The internal audit of management companies regulated in Luxembourg (both AIFM and UCITS)

This module is a component of our Internal audit curriculum, designed to assist internal auditors in their day-to-day work.

In an ever growing regulatory environment, it is essential for internal auditors of Luxembourgish management companies to understand all the areas to focus on and the underlying regulatory requirements, local expectations and market practices. This includes both business and IT considerations.

By the end of this course, participants will be able to obtain a comprehensive understanding of:

• the audit universe of a management company in Luxembourg;
• the key areas of focus for your internal audit reviews;
• the key risks to consider in the frame of your internal audit reviews;
• the internal audit methodology for the areas to be reviewed;
• the typical weaknesses or shortcomings observed on the market and ways to address them.

They will also be able to ask questions and exchange with the trainers in order to precisely address their areas of concern.

• Brief reminder – Scope of CSSF circular 18/698
• Internal audit requirements
• Governance
• AML and CTF
• Remuneration policy
• Risk management function
• Compliance function
• Oversight of delegates - Main functions
• Oversight of delegates - Other functions: accounting, IT, RH

Possible specific session on IT, cloud and outsourcing

An attendance certificate will be sent to participants.

This training is coordinated by Alexandre Lambin (Partner - internal audit leader), Anthony Bianco (Partner) and Laurent Delbrouck (Senior Manager), who are part of the internal audit practice of PwC Luxembourg.

Alexandre is a partner within PwC Luxembourg’s Risk Assurance practice, with a particular focus on internal audit services and corporate governance. He has more than 26 years of experience in the audit practice (internal and external).

He is qualified as a Certified Internal Auditor (CIA), Certified Financial Services Auditor (CFSA), Certified in Risk Management Assurance (CRMA) and expert-comptable in the Grand-Duchy of Luxembourg.

Alexandre is also accredited by the Institute of Internal Auditors to lead internal audit functions quality assessments.

Within PwC Luxembourg, Alexandre is co-leading the corporate governance working group with the objective of facilitating and optimising governance related services. He is also closely collaborating with the internal audit departments of several companies across various sectors on a diversified panel of assignments.

Anthony is a partner within PwC Luxembourg’s Internal Audit and Regulatory Advisory teams, boasting over 15 years of experience in both internal and external audit, as well as regulatory practices. He specialises in the financial sector, particularly in asset management and banking.

He is qualified as a Certified Internal Auditor (CIA).

Additionally, he gained international experience in the PwC New York office from 2010 to 2012. During this period, he oversaw large alternative investment funds with various strategies and structures. Subsequently, Anthony took part in the outsourcing of the internal audit function of one of the top 20 asset managers worldwide.

Laurent is a senior manager within PwC Luxembourg and part of the internal audit team within the Risk Assurance Services (RAS) department.

He is primarily in charge of clients operating in the financial sector and has gained experience in the audit practice over 11 years (external/internal). As an external auditor, Laurent was mainly involved in the audit of banks, PFS and management companies. As a team member, Laurent was notably performing the audit testing but was also in charge of task allocation and team coaching, review of financial statements, management of day-to-day communication with clients

Since December 2015, Laurent joined the BAS department within PWC Luxembourg specialised in internal audit. He has worked on several internal audits of clients within the financial sector who outsourced their internal audit function (Mancos, banks and PFS).

The training will be presented by experts in internal audit of asset management companies, both UCITS and AIFM.