Best Accounting & Auditing Lawyers in Køge

About Accounting & Auditing Law in Køge, Denmark

Accounting and auditing law in Køge is governed largely by national Danish legislation but is also shaped by local practices and the presence of professionals in the town. These areas of law regulate how businesses and organizations record, report, and review their financial affairs. Accounting involves maintaining accurate financial records, preparing annual financial statements, and fulfilling tax obligations. Auditing is the process of examining these records to ensure accuracy, compliance with regulations, and protection against fraud or misstatements. In Denmark, all limited companies and many other business structures are required by law to follow specific accounting and auditing standards.

Why You May Need a Lawyer

People and businesses in Køge may need an accounting and auditing lawyer for several reasons. Common situations include:

• Setting up a new business and ensuring compliance with local accounting regulations
• Facing disputes related to inaccurate financial statements or suspected financial fraud
• Preparation for a statutory audit or dealing with audit findings
• Compliance issues with local or national tax authorities
• Transitions such as mergers, acquisitions, or company dissolution
• Liability concerns for directors and officers regarding financial mismanagement
• Seeking guidance on complex accounting rules specific to certain industries
• Responding to inquiries from the Danish Business Authority (Erhvervsstyrelsen) or the local municipality

A legal expert can help you understand your obligations, walk you through proceedings, and represent your interests if issues escalate.

Local Laws Overview

Køge is subject to Danish national laws on accounting and auditing, mainly the Danish Financial Statements Act (Årsregnskabsloven) and the Auditors Act (Revisorloven). These laws require companies of a certain size and type to prepare annual financial statements in a particular format and have them audited by certified auditors. Key aspects relevant in Køge include:

• All limited companies must keep accurate accounting records and submit annual financial statements to Erhvervsstyrelsen
• The threshold for mandatory audit is based on turnover, number of employees, and balance sheet size
• Only certified public accountants (statsautoriseret revisor or registreret revisor) can conduct statutory audits
• Tax reporting must comply with rules set by the Danish Tax Agency (SKAT)
• Non-compliance with laws can lead to administrative penalties, director liability, or criminal charges in cases of intentional fraud
• In Køge, local accountants and auditors are familiar with both national standards and any specific local requirements or business environments

Frequently Asked Questions

What businesses in Køge are required to have their financial statements audited?

All limited liability companies, some foundations, and larger partnerships must have their financial statements audited if they exceed certain size thresholds set by law.

Who can perform a statutory audit in Køge?

Only certified public accountants who are either "statsautoriseret revisor" or "registreret revisor" can legally perform statutory audits in Denmark, including in Køge.

What are the penalties for not complying with accounting laws?

Penalties can include fines, prohibitions against acting as a director, or even criminal prosecution, depending on the severity of the breach and whether it was intentional.

Are small businesses in Køge required to have their accounts audited?

Typically, small companies below certain turnover, balance sheet, and employee thresholds can opt out of audits, but must still maintain proper accounting records.

How often must annual accounts be submitted?

Annual accounts must be submitted to Erhvervsstyrelsen every year, usually within five months after the end of the financial year.

What is the difference between an accountant and an auditor?

An accountant prepares and maintains financial records, while an auditor independently reviews those records to ensure accuracy and compliance with laws.

Can I change my auditor or accountant?

Yes, businesses can change their auditor or accountant, typically at the annual general meeting or with proper notification, as governed by the company’s articles.

What should I do if I suspect financial fraud in my company?

Contact a lawyer or a certified auditor immediately. They can advise on next steps, potential reporting obligations, and legal remedies available under Danish law.

Do not-for-profit organizations in Køge need audits?

Some not-for-profit organizations require audits if they reach certain size or funding thresholds, or if specified in their bylaws or by funding bodies.

Where do I file my company’s annual accounts?

Annual accounts must be filed electronically with the Danish Business Authority (Erhvervsstyrelsen).

Additional Resources

If you need further help or information about accounting and auditing in Køge, consider reaching out to the following:

• Danish Business Authority (Erhvervsstyrelsen) - Responsible for company registration and filing requirements
• Danish Tax Agency (SKAT) - The authority for tax matters and compliance
• Danish Association of State Authorized Public Accountants (FSR) - Provides lists of certified accountants and auditors
• Local accounting and auditing firms in Køge - Many offer initial consultations and guidance
• Municipality of Køge - May provide business support and local regulatory information

Next Steps

If you believe you need legal advice regarding accounting or auditing in Køge, consider the following steps:

1. Gather all relevant documents such as articles of association, previous annual reports, and correspondence with authorities
2. Identify the specific concern, whether it is compliance, a dispute, or a question about upcoming changes
3. Consult a local law firm or an accountant specializing in Danish commercial law and auditing
4. Ask about the process, expected outcomes, and any fees involved before proceeding
5. Follow legal guidance closely and keep clear records of all decisions and communications

Taking early legal advice can help avoid costly mistakes and ensure your business or organization remains compliant with local and national laws in Køge.