Consejo General de Economistas de España

In Spain, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is responsible for the adoption and implementation of the quality assurance (QA) review system for statutory auditors and audit firms. The system covers audits of both public interest entities (PIEs) and non-public interest entities. The Consejo General de Economistas de España (CGE), through the Registro de Economistas Auditores (REA Auditores-CGE), continues to support implementation of the QA framework, including through its collaboration with the Instituto de Censores Jurados de Cuentas de España (ICJCE) in the performance of instrumental tasks related to inspections of non-PIE auditors under ICAC’s supervision. ICAC’s public materials also confirm the continued operation of the working group for the development and publication of auditing and quality control standards, in which the professional bodies participate.

To support members with implementation of the quality management requirements, REA Auditores-CGE has continued to provide practical tools, technical guidance, and training. Publicly available CGE training materials show that REA Auditores-CGE offered courses specifically on preparing the Manual de Organización Interna (Internal Organization Manual), explaining that this was intended to help auditors comply with the mandatory application of NIGC-ES 1 from January 1, 2023.

CGE has also continued broader implementation support through REA Auditores-CGE’s technical and educational activities. Public REA materials describe training and events on the practical application of NIGC 1-ES, NIGC 2-ES, and NIA-ES, as well as workshops on adapting firms’ documentation and working paper processes to internal organization systems and quality management requirements. These activities indicate an ongoing process to equip members, particularly smaller audit practices, with the tools needed to comply with the current QA framework.

Given that CGE does not have direct legal authority for the jurisdiction’s QA review system but maintains well-established ongoing processes to support implementation, member readiness, and continuous improvement in this area, the fulfillment status remains Sustain.

Current Status: Sustain

In Spain, Law 22/2015 on Auditing of Accounts and its implementing Regulation establish the initial professional development (IPD) and continuing professional development (CPD) requirements for statutory auditors. The Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is the competent authority responsible for establishing and overseeing these requirements, including the final professional examination and the approval of training providers. Accordingly, the Consejo General de Economistas de España (CGE) does not have direct regulatory authority in this area.

Nevertheless, CGE continues to play an active supporting role in the implementation of the International Education Standards (IES) at the national level. CGE reports that it participates in ICAC’s Audit Committee, which contributes to the establishment of CPD requirements and the preparation of the final examination for auditors. In addition, CGE participates in ICAC’s Assessment Board and continues to provide CPD training alongside other professional accountancy organizations and educational institutions. Through these activities, CGE supports the incorporation of IES requirements into the national framework.

CGE also continues to collaborate with universities and higher education institutions on professional education pathways. In particular, it maintains collaboration with universities in relation to master’s degree programs in auditing and higher accounting, including curriculum development and the professional competencies required for access to the audit profession.

While the audit profession is the only legally regulated segment of the profession in Spain, CGE has established voluntary educational and certification pathways for other professional accountants within its membership structure. In partnership with the Instituto de Censores Jurados de Cuentas de España (ICJCE), CGE continues to support the Registro de Expertos Contables (REC), a voluntary Registry for Accounting Experts. REC candidates are required to complete an initial education program, pass an examination, and demonstrate relevant practical experience.

In addition, CGE continues to provide CPD programming throughout the year for its members across multiple professional areas, including accounting, audit, taxation, sustainability, and digital competencies. Based on CGE’s 2024 assessment using the IFAC IES checklist, the REC educational requirements were confirmed to be aligned with the latest IES.

Given CGE’s well-established ongoing processes to support the jurisdictional framework for auditors and its strong voluntary education framework for other professional accountants, the fulfillment status remains Sustain.

Current Status: Sustain

In Spain, the Consejo General de Economistas de España (CGE) is not legally responsible for the adoption of auditing standards. The Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is the competent authority responsible for formally approving and publishing the national auditing standards applicable to statutory audits. National legislation provides that the Spanish auditing standards comprise the Normas Internacionales de Auditoría adaptadas para su aplicación en España (NIA-ES), which are based on the International Standards on Auditing (ISA) and include adaptations for application within the Spanish legal and regulatory framework.

CGE continues to support ICAC’s standard-setting process through its participation in the relevant technical working groups, including the Audit Standards Group, where new and revised ISA are analyzed and incorporated into the national framework. Through this role, CGE contributes to the review of translations, the assessment of national adaptations, and the provision of technical comments on exposure drafts issued by the International Auditing and Assurance Standards Board (IAASB).

Based on the most recent updates issued by ICAC in 2025 and early 2026, the national auditing standards in Spain are currently based on the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, as adapted through the NIA-ES framework.

To support implementation by its members, CGE continues to include standard-related topics in its training and continuing professional development programs, disseminate updates and revisions to ISA and NIA-ES, and prepare practical guidance material and implementation support resources for audit professionals. These activities include technical sessions, webinars, and publications through the Registro de Economistas Auditores (REA Auditores-CGE).

CGE has demonstrated an ongoing process to fulfill its SMO 3 obligations within the scope of its authority and remains committed to continuous improvement. Accordingly, the fulfillment status remains Sustain.

Current Status: Sustain

In Spain, national legislation mandates only statutory auditors to adhere to ethical and independence requirements established under Law 22/2015 on Auditing of Accounts and its implementing Regulation. The Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is the competent authority responsible for the jurisdiction-level ethical framework for auditors. The general ethical and independence requirements set out in law are reported to be more restrictive in certain areas than those contained in the International Code of Ethics for Professional Accountants (including International Independence Standards), issued by the International Ethics Standards Board for Accountants (IESBA), particularly in relation to independence requirements.

The Consejo General de Economistas de España (CGE) continues to support convergence with the IESBA Code through its advocacy and technical engagement with ICAC. CGE reports that it has participated in prior technical working groups established by ICAC to consider the development of additional ethics standards and continues to maintain an ongoing process to monitor new and revised pronouncements issued by IESBA as part of its advocacy efforts.

For its own voluntary membership, CGE has established and maintains a Code of Ethics. Public information indicates that the CGE Code was updated in 2023 and is supplemented by guidance based on the 2022 IESBA Code, which continues to serve as the current benchmark for its internal ethical framework. CGE also continues to support implementation through educational programs, conferences, seminars, and regular dissemination of ethics-related updates and guidance through its website and technical communications.

These efforts demonstrate an established process to support ethical requirements for its members and to advocate for broader convergence at the jurisdiction level. However, there continues to be a lag between the most current IESBA Code and the framework currently applied within CGE’s voluntary code and at the jurisdiction level. Accordingly, the fulfillment status remains Review & Improve.

CGE should continue to work with ICAC and other stakeholders to reduce the lag in convergence with the latest IESBA Code, with particular focus on aligning its internal Code of Ethics and supporting jurisdiction-level convergence with the 2025 edition of the Code, including recent revisions relating to technology, tax planning and related services, and sustainability assurance.

Current Status: Review & Improve

In Spain, the Ministry of Finance, through the Intervención General de la Administración del Estado (IGAE), is the entity legally responsible for establishing public sector accounting standards. Spain applies accrual-basis national public sector accounting standards based on the principles of the International Public Sector Accounting Standards (IPSAS) and adapted for the Spanish legal and administrative environment. Accordingly, the Consejo General de Economistas de España (CGE) does not have direct authority for adoption in this area.

Nevertheless, CGE continues to use its best endeavors to promote the adoption of IPSAS and to support implementation by its members and stakeholders. Under the Registro de Economistas Auditores (REA Auditores-CGE), CGE maintains a Public Sector Committee, whose objectives include promoting relations with public institutions at the state and regional levels, fostering public-private collaboration, and strengthening members’ knowledge and competencies in relation to the public sector.

To support implementation and awareness, CGE continues to organize conferences, seminars, and technical publications focused on public sector reporting and auditing issues. These activities support members who work with public sector entities and contribute to the broader understanding of IPSAS-based reporting requirements in Spain.

CGE also reports maintaining an ongoing process to monitor standards and pronouncements issued by the International Public Sector Accounting Standards Board (IPSASB) and to disseminate relevant developments to its membership and stakeholders.

Given that CGE does not have direct regulatory authority in this area but maintains well-established ongoing processes to promote awareness, implementation support, and continuous monitoring of public sector standards, the fulfillment status remains Sustain.

Current Status: Sustain

In Spain, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) has the authority to carry out investigative and disciplinary (I&D) processes for statutory auditors and audit firms in accordance with Law 22/2015 on Auditing of Accounts and its implementing Regulation. CGE continues to report that the jurisdiction-level system established by ICAC meets the SMO 6 benchmark for the regulated audit profession.

In addition, as a professional accountancy organization with voluntary membership, the Consejo General de Economistas de España (CGE) has established a complementary I&D system for its members. CGE notes that its system operates alongside the jurisdictional framework and relates to investigations initiated and sanctions issued internally for its membership categories and professional registries.

All members of CGE are required to comply with the rules and principles set out in the CGE Code of Ethics. Where non-compliance is identified and confirmed, disciplinary measures may be applied, including suspension or expulsion from membership. CGE maintains a formal disciplinary framework supported by dedicated committees responsible for identifying potential infractions, reviewing cases, and determining sanctions in accordance with its internal regulations.

CGE has completed a self-assessment of its I&D system against the SMO 6 benchmark and continues to report alignment with the main requirements. In addition, its established committee structure, ethical framework, and disciplinary procedures indicate an ongoing process to support professional conduct and accountability among its members.

Accordingly, CGE has demonstrated well-established ongoing processes to fulfill its SMO 6 obligations within the scope of its authority and remains committed to continuous improvement. The fulfillment status therefore remains Sustain.

Current Status: Sustain

In Spain, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is responsible for proposing and adopting the national accounting framework, including the Plan General de Contabilidad (Spanish GAAP), in line with European Union Regulations and harmonized with International Financial Reporting Standards (IFRS) as adopted by the European Union. IFRS are required for the consolidated financial statements of publicly traded companies and other domestic publicly accountable entities within the scope of Regulation (EC) No 1606/2002. Accordingly, the Consejo General de Economistas de España (CGE) does not have direct authority for adoption in this area.

CGE continues to support the jurisdictional framework through its participation in ICAC’s relevant advisory and technical bodies dealing with corporate and financial reporting matters. Through this ongoing dialogue, CGE actively promotes high-quality financial reporting and continued convergence with IFRS and related international reporting developments.

To support implementation of both Spanish GAAP and IFRS, CGE continues to disseminate information to members and stakeholders on new and revised International Accounting Standards Board (IASB) pronouncements and related European reporting requirements. CGE also provides educational courses, technical sessions, and continuing professional development activities on IFRS, Spanish GAAP, and related financial reporting matters, including sustainability and digital reporting developments.

In addition, CGE continues to participate in the international standard-setting process by contributing comments on exposure drafts both directly to the IASB and indirectly through its regional and European memberships, including through the European Federation of Accountants and Auditors for SMEs (EFAA) and other relevant professional networks.

CGE has demonstrated well-established ongoing processes to fulfill its SMO 7 obligations within the scope of its authority and remains committed to continuous improvement. Accordingly, the fulfillment status remains Sustain.

Current Status: Sustain