Best Accounting & Auditing Lawyers in Liège

About Accounting & Auditing Law in Liège, Belgium

Accounting and auditing are essential components of the Belgian business environment, and Liège is no exception. Belgian law requires companies, regardless of their size or industry, to maintain and present accurate financial records. Accounting law regulates how these records are kept, while auditing law ensures that companies undergo independent reviews to verify the accuracy and compliance of their financial statements. Liège, as a key economic region in Wallonia, follows national standards with certain regional specifics, especially for SMEs and non-profit organizations. Legal compliance in accounting and auditing is crucial for tax, business transparency, investor confidence, and corporate governance.

Why You May Need a Lawyer

Individuals and companies in Liège might need a lawyer specializing in accounting and auditing for various reasons. Common situations include setting up new businesses and ensuring your accounting practices comply with Belgian laws, facing a tax audit or investigation, resolving financial disputes with partners or shareholders, preparing for a statutory audit, handling suspected financial fraud, restructuring businesses, or navigating mergers and acquisitions. Lawyers offer crucial guidance for interpreting complex regulations, managing compliance risks, responding to legal challenges, or resolving disputes. Legal advice ensures protection against costly mistakes and possible legal penalties.

Local Laws Overview

Belgian accounting practices are governed by the Belgian Accounting Law (Code des sociétés et des associations or CSA and the Royal Decree of 30 January 2001). All companies in Liège must adhere to the Belgian General Chart of Accounts (Plan Comptable Minimum Normalisé). Specific accounting obligations depend on factors such as company size and legal structure. Annual accounts must be prepared and filed with the National Bank of Belgium. Auditing requirements also vary - public companies and larger entities must have their financials audited by a statutory auditor (réviseur d'entreprises), regulated by the Institute of Registered Auditors (IRE). Non-compliance can lead to significant penalties, disqualification of directors, or even criminal sanctions in cases of fraud. Local taxes, regional grants, and Walloon economic initiatives may also introduce supplementary accounting obligations.

Frequently Asked Questions

What records must my company keep for accounting purposes in Liège?

All companies must maintain organized records of their income, expenses, assets, liabilities, and all supporting documents such as invoices and contracts. The detail required depends on your company’s size and regime.

Am I required to appoint a statutory auditor?

Only public companies and larger private companies must appoint a statutory auditor. Criteria include turnover, staff, and balance sheet totals above certain thresholds. SMEs or small non-profit organizations may be exempt.

How often do I need to file financial statements?

Annual accounts must be prepared and filed with the National Bank of Belgium within seven months of the financial year-end and no later than 30 days after approval by the general assembly.

What happens if I do not comply with accounting or auditing obligations?

Failure to comply may result in financial penalties, loss of public funding, director liability, or even criminal prosecution in severe cases such as fraud.

Do I need to use a certified accountant?

Depending on the nature and complexity of your business, you may be required to use a certified accountant (expert-comptable or conseil fiscal) or bookkeeper registered with the relevant professional body.

How are audits conducted in Liège?

Audits are typically performed by independent, certified auditors. Auditors review accounts, assess compliance, and provide recommendations. The process is regulated by national law and overseen by the Institute of Registered Auditors.

Are there special accounting rules for non-profit organizations?

Yes. Non-profit organizations are subject to specific accounting rules depending on their size and turnover, with simplified accounting for smaller organisations and stricter requirements for larger ones.

Is electronic invoicing or bookkeeping accepted in Belgium?

Electronic records are generally accepted if they meet legal criteria for authenticity, legibility, and accessibility. However, some documents may still require paper versions for official filings.

Can foreign companies benefit from Liège or Walloon regional aid programs?

Yes. Regional economic incentives and grants are available but may require compliance with specific accounting reporting and auditing rules set by Walloon authorities.

How long should I keep accounting records?

Belgian law requires that companies keep their accounting and supporting records for at least seven years from the end of the relevant financial year.

Additional Resources

- National Bank of Belgium (NBB): Responsible for annual account filings and financial disclosure - Institute of Registered Auditors (IRE): Oversees auditing professionals and requirements - Institute of Accountants and Tax Consultants (ITAA): Regulates accountants and tax advisers - FPS Finance Belgium: Provides information on tax and fiscal obligations - Walloon Region Economic Development Offices: Offers guidance on regional grants, incentives, and compliance - Bar Association of Liège (Barreau de Liège): Directory of local lawyers specializing in commercial and accounting law

Next Steps

If you need legal assistance regarding accounting or auditing matters in Liège, your next step should be to consult a qualified lawyer with relevant expertise. Begin by gathering your accounting documents and any correspondence you have received regarding audits or compliance inquiries. Contact a specialist listed with the Bar Association or seek referrals from local business associations. Clearly explain your situation to the lawyer so they can assess your needs and outline a legal strategy. Many lawyers offer initial consultations, during which they can clarify your obligations and recommend further action. Taking prompt legal advice can protect your interests, prevent complications, and ensure ongoing compliance with Belgian law.