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Portugal

  • Capital: Lisbon 
  • Population: approx. 10,000,000 
  • Language: Portuguese 
  • Part of the EU since: 1986 

Member Bodies

Professional Bodies

OROC OCC (previously OTOC, non-Accountancy Europe member) 
MembershipMandatoryMandatory
No. of members1,50416,000
Of which 4000 trainees
Institute staff3050
Date of establishment19732019
Local branches2 (Lisbon, Porto)No
Subject to public oversight YesYes
Public oversight authority Portuguese Stock Exchange Regulator (CMVM) Ministério das Finanças 
Involvement in Qualification and Market AccessOROCOCC
Initial educationYesYes
ExaminationYesYes
Approval and registrationYes (with CMVM)Yes
Continued Professional DevelopmentYesYes
ActivitiesOROCOCC
Standard settingYes (guidance, ISAs mandatory by law) No
Quality assuranceYes (only audits of non-PIEs, PIEs: CMVM) Yes
Disciplinary measuresYes (with CMVM) Yes

Profession

ProfessionsStatutory Auditor Accountants 
Professional bodyOROCOCC
Protected titleYes, Revisor Oficial de Contas Yes, Contabilista Certificado 
Reserved activities1The following public interest functions are reserved exclusively for statutory auditors: 
a) The audit of accounts and related services provided to, companies or other entities; 
b) Any other functions which by law require the personal and independent involvement of statutory auditors in certain economic acts or facts of companies or other entities; 
c) Any other public interest functions which the law attributes to them also constitute areas reserved exclusively for statutory auditors. 		The following public interest functions are reserved exclusively for accountants: 
a) Allowed to present financial statements complying with the Portuguese Generally Accepted Accounting Principles; 
b) Any other functions which by law require the personal and independent involvement of accountants in certain economic acts or facts of companies or other entities; 
c) Any other public interest functions which the law attributes to them also constitute areas reserved exclusively for accountants. 
Included authorisationsStatutory auditors may also have the following non-exclusive functions: 
a)  College/university lecturing; 
b)  Member of audit committees and of supervisory or oversight bodies of companies or other entities; 
c) Consultancy and other services falling within the matters stemming from their training  and professional qualifications, namely valuations, expert examinations and arbitrations, reorganization  studies and  the restructuring of companies and of other entities, financial analyses, economic and financial feasibility studies, professional training, studies and opinions on accounting issues, review of tax returns, compilation of surveys, opinions and other support and consultancy in tax and tax-related matters, and the review of environmental and sustainability reports; 
d) Insolvency and liquidation administrator		Accountants may also have the following non-exclusive functions: 
a)  College/university lecturing; 
b)  Member of audit committees and of supervisory or oversight bodies of companies or other entities; 
c) Consultancy and other services falling within the matters stemming from their training  and professional qualifications, namely valuations, expert examinations and arbitrations, reorganization  studies and  the restructuring of companies and of other entities, financial analyses, economic and financial feasibility studies, professional training, studies and opinions on accounting issues, review of tax returns, compilation of surveys, opinions and other support and consultancy in tax and tax-related matters, and the review of environmental and sustainability reports. 

Supervision

Statutory Auditor Accountants  
Regulated professionYesYes
SupervisionYesYes
Public oversight authorityPortuguese Stock Exchange Regulator (CMVM) Ordem dos Contabilistas Certificados (OCC) 

Qualification

Statutory Auditor  Accountants  
General initial education steps (without possible exemptions)The general requirements for enrolment as a statutory auditor are: 
Be a Portuguese citizen, or a citizen of an EU Member State provided that reciprocity exists; 
Having moral integrity for exercising the profession; 
Being in full fruition of civil and political rights; 
Not having been condemned of any crime of fraud or declared unfit to look after himself and his property by a court sentence, except where judicial rehabilitation is obtained; 
Possess a university degree or equivalent academic degree in auditing, accountancy, law, economics or business management, or in other areas as approved by the minister in charge of higher education; 
Having passed the examination for admission to the Ordem; 
Having successfully completed the practical experience period 		To become a qualified accountant OCC member in Portugal, applicant must comply with prequalification requirements such as: 
Minimum three years university level business areas related course diploma, issued or recognized by Portuguese higher-education entity, 
Undergraduate or postgraduate courses units approval to meet the accounting education program contents and quantities required by OCC, 
Monitored practical experience formal process. Exempts applicable to in-work experience situation declared by CC qualified accountant and to OCC validated undergraduate or postgraduate courses units on professional accountant simulated practice, 
Prequalification completes with professional examination that accesses applicant’s knowledge on financial and management accounting, taxation, professional ethics and OCC’s Constitution and Bylaws 

Statistics

Statutory Auditor  Accountants 
No. of qualified professionals1,504 71,260 
No. of new trainees per year115 1,049 
No. of people taking the professional examination311 2,228 
No. of people passing the professional examination182 406 

Market access – qualified professionals

Statutory Auditor  Accountants 
Registration requiredYesYes
Competent authority for registrationOROCOCC
Cost of appointment/ registration€200 €300 – €400 
Oath requiredYesNo
Insurance requiredYesYes
Professional address requiredYesYes