Best Accounting & Auditing Lawyers in Rethymno

1. About Accounting & Auditing Law in Rethymno, Greece

In Rethymno, as in the rest of Greece, accounting and auditing are governed by national law and EU requirements. Businesses must prepare financial statements in accordance with either Greek GAAP or IFRS, depending on entity type and size. Audits are typically conducted by licensed chartered auditors under the oversight of the professional body and relevant authorities.

Local practice in Crete follows the same statutory framework used nationwide, with regional accountants and attorneys helping interpret requirements for small businesses, tourism operators, and property developers in Rethymno. When disputes arise, residents often turn to a local attorney experienced in corporate and tax law to navigate audits, fines, and compliance matters. For complex cross-border matters, national counsel may coordinate with Greek authorities and EU guidelines.

2. Why You May Need a Lawyer

• A Rethymno hotel owner is facing a VAT and income tax audit and needs representation during the review process with AADE (the Greek Independent Authority for Public Revenue).
• A local real estate developer discovers an error in the financial statements preparing for a bank loan or a sale, and requires due diligence and advice on rectifying prior disclosures.
• A family-owned olive oil processing plant must implement IFRS for its group consolidation and wants guidance on switching from Greek GAAP without triggering adverse tax consequences.
• A tourism business in the Old Town of Rethymno plans a merger or acquisition and needs due diligence, regulatory checks, and a pre‑signing audit opinion to satisfy lenders.
• A small enterprise confronts a tax audit dispute and requires formal representation before the tax authorities and potential appellate proceedings.
• A startup seeks help interpreting and applying IFRS 15 and IFRS 9 requirements for financing rounds and investor reporting in Greece.

3. Local Laws Overview

Two to three key legal frameworks shape Accounting & Auditing in Greece today, with regional application in places like Rethymno:

• Regulation (EC) No 1606/2002 on the application of International Accounting Standards (IFRS) in the European Union. This regulation anchors IFRS adoption for listed companies and influences reporting practices for many Greek entities. Effective since 2005 for listed companies; subsequent phases expanded coverage across the EU.
• Law 4308/2014 on the accounting and auditing framework for enterprises, including the preparation of financial statements and related audit requirements in Greece. This law helps align Greek practices with EU expectations and IFRS where applicable. Enacted in 2014 and amended over time.
• Law 4174/2013 on the Tax Procedure Code, governing tax filings, audits, penalties, and dispute resolution with the Greek tax authorities. This code interacts with accounting reporting and audit cycles for Greek businesses. In force since 2013, with ongoing amendments.

Regulation (EC) No 1606/2002 is codified accessibly at EU sources such as EUR-Lex, which explains IFRS adoption in the EU framework. EUR-Lex - Regulation (EC) No 1606/2002.

Law 4308/2014 and the Greek accounting framework are listed in Greece’s official legislation resources. See Legislation.gr for the text of the law and amendments. Legislation.gr.

The Tax Procedure Code, including provisions that impact audits and disputes with the Greek tax authorities, is accessible via Greece’s official legal portal. Legislation.gr.

4. Frequently Asked Questions

What is IFRS and how does it apply to Greek companies?

IFRS are international accounting standards used for financial statements. In Greece, listed companies use IFRS for consolidated statements; many private entities use Greek GAAP unless they belong to a group using IFRS. Banks and investors often require IFRS reporting for financing and cross-border dealings.

How do I know if I need an auditor in Rethymno for my business?

Mandatory statutory audits apply to certain entities such as large corporations, banks, and public interest entities. Smaller private companies may opt for audits if required by lenders or investors. A local attorney or auditor can confirm your specific obligation based on your company type and turnover.

When are financial statements due in Greece for annual filing?

Deadlines vary by entity type and year-end. Generally, the annual financial statements must be prepared after the close of the financial year and submitted within the deadlines set by Greek law. For many Greek private companies, the process occurs within several months after year-end; consult a local adviser for precise dates.

Where can I find a list of licensed auditors in Rethymno?

The official registry of licensed auditors is maintained by the national professional bodies and government portals. You can verify qualifications through the SOEL directory and the government portals that list registered practitioners in your area. Ask your attorney for the latest link to the local roster.

Do Greek auditors require continuing professional education?

Yes. Members of the statutory auditing profession must complete CPD requirements annually to maintain their license. Your auditor should provide proof of compliance when engaging services.

How much does a typical accounting and auditing legal service cost in Rethymno?

Fees vary by complexity, firm size, and service scope. An initial consultation for a straightforward matter may range from 50 to 150 euros; hourly rates commonly fall between 80 and 180 euros. Fixed-fee engagements are common for defined projects such as due diligence.

What is the difference between Greek GAAP and IFRS for SMEs?

IFRS for SMEs is a simplified subset of full IFRS designed for smaller entities that do not publish consolidated statements. Greek GAAP may be more common for private, non-listed firms, while IFRS for SMEs is used when cross-border reporting or investor needs arise. The choice affects recognition, measurement and disclosure requirements.

How long does an ordinary audit normally take in Rethymno?

Timing depends on company size and complexity. A small private company may complete fieldwork in 2-4 weeks, with 1-2 weeks for reporting. Larger group audits can extend to several weeks more depending on scope and document availability.

Can I hire a lawyer to handle tax audit disputes with AADE?

Yes. Tax disputes are typically navigated with the help of a tax attorney or counsel skilled in Greek tax procedure. They can prepare appeals, represent you in meetings with tax authorities, and file court challenges if needed.

Should I engage a local lawyer or a national firm for my audit issue?

Local lawyers offer familiarity with Rethymno authorities and community practices. National firms provide broader resources for cross-border matters. For most local matters, a reputable Rethymno firm with accounting and tax focus is appropriate.

What documents should I bring to a first consultation?

Bring your latest financial statements, tax returns, any correspondence with tax authorities, and details of the issue. Include the company registry information, relevant contracts, and a summary of your objectives for the engagement.

Is there a separate process for real estate transactions?

Real estate transactions often require specialized due diligence on conveyance, tax implications, and financing. An accounting and legal team can coordinate due diligence, audit evidence, and disclosure requirements for the transaction.

5. Additional Resources

• Ministry of Finance (Greek: Υπουργείο Οικονομικών) - Oversees national tax policy, accounting standards, and financial regulation in Greece. https://www.minfin.gr
• Independent Authority for Public Revenue (AADE) - Greek tax authority responsible for taxation, audits, and collection. https://www.aade.gr
• Legislation.gr - Official portal for Greek laws and legislative acts, including accounting and taxation statutes. https://www.legislation.gov.gr

6. Next Steps

1. Define your objective and gather key documents, including financial statements, contracts, and notices from authorities. Set a realistic timeline for engagement and resolution.
2. Identify potential counsel in Rethymno with experience in accounting, auditing, and tax law. Use official directories and ask for credentials and references.
3. Verify qualifications and regulatory status with the Greek professional bodies or government portals. Confirm ongoing CPD and license validity before engagement.
4. Request a preliminary assessment and scope of work, including fees, timelines, and deliverables. Obtain a written engagement letter before proceeding.
5. Prepare for the initial meeting by organizing documents and listing questions about deadlines, risk exposure, and possible outcomes.
6. Agree on a communication plan and regular updates to monitor progress. Ensure you receive written interim reports during the engagement.
7. Review the final strategy with your counsel and implement recommended actions to address findings, ensure compliance, and mitigate future risk.