International activity

Annual Report of Activities in 2014

2014 Report ICAC 26 INTERNATIONAL ACTIVITY The Sub-Directorates General of Technical Control and Technical Audit Standards participate jointly and on a regular basis at the international meetings, 22 being the number of attendants to these meetings in 2014, relating to the following organisations: • European Union committees. Audit Regulatory Committee (AuRC): integrated by authorities with regulatory authority regarding audits of the different Member States of the European Union. European Group of Auditors Oversight Bodies (EGAOB), Plenary meetings and EGAOB preparatory Subgroup meetings. They include the participation of authorities with regu-latory authority regarding audits of the different Member States of the European Union. • Transposition groups of the new legal framework of European statutory audit: participa-tion in the discussion process for proper interpretation and homogeneous transposition of Directive 2014/56/EU of 16 April 2014 that amend current Directive 2006/43/EC, of the European Parliament and Council of 7 May, relating to the legal audit of the annual accounts and the consolidated accounts and of (EU) Regulation No. 537/2014 of the Eu-ropean Parliament and Council of 16 April 2014 on the specific requirements for the statutory audit of public interest entities and that repealed Commission Decision 2005/909/ EC. • European Audit Inspection Group (EAIG): a working group within the scope of Europe and in which, mainly, experiences are shared regarding experiences and audit deficiencies detected in inspections and in which there is dialogue with audit firms, the review methodology and with issuers of international audit and ethical standards (IAASB and IESBA). • European Banking Group (EBG): in which several European supervisors participate, the purpose of which is to exchange experiences and inspection practices regarding audit jobs of credit institutions. • International Forum of Independent Audit Regulators (IFIAR): with an international scope and with the objective of exchanging experiences and knowledge regarding inspections and technical audit regulations. Since 2012, the ICAC also forms a part of the working sub-group of the IFIAR Standards Coor-dination Working Group (SCWG), whose objectives include being a member of a forum in which the members of IFIAR can share experiences regarding the standards issued by standards issuing bodies, particularly including but not limited to the IAASB and the IESBA,. In this regard, the ICAC, as a member of this sub-group, has cooperated on formulating comments that the IFIAR has sent to said issuing standards bodies, in the same manner as the ICAC forms a part of the regulatory subgroup of the EAIG. • Collegiate Associations of Regulators: founded as a result of the new structures of some European Audit Firms and with the aim of sharing information between regulatory mem-bers, as well as planning joint inspections in the near future. • Competent authority of the United States of America (PCAOB): Joint inspection and par-ticipation activities in a group based on mutual trust. • Cooperation with the OECD regarding application of the OECD Agreement on Combating the Corruption of Foreign Public Officials in International Business Transactions: participa-tion by the ICAC through forming a part of the delegation from the Spanish government in charge of assisting the OECD on the different phases established to verify the applica-


Annual Report of Activities in 2014
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