| ICJCE | |
|---|---|
| Membership | Voluntary |
| No. of members | 4,760 |
| Institute staff | 74 |
| Date of establishment | 1942 |
| Local branches | 15 territorial branches |
| Subject to public oversight | Yes |
| Public oversight authority | Accounting and Auditing Institute (ICAC) |
| Involvement in Qualification and Market Access | ICJCE |
|---|---|
| Initial education | No |
| Examination | No |
| Approval and registration | No (ICAC) |
| Continued Professional Development | No |
| Activities | ICJC |
|---|---|
| Standard setting | Yes (with ICAC) |
| Quality assurance | No (ICAC) |
| Disciplinary measures | No (ICAC) |
| Professions | Statutory Auditor |
|---|---|
| Professional body | ICJCE |
| Protected title | Yes |
| Reserved activities1 | Statutory audit |
| Included authorisations | Takes part in increases or decreases in equity and in the valuation of shares in certain cases of corporative restructuring by issuing an independent report. They can also act as bankruptcy trustee and they should issue complementary reports to the audit of financial sector entities. |
| Statutory auditor | |
|---|---|
| Regulated profession | Yes |
| Supervision | Yes |
| Public oversight authority | Accounting and Auditing Institute (ICAC) |
| Statutory auditor | |
|---|---|
| General initial education steps (without possible exemptions) | – Academic university degree (except if the person has the certificates or studies required to be accepted at University and, at least, 8 years of practical training) – At least 3 years of practical training (except for the aforementioned case) – Theoretical instruction – State exam |
| Statutory auditor | |
|---|---|
| No. of qualified professionals | 21 335 |
| No. of new trainees per year | Information not available |
| No. of people taking the professional examination | 702 (in 2017, 1,141 in 2015) |
| No. of people passing the professional examination | 51% (in 2017; 34% in 2015) |
| Accountant | |
|---|---|
| Registration required | Yes |
| Competent authority for registration | ICAC (through the Registro Oficial de Auditores de Cuentas – ROAC) |
| Cost of appointment/ registration | The registration is free |
| Oath required | No |
| Insurance required | Yes (minimum €300,000 per professional in the first year of activity. After the first year of activity, this amount shall be increased by 30% of the turnover in excess of the amount equivalent to that of the aforesaid minimum guarantee which corresponds to the audit activity from the previous year) |
| Professional address required | Yes |