THE COUNCIL

The Council of Associations of Qualified Financial and Economic Experts is a public-law corporation with legal-entity status and full legal capacity. It was established by royal decree on December 15, 1942, and groups together the 45 associations of qualified economists and auditors currently in activity. They represent over 28,000 qualified experts, and several of the associations have existed for over a century. Its purpose is to represent the profession and to coordinate its associations without detriment to the powers they were granted under the Ley sobre Colegios Profesionales (Law of Recognized Professional Bodies).

QUALIFIED FINANCIAL AND ECONOMIC EXPERTS

Qualified Financial and Economic Experts have existed for over 150 years. They are microeconomic experts that work in the field of corporate finance, carrying out duties established for accountants and administrators in the Uniform International Classification of Occupations of the International Labour Office (ILO): tax and accounting consultancy, corporate organization and management, auditing of accounts and bankruptcy-related matters (temporary receivership and bankruptcy). These duties were specified in Royal Decree 871/1977, of April 26, which approved related legislation (Estatuto Profesional de Economistas y de Profesores y Peritos Mercantiles).

In Spain, there are nearly 175,000 qualified experts of this type, including accountants, teachers of business, administrators and actuaries, as well as graduates of business studies and of the recently established studies of business management.

These qualified experts can be divided into two groups. The first is that of active professionals who are registered with domestic tax authorities (I.A.E.) and freely carry out their activities as specified in the corresponding labor legislation. The second is that of inactive professionals, which consists of several subgroups, such as qualified experts carrying out their activities in privately held corporations, civil servants and teachers.

WELCOME

(Chairman Lorenzo Lara Lara's welcoming message for the website of the Council of Associations of Economists and Auditors)

Dear colleagues:

As chairman of the Council of Associations of Qualified Financial and Economic Experts, I would like to welcome you all to our website.

We are all aware of the importance of new technologies and their application to our day-to-day work. In my opinion, we must further develop new forms of media like the Internet.

We share a twofold objective: providing information on the council for the domestic and international communities and working to help qualified experts to do their jobs. To this end, this website will be periodically updated to provide ongoing training and access to other sites that may be of interest for purposes of information, training, consultancy, etc.

This objective will be easily met if all of you contribute to our project. When I say "our project," I am referring to each of the qualified experts represented by the associations. I am counting on your contributions insofar as content, suggestions and ideas. In the same manner, all of you count on me and on the bodies of the council to provide you with assistance, information and training on any matter related to our profession.

I am sure that our hopes for this site will be fulfilled by your participation and frequent visits. I assure that I will do my best to achieve all of the goals we have set forth, and it is my hope that you will appreciate our common effort. I hope that you enjoy the site and, in particular, that you find it useful in your day-to-day working activity.

COUNCIL REGISTRIES

The Registry of Auditors (REGA), the Registry of Tax Advisers (REGAF) and the Registry of Accounting and Judicial Experts (RECJ) are the sections of the council representing all registered professionals working in the fields of auditing, tax consultancy and receivership, respectively.

The Registry of Auditors (REGA) groups together all registered auditors or auditing companies. The REGA represents the greater part of the individuals and SMEs dedicated to in auditing in Spain. At this time, 1,900 individuals and 180 companies are registered with the REGA.

The Registry of Tax Advisers (REGAF) groups together all registered tax advisers and tax consultancy firms. At this time, is has around 3,000 registered tax advisers and a considerable number of tax consultancy firms.

The Registry of Accounting and Judicial Experts (RECJ) groups together qualified experts working in the field of receivership. The RECJ is the first organization of its kind in Spain. It was created by the Council of Economists and Auditors in November 2000, and represents nearly one thousand qualified experts.

REGISTRY OF AUDITORS (REGA)

Through the REGA, the council represents the greater part of SMEs and individuals working in the field of auditing in Spain. At this time, 1,900 individuals and 180 companies are registered with the REGA. This group reports nearly €36 million in annual turnover and indirectly accounts for 4,200 jobs.

The REGA is a section of the council that groups together all registered individuals and companies that are active in the field of auditing. Its duties include the holding of examinations that permit access to the ROAC (official list of registered auditors) of the ICAC (accounting and auditing institute); the development of ongoing-training programs; and quality-control checks, reports and fines in relation to the activities of its members, as well as subsequently advising the ICAC as to the procedures to be followed in said cases.

To qualify for REGA membership, the following requirements must be met. These requirements were set forth in the Ley de Auditoría de Cuentas 19/1988, of July 12 and in its December 1990 regulation:

(1) Passing of the entry exam.
(2) Demonstration of ROAC membership, after which an identification number will be assigned.

Once these requirements are met, all members are required to act in an objective manner, applying to all their professional activities the technical rules issued by the ICAC and the recommendations of the REGA.

REGISTRY OF TAX ADVISERS (REGAF)

The Registry of Tax Advisers (REGAF) is a body of the council that groups together all registered tax advisers and tax consultancy firms. There are currently around 3,000 tax advisers and a large number of tax consultancy firms registered with the REGAF.

The REGAF was created through a resolution adopted at a council meeting in 1985. Its main purpose, aside from providing its members with requested services, is to achieve the collaboration, adaptation and revision of technical rules on tax consultancy and the organization of updating programs. It also provides ongoing training for its members.

According to its regulation-passed in 1986 and modified in 1992-, in order to register with the REGAF, active professionals must meet a series of conditions, such as demonstrating a minimum of two years of experience or having passed council training courses, as well as a deposit or guarantee of at least €150,253.03, for which a liability insurance policy is to be established.

The main functions of REGAF members include offering consultancy to individuals and entities in regard to their tax rights and obligations and acting on their behalf and that of third parties in regard to damages stemming from failure to meet said obligations, respecting at all times the rules of professional conduct of the corporation.

Although the registry has a relatively short history, its activity has grown in intensity. From 1996 onward, the registry saw a period of sharp growth. At this time, a series of publications and ceremonies appeared, carrying the name of the registry to the most remote corners of Spain. In 1997, the registry saw the historic creation of its research department. Through an agreement of its own National Committee (one of its main bodies), this department became the executive body of the registry, providing the latter with greater capacity and flexibility in decision-making processes. As a result of the agreement, several publications have been made available, including a periodical magazine and books (hard copies in print and CD, and also available through the Internet). Additionally, a permanent consultancy service was established. This service is available to all members of the registry, and has provided over 2,100 consultancies since its inception. Special mention should be made of the annual research seminars offered to all members and held in Madrid, Barcelona and Seville, and occasionally in other cities like Valencia, Zaragoza, A Coruña, Valladolid, Salamanca, etc. The REGAF has also formed a part of the working group of recognized professional bodies of the Consejo de Defensa del Contribuyente (taxpayers' defense council) since its creation. The collaboration of the REGAF is also requested by the Spanish Treasury each time it prepares new tax legislation.

REGISTRY OF ACCOUNTING AND JUDICIAL EXPERTS (RECJ)

This registry groups together qualified accounting and judicial experts working in the field of receivership, both in bankruptcy proceedings (as administrators) and in cases in which experts must be appointed to offer conclusions on corporate economic, financial, administrative or accounting matters.

The registry is responsible for the elaboration of technical rules of conduct, for providing its members with ongoing training, and for providing all types of assistance and control in relation to the professional activity of its members.

Other functions of the registry include the promotion of research, the study and organization of teaching activities associated with the specialization in accounting, accounting, bankruptcy law, commercial law and financial tax law.

The RECJ is the first organization of its kind in Spain. It was created by the Council of Economists and Auditors in November 2000, and represents nearly one thousand experts.

In order to be a member of the registry, one must be a qualified expert in his or her field, demonstrate at least two years of professional experience, and demonstrate having practical accounting-judicial experience or having appeared in corresponding working records.

On April 17, 2001 the Council of Qualified Financial and Economic Experts and the CGPJ (General Council of the Judiciary) signed a framework agreement for collaboration.

As a result of this agreement, the RECJ collaborates with the CGPJ to exchange knowledge of matters associated with accounting and auditing (through periodical meetings and participating in the organization of courses, seminars, etc.).