Best Accounting & Auditing Lawyers in Kilkis

About Accounting & Auditing Law in Kilkis, Greece

Accounting and auditing are fundamental aspects of business operations in Kilkis, Greece, ensuring transparency, compliance, and the proper management of finances. In Greece, these practices are regulated by a framework of national laws aligned with the European Union’s directives. Businesses, entrepreneurs, and organizations in Kilkis must maintain lawful and accurate records. Furthermore, annual audits may be compulsory for certain company types or businesses exceeding specific thresholds. Both accounting and auditing professionals in Kilkis operate under local, national, and EU regulations, making it essential to understand the unique legal environment within the region.

Why You May Need a Lawyer

There are several common situations where individuals or organizations in Kilkis might require legal counsel in the field of accounting and auditing. Some of the most frequent scenarios include:

• Starting a new business and needing guidance on accounting and reporting obligations
• Facing a tax audit or investigation by Greek tax authorities
• Dealing with disputes arising from financial records or suspected mismanagement
• Ensuring that your company’s books comply with Greek and EU standards
• Handling mergers, acquisitions, or company restructuring, where legal and financial due diligence is necessary
• Addressing fraud, embezzlement, or other irregularities uncovered during an audit
• Navigating obligations for non-Greek citizens or companies operating in Kilkis
• Ensuring proper payroll, VAT, and other tax filings
• Dealing with penalties arising from late or incorrect submissions
• Responding to regulatory changes or new legal requirements

Legal professionals experienced in accounting and auditing can help protect your interests, avert costly mistakes, and ensure you are following the most current laws.

Local Laws Overview

Greece’s accounting and auditing framework is regulated by national legislation, particularly Law 4308/2014 (Greek Accounting Standards), which incorporates the essential provisions for bookkeeping and financial reporting. Additionally, Law 4449/2017 governs the specifics of audits and the function of statutory auditors. In Kilkis, as elsewhere in Greece, businesses must maintain transparent and accurate records, file annual accounts, and may require statutory audits depending on their size and type.

Key elements of the laws include:

• Requirement to maintain primary accounting documents in Greek language and currency
• Annual filing of financial statements for certain corporate entities
• Mandatory audits for public companies and private companies surpassing set thresholds (usually relating to turnover, assets, or headcount)
• Compliance with both national accounting standards and, where applicable, International Financial Reporting Standards (IFRS)
• Strict deadlines for tax declarations and annual filings
• Penalties for failure to comply, which may include fines or, in severe cases, criminal prosecution

The laws are enforced by the Greek Independent Authority for Public Revenue (AADE) and related government bodies, with additional oversight for auditors from the Hellenic Accounting and Auditing Standards Oversight Board (ELTE). Regional officers in Kilkis also ensure compliance with local filing and reporting obligations.

Frequently Asked Questions

What are the basic accounting requirements for companies in Kilkis?

Companies must keep accurate records of all transactions, maintain ledgers in Greek language and use euro as the reporting currency. The level of detail and format will depend on company size and type.

When is an external audit required in Kilkis?

An external or statutory audit is required if a company exceeds two of the following: annual turnover of 4 million euros, total assets of 4 million euros, or 50 employees on average during the year. Public companies and some other entities are always required to be audited.

What are the consequences of not meeting accounting obligations?

Consequences can include fines, penalties, legal proceedings, and potential criminal charges for severe violations such as fraud or tax evasion.

Can accounting records be kept electronically?

Yes, electronic record-keeping is permitted, but the system must ensure records are accurate, accessible, secure, and compliant with applicable legislation.

Do foreign companies operating in Kilkis need to comply with Greek accounting laws?

Yes, all entities operating in Greece, including in Kilkis, must comply with national accounting rules, whether Greek or foreign-owned.

What should I do if I receive notice of a tax audit?

Consult an accountant or lawyer with experience in Greek tax law. Gather all relevant documents and be prepared to demonstrate compliance. Legal representation can help protect your rights and manage communication with authorities.

What is the difference between an accountant and an auditor?

An accountant prepares and maintains financial records and ensures compliance with laws and regulations. An auditor independently examines these records to ensure accuracy, legality, and fairness of financial statements.

How long must accounting records be retained?

Typically, records must be retained for at least five years from the end of the relevant financial year, although this period can be longer depending on the type of record and regulatory requirements.

Are there specific requirements for non-profit organizations in Kilkis?

Yes, non-profits must also keep accurate financial records and may be subject to audit requirements, especially if they receive public funding or handle significant finances.

Do sole proprietors in Kilkis have accounting obligations?

Yes, sole proprietors must maintain simplified accounting records and file appropriate tax returns, though requirements are less complex than for larger companies.

Additional Resources

For those seeking more information or official guidance, the following resources are particularly useful:

• Greek Independent Authority for Public Revenue (AADE) - official guidance and tools for tax and accounting compliance
• Hellenic Accounting and Auditing Standards Oversight Board (ELTE) - responsible for oversight of auditors and accounting practices
• Kilkis Chamber of Commerce and Industry - assistance for local businesses and regulatory information
• Certified Accountants and Auditors Associations - professional organizations offering support and advice
• Local law firms specializing in business, accounting, and tax law

Next Steps

If you think you may need legal assistance with any accounting or auditing matter in Kilkis, consider the following steps:

• Identify the issue and gather all relevant documents and records
• Contact a qualified accountant or legal professional specializing in Greek accounting and auditing law
• Schedule a consultation to discuss your specific situation and receive tailored advice
• Follow their guidance to ensure compliance and resolve any issues with the minimum possible risk
• Stay informed about changes in legislation to maintain ongoing compliance in your financial operations

Prompt action and professional support can mitigate risks and help you operate confidently within the legal framework in Kilkis, Greece.