In accordance with Article 3:66 of the Code on Companies and Associations, obliged entities and their auditor must inform the Belgian Audit Oversight Board (BAOB) of the resignation or dismissal of the auditor before the end of the latter’s mandate. They must also also provide adequate justification for the termination.
The BAOB has changed its rules for notifying it of the early termination of an audit mandate, with a view to digitalizing the notification process and exploiting the data more efficiently for purposes of its supervision. To this end, it has developed a new channel for notifying the BAOB of an early end to the audit mandate: the EARLY END report in the FiMis portal.
As from 14 February 2023, auditors and obliged entities are required to use this tool to fulfill their notification obligation.