Audit regulation in Belgium: Overregulation in a limited capital market oriented country?

Unlike most other industrialized countries such as the Netherlands, the UK, and the US, the Belgian auditing profession is fairly young. It only developed during the second half of the twentieth century after the creation – by law in 1953 – of the Institute of Registered Auditors (Instituut der Bedrijfsrevisoren, IBR/Institut des Réviseurs d’Entreprises, IRE). Since then, however, audit-related regulatory initiatives have accelerated and audit activity in Belgium has become extremely regulated.