Auditing and Related Services

Other Review Services

  • Limited reviews of annual accounts or interim financial statements.

Those companies that have no legal obligation to audit themselves and yet still wish to obtain a report put together by a third party, which provides a certain degree of security that the company's financial information is reliable, can hire this limited review service for their annual accounts.

It does not afford the same weight and security as an audit because the depth and scope of the auditor's procedures are not the same. However, it provides better protection than unchecked financial statements, which can benefit the client's specific needs.

The work is carried out according to the standards set out in International Standard on Review Engagements (ISRE) 2400.

In addition, these services are provided within the audit of groups of companies, in those companies which are not legally obligated to be audited and which participate in the preparation of the consolidated financial statements, in respect of which, the group auditor needs to have a degree of assurance regarding the financial information. In this case, the work is carried out under the international standard ISRE 2410 (a review of interim financial statements by the entity's auditor).

  • Special reports under commercial law

Commercial law establishes certain types of work to be carried out by the auditors, they are:

i. Specific work related to auditing annual accounts

  • Special report on periodic public information of entities issuing securities admitted to trading on stock exchanges.

  • Special and complimentary report to the audit of the annual accounts of insurance entities, requested by the Directorate-General for Insurance and Pension Funds.

  • Supplementary report to the audit report on cooperatives' annual accounts with a credit section requested by certain public supervisory bodies.

  • Special report required under article 3.6 of Royal Decree 1251/1999, of 16 July, on Sports Corporations (SAD), following the wording given by Royal Decree 1412/2001.

  • Special report on specific half-yearly information from the ODS (article 20.5 of Royal Decree 1251/1999)

  • Supplementary report to the audit report on the annual accounts of credit institutions.

  • Supplementary report to the audit report on the annual accounts of investment services companies and their groups.

ii. Auditing work on specific accounts required by commercial legislation

  • Capital increase charged to reserves

  • Capital increase through credit compensation

iii. Work that is not of an auditing nature assigned by commercial legislation to statutory auditors

  • Bonds convertible into shares

  • Exclusion of pre-emptive rights

  • Valuation of shares in cases of anticipated inheritance (Mortis Causa) transfer or forced shares and in some instances of separation and exclusion of partners.

  • Settlement of usufruct without agreement between the parties on the amount to be paid


  • Agreed Procedural Reports,

Agreed procedural reports are diverse in nature; the procedures carried out have been agreed on beforehand with the client or third parties to only report on and describe specific facts, so no opinion or judgment is given.

These are some of the reports that we put together:

  • Compliance with covenant-based financing ratios

  • Compliance with ratios linked to the maintenance of concessions, commercial holdings, etc.

  • The verification of sales figures linked to clauses in real estate leases

  • Reviews of tax returns and eco-environmental fees: Eco members, AEE, Ecopilas, …

  • Reviews of the Indicators of Transparency and Good Governance of Developing NGOs.


  • Accounting reports justifying aid

The supporting accounts with the provision of an auditor's report are a means of justifying to a beneficiary the fulfilment of the conditions imposed and the achievement of the objectives set out in the grant award.

The most common reports focus on grants to research, development and innovation, training, cultural programmes, new technological developments, etc. With the funds coming from either European institutions through framework programmes, international collaborations, national programmes, autonomous communities, or specific autonomous bodies such as the CDTi.

There are many agencies, each with different programs and sub-programmes, that require an external auditor to certify the expenses that have been incurred and decide whether they are eligible to be subsidised. Our team has worked extensively in this area and has experience reviewing and dealing with these kinds of grants.

These reports, which have a lower degree of security than an audit, are still beneficial depending on the client's circumstances and needs.


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