SERVICES

COMPULSORY OR LEGAL AUDIT

  • Companies, in general

    Mercantile corporations, cooperatives (*), are required to audit the annual accounts when for two consecutive years they exceed two of the following limits:

    Net revenue 5,700,000 Euros
    Total assets 2,850,000 Euros
    Employees 50

    (*) Housing cooperatives have different conditions

    The appointment of the auditor will be made by the General Meeting or the General Assembly which will be held before the end of the first financial year for which the accounts should be audited. The minimum initial term of the appointment is three years.

  • Groups of companies

    All entities –companies or foundations- ruling a group of companies are required to formulate the consolidated annual accounts and have them audited, when the group of companies exceeds two of the following limits for two consecutive years, calculated by consolidation criteria, or aggregation criteria, as shown:

    By consolidation By aggregation
    Net revenue 22.800.000 euros 27.360.000 euros
    Total assets 11.400.000 euros 13.680.000 euros
    Employees 250 250

    The appointment of the auditor will be made by the General Meeting of the Parent Company or the Foundation Board of Directors, which will be held before the end of the first financial year the accounts of which should be audited. The minimum initial period of the appointment is three years.

  • Companies, special cases (regardless of volume)

    • Companies in the event of capital increase charged to the reserves
    • Public Limited Companies in the case of an increase of capital by absorption of credits
    • Companies in case of reductions of social capital by absorption of losses
    • Companies regulated by the spanish CNMV (Comisión Nacional del Mercado de Valores-National Securities Market Commission-)
    • Entities that issue bonds on Public Offer
    • Entities which have as social purpose any activity subject to the Private Insurance Supervisory Act (Ley de Ordenación y Supervisión de Seguros Privados)
    • Credit trading companies, credit unions or others that, with confidentiality, give accounting reports to the Bank of Spain
    • Companies in the electrical sector, natural gas distribution and manufactured gases by pipeline
    • Sports Incorporated Companies (Sociedades Anónimas Deportivas) if required by the Supreme Sports Council (Consejo Superior de Deportes)
    • Collective investment institutions -mutual funds, SICAV (Sociedades de Inversión de Capital Variable) -Investment Company of Variable Capital)-, IIC management companies, IIC holders (IIC -Institución de Inversión Colectiva- Collective Investment Institutions-), brokerage firms, and companies engaged in financial intermediation
    • Mutual guarantee societies
    • Electronic money institutions
    • Venture capital companies (SCR-Servicio De Certificación de Registradores- Service of Certification of Registrars, CRF–Control de Riesgos FInancieros- Control of Financial Risks-, Management firms)
    • Payment institutions and entities with currency exchange establishments
    • Entities which have received grants to a value greater than 600,000 Euros (they have to audit the accounts for the year the grants were received and the accounts belonging to the year of the corresponding investments). In non-profit organizations subject to the Catalan Law, the previous figure is 60,000 Euros
    • All the entities that during the accounting year have carried out works, provision of services, or have provided services to the Public Administrations more than 600,000 Euros in value, and in the case that this figure represents more than the 50% of its net revenue (they have to audit the accounts belonging to the year of the execution of the contract and the following year)
    • Branches in Spain of foreign credit institutions which do not submit CC.AA. (they have to audit the financial information to be delivered to the Bank of Spain)
    • Entities by court order urged for those who have a legitimate interest
    • Companies and Cooperatives when one of its members who represents at least the 5% of the share capital, asks for it to the Public Record

  • Foundations and associations of public utility

    Foundations and associations are required to audit their accounts when for two consecutive years they exceed two of the following limits. In addition, the ones subjected to the Catalan law, if they meet the requirements listed in fourth and fifth place.

    Subjected to the Catalan law (1) Subjected to the Spanish law
    Net revenue 3.000.000 euros 2.400.000 euros
    Total assets 6.000.000 euros 2.400.000 euros
    Employees 50 50

    (1) Distinctive features for entities subjected to the Catalan law:

    – The above figures for entities subjected to the Catalan law are understood without the prejudice that they will have to be audit in case of meeting the limits of societies in general

    – Also, those entities that at least the 40% of its revenue comes from the Public Administrations through grants, agreements or any kind of contract for the provision of services

    – Also the entities which have received income of any kind from any Public Administration to a value greater than 60,000 Euros in the whole of the accounting year

  • Sports federations and unions of clubs (subjected to the Catalan law)

    Les Federacions Esportives i Unions de Clubs subjectes a la llei catalana estan obligades a fer auditar els comptes quan el Pressupost anual liquidat sigui superior als 300.000 euros.

VOLUNTARY AUDIT

OTHER SERVICES

  • Review of the account to warrant the grants (grants audit)

    – Cooperation projects -AECID (Spanish Agency of International Cooperation for the Development-Agencia Española de Cooperación Internacional para el Desarrollo), ACCD (Catalan Agency of Cooperation to the Development-Agència Catalana de Cooperació Al Desenvolupamet), European Union, Councils…-
    – CDTI projects (Centre for the Development of Industrial Technology -Centro para el Desarrollo Tecnológico Industrial)
    – Projects of the National Plan of Public-Private Cooperation (Pla Nacional de Cooperació Público-Privada –INNPACTO-)
    – Training activities (SOC – Employment Service of Catalonia- Servei d’Ocupació de Catalunya)

  • Issuance of reports derived from other regulatory provisions

    For the packaging statements to Ecoembes, Ecovidrio
    For the travel agencies accreditation to the IATA

  • Due Diligence

    Financial, accounting and tax review for possible business acquisitions.

  • Expert opinions

    Proceedings as independent expert in financial and accounting matters
    Assessments of damages and lost profits

  • Other jobs in companies where we do not perform the audit work

    Valuation of companies or parts of companies
    Collaboration with internal audit departments
    Establishment of internal control circuits
    Advising on accounting procedures
    Studies of economic-financial, viability, etc…. character
    Periodic checks on financial and management information
    Companies staff training regarding financial and accounting matters