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- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 16/03/2023
Summary and extracts
1 Market overview
1.1 Introduction
A chartered accountant is a professional accountant. In Spain, unlike other countries such as France, the profession of chartered accountant is not recognized or regulated. " El registro de expertos contables" (Register of Chartered Accountants, henceforth abbreviated as "REC") was created in 2008 and by 2023 boasts over 4,000 members, making it the country's professional network. The network was created to harmonize standards for accountancy professionals within the European Union.
In the interests of regulation and harmonization, the Institute of Chartered Accountants of Spain offers several ways for established professionals to become chartered accountants. Chartered accountants, business graduates or economists who are members of the official register of account auditors (Registro oficial de auditores de cuantas - ROAC ) and have professional experience in auditing the accounts of large companies may apply for membership of the REC without taking an examination. Non-practicing auditors can apply for accreditation following a 20-hour training course. Other professionals must pass an examination after demonstrating a minimum of three years' professional experience.
Obtaining official status for Spanish chartered accountants from the government is a priority for the Institute of Chartered Accountants of Spain. However, given the growth in the number of chartered accountants since the creation of the register in 2008, it's easy to see that the profession is bound to expand, in a move similar to the harmonization of standards within the common market represented by the European Union.
1.2 The global market
The profession of chartered accountant is governed by standards specific to each country (***) in Canada. At the very least, you need to be familiar with the legislation in force in the country where you will be practicing.
Despite the development of IFRS standards, the profession of chartered accountant is still relatively ...
1.3 The Spanish market
given that the title of chartered accountant is not recognized by the Spanish state, there are few auditors with this private title. Nevertheless, the number of chartered accountants rose between **** and ****. This increase of **.**% between **** and **** is in line with the ICJCE's efforts to obtain recognition of this private title from ...
2 Demand analysis
2.1 The different clients of chartered accountants
First of all, it is compulsory for certain types of company to carry out audits. This is the case if a company meets two of the following * conditions for at least * consecutive accounting years:
If the company's total assets exceed €*,***,*** If net annual sales exceed €*,***,*** If the number of employees exceeds ...
2.2 Demand drivers for SMEs
Large companies meeting the conditions outlined above are therefore subject to regular auditing. SMEs - known as Pymes in Spain - arethose categories of company that do not necessarily require systematic auditing. In order to understand the interest of these consumers in auditing, and therefore of chartered accountants, it is necessary ...
2.3 Why use a chartered accountant?
Auditing is compulsory for large companies, but not for Pymes. A study carried out by "el Instituto de los censores de cuentas de España" among Spanish Pymes tells us more about why these companies use auditors. The obligation to do so appears to be the main reason for auditing, with ...
2.4 The French in Spain
Businesses:
The French Embassy in Spain reported in **** that the French economic presence in Spain is reflected in the presence of more than *,*** French companies, employing over ***,*** people, not to mention the many French start-ups, the vast majority of which are based in Barcelona and number *** according to Les Echos.
While ...
2.5 French companies in Spain
Of the more than *,*** French companies based in Spain, **.**% operate in a wide variety of sectors. Companies specializing in new technologies account for **.**%. Banking and insurance are the *rd most represented sector, with *.**% of French firms in Spain. Finally, auditing and accounting firms, where French chartered accountants or Spanish auditors are ...
3 Market structure
3.1 The Spanish audit and accounting network
Evolution of CNAE code **** :
In Spain, the CNAE code groups together auditors, accountants, accounting professions and tax and advisory consultants. The graph below shows that the number of people working in this professional category remained relatively stable between **** and ****, with an increase of *.***% in the number of auditors. Nevertheless, these professions ...
3.2 A concentrated market :
This market concentration is further illustrated by an analysis of the market shares of the various Spanish players. Of the *,*** companies in Spain in ****, the Big Four (***) accounted for **.**% of total audit sales in Spain. Groups of companies with sales in excess of €* million account for **.**% of market share, although they ...
4 Offer analysis
4.1 Services offered by chartered accountants
The following table lists the different services offered by auditing firms, where auditors and certain auditors who have obtained the private title of chartered accountant in Spain work:
Source: ****
Some accounting firms also offer consulting services within specific industries. Below is a non-exhaustive list of these services:
Source: ****
4.2 Accounting services prices
The cost of an accounting audit - which represents the work of a chartered accountant - is difficult to estimate, as it is tailor-made to suit different company characteristics. The average hourly rate charged by auditing firms, however, is €**, although this varies according to the following points:
Company size. Company status ...
4.3 Development of digital tools
Digital transformation and the mastery of new digital tools is a major challenge for the development of the accounting and auditing sector in Spain. The following table summarizes the benefits that these new tools could have on the accounting profession:
[***]
The challenge for the profession remains to learn about these ...
4.4 Directories of French-speaking accountants in Spain
Below is a non-exhaustive directory of auditing companies with franchises:
5 Regulations
5.1 Regulations governing the profession of chartered accountant in Spain
Originally, the"Real Decreto Legislativo */****, de * de julio" regulated auditing activities in Spain. This activity is now regulated by the following legal texts:
The Law of **/**** on Audit of Accounts The Development Regulation of the Law of **/**** on the Audit of Accounts. Regulation (***) N°***/**** of the European Parliament on specific requirements ...
6 Positioning the players
6.1 Segmentation
- Deloitte France
- KPMG Expertise et Conseil
- PwC Audit
- EY Parthenon
- Mazars Forvis Groupe
- Grant Thornton France
- RSM
- Alpha Groupe
- BDO
- ETL global edit
- ETL Global- European Tax and Law
List of charts
- Trends in the global accounting services market
- Change in the number of chartered accountants since the creation of the REC in 2015
- Growth in auditing sector figures
- Percentage of auditors holding the private title of chartered accountant in Spain
- Percentage of Pymes having carried out an Audit exercise in 2020
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