Andorra approves the account audit bill
The text has been agreed with the sector and responds to a historic request
ANDORRA LA VELLA (ANDORRA), 19 Oct. (EUROPE PRESS) –
The Govern d’Andorra has approved this Wednesday at the meeting of the council of ministers the draft bill on auditing of accounts, a consensus text that, according to the Minister of Finance and Spokesman, Eric Jover, responds to a historic request from the sector, with who has worked “side by side”.
Jover explained that the project values the importance that audits already have in the Andorran economy, which are currently only regulated in relation to financial institutions, such as banks or insurance companies, but that from now on they will be an activity and a profession regulated under the fundamental principles
rigour, transparency and independence.
The text, exposes the Executive in a statement, determines issues such as the operation of the contract for an audit of accounts, the guarantees to be followed to ensure its independence, as well as the access routes to the profession, in addition to including the mandate to promote a registry of auditors, managed by the General Administration, as well as a sanctioning regime.
The minister has detailed that the bill is divided into six chapters, according to the parameters set in neighboring countries and especially to the directive 2006/43 of the European Union linked to accounting audits.
Thus, it is established that the sector will be supervised and for that reason a specific direction will be created within the Ministry of Finance, in addition, a council will be formed with members of the Government, the Andorran Financial Authority (AFA), of general intervention or of the Court of Accounts and representatives of the sector.
To cover the expenses involved in supervision, different rates will be created, some of which will be charged for registration and maintenance of the registry, while 1% of each invoice issued by professionals to the companies that require their services.
The minister has made it clear that the values have been agreed with the sector and can be updated in the budget law, so that the intention is to review them to complete the objective that the supervision of the audit of accounts does not suppose “an extra cost” for administration.