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Annual Report of Activities in 2014

ICAC 2014 Report submitted to the criterion of the Audit Committee, an advisory body to the ICAC and after having fulfilled the public hearing process. b) Amendment of the following technical audit standards, published in the ICAC Resolutions that follow, after having been submitted to the consideration of its Audit Committee and required public information process: mm The Resolution of 20 March 2014 of the ICAC, whereby Technical Audit Standard is published on “The Audit of a single financial statement”, the result of the adaptation of International Audit Standard 805, “Special considerations -audits of single financial statements or specific elements, accounts or items of a financial statement”, for its application in Spain (IAS-ES 805). mm The Resolution of 20 March 2014 of the ICAC, thereby publishing the Technical Audit Standard on the “relationship between auditors”. mm The Resolution of 22 July 2014, of the ICAC, which govern the additional theoretical training programmes to be followed those as referred to in section 1 of transitional provision one of the regulations implementing the revised text of the Account Audit Law, passed by Royal Decree 1517/2011, of 31 October. mm The Resolution of the 21 October 2014, of the ICAC, which complements the resolu-tion of 22 July 2014 govern the additional theoretical training programmes to be followed those as referred to in section 1 of transitional provision one of the regula-tions implementing the revised text of the Account Audit Law, passed by Royal Decree 15 1517/2011, of 31 October. c) Drafting of reports on provisions that might or could affect the scope of the audit activity. In financial year 2014 the number of reports on proposals or regulatory projects amoun-ted to 71, to which one must add those issued relating to the proposals received during the drafting process of the draft Account Audit Law. d) Study and preparation of the reply to queries submitted on the interpretation and appli-cation of audit regulations. Among all the queries that are resolved, those that are consi-dered of general interest are selected for quarterly publication in this Institute’s Official Journal. During this financial year, a total of 232 audit queries have been answered, of which 4 have been published in its Official Gazette). It is worth highlighting a significant decline in the number of queries relating to ongoing training that the auditors must follow as the first period of implementation of this obligation has already been surpassed, in which for the first time information with regards to ongoing training had to be provided. e) Review of the translations of several International Audit Standards issued by the IAASB for the purpose of their subsequent adaptation by means of a Resolution of the ICAC, a task that is carried out by the Translation Committee created for this purpose, by Resolu-tion of the ICAC of 10 April 2013. Similarly, the drafts standards published by the IAASB were debated and submitted to consultation, in order to issue the corresponding report to be sent, either individually or jointly with other competent authorities of other Member States of the European Union or countries participating in international forums (IFIAR).


Annual Report of Activities in 2014
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