The Portuguese Securities Commission (CMVM) has published its report on the overall results of the audit quality control system for the 2024/2025 cycle, adding new elements such as sector trend analysis, recommendations on key technical areas and a contextualised overview of sanctioning activity with comparative European data. Across the cycle, CMVM opened 46 supervisory actions and closed 52, with closed actions identifying 121 findings, including 27 classified as higher severity. Supervisory activity comprised 7 regular, 10 ad hoc, 28 continuous and 1 cross-cutting action opened, and 3 regular, 16 ad hoc, 31 continuous and 2 cross-cutting actions closed. Compared with the 2023/2024 cycle, CMVM reported an increase in ongoing supervision, with 10 more actions completed and 11 more opened, which it linked to a strengthened systematic monitoring model for audit firms, while ad hoc actions fell, signalling a shift toward risk-based priorities. The report also records sanctioning outcomes in 2024, including 24 very serious and 32 serious administrative infractions for non-compliance (including registration to perform public interest functions, independence threats from self-review and failure to issue a qualified opinion where there was disagreement), plus 12 penalties under the anti-money laundering and counter-terrorist financing law; these proceedings resulted in nine fines totalling EUR 52,500.

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