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New Audit Law |
| 23 / 7 / 2009 |
The draft of the new Audit law in Spain, that will bring the previous Law of 1988 closer to the European Guidelines, include numerous changes for auditors.
The change in the law is a result of Brussels reporting to the Luxembourg Court that Spain was not following the European Guidelines. Therefore, all the recommendations included in the Eight Audit European Guidelines will have to be included.
The draft, elaborated by the Institute of Accounting and Audit of Accounts (ICAC in its abbreviation in Spanish), limits the responsibility of auditors, removes the obligation of changing the audit team every seven years, reduces the administrative fines by five percentage points and revises the incompatibility criteria amongts other things.
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