Best Accounting & Auditing Lawyers in Greece

About Accounting & Auditing Law in Greece

Accounting and auditing laws in Greece are designed to ensure transparency, accuracy, and compliance in financial reporting. In Greece, the International Financial Reporting Standards (IFRS) are used alongside national accounting standards. These regulations are crucial for maintaining trust and efficiency in financial markets, attracting foreign investments, and supporting economic growth. Auditing practices are governed by multiple regulatory bodies to ensure the integrity and accuracy of financial statements.

Why You May Need a Lawyer

There are various scenarios where individuals or businesses may require legal assistance in the field of accounting and auditing in Greece:

• Businesses facing audits or regulatory inspections may need legal representation to ensure compliance and resolve any potential issues.
• Companies undergoing mergers, acquisitions, or restructuring will require legal guidance to understand and implement accounting implications effectively.
• Individuals accused of financial misconduct, fraud, or non-compliance with accounting standards may need legal defense.
• Expats or foreign investors establishing businesses in Greece may seek legal advice to navigate local accounting laws and tax obligations.
• Organizations seeking to implement or transition to IFRS may require legal consultation to understand the regulations thoroughly.

Local Laws Overview

Key aspects of accounting and auditing laws in Greece include:

• Financial Reporting Standards: Greece mandates the use of IFRS for financial reporting in listed companies, while other entities may follow Greek Generally Accepted Accounting Principles (GAAP).
• Audit Requirements: All companies in Greece that exceed specific size thresholds are required to have their financial statements audited by a certified auditor.
• Regulatory Bodies: The Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) oversees the auditing profession and ensures compliance with the established standards.
• Tax Compliance: Greece has strict tax legislation that requires businesses to maintain accurate records and submit timely reports to the tax authorities.
• Corporate Governance: Companies are encouraged to adopt strong governance practices to ensure transparency and accountability in their financial activities.

Frequently Asked Questions

What is the role of HAASOB in Greece?

HAASOB is responsible for supervising the auditing profession, enforcing compliance with auditing standards, and ensuring the integrity of financial reporting in Greece.

Do small businesses in Greece need to comply with IFRS?

No, small businesses in Greece typically adhere to Greek GAAP, but they may opt to follow IFRS if they wish or if required for business reasons.

What are the penalties for non-compliance with accounting standards in Greece?

Penalties can range from fines and sanctions against the business to legal action against company directors for more serious breaches. It is crucial to adhere to all applicable standards and regulations.

How often are audits conducted for companies in Greece?

Audits are generally conducted annually for companies that meet the specific size criteria that necessitate an audit.

What documents are typically required for a financial audit in Greece?

Auditors typically require financial statements, bank records, invoices, contracts, and other relevant documentation to assess the financial status of a business.

Can foreign companies use their home country's accounting standards in Greece?

Foreign companies operating in Greece must comply with local accounting standards, though there may be exceptions for consolidated financial statements in certain circumstances.

How can businesses in Greece prepare for an audit?

Businesses should maintain accurate financial records, ensure all accounts are reconciled, and consult with a legal expert to verify compliance with applicable standards.

Is it mandatory to have an internal audit function in Greek companies?

It is not mandatory for all companies, but larger companies and public interest entities are required to maintain an internal audit function.

What support is available for companies transitioning to IFRS?

Professional legal and accounting firms can provide guidance and support to ensure a smooth transition to IFRS, including training and consulting services.

Are there any tax incentives for companies compliant with accounting standards in Greece?

While there are no direct tax incentives for mere compliance, being compliant can help avoid fines and can sometimes facilitate eligibility for other business-related incentives.

Additional Resources

Here are some resources that may be useful for anyone seeking legal advice in accounting and auditing in Greece:

• Hellenic Accounting and Auditing Standards Oversight Board (HAASOB): The primary regulatory body for auditing standards enforcement.
• Ministry of Finance: Responsible for fiscal policy, tax collection, and financial regulations.
• Institute of Certified Public Accountants of Greece (SOEL): Offers resources and guidance for professionals in accounting and auditing.
• Local CPA Firms: Provide consultancy, auditing, and accounting services for individuals and businesses.

Next Steps

If you require legal assistance in accounting and auditing in Greece, consider the following steps:

1. Identify and gather relevant financial documents and any correspondence with regulatory authorities.
2. Consult with a legal professional specializing in accounting and auditing to evaluate your situation.
3. Prepare a list of questions or concerns to discuss with your lawyer to ensure everything is addressed.
4. Follow the legal advice provided to ensure compliance and address any potential issues effectively.
5. Consider ongoing legal support to stay abreast of any changes in accounting standards or regulations.