ROAC Registration and Auditor Career Path in Spain

ROAC Registration and Auditor Career Path

Registration in the ROAC (Registro Oficial de Auditores de Cuentas - Official Registry of Account Auditors) - Career Path: Title empowering to college, specific theoretical course, theoretical examination of professional qualification, practical training (8 years, five of them as qualified personnel), practical test of professional qualifications, and registration in the ROAC. Attitude tests are performed in a single call, at the proposal of biennial corporate auditors.

Independence, Integrity, and Objectivity (Second ICAC Rule)

The auditor will maintain a position of absolute independence, integrity, and objectivity. The ICAC is the standard of the duty of independence. To ensure independence, the LAC (Audit of Accounts Act) establishes minimum requirements, indicating the following incompatibilities:

• a) Holding by the Statutory Auditor of directorships, administration, employment, or internal oversight in the entity.
• b) Having a direct financial interest in the audited entity or indirectly to any party.
• c) The existence of ties of consanguinity or affinity to the second degree with entrepreneurs, managers, or officers of the finance department.
• d) The keeping or preparation of material accounting records or financial statements of the audited entity.

Professional Diligence (Third Standard) / Responsibility (Fourth ICAC Rule)

The chief auditor is responsible for the established auditing standards and for compliance with them by the audit team. They must respond for damages arising from breach of their obligations.

Three types of liability can be considered:

• Professional or administrative
• Civil Law
• Criminal Law

Professional Secrecy (Fifth Rule)

The auditor must maintain the confidentiality of information obtained in their proceedings. Statutory auditors and audit firms must keep records for 5 years from the date of the audit report.

Fees and Commissions (Sixth ICAC Standard)

Fees have to be a fair price for work done for the client. They are based on official rates and must take into account the knowledge and skills required. Paying commissions to third parties for professional jobs is not allowed.

Advertising (Seventh Rule)

The auditor cannot make advertising that targets clients. The auditor's name can be mentioned at conferences, seminars, etc. Companies can also offer their services through brochures or direct means.

Rules for Performing Audit Work

The Generally Accepted Auditing Standards (GAAS) for the performance of work can be summarized in the following three points:

1. Audit work should be properly planned. If assistants are used, their work should be adequately supervised.
2. A study and assessment of the existing internal control system should be conducted to assess reliability and determine the scope, nature, and timing of audit procedures.
3. Sufficient and appropriate audit evidence must be obtained through the application of auditing procedures to provide a reasonable basis for the opinion on the financial statements under review.