Accounting is regulated in Spain by the General Accounting Plan of 2008.
It is required to keep the necessary accounting records which must include at least the following statutory accounting books:
The statutory books must be duly stamped in the Commercial Register and the company must keep these records together with related business documents for at least six years from the date of the last entry.
Auditing is obligatory for all companies which for two consecutive years fulfil at least two of the following conditions:
Auditing is also obligatory for companies which, although not exceeding the abovementioned figures, fulfil certain conditions: for example, companies quoted on the Stock Exchange, finance and credit companies; recipients of official subsidies; life insurance companies, etc.
All commercial firms must deposit in the Commercial Register their annual accounts once a year, and the Directors’ Report. In this way, information about the accounts of all companies is at the disposal of the public.
The auditors’ report must be deposited in the Mercantile Registry together with the annual accounts.