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Audit Committee

The accounts of the Banco de España are audited by independent external auditors in accordance with the provisions of Article 27 of the Statute of the European System of Central Banks (ESCB) and the European Central Bank ECB)

Examination of accounts

In accordance with a decision of the Governing Council of 19 December 2003, the draft annual accounts of the Banco de España are examined by a Committee known as the Audit Committee, formed by three members of the Governing Council, designated by the Council.

Additionally, the Audit Committee has the following functions:

• Supervising relations with the external auditors and their work and reports.
• Supervising the workings of the internal audit and control departments.
• Preparing the relevant reports for the Governing Council on the annual accounts, the performance of the external audit and the workings of the internal audit and control departments.

The Audit Committee meets as often as is considered necessary to perform its duties, but always no less than twice a year in order to review the annual accounts and the external audit report, both at the preliminary stage and upon completion.

The Audit Committee adopts its own rules for its workings and for the report to the Governing Council.

The Committee may invite the external auditors and the heads of departments related to its competencies to attend its meetings.

The departments of the Banco de España shall provide the Committee and its members with the support and co-operation as may be required.

Control by the Spanish Court of Auditors

The Banco de España is subject to external inspection by the Spanish Court of Auditors, in accordance with the provisions of Organic Law 2/1982 of 12 May 1982 concerning the Court of Auditors.

The Governor sends a certified copy of the balance sheet and the accounts for the year, together with the corresponding report, to the Court of Auditors no later than two months after the annual accounts of the Banco de España have been approved by the Government.