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.
Duration: 4h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Course content can be customised on demand under specific conditions.
Objectives
By the end of this training, 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 their internal audit reviews;
- the key risks to consider in the frame of their 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.
Content
- 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
Target audience
Internal auditors and conducting officers of Luxembourg management companies
Our lead experts
This training is coordinated by Alexandre Lambin and Anthony Bianco, Partners, and Laurent Delbrouck, Senior Manager at PwC Luxembourg.
The training will be presented by experts in internal audit of asset management companies, both UCITS and AIFM.
Alexandre Lambin is a partner leading PwC’s Luxembourg Internal Audit Services team, bringing over 20 years of expertise in both internal and external audit practices. He serves on the board of the Institute of Internal Auditors (IIA), Luxembourg chapter, and holds multiple certifications including Certified Internal Auditor (CIA), Certified Financial Services Auditor (CFSA), Certified in Risk Management Assurance (CRMA), and expert-comptable in Luxembourg. Accredited by the IIA to lead internal audit quality assessments, Alexandre manages diverse internal audit assignments for clients outsourcing their audit functions to PwC and collaborates with internal audit departments across various sectors. He has also conducted external quality assessments for companies in financial, non-financial, and public sectors. His academic credentials include a master’s in management and a post-university certificate in audit and control.
Anthony Bianco is a partner at PwC Luxembourg, co-leading Internal Audit and Regulatory Advisory services for Financial Sector clients, including Asset Management and Banks. With over 18 years of experience in internal and external audit, he holds a Certified Internal Auditor (CIA) qualification. Anthony oversees numerous compliance and regulatory advisory projects within the Asset Management and Alternatives industries, focusing on CSSF inspection preparation, licensing processes, compliance methodologies, and policy development. His expertise spans Internal Audit, Asset Management, Regulatory Compliance, and AML/CFT/KYC, with notable client projects involving management companies, alternative investment fund managers, specialised PFS, fund administrators, registrar agents, and depositary banks.
Laurent Delbrouck is a Senior Manager in the Internal Audit team within PwC Luxembourg’s Risk Assurance Services department, specializing in clients operating in the financial sector. With 12 years of audit experience, he began his career at Deloitte Audit SARL Luxembourg in 2012, focusing on external audits of banks and financial professionals, where he performed audit testing, task allocation, team coaching, and client communication. Since December 2015, Laurent has been with PwC’s RAS department, conducting internal audits for financial sector clients outsourcing their internal audit functions. His expertise includes compliance, AML/KYC, investment management, fund administration, and regulatory compliance assessments.
