Please see each service and its scope.
The annual accounts audit consists of an independent examination of an entity’s financial statements in order to issue a professional opinion on whether they properly reflect its equity, financial position and results, in accordance with the applicable financial reporting framework. This is a regulated engagement governed by Law 22/2015, its Regulation (Royal Decree 2/2021) and the Spanish Standards on Auditing (NIA-ES).
An audit is mandatory for companies that, for two consecutive financial years, exceed at least two of the following three thresholds:
There is also an audit requirement where, during a financial year, grants or public aid have been received for a cumulative amount exceeding €600,000, as well as in other cases provided for by law. Even when an audit is not mandatory, it can be particularly advisable for entities seeking to strengthen the reliability of their financial information or facilitate their relationship with shareholders or partners, investors and financial institutions.
Grant expenditure verification consists of reviewing the proper use of the public funds received, checking that their application and supporting documentation comply with the applicable regulations and with the terms and conditions of the call for applications. This is an engagement provided for in Law 38/2003, the General Subsidies Act, and is frequently required by grant-awarding bodies as part of the mandatory justification process.
The involvement of an auditor provides assurance to both the beneficiary entity and the Administration, reducing the risk of issues, repayment claims or penalties. It can be particularly useful where the call for applications requires a specific report or where complex expenditure or significant amounts are involved.
We analyse the financial position of the property owners’ association to provide an objective view of the management carried out, in accordance with the Horizontal Property Act and the association’s by-laws. This work is particularly useful in associations facing disputes, major works or changes in the governing board or property management.
The verification is performed through an Agreed-Upon Procedures Report, which sets out specific procedures previously agreed with the client and the objective findings obtained, without expressing an overall opinion. This is a regulated service under ISRS 4400 (Revised), particularly suitable for enhancing transparency and trust among property owners.
We verify non-financial and sustainability information to ensure that it is reliable, traceable, consistent and compliant with the applicable framework.
In Spain, the preparation of the Statement of Non-Financial Information (EINF, by its Spanish acronym) and its independent verification are generally mandatory for companies and groups with more than 250 employees that are public-interest entities or that, for two consecutive financial years, exceed at least one of the following thresholds:
The CSRD and the ESRS will define the definitive European framework for sustainability reporting, although their application in Spain remains subject to transposition and to the latest European regulatory amendments.
We review the level of compliance with the obligations arising from Law 10/2010 and its Regulation (Royal Decree 304/2014), including aspects such as risk assessment, due diligence procedures, internal procedures, staff training, reporting to SEPBLAC and the adequacy of control bodies. For obliged entities, the external review of these measures is generally mandatory and must be entrusted to an external expert, without prejudice to the possibility of issuing a follow-up report in the years following the full report.
In addition to meeting a regulatory requirement, these reviews help strengthen internal prevention mechanisms and reduce non-compliance and penalty risks.
We carry out independent valuations of companies and business units for corporate transactions, acquisitions and disposals, the admission or exit of partners/shareholders and other relevant decisions. We work on the basis of historical information, the current position of the business and its forecasts, applying recognised valuation methodologies to provide a sound technical basis for decision-making. These engagements are based, among other references, on the Spanish General Chart of Accounts, the Spanish Companies Act and the Commercial Code.
Due diligence is a review aimed at identifying risks, contingencies and adjustments that may affect the price or terms of a transaction. It is not an audit, but it is particularly useful for anticipating issues, reducing information asymmetries and strengthening the negotiation process between the parties.
We review the information used to prepare the annual packaging declaration submitted to a Collective Extended Producer Responsibility System (SCRAP), such as ECOEMBES or another equivalent system, checking its consistency with sales or purchase records, technical data sheets, packaging weights and the applicable classification and calculation criteria. Royal Decree 1055/2022 establishes this extended producer responsibility framework and expressly uses the figure of SCRAP for packaging. This work is generally structured through an Agreed-Upon Procedures Report under ISRS 4400 (Revised), in which previously agreed procedures are applied and the findings obtained are reported, without expressing an audit opinion.
This service is particularly useful for companies wishing to strengthen the traceability of the data reported, reduce issues relating to materials, weights or classifications, and prepare more securely the supporting documentation required by the system. The current framework has also reinforced information and control obligations, increasing the practical relevance of this type of review.
We review whether transactions between related parties have been priced at arm’s length and whether the supporting documentation required under tax regulations is available. This work is particularly advisable for business groups with significant intragroup transactions, complex corporate structures or international activity, as it helps reduce the risk of tax adjustments, penalties or information requests from the tax authorities.
The review is generally carried out through an Agreed-Upon Procedures Report under ISRS 4400 (Revised), applying previously defined procedures and reporting the findings obtained, without expressing an overall opinion. The analysis takes as references Article 18 of the Corporate Income Tax Law, its implementing regulations and the OECD Transfer Pricing Guidelines.
A limited review is an assurance engagement with a narrower scope than an audit of accounts, based on analytical procedures, inquiries and management representations, without involving a full review of internal control or of all risks of misstatement. It is regulated by ISRE 2400.
It is particularly useful for entities that are not required to have their accounts audited but wish to provide partners/shareholders, investors or financial institutions with an external review of their financial statements. It is also commonly used for interim financial information, emerging companies or situations requiring agility and a lower cost than a full audit.
Agreed-upon procedures are engagements in which specific procedures previously agreed with the client are applied in order to verify certain facts, data or circumstances. The results obtained are then reported in a descriptive and objective report, without expressing an overall audit opinion. This type of work is particularly useful when specific matters need to be evidenced to third parties or specific information needs to be reviewed within a clearly defined scope.
They are commonly used in situations such as evidencing the technical and organisational capacity required in certain tenders or calls for applications, as well as confirming compliance with supplier payment periods when required by a grant.
We review whether the company’s remuneration system is applied in accordance with the principle of equal pay for work of equal value, and we verify whether the gender equality plan and its diagnostic assessment comply with the applicable regulations. Its basic legal framework is set out in Organic Law 3/2007, Royal Decree 901/2020, Royal Decree 902/2020 and Order PCM/1047/2022. As a general rule, companies with 50 or more employees are required to have a gender equality plan.
This service is particularly useful for reviewing regulatory compliance, anticipating risks in the event of a potential labour inspection and strengthening the traceability and justification of the company’s remuneration policy. The verification may be structured through an Agreed-Upon Procedures Report under ISRS 4400 (Revised), or through an assurance engagement where a formal conclusion is required on previously defined criteria.
We provide technical support in situations of financial distress through the preparation of viability plans and in restructuring processes aimed at preserving business continuity, reorganising debt, capital and operations, and facilitating agreements with creditors. This type of work is particularly useful where there is current insolvency, imminent insolvency or a likelihood of insolvency, an area in which the Consolidated Text of the Insolvency Act (TRLC) provides for pre-insolvency instruments such as the notification of the opening of negotiations and restructuring plans.
In addition, appropriate dispute resolution mechanisms (MASC), such as negotiation or mediation, may be used to promote effective and properly documented agreements in situations of conflict or tension between parties. Early action, with appropriate technical support, helps improve business continuity options and reduce risks for the company and its directors. The recent Organic Law 1/2025 has also strengthened the role of MASC in civil and commercial matters.
We prepare expert reports aimed at quantifying, in economic terms, the losses and damages arising from breaches of contract, non-contractual liabilities and other events with a financial impact. These engagements are based on technical economic valuation criteria and are particularly useful where it is necessary to objectively evidence the extent of the loss suffered. The legal basis for compensation for losses and damages and loss of profit is generally set out in Articles 1101 and 1106 of the Civil Code.
These reports are particularly relevant in court or out-of-court proceedings, insurance claims, commercial disputes and contractual disputes. In procedural terms, they are usually submitted as expert evidence, both in civil proceedings and, where appropriate, in criminal proceedings.
If you need the involvement of an auditor registered with the ROAC and are unsure about the scope or approach required, please contact us and we will advise you.
Economist and statutory auditor (ROAC No. 21,376), registered in the Register of Sustainability Verifiers. He holds a Degree in Business Administration and Management from Antonio de Nebrija University, is a member of the Málaga Association of Economists and acts as an insolvency administrator. He has been a member of the REA-REGA Quality Submission Committee and an audit quality control reviewer under the ICAC agreement between 2011 and 2022. He currently works as a consultant in Quality Management Systems for audit firms and delivers accredited training at universities, professional associations and professional bodies throughout Spain.
David García VegaROAC Audit Partner
