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Annual Report of Activities in 2014

2014 Report ICAC Actions conducted directly by the ICAC 2014 Inspections 105 Investigations 151 Complaints analysed and filed 45 TOTAL 301 18 a) Quality control inspections. During financial year 2014, the ICAC issued 9 final inspection reports relating to small and medium auditors who audit public-interest entities (hereinafter, PIEs). The scope of said inspections was limited to examining the theoretical internal quality control system based on the documentation provided by the said auditors. In addition, in 2014 the ICAC issued 82 final inspection reports corresponding to PIE auditors, one of which was also the object of the aforementioned quality control. The scope was li-mited, on the one hand, to checking the obligation to publish the annual transparency report on the web page of the auditors, and on the other, to checking that the general structure of said report complied with the provisions set forth in Article 26 of the TRLAC. In 2014, the ICAC also conducted follow-up on 3 PIE auditors, one of whom was also the object in 2014 of a final report, limited to the annual transparency report about the do-cumentation forwarded by said auditors in response to the improvement requirements made in 2011 by the ICAC and derived from inspection of the theoretical design of their internal quality control systems. As a consequence of said review, signs of deficiencies were clearly shown, which will be taken into account, to the extent possible, with the available resources and considering the risk criteria for the purpose of action plans for fiscal year 2015 and following years. With regards to the joint actions carried out by the ICAC and PCAOB1, in 2014 two ins-pections were completed initiated prior to the said financial year and another inspection was started. The two completed inspections were targeted on two large audit firms and these inspections included the review of 11 audit assignments, in addition to the review of the firms’ policies and procedures. b) Technical controls or investigations. During 2014, 45 complaints received were analysed and filed due to a lack of signs of possible breaches of the audit regulations. Similarly, in 2014 the review was completed of 31 audit assignments , 7 of which related to PIEs (5 issuers of negotiable securities allowed on secondary official securities markets and 2 due to their size). 1  Public Company Accounting Oversight Board (PCAOB), the audit supervisor of the United Stated, in accordance with the Sarbanes-Oxley Act of 2002.


Annual Report of Activities in 2014
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