Best Accounting & Auditing Lawyers in Salo

About Accounting & Auditing Law in Salo, Finland

Salo is a Finnish municipality and the rules that govern accounting and auditing there follow national Finnish law and applicable European Union regulations. Accounting duties for businesses and organizations in Salo are governed by the Accounting Act - Kirjanpitolaki - and related regulations. Statutory audits and auditor responsibilities are governed by the Auditing Act - Tilintarkastuslaki - together with EU audit regulation and auditing standards that apply to statutory audits. For companies listed on a stock exchange or otherwise under financial supervision, additional reporting rules and international standards such as IFRS may apply. Local accounting practitioners and auditors in Salo must comply with these national and EU rules while also following guidance from Finnish authorities and professional bodies.

Why You May Need a Lawyer

Accounting and auditing issues can create legal exposure for companies, boards, management, shareholders and external advisors. You may need a lawyer if you face disputes about the content or interpretation of financial statements, disagreements with your auditor, or allegations of accounting errors or omissions that lead to tax reassessments or penalties. Legal help is valuable when dealing with suspected fraud, internal investigations, whistleblower reports, or when regulators launch inquiries.

Lawyers are also useful when handling insolvency-related accounting issues, negotiating with creditors, advising directors about their duties and potential liability, drafting or reviewing contracts with accounting and audit firms, and challenging administrative decisions by authorities such as the Finnish Tax Administration or the Patent and Registration Office. When cross-border transactions affect accounting treatments or audit scope, legal advice helps ensure compliance with both Finnish law and international obligations.

Local Laws Overview

Key pieces of legislation and legal concepts relevant to accounting and auditing in Salo are set at the national level. These include:

Accounting Act - Kirjanpitolaki: Sets out mandatory bookkeeping duties, accounting records and the preparation of annual financial statements. It explains who must keep accounts, how records must be stored, and minimum content of financial statements.

Auditing Act - Tilintarkastuslaki: Regulates statutory audits, auditor appointment and independence, the scope of statutory audits, and audit reporting. It implements EU requirements and national rules on auditor authorization and oversight.

Companies Act - Osakeyhtiölaki: Contains directors duties and shareholder rights for limited liability companies. Many accounting and auditing disputes involve director liability or shareholder actions under this law.

Tax legislation: Finnish tax laws and practice, administered by the Finnish Tax Administration - Verohallinto, interact closely with accounting. Taxable income calculations depend on the accounting methods used, and incorrect accounting can lead to reassessments and penalties.

EU regulation and auditing standards: For statutory audits, relevant EU audit regulations and International Standards on Auditing (ISA) are applicable. Companies with public interest status or that are part of cross-border groups may face additional requirements.

Professional regulation and oversight: Auditors and accounting firms are subject to professional rules, oversight by supervisory authorities and membership requirements in professional bodies. These rules cover auditor qualifications, continuing education, and professional ethics.

Frequently Asked Questions

Do all companies in Salo need an auditor?

Not all companies need a statutory audit. Whether a company requires an auditor depends on the size of the company, its legal form and whether it is defined as a public interest entity. Small private companies can be exempt from statutory audits if they meet certain exemption criteria set by law. Because thresholds and rules can change, check current legal thresholds with an accountant, auditor or lawyer.

What are the main deadlines for bookkeeping and financial statements?

Companies must keep up-to-date bookkeeping throughout the accounting period and prepare annual financial statements after the financial year ends. Deadlines for filing financial statements and annual returns depend on the company type and corporate rules. Tax return deadlines follow the Finnish Tax Administration schedule. If you face deadlines that you cannot meet, seek professional help promptly to avoid fines or late filing consequences.

How long must accounting records be retained?

Finnish accounting law requires companies to retain accounting records and supporting documents for a statutory retention period. In practice, this is typically several years and applies to invoices, ledgers and audit documentation. Retention obligations also matter for tax audits and potential litigation. Check with your accountant or lawyer for the exact current retention period applicable to your documents.

Can an auditor be held legally liable for mistakes?

Yes. Auditors can face civil liability for damages caused by negligent audits or failure to comply with professional standards. In serious cases involving intentional misconduct or fraud, criminal liability may also arise. Director and auditor liability depend on the facts, the applicable professional rules and the degree of fault. Legal advice is important when assessing potential claims or defences.

How do I challenge an auditor’s findings or a tax reassessment?

Start by discussing the issue with the auditor or the tax authority to understand the basis for the findings. If informal resolution fails, you can file formal objections with the authority that made the decision, or pursue civil claims in court against the auditor or other responsible parties. For tax reassessments, follow the administrative appeal procedures provided by the Finnish Tax Administration. A lawyer can help prepare technical objections, evidence and represent you in negotiations or court.

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

If you suspect fraud, preserve records and limit access to suspicious data. Notify senior management, the audit committee or the board, and consider commissioning an independent forensic accountant and legal counsel to conduct an investigation. If criminal conduct is suspected, consult a lawyer about reporting to law enforcement and protecting whistleblowers and the company’s legal position.

How are auditors authorised and supervised in Finland?

Auditors must meet training, experience and certification requirements set out in law and professional rules. There are designations and authorisations that auditors obtain after passing required exams and practice requirements, and auditors are subject to oversight by national supervisory bodies. The exact authorisation routes and supervisory institutions are defined by Finnish legislation and EU rules.

Are accounting standards the same for all companies?

No. Small and medium-sized companies commonly follow Finnish accounting practice and national accounting standards. Listed companies and certain groups use international standards such as IFRS for consolidated accounts. The applicable accounting framework depends on the company’s size, ownership and whether it is publicly listed or supervised by financial authorities.

What are common penalties for accounting or auditing non-compliance?

Penalties range from administrative fines and corrective orders to tax reassessments and potential civil liability for damages. In extreme cases involving fraud or criminal conduct, criminal sanctions can apply. Professional sanctions can also be imposed on auditors, including fines, disciplinary measures and loss of authorization.

How do I choose the right lawyer or adviser for accounting and auditing issues in Salo?

Choose a lawyer with specific experience in accounting, auditing and company law. Look for professionals who have handled disputes with auditors, tax appeals, corporate investigations or director liability cases. Consider a lawyer who works closely with forensic accountants and local auditors, and who understands Finnish and EU audit and accounting frameworks. Ask for references, fee arrangements and a clear plan of action before you engage.

Additional Resources

Finnish Accounting Act - Kirjanpitolaki - official legal text and guidance can be consulted for statutory bookkeeping requirements.

Auditing Act - Tilintarkastuslaki - contains rules on statutory audits and auditor responsibilities.

Finnish Tax Administration - Verohallinto - administers tax matters and publishes guidance on tax related accounting issues.

Finnish Patent and Registration Office - PRH - handles company registration and certain corporate filing obligations.

Finnish Financial Supervisory Authority - Finanssivalvonta - oversees entities in the financial sector and publishes reporting requirements for supervised entities.

Professional bodies and associations for accountants and auditors in Finland - these organisations publish guidance, ethical codes and lists of authorised auditors and firms.

The local Salo municipal office - for any municipality-specific business requirements or licences.

Next Steps

1. Gather documents - collect your accounting records, bank statements, contracts, financial statements and any audit reports or correspondence you have. Clear documentation speeds up any legal review or audit response.

2. Talk to your accountant - an experienced accountant can often resolve bookkeeping or presentation issues and advise whether legal help is needed. If the issue involves alleged misconduct, tax reassessment, or potential litigation, proceed to step 3.

3. Consult a lawyer with accounting and auditing experience - choose a lawyer who understands corporate law, audit standards and tax procedure. Provide the lawyer with the documents you gathered and ask for an initial assessment and recommended next steps.

4. Consider investigative and remedial actions - where there are potential errors, fraud or material misstatements, you may need a forensic review, internal controls strengthening, or to notify authorities. Your lawyer will advise on legal obligations and timing.

5. Follow formal appeal and resolution procedures - if you are dealing with a tax reassessment, auditor dispute or regulator action, comply with formal procedural deadlines for objections and appeals. Your lawyer will help prepare the required filings and represent you in negotiations or court.

6. Protect your records and communications - keep originals and maintain a secure record of communications related to the issue. Seek legal advice before making public statements or sharing documents outside of privileged channels.

If you are in Salo and need immediate help, prioritize securing professional advice locally - accountants, authorised auditors and lawyers who work with accounting and auditing matters in Finland can provide practical guidance tailored to your case.