IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

Instituto de Censores Jurados de Cuentas de España

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

Spain

2. Name of member body:

Instituto de Censores Jurados de Cuentas de España

Or please specify name:

3. Individual responsible for preparation:

Adela Vila

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

10 / 1977

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

Fédération des Experts Comptables Européens FEE
Fédération des Experts Comptables Mediterranéens FCM
International Innovation Network INN

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Ley de Sociedades Anónimas
b). the Enacting body:		MINISTERIO DE ECONOMÍA
c). date the Act or Code came into force:		12 / 1989

25. How can IFAC obtain a copy of the Act or Code?

We can provide IFAC with a copy in Spanish. Note: The Ley de Sociedades Anónimas states the financial reporting and audit obligations for trading companies limited by shares. The Commercial Code also states obligations relating to financial reporting for all companies and individual employers; however, the Ley de Sociedades Anónimas governs entities more commonly found in Spain.

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify):
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Refer also to Attachment 1 for additional information. Entities in the private sector (including listed entities are required to prepare financial accounts. Subject to meeting size and public interest criteria, entities may have to additional requirements or exclusions with respect to compliance with National GAAP.Listed Companies Consolidated Annual Accounts are to be prepared in accordance with IAS/IFRS.
Private companies			Refer also to Attachment 1 for additional information. According to the Simplified Accounting Regime, subject to size criteria, the entity is required to prepare full financial accounts or abbreviated accounts. Accounts are prepared in accordance with National GAAP and subject to size criteria, some exclusions are permitted.
Governmental			Public sector entities should prepare anual financial statements in accordance with the General Public Sector Accounting Plan (1994)
Not-for-profit			Not for profit entities should prepare their annual financial statements including a budgetary statement in accordance with an adaptation of the Spanish General Accounting plan issued in 1998
Other (please describe)
Other (please describe)

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Refer also to Attachment 1 for additional information. All listed entities shoud be audited.
Private companies			Refer also to Attachment 1 for additional information. Companies covered by the Company Law that meet 2 out of 3 thresholds established by Article 181 are requried to be audited. Thresholds: Turnover of 395M Pesetas / 2374K Euros); Total Assets (790M Pesetas / 4748K Euros); Number of Personnel (50). Certain specific entities are required to be audited such as credit and insurance companies.
Governmental			Refer also to Attachment 1 for additional information. Public sector entities are under the control of the Government. The Ley General Presupuestaria states the obligation controlling this entities. An audit plan has to be stated annually.
Not-for-profit			Refer also to Attachment 1 for additional information.
Other (please describe)
Other (please describe)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

3 Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify): Judge
	Audit committee					Other (please specify): Commercial Registry
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:
Note: With respect to Q30 above, auditors are appointed initially for 3 years minimum and a 9 year maximum. After this initial period, the auditor must be appointed annually.

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:
The auditor and audit team of the Companies under public supervision, listed companies and those with a turnover over 30 million euros should rotate after 7 years (Audit Law. Law 19/1988 updated in 2003). Until 3 years after this period these persons are not allowed to participate in the audit engagement.

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

All listed companies report under the same reporting framework (until 2005 National GAAP issued by the ICAC (Instituto de Contabilidad y Auditoría de Cuentas) and after 2005, consolidated annual accounts in accordance with IFRSs as per EU Directive). The Stock Exchange Regulator CNMV (Comisión Nacional del Mercado de Valores) issues the Circulares that states additional reporting obligations for listed companies.
the Enacting body(ies)

CNMV Comisión Nacional del Mercado de Valores that is linked to the Ministry of Economy.
the latest amendment date?

The latest circular is dated in March 2004.

35. How can IFAC obtain a copy of the Legal authority?

All the information is available in the CNMV website www.cnmv.es. The most important documentation is also available in English

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

The Stock Exchange Regulator CNMV (Comisión Nacional del Mercado de Valores) issues the Circulars that states additional reporting obligations for listed companies.

Consolidated accounts are required when the size criteria is met.

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

Independence requirements to listed companies auditors:
-Rotation (see Q33)
-Non audit services

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify): By a Judge (in some circumstances)
	Audit committee			Other (please specify): Commercial registry (in some circumstances)
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

3 Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

Note: With respect to Q40 above, auditors are appointed initially for 3 years minimum and a 9 year maximum. After this initial period, the auditor must be appointed annually. See also Q33

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

See answer to Q33

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Audit Law Law19/1988	December 2003	ICAC. Instituto de Contabilidad y Auditoría de Cuentas
Other (please describe) Rest of companies	Audit Law Law19/1988	December 2003	ICAC. Instituto de Contabilidad y Auditoría de Cuentas
Other (please describe)
Other (please describe)

The audit Law is available in Spanish in the following website www.icac.mineco.es/consultas/ley.htm
The english version available is not uptodate

Yes

Section 5B -- Standard-Setting (ICAC. Instituto de Contabilidad y Auditor�a de Cuentas)

44. For ICAC. Instituto de Contabilidad y Auditor�a de Cuentas, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The Spanish accounting and auditing regulator is the ICAC.

The ICAC is an Autonomous Body of the State Administration assigned to the Ministry of Economy and Finance.

The Spanish profession participates in the advisory bodies drafting standards but the final decision is of the President of the ICAC.

The Governing bodies of the ICAC are the President, The Audit Committee and the Accounting Council. The Audit Committee is an advisory body of the ICAC.

Normas Técnicas de Auditoría

45. How many voting members does the standard-setting body have?

The standards setter is the ICAC. The Audit Committee (of the ICAC) is an advisory group comprised of 13 members

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		In the Audit Committee: Only 4 representatives from the profession and 1 from the University belongs to private bodies. The other members are from other public agencies or organisations such as the Central Bank of Spain, the Stock Exchange regulator, etc.

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

The Law states the composition of the ICAC and the Audit Committee.

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

The Government and regulators. The representatives from the profession are appointed by the professional bodies.

49. What is the term of appointment for members?

Year(s)

50. For how many years has the standard-setting body been in existence?

15 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

Not available

52. To what entity is the standard-setting body accountable?

Ministry of Economy

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

The ICAC is responsible for endorsement and publication of the audit standards proposed by the 3 professional bodies that the audit law recognises as representatives for the auditing profession as well as for the preparation, adaptation or review of the same standards in the event that the said professional bodies do not proceed to perform such preparation, adaptation or review. 6 month of exposure in the Official Bulletin (BOICAC)
accessibility of meetings (i.e., public or private)

The ICAC can open the meetings of the advisory committee to experts but not to the public.
approval process for final standards (i.e., majority required to approve final standards)

The Auditing Committee is only an advisory body so they do not approve the standards. Further the public exposure of the standards, they are re-drafted or not and finnally are published in the Official bulletin BOICAC
other relevant due process activities

not applicable

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

4 Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	Normas Técnicas de Auditoría	1991	ICAC
Professional Accountants in Business
Professional Accountants in the Public Sector
Other (please describe) Professional Accountants in Public Practice	Ley de Auditoría de Cuentas	December 2003	Ministerio de Economía

The ethics requirements are stated in the General Audit standards that are available in the ICAC website www.icac.mineco.es(only in Spanish).

The Ley de Auditoría (Audit Law) regulates the audit activity and the audit profession. Independence requirements and prohibitions are also stated in the Audit Law and is available in the ICAC website (Updated version only available in Spanish).

Yes

Section 6B -- Standard-Setting (ICAC)

56. For ICAC, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The ICAC is an Autonomous Body of the State Administration assigned to the Ministry of Economy and Finance. The Spanish profession participates in the Audit Committee.

The Governing bodies of the ICAC are the President, The Audit Committee and the Accounting Council. The Audit Committee is an advisory body of the ICAC.

Normas Técnicas de Auditoría.

57. How many voting members does the standard-setting body have?

The standards setter is the ICAC. The Audit Committee, is an advisory group, that is integrated by 13 members

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		In the Audit Committee: Only 4 representatives from the profession and 1 from the University belongs to private bodies. The other representatives are from other Public agencies or organisations such as the Central Bank of Spain, the Stock Exchange regulator, etc.

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

The economy and finance Ministry appoints the members following the requirements stated in the law.

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

The economy and finance Ministry appoints the members following the requirements stated in the law.

61. What is the term of appointment for members?

Year(s)

62. For how many years has the standard-setting body been in existence?

15 Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

Not available

64. To what entity is the standard-setting body accountable?

Ministry of Economy

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

see question 53a
accessibility of meetings (i.e., public or private)

see question 53b
approval process for final standards (i.e., majority required to approve final standards)

see question 53c
other relevant due process activities

see question 53d

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

4 Day(s)

Section 6B -- Standard-Setting (Ministerio de Econom�a)

56. For Ministerio de Econom�a, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Government Ministry

Articles of the Audit Law

57. How many voting members does the standard-setting body have?

Not Applicable

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		Politicians in special committees

Appointed by the Government

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Government

61. What is the term of appointment for members?

Year(s)

62. For how many years has the standard-setting body been in existence?

Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not Available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

Not Available

64. To what entity is the standard-setting body accountable?

To the Parliament

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Only definitive publication is issued.
accessibility of meetings (i.e., public or private)

Public
approval process for final standards (i.e., majority required to approve final standards)

Parliament
other relevant due process activities

The Laws are drafted by the Ministry and discussed in special commissions of the Parliament. When a law is under discussion, the commissions hears the comments of interested parties.

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

From 3 to 16 years there is common and compulsory education

From 16 to 18 years there is a bachelor designation that is not compulsory

From 19 to 23 there is University degree that is not compulsory

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

The Audit Law and the regulation of the audit law (coming from the EU 8th Company law Directive).

Note: Answers related to the requirements refers to access to the Offical Auditors Registry (ROAC)and not to be a member of our institute (ICJCE). The ROAC is a public register of statutory auditors.

All members of the ICJCE are statutory auditors meeting the requirements of stated by the EU 8th Directive and members of the ROAC of the ICAC.

Being a member of a professional body is not compulsory in Spain.

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements University degree and specific knowledge in audit.
	Professional examinations Theoretical and practical examinations
	Practical experience From 3 to 8 years depending on the educational background.
	Final qualifying examination
	Other (please describe) Insurance, registry at the ROAC (Official REgistry) There are 2 ways to access the profession. The university degree (as described above) and the professional way, that means more practical experience less academic title but the same examination entry test applies.

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
See question 44
How many voting members does the relevant body(ies) have
The 8th Directive is under revision and the provisions on educational background required would change.
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

15 Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

Contact ICAC.

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain)

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

The ICAC (through the Audit Law)

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe) Insurance and registry in ROAC

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify): The Law states the obligation of CPE but to lose the license the ICAC has to follow a sanction procedure for noncompliance of the law.

80. What entity grants the license?

The ICAC.

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

There are not additional licensing requirement for those statutory auditors auditing listed entities.

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government	Plan General de Contabilidad Pública	May 1994	Comisión de Principios y Normas Contables Públicas.IGAE
Ministry/department
Statutory authority/agency
Profit entity owned by government	Plan General de Contabilidad		ICAC
State governments
Local governments	Orden Ministerial de 17/07/1990		Finance Ministry
Other (please describe) Autonomous Government	Adaptations of the PGCP		Autonomous Government
Other (please describe)

We can provide you with copies in Spanish of the most important legislation, because due to the variety of legislation is very difficult to get all of it.

Yes

Section 8B -- Standard-Setting (Comisi�n de Principios y Normas Contables P�blicas.IGAE)

83. For Comisi�n de Principios y Normas Contables P�blicas.IGAE, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Subsecretaría de la Secretaría del Estado de Presupuestos y gastos. Department of the State Department of Budget and Expenses.

Normas de Contabilidad del Sector Público.

84. How many voting members does the standard-setting body have?

Not Applicable. Ii is a department of the Finance Ministry

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Public servants

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Government

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

91. To what entity is the standard-setting body accountable?

Ministerio de Hacienda. Finance Ministry

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Not Applicable
accessibility of meetings (i.e., public or private)

Not Applicable
approval process for final standards (i.e., majority required to approve final standards)

Parliament
other relevant due process activities

Not Applicable

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 8B -- Standard-Setting (ICAC)

83. For ICAC, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The ICAC IS an Autonomous Body of the State Administration assigned to the Ministry of Economy and Finance.The Governing bodies of the ICAC are the President, The Audit Committee and the Accounting Council. There is also an advisory committee on accounting where other interested parties are represented.

Plan General de Contabilidad. Adaptaciones sectoriales. Consultas al ICAC. Ordenes Ministeriales.

84. How many voting members does the standard-setting body have?

The President of the ICAC and three members of the three accounting regulators, the Central Bank of Spain, The Stock Exchange regulator Comisión Nacional del Mercado de Valores (CNMV) and the Insurance Companies Regulator: Dirección General de Seguros (DGS)

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		The Accounting Council is composed by the 4 regulators with accounting competences and acting as secretary one member of the ICAC

By Law. The Accounting Council is composed by the 4 regulators with accounting competences and one member of the ICAC is the Secretary. In the Accounting advisory committee other groups are represented (i.e. the auditing profession, the users of the financial information, the university, preparers etc.)

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Each of the regulators decides the best person to attend the meetings of the Council. Since the Accounting Advisory Committee is a new advisory body and we do not have the new regulation, we are not able to provide IFAC with more details on who appoints the representatives nor their termm of appointment or the number of meetings per year.

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

15 Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

Not available

91. To what entity is the standard-setting body accountable?

To the Economy Ministry

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

The Acounting Advisory Committee drafts the accounting standards that are approved by the Accounting Council.
accessibility of meetings (i.e., public or private)

Private. The ICAC can invite experts from different sectors to attend the meetings of the accounting advisory committee if the President considers so.
approval process for final standards (i.e., majority required to approve final standards)

The final decision is of the President of the ICAC.
other relevant due process activities

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 8B -- Standard-Setting (Finance Ministry)

83. For Finance Ministry, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Government Ministry.

84. How many voting members does the standard-setting body have?

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

Not applicable

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Not applicable

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

Not available

91. To what entity is the standard-setting body accountable?

Government and Parliament

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 8B -- Standard-Setting (Autonomous Government)

83. For Autonomous Government, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Each of the Autonomous Governments in Spain have their own Department that works like a Ministry in their juridiction.

84. How many voting members does the standard-setting body have?

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

91. To what entity is the standard-setting body accountable?

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	Plan General de Contabilidad	December 1990	ICAC
Other (please describe) Credit Institutions	Circulares	March 2004	CNMV. Comisión Nacional del Mercado de Valores
Other (please describe) Banks companies	Circulares Banco de España		Banco de España
Other (please describe) Insurance companies			DGS. Dirección General de Seguros
Other (please describe) Sector specific companies	Planes sectoriales		ICAC

We can provide IFAC with a copy in Spanish of the most important documents. In the CNMV website there is also available some general information in English

Yes

Section 9B -- Standard-Setting (ICAC)

95. For ICAC, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

PLease see answers 83 to 93

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

100. What is the term of appointment for members?

Year(s)

101. For how many years has the standard-setting body been in existence?

Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

103. To what entity is the standard-setting body accountable?

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 9B -- Standard-Setting (CNMV. Comisi�n Nacional del Mercado de Valores)

95. For CNMV. Comisi�n Nacional del Mercado de Valores, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The CNMV is the regulatory body of the securities market in Spain. It is managed by Direcciones Generales (DG), one of these DG is responsible for the accounting issues (DG de Mercados e Inversiones). The governing bodies of the CNMV are the Council, the President, the Vice President and the Executive Committee.

The CNMV issues the Circulares which states further reporting and other obligations for listed companies.

96. How many voting members does the standard-setting body have?

The Council of the CNMV has 7 members.

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

The criteria to select the members of the Council is established by law and is as follows:
- The President and Vice President are appointed by the Economy Ministry among persons with a recognised knowledge of the market
- The President of the Dirección General del Tesoro (Treasury) and the Subgobernador of the Central Bank of Spain.
- 3 Council members are appointed by the Economy Ministry based on their knowledge and competence.

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

The Economy Ministry appoint the Council members and proposes the President and Vice President to the Government.

100. What is the term of appointment for members?

4 Year(s)

101. For how many years has the standard-setting body been in existence?

16 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

Not available

103. To what entity is the standard-setting body accountable?

The CNMV is a public entity linked to the Economy Ministry

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

The DG prepares a technical report on the Circular to be issued including a draft of the Circular. This project is analysed by Advisory Council of the CNMV. The Circulares are approved by the Council of the CNMV and come into force once they are published in the Official Bulletin (BOE)
accessibility of meetings (i.e., public or private)

Private
approval process for final standards (i.e., majority required to approve final standards)

Majority of members attending the council meeting
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 9B -- Standard-Setting (Banco de Espa�a)

95. For Banco de Espa�a, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The Banco de España is the Central Bank of Spain (CBS). It is autonomous (as established by law in 1994) regarding the monetary policy decisions but is also submitted to the Spanish laws and regulations. The governing bodies of the CBS are the Governor, the Vice-governor, the Council and the Executive Commission. The Council is responsible for approving the Circulares.

"CIRCULARES"

96. How many voting members does the standard-setting body have?

The Council has 10 members and the Executive Commission has 4 members.

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		The Governor, the Vice Governor, the Council members are appointed by the Government or the Economy Ministry but the are fully dedicated to their job

The members of the Council are the Governor, the Vice Governor, the Director General del Tesoro , the Vice President of the CNMV and 6 members with specific knowledge in economics and Law.

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

All are appointed by the Government or the Economy Ministry.

100. What is the term of appointment for members?

6 Year(s)

101. For how many years has the standard-setting body been in existence?

10 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

Not available

103. To what entity is the standard-setting body accountable?

Is autonomous regarding the monetary policy but accountable to the government regarding other issues.

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

The Direcciones Generales (management structures of the CBS) proposes the project and a first draft to the Governor who decides to submit it to the Executive Commission. In this process interested parties and sectors are listened. Further the discussion in the Executive Commission the Council discuss/approves the Circular.
accessibility of meetings (i.e., public or private)

Private
approval process for final standards (i.e., majority required to approve final standards)

Simple majority
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 9B -- Standard-Setting (DGS. Direcci�n General de Seguros)

95. For DGS. Direcci�n General de Seguros, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Is a Directorate General of the Economy Ministry. The standards were issued by the DGS and were previous a report of the accounting standard setter body ICAC. The DGS participates in accounting standard-setting through representatives in the ICAC Committees.

The General Plan of the Insurance Companies

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

100. What is the term of appointment for members?

Year(s)

101. For how many years has the standard-setting body been in existence?

Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

103. To what entity is the standard-setting body accountable?

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

COMISIÓN NACIONAL DEL MERCADO DE VALORES (CNMV)

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

The Ley 24/1988, del Mercado de Valores states that the Comisión Nacional del Mercado de Valores (CNMV) is the agency in charge of supervising and inspecting the Spanish Stock Markets and the activities of all the participants in those markets.

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

No role as it is the ICAC that regulates the profession. The CNMV participates in the auditing Committee (advisory) as a member.
accounting and auditing standard-setting

The CNMV participates in the Accounting Standard setting process through a member in the Accountancy Council (total members 4 + the president of the ICAC)of the ICAC.
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

The CNMV reviews the compliance with the reporting requirements of listed companies but does not monitor the compliance with the accounting framework. Those companies with a qualified audit opinion have to submit their reports to a follow up revision by their auditors on the exceptions in their audit reports.

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		Madrid
		Barcelona
		Bilbao
		Valencia

Section 10B -- Stock Exchange
Madrid Details

110. For Madrid, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

The CNMV is the regulatory body, but the stock exchange has to report to the CNMV on any noncompliance of a listed company regarding reporting issues or other matters affecting the transparency of the market. Real Decreto 726/1989, de 23 de Junio, sobre Sociedades rectoras y Miembros de las Bolsas de Valores, sociedad de Bolsas y Fianza colectiva
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

The Stock exchange has to report to the CNMV on the noncompliance. The stock exchange can also stop the negotiation of a security in case of extreme urgency.
How enforcement actions are administered.

Through the CNMV

Section 10B -- Stock Exchange
Barcelona Details

110. For Barcelona, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

See answers for Madrid
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
How enforcement actions are administered.

Section 10B -- Stock Exchange
Bilbao Details

110. For Bilbao, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

See answers for Madrid
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
How enforcement actions are administered.

Section 10B -- Stock Exchange
Valencia Details

110. For Valencia, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

See answers for Madrid
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
How enforcement actions are administered.

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?

The Ley de Auditoría regulates the audit activity and the audit profession.

The Spanish accounting and auditing regulator is the ICAC.
The number of members on the oversight body
Its powers
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations
The sanctions the oversight body may impose in the event of non-compliance
How the oversight body is accountable to any public institution or body

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

Central Bank of Spain (CBS)

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

The CBS requires to the financial institutions more financial information and a complementary audit report on specific questions. The CBS carries out inspections on credit institutions to verify the compliance with the requirements.

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

No specific role. The regulator of the Spanish profession is the ICAC.
accounting and auditing standard-setting

The CBS participates in the accounting and auditing standard-setting process through a representative in the Audit and Accounting Committees of ICAC (see descriptions in questions above).
review of financial statements prepared by listed entities

The CBS has a representative at the Council of the CNMV (Stock exchange)
enforcement of accounting, reporting and auditing requirements

Only credit institutions.

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

116. What is the source of Legal authority of the regulatory authority(ies)?

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed entities
enforcement of accounting, reporting and auditing requirements

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

Dirección General de Seguros (DGS)

119. What is the source of Legal authority of the regulatory authority(ies)?

Ley General de Ordenación del Seguro privado

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

No specific role. The Spanish regulator of the Audit profession is the ICAC
accounting and auditing standard-setting

The DGS participates in the same way as the CBS and the Stock Exchange regulator through a representative in the audit and accounting committees as described in ICAC section.
review of financial statements prepared by listed listed entities

Only of insurance companies. No specific role in the CNMV (stock exchange regulator).
enforcement of accounting, reporting and auditing requirements

Only insurance companies. The DGS requires insurance companies to provide more information and a complementary audit report on specific questions. The DGS carry out inspections to verify the compliance with these requirements.

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

122. What is the source of Legal authority of each regulatory authority?

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed listed entities
enforcement of accounting, reporting and auditing requirements

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

The quality assurance programs are undertaken by ICAC and ICJCE in parallel. The ICJCE has its own QC system and carries out QC revisions over its members and the ICAC has also its own QC System and carries out QC revisions over all the registered auditors. But, in practice, a lot of ICAC revisions are carried out by the ICJCE as a part of an agreement between our Institute and the ICAC.

Selection under random and risk assessment basis of the audit firm or auditor to review. By monitoring and peer review methods. If important noncompliance of principles and standards arises, the Ethics Committee examines and decides on the action. If the noncompliances is less serious there is a plan to follow up.

125. Under what authority does the organization conduct the program of quality assurance review?

The Audit Law

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

Peer review and monitoring review supervised by ICJCE

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

ICAC.

The ICJCE's ethics commission analyzes all the QC revisions carried out (including those on behalf of the ICAC) and can initiate disciplining procedures over its members. But the audit law states that the disciplinary system is responsibility of the ICAC and it is the only body that is allowed to expel an auditor from the profession.

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

134. What is the term of appointment for members?

Year(s)

135. For how many years has the body been in existence?

Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

(specify currency)

137. To what entity is the body accountable?

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

Day(s)

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