Accounting
Accounts Audit
Independent review of your financial statements to give shareholders, lenders, and partners the assurance they need.
What is it?
An accounts audit is an independent examination of a company's financial statements to verify that they present a true and fair view of the business's financial position in accordance with generally accepted accounting principles and applicable Spanish law. In Spain, certain companies are legally required to have their accounts audited (auditoría de cuentas) every year; others choose to do so voluntarily to strengthen credibility with banks, investors, or public-sector clients.
The Spanish audit obligation applies to companies that exceed two of three thresholds for two consecutive years: total assets above €2,850,000, annual turnover above €5,700,000, or an average workforce above 50 employees. Companies that receive public subsidies above certain limits, or that are subsidiaries of groups required to audit, also fall within the obligation.
GCT1 prepares your company's books, documentation, and explanatory files so that the external registered auditor (Auditor de Cuentas inscrito en el ROAC) can carry out their work efficiently and with minimal disruption to your team. We act as the bridge between your business and the auditor, answering queries, providing schedules, and resolving any issues that arise during the audit process.
Who is it for?
- Companies legally required to audit under the Ley de Auditoría de Cuentas and its regulations
- Businesses receiving public grants or subsidies that require an auditor's report as a condition of the funding
- Companies seeking bank financing where lenders require audited accounts
- Shareholders or minority investors who want independent assurance on the company's financial position
- Businesses preparing for a sale, merger, or investor due-diligence process
What's included in our service
- Assessment of whether your company is legally required to audit and explanation of the implications
- Preparation and organisation of all accounting documentation required by the auditor
- Compilation of schedules, reconciliations, and supporting files for each balance-sheet and P&L line
- Coordination and communication with the external registered auditor throughout the engagement
- Response to audit queries and provision of additional evidence as requested
- Review of the draft audit report and notes before final signature
Documentation you will need to provide
- Full set of statutory financial statements for the year under audit
- General ledger and trial balance
- Bank reconciliations and bank confirmation letters
- Contracts, invoices, and supporting documents for material transactions
- Fixed-asset register and depreciation schedules
- Details of any related-party transactions, guarantees, or contingent liabilities
Key deadlines
- Audited annual accounts must be approved by the board within 3 months of year-end
- Filing of audited accounts at the Mercantile Registry: within 1 month of board approval
- For companies receiving public subsidies: auditor's report deadline set by the granting authority (typically 6–9 months after year-end)
Why GCT1
- Decades of experience preparing audit-ready documentation means the external auditor spends less time on queries and more time on substantive review — keeping your fees and disruption to a minimum
- Our accounting team is familiar with the expectations of the main audit firms operating in Alicante province, enabling smooth collaboration
- We identify and resolve accounting weaknesses before the auditor does, protecting your company from qualified opinions wherever possible
- Single point of contact for your management team throughout the entire audit cycle, from planning to final report
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