The Spanish government completed implementation of the EAR on 9 July 2015, and obtained the Spanish Parliament's final approval of Spain’s new audit law. The legislation was published on 21 July 2015. The majority of the provisions entered into force from the first financial year commencing on or after 17 June 2016.
The main elements of Spain’s audit law are the following:
- Mandatory audit firm rotation must take place every 10 years.
- Spain does not allow the extension of initial tenure after a tender.
- Initial 10-year tenure may be extended to 14 years (4 additional years) when there is a joint audit arrangement.
- Key audit partners must rotate every 5 years.
- No additional items have been added to the EU list of prohibited non-audit services.
- Spain has made use of its option to allow tax and valuation services at the same time that audit services are being provided, with certain restrictions (see information sheet).
- The fee cap for non-audit services is maintained at 70 %, as laid down in the EU legislation.
To have a wider overview of Spain’s new measures, please consult our information sheet below in English.
For Spanish speakers, please refer to our detailed publications below on joint audit and the implementation of the EAR in Spain.