Audit of Accounts, a New Reality from 2025

The activity of auditing accounts is essential for the modernity and security of any economic and financial system, as it provides legal security and transparency to companies’ accounting information.

On May 27, 2024, the General Council approved the new Audit Law, legislation that promises to strengthen our country’s economy by providing companies with higher levels of transparency. This new law represents a significant advance in the regulation and supervision of the business sector, ensuring that accounting practices comply with current regulations and that companies’ financial statements reflect a true image.

Public limited companies or limited liability companies must submit their annual accounts to the audit of a person with the legal status of an auditor if during two consecutive fiscal years, at least two of the following conditions are met:

  • Total assets exceed €3,600,000.00
  • Annual turnover exceeds €6,000,000.00
  • Number of employees during the fiscal year exceeds 50 workers

Additionally, if a company exceeds an annual turnover of €10,000,000.00 for two consecutive fiscal years, it will be required to carry out a financial audit, regardless of the total assets and number of employees.

Regarding the entry into force of the new Audit Law, it will apply to reports corresponding to fiscal years beginning on or after January 1, 2025.