The public accounting market - Spain

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.