Ordre des Experts-Comptables du Luxembourg
Associate | Established: 1999 | Associate since 2009
OEC was established by the Law of 10 June 1999 On the Profession of Accountant. It is a mandatory membership organization for all certified chartered accountants (“experts-comptables”), individuals and firms that wish to offer accountancy and tax services. OEC’s responsibilities include to: (i) ensure that its members comply with all applicable laws and regulations; (ii) establish ethical requirements for its members; (iii) protect the rights and interest of the profession; (iv) advocate for the profession in legal and technical matters; (v) set and enforce continuing professional development requirements for its members; and (vi) to implement and oversee disciplinary measures of its members. In addition to IFAC membership, OEC is a member of Accountancy Europe.
Contact
7 rue Alcide de GasperiL-1615 Luxembourg
Luxembourg
Tel: (352) 29 13 33
Fax: (352) 29 13 34
contact@oec.lu
http://www.oec.lu
Statements of Membership Obligations (SMOs)
Last updated: 11/2018
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The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
Status of Fulfillment
In Luxembourg, the Commission de Surveillance du Secteur Financier (CSSF) —the public oversight body of the audit profession and financial services regulator in the jurisdiction—is responsible for the adoption and...
In Luxembourg, the Law of 10 June 1999 regulates the accounting profession and establishes the initial and continuing professional development (IPD and CPD) requirements for certified chartered accountants...
According to the Audit Law, the application of ISA is required in all statutory audits and the Commission de Surveillance du Secteur Financier (CSSF) may issue standards in the field of statutory audit for matters that...
The OEC is responsible for establishing ethical requirements for its members. The OEC developed and adopted the “Code de déontologie” based on the 2010 IESBA Code of Ethics with specificities included as they...
The OEC is not responsible for the adoption of public sector accounting standards, which are adopted by the Ministry of Finance (MoF). The MoF is currently using a modified cash accounting system. According to the 2017...
The OEC is responsible for implementing an investigation and discipline (I&D) mechanism for its members. OEC completed a self-assessment of its I&D system and while its procedures are largely aligned with SMO 6...
In accordance with the EU Accounting Directive, EU endorsed IFRS are mandatory for the preparation of financial statements of consolidated financial statements of listed entities and permitted for non-listed entities...
Disclaimer
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.