On 27 May 2024, the General Council passed Law 10/2024 on the auditing of accounts in the Principality of Andorra. Its main objective is to establish a legal framework for auditing in line with international standards and European Directive 2006/43.
Until this regulation was passed, auditing was only regulated in the financial and insurance sector, by Law 8/2013 on organisational requirements and operating conditions for institutions operating in the financial sector, investor protection, market abuse and agreements on financial collateral and transactions with over-the-counter derivatives and securities financing, and by Law 12/2017 of 22 June on the regulation and supervision of insurance and reinsurance in the Principality of Andorra.
Auditing of accounts is essential to ensure the security and transparency of economic and financial systems. It provides legal certainty about companies’ financial and accounting information.