Public oversight of the audit profession

The Law of 23 July 2016 concerning the audit profession (the “Audit Law”) transposes into Luxembourg law Directive 2014/56/EU of 16 April 2014 amending Directive 2006/43/EC of 17 May 2006 on statutory audits of annual accounts and consolidated accounts and implements Regulation (EU) No 537/2014 on specific requirements regarding statutory audit of public-interest entities. This law confers upon the CSSF the mission of public oversight of the audit profession.