New Member in Luxembourg
May 27, 2006
In November 2005, Bruno Abbate, who has 18 years’ experience of working in Belgium with E&Y and in Luxembourg with Grant Thornton, set up Alter Audit Sàrl, a firm of Registered Auditors and Chartered Accountants, to provide audit services and accounting and corporate administration. Alter Audit is registered with the “Institut des Réviseurs d’Entreprises” and the “Ordre des Experts-Comptables” of Luxembourg. Bruno tells us more about his firm and about Luxembourg. Partners and staff speak fluently French, English and Italian and the offices are located less than 5 minutes from the city’s financial centre.
The accounting profession in Luxembourg is mature and well developed. The big four firms have very strong representation as do the “second tier” accounting firms. We strive to be an alternative to the Big Four and the local biggest trust companies and to be recognized as such, with a positive image and reputation. Clients will find Alter Audit ready to adapt to their needs. We focus on quality of service, accessibility of the Managing Partner (actively involved throughout the work process), quick turnaround and competitively priced (considerably lower than the big firms ‘fees).
We are able to professionally and efficiently manage all our clients’ needs, thanks to the dedication and highly experienced staff at Alter Audit.
Our client base, mainly coming from recommendations, is composed of mid range owner-managed companies, to which we are familiar: commercial, industrial, holding or financial companies, either local (domestic Luxembourg businesses) or international groups. We have also developed contact with Italian promoters.
Bruno Abbate is involved in the following panels:
· Quality control (outside peer review): membership since the formation of the said committee in 1999,
· SMP (Small and medium practices): committee set up at the initiative of the medium audit firms as a reaction to the collapse of Enron and Andersen. The role being to inform all professional bodies in Luxembourg that small and medium firms are an efficient alternative to the discrepancies of the big four.
Audit is the core service and is drawn up in accordance with Luxembourg legal requirements. Statutory audits are required for all large and medium-sized (as defined by the EC 4th directive) limited liability companies, together with all banks, insurance companies, investment advisers and investment funds,
Alter Audit is also specialised in assignments reserved for Registered Auditors by various Articles of the Law, such as mergers, due diligence, liquidation and contribution in kind and other specific works including:
· Bookkeeping and accounting,
· tax compliance,
· company secretarial and domiciliation services,
· internal audit,
· advice and assistance to the Management,
Although a small country in the heart of the European Union, Luxembourg is recognised for the liberal policy of its authorities, flexible laws and regulations and a banking secrecy in its legislation and is also perceived as a centre for international co-ordination and tax planning for international groups.
The vast majority of the gross domestic product of the Luxembourg economy is derived from financial services, banking, insurance and investment funds. A substantial element of all the foregoing business is derived from foreign interests. The pure domestic economy is small and serves a population of 400.000 people.
I look forward to working with Kreston and all its members in the future, to develop my international contact base, work with international clients and promote Kreston.
Contact details follow:
Bruno ABBATE, Managing Partner
10, Avenue Guillaume