Ethics and governance in the European Financial centers

In the context of the financial crisis where auditors are in question, I went through the website of the registered auditors in Luxembourg and in Belgium.

There are almost 1000 registered auditors at the IRE in Belgium and 350 in Luxembourg.

Logically there should be a kind of proportionality in the disciplinary activity of both institutes all the more than Luxembourg is most important in business (GDP and GNP much higher).

In Luxembourg there are only two disciplinary judgements available online:
- one dated 16 June 2005 and
- one dated 30 June 2006.

In Belgium there are disciplinary judgements available online every year:
2005: 23
2006: 29
2007: 42
2008: 22
2009: 2 (at 12 Mars 2009)

From 2005 to 2008 the average is 29 disciplinary judgements every year.


I have already quoted two reports : The Narcotic Control Strategy Reports 2008 observes that “the scarce number of financial crime cases is of concern, particularly for a country that has such a large financial sector” and the GRECO report Round III observes that “the number of cases coming before the courts appears to be very small”

What they state is confirmed with the disciplinary activity of auditors in Luxembourg.

Sources:
IRE Luxembourg
IRE Belgium