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Statutory Audit

 The statutory audit department of Creatrust provides services to Luxembourg companies and their shareholders.


The statutory auditor is a role that was established by Article 61 of the Luxembourg Law on Commercial Companies which provides that Public Limited Companies (Société Anonyme and some Société à Reponsabilité Limitée) must be supervised by one or more statutory auditors, named Commissaire aux Comptes, who may be a shareholders of the Public Limited Company.


Statutory auditors are appointed by the general meeting of shareholders for a maximum term of maximum six years, after which they may be re-elected.


Article 62 of the Luxembourg Law on Commercial Companies states that statutory auditors have unlimited power of supervision and control over all the operations of the Public Limited Company. Hence, they have the right to question, inspect, analyse, all the operations of a company, including their accounting, their books, correspondence in paper or any electronic documents, minutes of the board meetings and, in general, all records of the Luxembourg company.


The statutory auditors provide an annual report to the general meeting and a statement of the findings. . The auditor may also make some recommendations or comments on reservations about the results.


Statutory auditors must be independent and drawn from the membership of the Institut des Réviseurs d'Entreprises (, if the Luxembourg company exceeds two of the following three limits:

(i) a balance sheet total of EUR 4.4m,

(ii) net turnover of EUR 8.8m and

(iii) average number of full-time staff during the financial year of 50


(Note: if the Luxembourg company only has one shareholder, there is no obligation to carry an independent audit)


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