Audits of Foundations and Associations.
Entities covered by the Resolution dated 26 March 2013 issued by the Accounting and Audit Institute, which approves the Accounting Plan for non-profit entities and mandatory for all state foundations and associations declared to be of public interest.
A mandatory audit is required for state non-profit entities (regional legislation may determine other limits) that meet two of the following three requirements:
- Total assets exceed €2,400,000
- Net annual revenues exceed €2,400,000.
- The average number of employees during the year exceeds 50.
We pay special attention to the specific aspects of non-profit entities, such as: analysis by activity and programme (mercantile and social), VAT pro-rata, special corporate income tax system, application of income when 70% is assigned to social purposes, etc.
Audit of Cooperatives
Entities covered by Order EHA/3360/2010 (21 December), which approves the rules regarding the accounting aspects of cooperatives and other industry adaptations affecting them based on their purpose.
Mandatory or voluntary audit of the annual accounts for cooperatives, especially farming, housing, etc., based on specific legal requirements and the type of cooperative and region concerned.
We pay special attention to the specific aspects of cooperatives, such as: analysis by activity (development, cooperative activity, etc.), transactions with shareholders and group companies, the tax system for unprotected, protected or particularly protected cooperatives, the type of capital (minimum share capital, mandatory and voluntary contributions with or without compensation), the distribution of results from the cooperative and non-cooperative activities, etc.
Audit of payment entities.
Entities rendering money transfer services, especially those provided to immigrants, created by Law 16/2009 (13 November). This is a regulated activity as these companies are subject to the prior authorisation and supervision of the Bank of Spain and must be entered in the Special Registry of Payment Entities.
All of these payment entities require a mandatory audit of their annual accounts as they habitually engage in financial intermediary services, with specific registration and reporting requirements applicable to their annual accounts.
We pay special attention to the specific aspects of payment entities, such as transactions with agents and correspondents, minimum capital and reserve requirements based on the activity, safeguarding of customer deposits, compliance with money laundering regulations, etc.