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ICAC eOffice

Accountancy and Account Audit Institute

The Accountancy and Account Audit Institute (ICAC) is an autonomous agency attached to the Ministry of Economyand Competitiveness. It is governed by Law 19/1988, of 12 July 1988, on the auditing of accounts, Royal Decree 1636/1990, of 20 December 1990, which implements the above Law, and Law 44/2002, of 22 November 2002, on Reform Measures of the Finance System, which amends several articles in Law 19/1988.


The remit of the ICAC includes the following:

  • Conduct of technical projects and proposal of the General Accountancy Plan adapted to EU directives and to the laws governing such matters. Approval of the adaptation of this Plan to the various sectors of economic activity and the establishment of implementation criteria.
  • Development and ongoing update of accountancy planning and account auditing activity.
  • Control and discipline of the exercise of account auditing activity in Law 19/1988, of 12 July 1988, and the account auditors through the conduct of technical controls and the exercise of sanctioning powers.
  • Creation and maintenance of the Official Register of Account Auditors, the authorisation for entry therein, the definition of basic rules that professional aptitude examinations must follow that are conducted by professional public law corporations, and the approval of the respective examinations, and the control, monitoring and safeguarding of the bonds to be constituted.
  • Ratification and publication, where appropriate, technical auditing rules drafted by public law  corporations representing those conducting account auditing as well as the preparation, adaptation or review of these rules in the event that such corporations fail to conduct such preparation, adaptation or review.
  • The conduct and promotion of research, study, documentation, distribution and publication activities required for the development and improvement of accountancy standardisation and of account auditing activity.
  • The technical coordination and cooperation regarding accountancy and account auditing matters with international agencies, particularly with the EU, and with national agencies whether public law corporations or associations engaged in research.
  • Exercise of the power to penalize applicable to companies due to non-compliance with the obligation to submit annual accounts at the Companies Register within the time limit for deposit. Power assigned to the Institute of Accounting and Auditing (ICAC) by Royal Legislative Decree 1564/1989, of 22 December, adopting the Limited Companies Act (Art 221).

The governing organs of the Institute of Accounting and Auditing are the President, the Auditing Committee and the Accounting Council.

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