Best Accounting & Auditing Lawyers in Regensburg

About Accounting & Auditing Law in Regensburg, Germany

Accounting and auditing are fundamental aspects of doing business in Regensburg, Germany, as they are across the country. Businesses and self-employed individuals are required to keep proper accounts and follow rigorous auditing standards. These requirements not only ensure accuracy in financial reporting but also demonstrate compliance with German commercial and tax laws. Regensburg, as one of Bavaria's vibrant economic centers, sees active participation from various industries, making adherence to accounting and auditing standards especially important. Whether you are a local entrepreneur, an international business, or an individual with tax obligations, understanding or navigating the legal landscape of accounting and auditing is crucial to avoid fines, penalties, or even legal disputes.

Why You May Need a Lawyer

Numerous situations in Regensburg may require expert legal advice in accounting and auditing. Some of the most common include:

• Starting or restructuring a business and needing guidance on appropriate accounting systems
• Facing a tax audit or investigation by local or federal authorities
• Handling complex mergers, acquisitions, or business sales that require due diligence and accurate financial reporting
• Complying with new or changing national and European Union accounting standards
• Disputes with auditors, accountants, or business partners regarding financial statements
• Understanding and implementing the requirements for non-profit or charitable organizations
• Protection against fraud, financial misstatements, or breaches of fiduciary duty

Local Laws Overview

Accounting and auditing in Regensburg are primarily governed by German national laws, with specific application in the local context. Key aspects include:

• Handelsgesetzbuch (HGB): The German Commercial Code sets out the framework for accounting and financial reporting by businesses.
• Abgabenordnung (AO): The German Fiscal Code stipulates requirements for tax accounting and record-keeping.
• Publizitätsgesetz: This law applies to larger companies, making more extensive disclosures obligatory.
• Wirtschaftsprüferordnung (WPO): Regulates the auditing profession in Germany, including the requirements and examinations for auditors (Wirtschaftsprüfer).
• International Financial Reporting Standards (IFRS): Publicly traded companies may be required to prepare accounts under these standards for consolidated financial statements.
• Local tax offices (Finanzämter) in Regensburg are responsible for enforcing compliance and handling audits.

Frequently Asked Questions

What are the basic accounting requirements for businesses in Regensburg?

Most businesses must maintain accurate bookkeeping, prepare annual financial statements, and store accounting documents as per the Handelsgesetzbuch (HGB). The specific requirements depend on your company’s legal form and turnover.

Do I need to hire a certified auditor in Regensburg?

Medium-sized and large companies, as well as certain partnerships and public companies, are legally obligated to have annual financial statements audited by a certified auditor (Wirtschaftsprüfer). Small businesses are often exempt.

How long must accounting records be retained?

Generally, accounting records, including invoices, receipts, and ledgers, must be kept for ten years in accordance with German law.

What triggers a tax audit in Regensburg?

Tax audits may be conducted randomly or based on suspicious activity, unusual transactions, or discrepancies identified during routine assessments. The tax office may also target specific industries.

Can I keep my accounting records electronically?

Yes, electronic accounting is allowed, provided digital files are secure, complete, and accessible for audits over the prescribed retention period.

Are there special rules for international businesses or subsidiaries?

Yes, international groups may be subject to additional reporting and transfer pricing documentation requirements, especially when dealing with cross-border transactions.

What happens if I fail to comply with accounting regulations?

Failure to comply can result in administrative fines, penalties, interest charges, or, in serious cases, criminal prosecution for deliberate financial misstatements or tax evasion.

Who regulates auditors in Regensburg?

Auditors (Wirtschaftsprüfer) are regulated nationally by the Wirtschaftsprüferkammer (Chamber of Public Accountants), which enforces qualification and conduct standards.

Can non-profit organizations be audited?

Yes, non-profit organizations may be subject to statutory audits if they meet certain size thresholds or receive public funding, and must adhere to both accounting rules and additional transparency requirements.

How can I dispute a finding from a tax audit?

You have the right to submit objections (Einspruch) to the relevant tax office (Finanzamt) in Regensburg or to seek judicial review in tax courts. A lawyer specializing in accounting law can assist with the process.

Additional Resources

If you are seeking support or clarification regarding accounting and auditing law in Regensburg, consider contacting the following organizations:

• Bavarian Chamber of Tax Advisors (Steuerberaterkammer Bayern) for referrals to local tax advisors
• Regensburg Chamber of Commerce and Industry (IHK Regensburg for Oberpfalz / Kelheim) for business-related accounting queries and compliance assistance
• Wirtschaftsprüferkammer (Chamber of Public Accountants) for guidance on auditor regulation
• Local tax office (Finanzamt Regensburg) for information on tax filings, audits, and appeals
• Professional accounting and auditing firms based in Regensburg for specialized services

Next Steps

If you believe you require legal advice or representation in an accounting or auditing matter in Regensburg, consider the following steps:

1. Identify your key concerns or compliance obligations, such as an upcoming audit, tax dispute, or business transaction.
2. Gather and organize all relevant documents, including financial statements, tax filings, and correspondence with authorities.
3. Contact a lawyer or law firm in Regensburg that specializes in accounting and auditing law. Many offer an initial consultation to assess your case.
4. Ask about the lawyer’s experience, the services provided, and the potential costs involved before proceeding.
5. Stay proactive by addressing legal risks early and maintaining open communication with your accountant, tax advisor, and legal counsel.