Statutory audit

If inventories are material, the auditor must attend the physical count unless this is impracticable (NIA-ES 501). We explain how to prepare the count instructions, what the auditor does on the day, what happens if the count does not coincide with year-end or goods are held by third parties, and how inventories are measured under recognition and measurement standard 10 of the PGC.

The current limits for exemption from audit, the rule of two consecutive financial years, the cases that require an audit regardless of size and what has happened to the bill that lapsed on 6 October 2026.

Bill 121/000075 on company size criteria lapsed on 6 October 2026 when the Spanish Parliament was dissolved, without having been passed. What it proposed, which thresholds remain in force, what it means for the 2026 year-end and what to expect.

Calendar of the company law obligations for the 2026 year-end for companies whose financial year matches the calendar year: appointment of the auditor, preparation, annual general meeting and filing, with the consequences of filing late.

An SME that is not required to be audited can have its accounts audited voluntarily with the same technical rigour as a mandatory audit. We look at when it pays off (financing, shareholders, sales and acquisitions, preparing for a mandatory audit and internal control), what changes in terms of appointment, filing and public disclosure, the audit requested by a 5% minority and what is needed to get started.

Under art. 264.1 LSC, the auditor is appointed before the end of the financial year to be audited, for an initial period of three to nine years. Appointment by the registrar under art. 265 LSC, the fourth additional provision of the RLAC, the current thresholds in art. 263.2 LSC and a planning timetable with the auditor: stock count, confirmations and year-end close.

What must be submitted to the Companies Register after approving the 2025 accounts, by when, and what happens if it is not done: closure of the registry sheet, exceptions and the ICAC penalty regime.

A practical guide to the 2026 annual general meeting: the six-month deadline, notice of meeting in public and private limited companies, approval of the accounts and allocation of profit or loss, appointment or renewal of the auditor and the validity of a meeting held late.

A practical review of 2025 accounts already prepared, before the general meeting is called: the three-month deadline, signatures, management report, shareholders’ right to information, auditor’s report and common errors in the notes.