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Accounts in the dark

Luxembourg does not have a balance sheets database ("centrale des bilans") despite a project since a long time and the fact that such system exists elsewhere.
Professionals, either companies or auditors, acutally are not in favor of such transparency of their accounts.

In a country where
- the Chamber of Commerce and the bankers' association state that "offences such as forgery, use of forgery, false balance sheets, use of false balance sheets or unauthorised use of corporate property are vague offences”
- big four firms do not repudiate such statement while being members of the bankers' association
- many professionals communicate on their "strong balance sheet"
- big four firms (especially PwC and Ernst & Young) condone the issue of economic crime by not participating to their brand's studies on the topic
- CSR ignores business ethics
- liability of legal persons does not exist
- etc.

the delay is comprehensible and as the STATEC explained "the obstacles met do not concern its competence"

10:48 Posted in Luxembourg | Permalink | Comments (0)

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