s. exceptional cases where there is other information accompanying the annual accounts for commercial or financial needs, such as competition for international tenders.

It is also to highlight the change of location of the manifestation that is made in relation to the management report, before located at the end of the report, now under the section of other legally required requirements.

On the other hand, the contents of the following sections are modified:

-The responsibility of the administrators, in which, as a novelty, it is demanded that, when the audited entity has an oversight body of the process of elaboration of the financial information and that it is different from the organ the annual accounts or other financial statements, as in the case of the Audit Committee in the public interest entities, must be identified by both social bodies. This distinction makes it necessary to modify the Glossary of Terms, which refers to "Responsible for the government of the entity", in order to differentiate both groups responsible for the supervision of the elaboration process and the formulation.

-The responsibility of the auditors, whose explanatory content is considerably extended, and it is permitted, on the other hand, that the said information may go, either in the body of the report, or in an attached annex.

Additionally, audit reports on annual accounts of public interest entities should incorporate, as required by Article 10 of Regulation (EU) No 537/2014, certain information, in addition to the required for audit reports of entities that do not have such a consideration, relating to different aspects, such as: the period of recruitment, the services provided to the audited entity and the entities linked to it by a relationship of control (and provided that the latter information is no longer included in the consolidated annual accounts) published), as well as confirmation of the agreement of the additional report for the audit committee of the entity and the opinion contained in the audit report. This information will be included in a specific section of the report under the heading 'Report on other legal and regulatory requirements'. In addition, the auditors of the public interest entities shall forward to the Audit Committee of these entities, or body performing equivalent functions, an additional report in which different aspects of the audit work will be collected. developed in accordance with the requirements of Article 11 of Regulation (EU) No 537/2014. This obligation to refer to this additional report is complemented by the communication obligations to the entities responsible for the entity provided for in the NIA-ES 260 (Revised) "Communication with the Government of the Entity".

It is emphasized that the use of titles in the different sections and the order of the sections "Opinion" and "Foundation of the opinion" must be respected in any case, and the order of the rest of the sections can exceptionally be modified in order to get a better understanding of the information from users.

As for the examples of reports that are incorporated in the annexes of the different NIA-ES, they are adapted to the regulatory regulation of the audit activity in force in Spain. Its format and terminology, which must be followed by the auditors, are intended to achieve the highest possible drafting uniformity in order to facilitate the understanding and comparability of the users of these reports. However, the terminology of the above mentioned examples of reports should be adapted in the light of the financial reporting framework applicable in Spain to the audited entity and to the circumstances.

In short, the resolution now approved includes the adaptation of the revised ISAs 260, 510, 570, 700, 705, 706, 720 and 805, as well as the new 701. In addition, the modification of the clarification note to a definition of the Glossary of Terms, referred to as "Responsible for the government of the entity" is included.

To these effects, the Institute of Jurors of Accounts of Spain and the General Council of Economists presented to this Institute the modification of the Technical Standards of Audit, as a result of the adaptation of the their application in Spain mentioned above and listed below: NIA-ES 260, 510, 570, 700, 705, 706, 720 and 805, which are identified as (Revised), the new NIA-ES 701, as well as the Glossary of Terms, for processing and submission to public information, as provided for in Article 2.4 of Law 22/2015 of 20 July 2015, of Audit of Accounts.

By Resolution of 15 July 2016 of the Accounting and Audit Institute of Accounts was submitted to the public for the amendment of the Technical Standards of Audit, published in the Annex to the Bulletin of the Institute number 106, June 2016, and the timely notice in the Official Gazette of the State of 25 July 2016. After the expiry of the mandatory two-month period of public information and various arguments have been submitted to the text submitted for public information, certain amendments have been incorporated into the text, including those which are listed below:

-The section on "Key issues" or "Most relevant aspects of the audit" has been deemed to be maintained in the audit report in any case, even in cases of denied opinion. In order to comply with the requirements of Article 10.2.c) of Regulation (EU) No 537/2014 and Article 5.1.c) of Law 22/2015, which require information on the most significant risks considered in the audit, without the inclusion of such information is subject to the type of opinion which may be issued by the auditor. The ISAs 701 (paragraph 5) and NIA 705 (Revised) (paragraph 29) themselves also provide that such information is to be incorporated in the report where it is required by law or regulation, as is the case. This option has therefore been incorporated in the timely clarification note in this respect. In this sense, consistency with the treatment given under the "Other information" section is maintained, in cases where a rejected opinion is issued, in which the obligation to maintain this section has also been incorporated in all case.

-The title of the section for the case of entities not in the public interest has been modified, moving from "more significant risks considered in the audit" to "more relevant aspects of auditing", in order to resemble the most possible to the name of the NIA 701 "Key Audit Questions". It has also been considered appropriate to warn of the need to include in all the audit reports as necessary, the introductory paragraph of this section, in accordance with the provisions of paragraph 11 of the NIA-EN 701, incorporating in this sense all the examples included in the NIA-ES in which the corresponding paragraph has been specified for these purposes.

-The title of the report is modified with respect to the provisions of the text submitted to public inft of the change in the terms of Directive 2013 /34/EU of 26 June 2013 on annual financial statements, consolidated financial statements and other related reports of certain types of In the case of companies, the review and subsequent reporting obligation will not only achieve the concordance of the report with the annual accounts, as it has hitherto, but also whether this report has been drawn up in accordance with the requirements of the implementation, and the audit report in this respect should be given a position on the material improprieties which would have been detected. Your treatment is collected at the NIA-ES 720 (Revised), unlike the current regulations that were included in the NIA-ES 700.

It is noted that this standard is not required for any type of information not required by the regulations to which the audited entity is subject, but may be applied on a voluntary basis in such situationormation, in order to maintain the title corresponding to the title of article 5 of the Law of Audit of Accounts, " report of audit of annual accounts, " which sets out such a document of a commercial nature by better contributing to its identification vis-à-vis the users and for its better delimitation in relation to other works which the auditors could carry out, even if adds an accuracy, "issued by an independent auditor", in line with the provisions of the ISAs published by the IAASB.

-Amendments have been incorporated in the clarifying note accompanying the scope of the NIA-ES 720 (Revised), in order to clarify the performance of the auditor in the cases where the "other information" has not been obtained the date of issue of the audit report.

-The clarification note to paragraph 17 of the NIA-ES 260 (Revised) has also been modified in order to achieve greater clarity on the requirements of ethics and independence to be communicated by the auditors to be held accountable to the government of the audited entity.

The rest of the amendments incorporated have been aimed at correcting some aspects of the wording of the texts in order to improve the consistency and homogeneity of the set of the rules presented, without any Case involves a substantial modification of the content submitted to public information.

For all of the above, once the analysis of the modification of the Technical Standards of Audit presented by the Working Group of Technical Standards of Audit has been carried out and after the modification to the examination by the Committee Audit of Accounts of the Institute of Accounts and Audit of Accounts, the Presidency of this Institute, in compliance with the provisions of article 2.4 of Law 22/2015, of July 20, of Audit of Accounts and in article 23 of the Royal Decree 1517/2011 of 31 October laying down the rules for the development of the recast text of The Audit of Accounts Act provides the following:

First. Publication.

The publication of the modification of the Technical Audit Standards, adaptation of the revised International Audit Standards corresponding to the numbers 260, 510, 570, 700, 705, 706, 720 and 805, the new Standard, is agreed. International Audit 701 and the modification of the Glossary of Terms in the Clarification Note to the definition of "responsible for the government of the entity". It is also ordered to be published in full in the Official Journal of the Accounting and Audit Institute and on the Internet site of the Institute www.icac.mineco.es, as well as the insertion of the text of this Resolution by means of the timely review in the Official Gazette of the State, in accordance with the provisions of Article 23 of Royal Decree 1517/2011 of 31 October, approving the regulation for the development of the recast of the Law on Audit of Accounts.

Second. Entry into force.

The modification of the Technical Standards of Audit under this Resolution will be mandatory, once it has been published in the Official Journal of the Accounting and Audit Institute of Accounts, for the auditors and audit firms in the conduct of audit accounts of accounts relating to annual accounts or financial statements or a single financial statement corresponding to financial years starting from 17 of June 2016, as well as the intermediate financial statements corresponding to those economic exercises.

In any case, the modification of the Technical Standards of Audit that is the subject of this Resolution will apply to the audit work of accounts contracted or commissioned as of January 1, 2018, regardless of the financial years to which the financial statements which are the subject of the work relate.

Third. Repeal provision.

As soon as the modification of the Technical Standards of Audit under this Resolution becomes mandatory, the previous content of these Technical Standards of Auditing will be repealed. Likewise, the provisions of the rest of the Technical Standards of Auditing not expressly modified in this Resolution will be repealed, which is inconsistent with the rules now approved, and must be applied and interpreted in accordance with the new rules. Technical standards now approved. In particular, in the implementation of the audit report models listed in other NIA-ES other than those approved in this Resolution, the report models now approved should be used.

Fourth. Criteria for the interpretation of the Technical Audit Standards.

The interpretation criteria set out in the fourth paragraph of the Resolution of 15 October 2013 of the Accounting and Audit Institute of Accounts for which the NIA-ES are published are equally applicable to the Amended Technical Standards for Auditing the subject of this Resolution. In addition to these criteria, the following must be taken into account:

1. The references contained in the content of the Resolution of 15 October 2013 of the Institute of Accounts and Audit of Accounts, for which the NIA-ES are published, or in the clarification notes of each of the NIA-ES, concerning the Text Recast of the Law of Audit of Accounts, approved by the Royal Legislative Decree 1/2011, of July 1, they must be understood to the corresponding articles of Law 22/2015, of July 20, of Audit of Accounts.

2. The references given in the different NIA-ES to the ISAs or ISAs (revised) should be understood to be made to the NIA-ES, which have been adapted for their application in Spain in accordance with Article 2.4 of Law 22/2015, of 20 July, Audit of Accounts.

3. The order of the sections "Opinion" and "Foundation of opinion" must be respected in any case. The order of the rest of the sections should also be respected, unless, in special circumstances, the auditor considers that a change in the order is necessary for the sake of a better understanding of the information on the part of the users. In such cases, the auditor must leave the reasons for the amendment properly documented in the working papers. It is also mandatory to use specific titles for the different elements of the report.

4. In the section "Key issues of audit" or "Most relevant aspects of the audit", when describing the "key issues" or "most relevant aspects", the auditors should collect specific information concerning the specific situations that are in the audited entity, avoiding the use of standard paragraphs. In particular, and in terms of the most significant risks to be collected, they shall include those that are specific to the entity, describing particular and specific circumstances that are relevant to understanding appropriately exposure to such risks in the financial year and how they have been considered in the entity's audit work.

Fifth. Technical Audit Standards.

The Technical Standards of Audit (NIA-ES) are included in the Annex, which is the subject of this Resolution and the modification in the Glossary of Terms of the Clarification Note to the definition of "responsible for the government of the entity". (The Annex can be consulted at the headquarters and on the Internet page of the Accounting and Audit Institute of Accounts-Huertas Street, 26 of Madrid; www.icac.mineco.es-and at the headquarters of the Corporate Accounts of auditors, as well as in the Official Gazette of the said Institute).

Madrid, December 23, 2016. -President of the Accounting and Audit Institute, Enrique Rubio Herrera.