Best Accounting & Auditing Lawyers in Herstal

1. About Accounting & Auditing Law in Herstal, Belgium

In Herstal, Belgium, accounting and auditing rules are set at the national level and applied uniformly across municipalities in Wallonia. The modern framework is largely defined by the Code des sociétés et des associations (Code of Companies and Associations), which reorganized corporate governance, accounting, and auditing obligations when it took full effect in 2019. Companies, associations and foundations must keep proper books and prepare annual accounts that reflect their financial position.

A key feature in Belgium is the statutory audit requirement for certain entities. Most medium and large enterprises, as well as listed companies, must have their annual accounts (and in some cases consolidated accounts) audited by a licensed auditor, known locally as a réviseur d’entreprises or bedrijfsrevisor. In practice, this process affects how you prepare records, appoint an auditor, and interact with regulators and the Crossroads Bank for Enterprises (Banque-Carrefour des Entreprises, BCE).

For residents of Herstal, it helps to understand that many obligations apply irrespective of the city. Local courts, regulators, and the BCE impose filing and reporting deadlines that align with national law. A Belgian attorney specializing in accounting and auditing can help ensure compliance and minimize risk when thresholds or changes occur.

2. Why You May Need a Lawyer

Below are concrete, real-world scenarios in Herstal where you would typically seek legal help in Accounting & Auditing matters. These examples reflect local processes and thresholds that commonly affect small to medium enterprises and private entities in the region.

• You plan to convert a private company into a distinct legal form and must align governance and audit obligations under the CSA.
• Your company has exceeded statutory thresholds for balance sheet total, net turnover, or employee count and must appoint a statutory auditor and prepare audited annual accounts.
• You receive a request from the auditor to address material misstatements or independence concerns and need to respond within deadlines or pursue a dispute resolution.
• You are facing a regulatory inquiry by the regulator or you are contesting audit findings that impact your financial reporting to the BCE or the Liège-based commercial court.
• Your listed group requires IFRS-based consolidated accounts and you need guidance on the transition, valuation policies, and audit requirements for consolidation.
• You are negotiating an engagement with an auditing firm and require a contract that clearly defines scope, fees, confidentiality, and independence obligations under Belgian law.

Engaging a lawyer with expertise in Belgian accounting and auditing law can help you map out the correct process, meet deadlines, interpret thresholds, manage communications with auditors, and defend your interests if disputes arise. This is especially important in Herstal where local business operations interact with national legislation and EU directives applied through Belgian law.

3. Local Laws Overview

The following laws and regulations govern accounting and auditing in Belgium and apply in Herstal. They include the main statutory framework and recent reform context you should know when planning corporate actions or audits.

• Code des sociétés et des associations (CSA) - The Belgian Code of Companies and Associations, a comprehensive reform that modernized corporate governance, accounting, and audit obligations. It took effect on 1 May 2019 for most provisions and includes rules about governance bodies, annual accounts, and the mandate of statutory auditors.
• Law of 22 April 2013 on the audit of annual accounts and consolidated accounts - Transposes EU requirements for statutory audits into Belgian law and sets out who must be audited and how audits are conducted. This framework is routinely updated to reflect changes in EU policy and recognition of independence standards.
• EU guidelines and Belgian transposition on statutory audits - Belgium implements EU directives on audit, including measures to enhance independence, required auditor rotation, and oversight of audit firms. This includes alignment with the EU Regulation 537/2014 and related Belgian amendments.

In practice, these laws determine who may be the auditor, what needs to be audited, how reports are drafted, and how and when audited accounts are filed with the BCE and other authorities. For companies with listed status or consolidation requirements, additional standards such as IFRS for consolidated accounts may apply, along with specific disclosure rules.

4. Frequently Asked Questions

What is the Code des sociétés et des associations?

The CSA is Belgium's modern framework for corporate governance and accounting. It replaced older company codes and outlines rules for boards, audits, and financial reporting. It applies across Herstal and the entire country.

How do I know if my company must be audited?

Audit requirements hinge on thresholds such as balance sheet total, net turnover, and average number of employees. If your entity surpasses these limits, a statutory auditor must review your annual accounts.

What is a réviseur d’entreprises?

A réviseur d’entreprises, or bedrijfsrevisor, is a licensed professional who audits annual and consolidated accounts and confirms financial statements comply with Belgian law.

What is IFRS used for in Belgium?

IFRS is used primarily for consolidated accounts of listed groups and some large private groups. It is the global standard for high-level financial reporting used in cross-border contexts.

How long does an audit typically take in a Belgian SME?

For a small to medium enterprise, an audit can take several weeks to a few months depending on the size, complexity, and readiness of records. Preparations usually start several weeks before the statutory deadline.

Do I need a Belgian lawyer to handle audits?

While not always mandatory, a Belgian lawyer specialized in accounting and auditing can help negotiate engagement terms, handle disputes, and ensure compliance with all deadlines and procedural steps.

What costs are involved in hiring an auditor or a lawyer?

Costs vary with the scope of the engagement and the complexity of your accounts. You should expect an initial consultation fee, plus ongoing fees for the audit, and potential advisory costs for governance adjustments.

Is there a standard timeline for filing annual accounts in Belgium?

Yes. Most companies file annual accounts annually with the BCE. Deadlines depend on your company type and financial year end, so planning ahead with counsel is essential.

What is the difference between a statutory audit and an internal audit?

A statutory audit is mandatory and conducted by an external auditor to provide an objective opinion on financial statements. An internal audit is conducted by your own staff to assess internal controls and risk management.

Should I consider an independent due diligence before a funding round?

Yes. An independent due diligence, including an accounting and audit review, can help attract investors and ensure transparent financial reporting before a funding round.

Do I need to update accounting policies for IFRS or Belgian GAAP?

Large groups or listed entities may need IFRS for consolidated accounts, while smaller entities may still follow Belgian GAAP for standalone accounts. An advisor can help determine the right path.

5. Additional Resources

These official and authoritative resources can provide additional guidance on Accounting & Auditing in Belgium and globally:

• IFAC - International Federation of Accountants. Provides guidance on auditing standards, ethics, and professional standards applicable to Belgian practice. IFAC.org
• IFRS Foundation - World-wide standards for international financial reporting used in consolidated accounts of Belgian listed groups. IFRS.org
• OECD - Organization for Economic Cooperation and Development. Offers accounting and auditing policy resources and comparative analysis relevant to corporate governance. OECD.org

6. Next Steps

1. Clarify your immediate need by outlining whether you require advice on formation, audit readiness, or dispute resolution. Set a 1-page brief with timelines and key questions.
2. Compile all relevant documents such as your latest financial statements, your company’s registration details, and any prior audit reports. Prepare them for review in a secure format.
3. Identify potential legal counsel and auditing professionals with Belgian experience. Check profiles for familiarity with CSA, audit thresholds, and local filing deadlines.
4. Schedule a targeted consultation to discuss your thresholds, reporting requirements, and audit readiness. Ask for a written engagement letter and fee estimate.
5. Review engagement terms, including independence obligations, scope of work, and deadlines. Confirm who will manage communications with auditors and regulators.
6. Develop a corrective action plan if your records require adjustments before the annual accounts are filed with the BCE. Set clear milestones with your counsel.
7. Agree on a decision timetable and begin implementing any governance or accounting policy changes required by law. Document key decisions for future audits.