Financing sources

Annual Report of Activities in 2014

2014 Report ICAC Chapter Implementation of expense budget 2014 € % I Personnel expenditure 3,576,839.42 65.46 II Ordinary expenses on goods and services 992,087.95 18.16 III Financial expenses IV Current transfers 45,790.0 0.84 VI Actual investments 842,691.73 15.42 VIII Financial assets 6,310.5 0.12 TOTAL 5,463,719.15 100.00 Implementation of expense budget 2014 36 Personnel expenditure Ordinary expenses on goods and services Financial expenses Current transfers Actual investments Financial assets € 4.000.000 3.500.000 3.000.000 2.500.000 2.000.000 1.500.000 1.000.000 500.000 0 Financing sources The main source of financing of the ICAC’s budget is through the fee for issuing audit reports, in addition to income from sales of publications. The difference is financed with the cash flow surplus. The Institute managed without current transfers and capital transfers as a source of fi-nancing in 2014. According to Article 44 of the revised text of the Account Audit Law approved by Spanish Legis-lative Royal Decree 1/2011 of 1 July, all practising auditors and audit firms registered in the ROAC who issue audit reports must pay this fee. The income from these fees is considered to be the ICAC’s budgetary income and is used to finance the cost of overseeing and supervising the audit profession.


Annual Report of Activities in 2014
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