Mandatory and voluntary audit of individual and consolidated annual accounts, carried out by an audit firm registered with Spain’s Official Register of Statutory Auditors (ROAC) under no. S1604, for companies throughout Spain.
Reviewed by Controlaudit's audit team · Firm registered with the ROAC under no. S1604 · Updated 13 October 2026
An audit of annual accounts consists of verifying the annual accounts in order to express an opinion on whether they give a true and fair view of the entity's equity, financial position and results, in accordance with the applicable financial reporting framework (the Spanish General Accounting Plan, PGC, the PGC for SMEs or the relevant sector-specific framework). It also includes verification of the management report, to check that it is consistent with the accounts and that its content complies with the regulations (art. 4.1 of the Spanish Audit Act, Law 22/2015).
The work is planned and performed in accordance with the International Standards on Auditing as adapted for Spain (NIA-ES) in order to obtain reasonable assurance that the accounts are free from material misstatement, whether due to fraud or error. The result is a report containing an opinion which, under art. 5.1.e) LAC, may be unmodified, qualified, adverse or a disclaimer of opinion. Where applicable, the report also highlights material uncertainties related to going concern and emphasis of matter paragraphs.
At Controlaudit we follow a risk-based approach and assess the entity's internal control. We make use of data analytics and artificial intelligence tools. Beyond legal compliance, audited accounts give confidence to banks, investors, suppliers and shareholders, and the audit helps to identify control weaknesses.
The audit requirement arises from art. 263 of the Spanish Companies Act, Additional Provision 1 of the Spanish Audit Act (Law 22/2015) and Additional Provisions 1 to 3 of the Regulation implementing it (Royal Decree 2/2021). As at 13/10/2026, the thresholds of €2,850,000, €5,700,000 and 50 employees remain in force. Bill 121/000075, which would have raised them to €3,565,000 and €7,125,000, lapsed on 06/10/2026 when the Spanish Parliament (Cortes Generales) was dissolved (Royal Decree 806/2026).
Company law timetable for a financial year that coincides with the calendar year:
If they are not filed on time, the Companies Register closes the company's registry sheet (art. 282 LSC) and the ICAC may impose a fine of €1,200 to €60,000 (art. 283 LSC).
The auditor is appointed for an initial period of between three and nine years (art. 264.1 LSC and art. 22 LAC). The auditor must be independent: for example, the auditor may not provide the audited entity with accounting services or prepare its financial statements (art. 16.1.b).1.º LAC). If we are not your auditors, we can take care of the preparation of your annual accounts.
| Situation | Rule | What it means |
|---|---|---|
| Exceeding two of three thresholds for two consecutive years: €2,850,000 in total assets, €5,700,000 in turnover, 50 employees | Art. 263.2 LSC; Additional Provision 1 RLAC | Mandatory audit of the accounts and management report |
| First financial year after incorporation, conversion or merger | Art. 263.3 LSC | Exempt if, at the end of that year, it meets two of the three conditions |
| Public grants or aid of more than €600,000 in a financial year | Additional Provision 2 RLAC | Audit of that year and of the years in which the subsidised operations or investments are carried out |
| Public sector contracts of more than €600,000 representing more than 50% of turnover | Additional Provision 3 RLAC | Audit of that year and the following year |
| Securities issuers, financial intermediaries, insurers and pension funds | Additional Provision 1.1 LAC | Mandatory audit regardless of size |
| Group of companies required to consolidate | Arts. 42 and 43 Commercial Code; Royal Decree 1159/2010 | The parent company's general meeting appoints the auditor of the consolidated accounts |
| Company not required to be audited where shareholders holding at least 5% of the capital request an audit | Art. 265.2 LSC | The registrar appoints an auditor, at the company's expense, if requested within three months of the year-end |
For entities required to be audited because of their size, grants, public contracts or activity, coordinating appointment, preparation of the accounts, general meeting and filing.
Same standards and report as a mandatory audit. Useful for financing, corporate transactions or preparing for a mandatory audit.
Audit of the group accounts (Royal Decree 1159/2010), including evaluation of the work of the subsidiaries' auditors (art. 7 LAC).
We check that it is consistent with the accounts and complies with the regulations, including the average supplier payment period.
Written communication of the internal control deficiencies identified, with practical improvement proposals for management.
We confirm our independence and sign the engagement letter (NIA-ES 210). The appointment must be made before the end of the financial year being audited.
We gain an understanding of the business, set materiality and assess the risks of material misstatement and internal control. We do this in the last quarter of the financial year.
We test controls and the transactions for the year. At year-end, we attend the inventory count where inventories are significant.
Confirmations from banks, customers, suppliers and lawyers; review of estimates, subsequent events and going concern. Between February and April, depending on when the accounts are prepared.
We discuss the proposed adjustments with management and obtain the representation letter. We communicate significant findings to the directors.
We issue the auditor's report on the accounts as prepared and signed by the directors. The minimum legal period is one month from their delivery (art. 270.1 LSC), and the report must be available when the general meeting is called.
Compare your figures at the 2025 and 2026 year-ends with the three thresholds in art. 263.2 of the Spanish Companies Act (LSC): €2,850,000 in total assets, €5,700,000 in turnover and 50 employees. If you exceed at least two of them in both years, the 2026 audit is mandatory: for example, with €3,100,000 in assets, €6,200,000 in sales and 35 employees in both years. Also check the €600,000 thresholds for grants and public contracts.
Bill 121/000075 proposed raising them to €3,565,000 in total assets and €7,125,000 in turnover, but it lapsed on 06/10/2026 when the Spanish Parliament (Cortes Generales) was dissolved (Royal Decree 806/2026). The thresholds in art. 263.2 LSC therefore remain in force. If the new Parliament approves a reform, you will need to check in Spain’s Official State Gazette (BOE) which financial years it applies to.
The general meeting must appoint the auditor before the end of the financial year to be audited, for an initial period of between three and nine years (art. 264.1 LSC). If the general meeting fails to do so, the directors or any shareholder may ask the companies registrar to make the appointment (art. 265.1 LSC). That is why it is advisable to plan it in the last quarter of the year.
Art. 279.1 LSC requires the auditor’s report to be filed together with the accounts, so the filing is incomplete. Without the filing, the Companies Register closes the company’s registry sheet (art. 282 LSC) and the Spanish Institute of Accounting and Auditing (ICAC) may impose fines of €1,200 to €60,000, or up to €300,000 per year of delay if turnover exceeds €6,000,000 (art. 283 LSC).
Technically, it does not: the Spanish Audit Act (Law 22/2015) governs both, both are performed under the NIA-ES and both end in the same type of report. What changes is the reason for the engagement and who can initiate it. Many companies start with a voluntary audit to put their information in order before they exceed the legal thresholds.
No. The law considers it incompatible for the auditor to provide accounting services to the audited entity or to prepare its accounting records or financial statements (art. 16.1.b).1.º LAC). Art. 47 of the RLAC also covers assisting in their preparation. If we are not your auditors, we can prepare your annual accounts.
Legislation cited on this page, linked to its official text (in Spanish):
General information updated as at 13/10/2026. It does not replace an analysis of your specific case.
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