Management of resources and the official registry of Auditors - Maintenance of the Official Registry of Auditors (ROAC)

Annual Report of Activities in 2014

ICAC 2014 Report tion of said convention: on the one hand, by forming a part of the work groups respon-sible for assessing the application of said OECD Agreement by Mexico. In addition to the presence of this Institute in the previous meeting the Sub-Directorates General of Technical Control and Technical Audit Standards jointly participated and on a regular basis to the conferences, 30 being the number of attendants to these meetings in 2014, relating to the following organisations: • European Audit Inspection Group (EAIG): 3 conference calls to discuss the strategy of international issuing bodies of the International Audit Standards, IAASB (International Audit and Assurance Standards Board) and IESBA (International Ethics Standard Board for Accountants), 2 conference calls to discuss letters of comments to be submitted to the IAASB relating to the draft of New International Audit Standard 720 (The Auditor’s Res-ponsibilities Relating to Other Information in Documents Containing Audited Financial Statements) and 2 conference calls relating to the structural change of the ethics code. • Standards Coordination Working Group (SCWG): attending to 10 ordinary conference calls, 3 specific conference calls to discuss, respectively, the letter of comments on Inter-national Audit Standard 720, 1 for discussing the letter of comments to the International Standards on the Audit Report, 1 for discussing the letter of comments to the work stra-tegy and plan of the IAASB for the period 2015-2019 (2015-2019 IAASB Strategy and Work Plan) and 1 for discussing the letter of comments on the Notes (Disclosures). • The Associations of regulators: attendance to 4 conference calls to discuss formulas for sharing information among the regulators. • The sub-group of the EGAOB for the creation of COESA: 3 conference calls to discuss the mission of COESA, its functions, its operating rules and its sub-groups. Finally, during financial year 2014, the Sub-directorate of Technical Audit Standards began ne-gotiations with the IFAC, the body that issued the International Audit Standards for the entering into of a contract that allows the ICAC to publish the rules translated and adapted to the Spanish context, for their application to the auditors of accounts and audit firms in the undertaking of audit assignments relating to the annual accounts or financial statements relating to financial periods starting as from 1 January 2014. The perfection of the contract and its publication relating to the General Secretariat. MANAGEMENT OF RESOURCES AND THE OFFICIAL REGISTRY OF AUDITORS In addition to the aforementioned activities, the ICAC performs other activities through the offi-ce of the General Secretariat. The most noteworthy of these are described below: Maintenance of the Official Registry of Auditors (ROAC) Access to the ROAC is by means of complying with the requirements and overcoming the tests set out in Spanish Legislative Royal Decree 1/2011, of 1 July 2011, by which the revised text of the Account Audit Law and implementing regulation, approved by Spanish Royal Decree 1517/2011, of 31 October 2011, is approved. Only the auditors who are members of this Regis-try 27 may issue official auditors’ reports.


Annual Report of Activities in 2014
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