers and clients -Government (Public Treasury, Social Security, etc.)  Positive impact on: -the company’s financial position -the economy in general -the public interest

9. Engagements of the registered auditor  Statutory permanent engagements -statutory audit of financial statements -workers’ council  Statutory non-permanent engagements  Contractual engagements

10. Statutory engagements  Statutory audit of (consolidated) financial statements: - Monopoly of certification of (consolidated) financial statements in Belgium = report in which the true and fair view of the company’s net assets value and financial position is being certified Safeguard quality of financial reporting - Independent and impartial expert

11. Statutory engagements  Workers’ council - Certification of the true and fair view and completeness of the economic and financial information provided to the workers’ council - Analysis and explanation of the economic and financial information Belgian Institute of Registered Auditors

12. Statutory engagements  Other statutory engagements - Contribution in kind - Mergers and demergers - Conversion - Dissolutions - Modification of the corporate purpose - Modification of the legal form - Liquidation of a company - Limitation of priority rights - Issues below accounting par - Etc.

13. Contractual engagements  Due diligence (analysis of financial reporting – acquisitions / investment)  Company valuation engagements  Restructuring  Criminal investigations  Advise and assistance provided to companies with respect to company law, accounting law or tax law, in compliance with independence rules

14.  Registered auditor = liberal profession - prohibition to exercise commercial activities - prohibition to be administrator of a commercial company  Quality and requirements of the procedures of the registered auditor ( regular quality control, compulsory permanent education)  His values - Impartial - Independent - Subject to the professional ethical rules Profession of registered auditor

15.  Contact Belgian Institute of Registered Auditors Boulevard Emile Jacqmain 135 1000 Brussels info@ibr-ire.be Tel.: +32 (0)2 512 51 36 Fax: +32 (0)2 512 78 86 www.ibr-ire.be Belgian Institute of Registered Auditors