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Annual Report of Activities in 2014

2014 Report ICAC This information will have to be completed pursuant to the provisions set forth in the revised text of the Account Audit Law approved by Legislative Royal Decree 1/2011 of 1 July and the new Audit Regulation approved by Royal Decree 1517/2011 of 30 October, which implements said revised text (Article 79 of the Regulation). The Sub-Directorate General of Accounting Technique and Standardisation is responsible for the tasks relating to: Preparing and proposing a General Accounting Plan that complies with the directives of the European Economic Community; adapting the Plan to the different sectors of economic activity; analysing and proposing the laws in which the accounting principles are established, as well as promoting and developing the application of such principles and proposing the answers to queries raised in relation to accounting standards; developing, updating and per-fecting analytical accounting; drafting reports on the provisions which in one way or another affect company accounting or the content and structure of annual accounts; in general, anything related to updating and perfecting accounting standards. The Sub-Directorate General of Technical Audit Standards is responsible for: Conducting audit studies; coordinating and promoting the selection, training and perfecting of auditors per-formed by public law firms that represent auditors and accounting experts or, in a supplementary manner, by the Institute itself; submitting to the Institute’s Chairman the procedures that the Directorate is responsible for regarding the standardisation of theoretical training courses that should be followed to be able to exercise the audit activity (by means of its inscription in the ROAC) and those who comply with the requirements for the purposes of exemption from the qualification examination for the aforementioned access, in addition to the recognition of the centres that are authorised to impart ongoing training activities and approval of those courses offered by certain institutions; analysing the technical, ethical and internal quality assurance re-gulations for audits of the auditors prepared by public law firms, so that they are in accordance with the general principles and practices commonly admitted in the Member States of the Euro-pean Union, therefore proposing to the Chairman that they be published in the Institute’s Official Journal, in addition to requiring that these firms draw up, adapt or revise their technical audit standards; the preparation, adaptation or revision of these standards when the aforementioned professional firms do not comply with the requirement; investigation, by the personnel in the Directorate, of the disciplinary cases for breaches regarding audits referred to in section 2 of Chapter 4 of the revised text of the Account Audit Law approved by Legislative Royal Decree 1/2011 of 1 July, and disciplinary cases because of a breach of the obligation to deposit annual accounts in the Mercantile Registry, referred to in Chapter 6 of Legislative Royal Decree 1/2010 of 2 July, whereby the revised text of the Corporate Enterprises Act is approved, in addition to submitting to the Chairman of the Institute the proposal to resolve the case and other acts for which the Directorate is responsible; and the issuing and drawing up of regulatory proposals on accounts accounting, in addition to studying and answering queries raised in relation to this topic. The Deputy Directorate of Technical Control is responsible for: Exercising the powers that the Account Audit Law gives the Accounting and Audit Institute on technical and quality control, specifically for: Proposing the audit work that must be reviewed ex officio by the Institute and the implementation of quality control of the audit firms; perform the review work considered necessary for the technical control and inspection of the audit firms; the preparation of technical control reports with special reference, if appropriate, of the circumstances that involve a breach of the Account Audit Law or the audit technical standards, as well as issue of inspection reports on the quality control of the audit firms, with the proposed improvements as considered neces-sary. 10


Annual Report of Activities in 2014
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