Key data
| Regulation | Resolution of June 5, 2026, from the Institute of Accounting and Audit of Accounts (ICAC) |
|---|---|
| BOE Publication | June 18, 2026 |
| Effective date | June 18, 2026 |
| Affected parties | Audit firms, auditors of accounts and audited entities in Spain |
| Category | Business Regulation — Audit of Accounts |
| Legal basis | Art. 82.3 Law 22/2015 on Audit of Accounts; art. 10 EU Audit Regulation |
| Audited entity | Soliss Mutua de Seguros (annual accounts as of December 31, 2022) |
| Fine to the company | €19,353.67 (equivalent to 1% of audit fees from the last declared fiscal year) |
| Fine to the signing auditor | €7,500 |
| Disqualification | First 3 fiscal years following the finality of the sanction (both sanctioned parties) |
Two sanctioned parties, two fines and three years without being able to audit their own client. That is what the ICAC publishes in the BOE on June 18, 2026 regarding SW Auditores España, SLP and signing auditor José Manuel Gredilla Bastos. The breach occurred in the audit work on the annual accounts of Soliss Mutua de Seguros closed on December 31, 2022. The resolution, based on Article 82.3 of the Law 22/2015 on Audit of Accounts, has immediate effect from its publication and serves as a deterrent signal for the entire sector.
What does this regulation establish?
The ICAC declares proven a serious breach consisting of non-compliance with audit standards with significant effect on the work performed. The audit report issued on Soliss Mutua de Seguros (annual accounts 2022) is expressly declared non-compliant with the requirements of Article 10 of the EU Audit Regulation, which regulates the mandatory minimum content of the audit report for public interest entities.
The sanctions imposed are as follows:
| Sanctioned party | Type | Economic sanction | Calculation basis | Disqualification |
|---|---|---|---|---|
| SW Auditores España, SLP | Audit firm | €19,353.67 | 1% of audit fees from the last declared fiscal year | First 3 fiscal years following finality — cannot audit Soliss Mutua |
| José Manuel Gredilla Bastos | Signing auditor | €7,500 | Fixed amount for serious breach | First 3 fiscal years following finality — cannot audit Soliss Mutua |
The publication of the sanction in the BOE is in itself a transparency measure: Article 82.3 of Law 22/2015 requires the ICAC to make serious and very serious final sanctions public, with the name of the offender, the type of breach and the sanction imposed. This makes each resolution a permanent and searchable public record.
Economic and operational impact
For SW Auditores España, the fine of €19,353.67 is exactly equivalent to 1% of its audit fees from the last declared fiscal year. This reveals that the firm billed approximately €1,935,367 in audit fees in that fiscal year, which gives an idea of its size in the market.
Beyond the economic amount, the reputational and operational impact is considerable:
- Loss of Soliss Mutua client for at least three complete fiscal years, with the resulting loss of recurring income.
- Permanent public record of the sanction in the BOE, accessible to any potential client or entity evaluating contracting with the firm or auditor.
- The issued audit report is declared non-compliant with Article 10 of the EU Regulation, which may have consequences for the validity of the work before third parties (regulators, investors, financial entities).
- For the signing auditor, the €7,500 sanction is personal and non-transferable, and appears in their record with the ICAC.
Who does it affect?
- Audit firms registered in the ROAC: must review their internal quality control procedures to avoid breaches of Article 10 of the EU Audit Regulation.
- Signing auditors of accounts: responsibility is personal; the sanction also falls on the auditor who signs the report, not just the firm.
- Audited entities (especially mutuals, insurers and public interest entities): must verify that their auditor complies with the formal requirements and content of the report.
- Compliance departments and CFOs of companies contracting audit services: the disqualification of their usual auditor may force a change of firm with associated costs and time.
- Audit committees of supervised entities: must include the ICAC disciplinary history as a criterion in the selection and renewal of auditors.
Practical example
Suppose you are the financial director of a medium-sized insurance mutual and your usual audit firm receives a final ICAC sanction similar to that of SW Auditores España. The immediate consequences would be:
- Your auditor is disqualified from auditing your entity for 3 fiscal years from the finality of the sanction, forcing you to search for and contract a new audit firm urgently.
- The audit report already issued on your accounts may be questioned by the sector regulator (in this case, the General Insurance Directorate) having been declared non-compliant with Article 10 of the EU Regulation.
- The process of selecting a new auditor, with proper due diligence, can take between 4 and 8 weeks, with risk of delays in the accounting close of the following fiscal year.
In the real case of Soliss Mutua de Seguros, this is exactly what happens: both SW Auditores España and José Manuel Gredilla Bastos are barred from auditing the mutual in the first three fiscal years following the finality of the resolution published on June 18, 2026.
What should companies do now?
- Verify your auditor's disciplinary history with the ICAC: before renewing or contracting an audit firm, consult the Official Register of Auditors of Accounts (ROAC) and the ICAC's public sanctions history.
- Review that your audit report complies with Article 10 of the EU Regulation: if you are a public interest entity (insurer, mutual, financial entity), require your auditor to ensure the report includes all elements required by the EU Audit Regulation.
- Include disqualification clauses in the audit contract: provide for what happens if your auditor is disqualified by the ICAC during the contract term, to avoid coverage gaps.
- Update the audit committee's selection criteria: incorporate the ICAC's sanctions history as an elimination criterion in audit service procurement processes.
- Communicate to your board or audit committee any public sanction affecting your current audit firm, given the reputational and operational impact it may have on the audited entity.
Frequently asked questions
What is the fine imposed on SW Auditores España and how is it calculated?
The fine amounts to €19,353.67, equivalent to 1% of the audit fees from the last declared fiscal year by the firm. This implies that SW Auditores España declared approximately €1,935,367 in audit fees in that fiscal year. The calculation basis is set by Law 22/2015 on Audit of Accounts for serious breaches.
How long does the disqualification of SW Auditores and auditor Gredilla last?
Both are disqualified from auditing Soliss Mutua de Seguros for the first three fiscal years following the finality of the sanction. The resolution was published on June 18, 2026, so the disqualification extends to fiscal years beginning after that finality date.
What standard did the Soliss Mutua audit report breach?
The audit report issued on the annual accounts of Soliss Mutua as of December 31, 2022 was declared non-compliant with the requirements of Article 10 of the EU Audit Regulation, which establishes the mandatory minimum content of the audit report for public interest entities. The breach was classified as serious due to having significant effect on the work performed.
Where can I check if my auditor has ICAC sanctions?
Final serious and very serious sanctions are published in the BOE in accordance with Article 82.3 of Law 22/2015. Additionally, you can consult the Official Register of Auditors of Accounts (ROAC) on the ICAC website, where the registration data and status of each auditor and firm are recorded.
What are the consequences for Soliss Mutua that its auditor has been sanctioned?
Soliss Mutua will have to contract a new audit firm for the first three fiscal years following finality, as both SW Auditores España and signing auditor José Manuel Gredilla Bastos are disqualified from auditing it. Additionally, the audit report issued on its 2022 accounts has been declared non-compliant with the EU Regulation, which may generate reviews by the sector regulator.
Official source
Consult complete regulation in official source
Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-13280