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Annual Report of Activities in 2014

2014 Report ICAC g) Performing and promoting research, studies, documentation, distribution and publications intended to develop and improve accounting standards and the audit activity. h) Working with international bodies to provide technical coordination and cooperation on accounting and audit matters, particularly EU bodies, and domestic bodies such as public law corporations or research associations. To fulfil these functions, representatives of the Institute, in accordance with the related bodies of the Ministry of Foreign Affairs, will attend meetings that may be called by commissions or work groups of which Spain forms a part that specialise in these matters and that belong to interna-tional 8 governmental organisations. Similarly, the Institute is assigned the powers to impose penalties as conferred by article 283 of the revised text of the Share Capital Companies Act, passed by Royal Legislative Decree 1/2010 of 2 July, on the breach of mercantile companies in filing their annual financial statements at the Mercantile Registry. The governing bodies of ICAC are: The Chairman, the Audit Committee and the Accounting Board. The Chairman, acting as the Director General, is proposed by the Ministry of the Economy and Taxation and appointed by the Government and is the legal representative of the Accounting and Audit Institute, therefore exercising the powers vested in them by the Account Audit Law and determined in the Institute’s by-laws. The Chairman is responsible for: 1. Acting as the Institute’s legal representative. 2. Chairing the Institute’s Consulting Committee (now the Audit Committee). 3. Directing, promoting and coordinating the services provided by the Institute in the per-formance of its functions. 4. Taking the disciplinary measures referred to in Article 15 of Law 19/1988 of 12 July. 5. Handling the Institute’s international relations, in accordance with the corresponding bodies of the Ministry of Foreign Affairs. 6. Exercising the powers legally vested in the Chairpersons and the Directors of the autono-mous bodies. 7. Performing any other functions assigned to them under Account Audit Law 19/1988 of 12 July or any other legal or regulatory provision. The Audit Committee is an advisory body presided over by the Chairman of ICAC. This Com-mittee, in the performance of its advisory functions, is responsible for conducting studies, drafting reports and making proposals on the matters falling within the scope of the Institute’s jurisdiction. According to the regulations governing the Institute, the Audit Committee is composed of a maximum of thirteen members designated by the Ministry of the Economy and Taxation and broken down as follows: three representatives from the Ministry of the Economy and Taxation, one each from the National Securities Market Commission, the Directorate General of Insurance


Annual Report of Activities in 2014
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