ACTIVITY REPORT FOR 2014 7 INTRODUCTION The Accounting and Audit Institute (ICAC) is an autonomous body attached to the Ministry of the Economy and Taxation with its own legal status, equity and the ability to act independently in pursuit of its stated objectives. The revised text of the Account Audit Law, approved by Royal Legislative Decree 1/2011 of 1 July, and the implementing regulations thereof, Royal Decree 1517/2011 of 31 October, regulate the Institute’s legal nature. In accordance with Article 2 of Royal Decree 302/1989 of 17 March, which approves the by-laws and the organic structure of the Accounting and Audit Institute, the following are functions of the Institute: a) Performing technical work and proposing a General Accounting Plan adapted to the Di-rectives of the European Union and the Laws regulating these matters, in addition to approving the adaptations of this plan to the different sectors of economic activity. b) Establishing standards for the development of those points of the General Chart of Ac-counts and the sectorial adaptations of the Chart deemed necessary for the correct appli-cation of the said standards, which will be published in the Institute’s Journal. c) Continuously perfecting and updating accounting plans and audit activities, to which end it will propose to the Ministry of Economy and Taxation any legislative or regulatory mo-difications deemed necessary to bring them into harmony with the directives of the Eu-ropean Union or with changes in the fields of accounting and auditing. d) Ensuring control and discipline of the audit practice regulated in Law 19/1988 of 12 July and of the auditors themselves by conducting technical monitoring of audits and taking the disciplinary measures applicable to auditors and audit firms as regulated in Chapter 3 of the aforementioned Law. e) Establishing an Official Registry of Auditors, authorising the recording in the same of au-ditors and audit firms, creating and maintaining the Institute’s Official Journal, determining the basic rules creating and maintaining the Institute’s Official Journal, determining the basic rules to be followed for the professional competency exams given by professional corporations of public law (in addition to approving the respective calls to exams) and controlling, monitoring and keeping the bonds that must be established by auditors. f) Approving and publishing the technical audit standards prepared by the public law cor-porations representing those who perform audits in accordance with the general principles and common practices in EU countries; drafting, adapting or revising those standards if the aforementioned corporations fail to draft, adapt or review them after being asked to so by the Accounting and Audit Institute.
Annual Report of Activities in 2014
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