Best Accounting & Auditing Lawyers in Santorini

About Accounting & Auditing Law in Santorini, Greece

Santorini operates under Greek national law, so accounting and auditing rules apply uniformly across the country. The framework blends International Financial Reporting Standards (IFRS) with Greek accounting practices, depending on company type and size. For listed companies and larger entities, IFRS-based financial statements are typical, while smaller enterprises may follow Greek GAAP or simplified accounting schemes.

Auditing requirements also follow Greek and EU guidance. Statutory audits are mandatory for certain financial thresholds and corporate forms, and the engagement of a licensed auditor or audit firm is required to ensure accuracy and compliance. In practice, Santorini businesses in hospitality, trade, and services regularly interact with auditors during tax and corporate reporting cycles.

If you seek legal help in Santorini, you will likely work with a lawyer or legal counsel who understands both the local business environment and the national regulatory framework. This includes familiarity with tax audits, corporate reporting deadlines, and cross-border considerations for tourism-driven enterprises on the island. The guidance below is designed to help residents navigate these requirements effectively.

Why You May Need a Lawyer

• Tax audit response for a Santorini hotel or restaurant - A hospitality business can receive notices from the Independent Authority for Public Revenue (IAAP/AADE) requesting documentation and corrections in VAT, income tax, or special taxes. A lawyer can help prepare and submit the necessary records and negotiate any penalties.
• Preparing for an external audit or statutory audit - If your company surpasses audit thresholds, you need a licensed auditor and may require legal support to review engagement terms, scope, and deadlines. A lawyer can safeguard your rights and ensure compliance with statutory requirements.
• Shareholder disputes or corporate restructuring - During mergers, acquisitions, or reorganizations of Santorini businesses, legal counsel is essential to align accounting records with corporate actions and to address minority rights and disclosure obligations.
• Cross-border operations or foreign investment - If a Santorini enterprise partners with foreign investors or operates with non-Greek subsidiaries, you may face IFRS reporting, foreign exchange rules, and cross-border tax issues where specialized counsel is needed.
• Internal controls and compliance reviews - For a resort or chain of businesses, a lawyer can coordinate with accountants to implement robust internal controls, mitigate risk of non-compliance, and prepare for regulatory inspections or audits.
• Disputes over accounting interpretation or penalties - If you receive penalties or disputes over accounting classifications, a lawyer can challenge interpretations, gather evidence, and pursue remedies or negotiations with authorities.

Local Laws Overview

Regulation (EC) No 1606/2002 on the application of IFRS

This EU Regulation requires the application of IFRS for consolidated financial statements of listed groups and certain other entities within the EU, including Greece. It helps ensure consistency across member states and supports cross-border investment and transparency. In Greece, the IFRS framework applies primarily to larger and publicly accountable entities and those seeking international financing.

Effective since 2005 for IFRS adoption in the EU, the regulation shapes how Santorini companies prepare financial statements that may be used by lenders, investors, and regulators. See official EU sources for the text and amendments.

Source: Regulation (EC) No 1606/2002 on the application of International Accounting Standards (IFRS) in the EU. Source: EUR-Lex.

Directive 2013/34/EU on annual accounts, consolidated accounts and related reports

This directive standardizes the content and presentation of annual financial statements and consolidated accounts across EU member states, including Greece. It guides disclosure requirements, formats, and accompanying reports such as management reports. Greece has transposed the directive into national law to align domestic reporting with EU expectations.

Greek implementation was advanced through national legislative updates around 2014 and thereafter. Businesses in Santorini should monitor current Greek regulations for any changes to reporting thresholds or disclosure requirements.

Source: Directive 2013/34/EU on the annual accounts and consolidated accounts and related reports. Source: EUR-Lex.

Law 4174/2013 Tax Procedure Code

The Tax Procedure Code sets out procedures for tax administration, audits, and the enforcement of tax obligations in Greece. It governs how accounting records must be maintained, how audits are conducted, and the timelines for tax submissions. Updates to the code impact audits, penalties, and dispute resolution for Santorini businesses.

As a foundational pillar of Greece’s tax system, it interacts with accounting and auditing practices across all sectors, including tourism and services in Santorini. Always verify current articles and amendments on official channels.

Source: Tax Procedure Code (Law 4174/2013). Source: Gov.gr.

Frequently Asked Questions

What is the role of an accounting and auditing lawyer in Santorini?

An accounting and auditing lawyer advises on regulatory compliance, responds to tax authority notices, and handles disputes about financial statements. They coordinate with auditors, ensure statutory deadlines are met, and help with corporate restructurings on the island.

How do I start a statutory audit for my Santorini business?

Identify whether your company meets the statutory audit thresholds under Greek law. Then engage a licensed audit firm, confirm the scope and deadlines in a written engagement letter, and prepare the required financial documents with your legal counsel.

What is IFRS and when is it required in Santorini?

IFRS is a set of international accounting standards used for financial reporting. It applies to certain entities in Greece, especially listed companies and larger groups, while others may follow Greek GAAP or alternative frameworks.

When are financial statements due for small versus large enterprises in Santorini?

Deadlines vary by entity type and reporting framework. Publicly accountable entities have stricter timelines, while smaller, private firms may have more flexible schedules. Consult your lawyer and accountant for the exact due dates tied to your status.

Do I need a lawyer to handle a tax audit by AADE in Santorini?

Yes. A lawyer can prepare responses, organize documentation, and negotiate with tax authorities to minimize penalties and clarify ambiguous requirements. They can also help protect client rights during the audit process.

How much does hiring an accounting and auditing lawyer cost in Santorini?

Costs vary by complexity, engagement scope, and the attorney's experience. Typical ranges include hourly rates or fixed fees for specific services such as audit support or tax dispute handling. Obtain a written fee agreement before starting.

Can I hire a non-Greek speaking lawyer for accounting matters in Santorini?

Yes, but effective communication is critical for accurate document review and negotiations. If language is a concern, hire a bilingual attorney or request translation support as part of the engagement terms.

Is there a difference between an auditor and a statutory auditor in Greece?

Yes. An auditor is a general professional who reviews financial statements, while a statutory auditor is a legally appointed auditor required for certain entities under Greek law. Both must meet licensing and regulatory standards.

What is the process to file a complaint about audit irregularities in Santorini?

File a formal complaint with the appropriate regulatory body, supported by evidence. An attorney can help assemble the documentation, preserve rights, and navigate any subsequent investigations or appeals.

How long does a typical corporate audit take in Santorini?

Audit durations depend on company size, complexity, and readiness of records. A straightforward audit for a small business may take a few weeks, while larger entities with complex transactions could take several months from planning to final report.

What qualifications should I look for in a Santorini accounting and auditing attorney?

Look for a lawyer with experience in Greek tax law, corporate accounting, and audit procedures. Check licensing and ask for cases similar to your situation, as well as typical timelines and fee structures.

What is the difference between GAAP and IFRS in Greece?

IFRS is an international standard used for many entities, while GAAP refers to country-specific practices. Greece uses IFRS for listed and large entities; Greek GAAP may apply to smaller, private companies depending on their size and regulatory status.

Additional Resources

• - Official Greek government portal for legal acts, procedures, and public services. Use as a starting point to locate current accounting and auditing requirements. Gov.gr.
• - Official source for IFRS standards and updates used by Greek and international companies. IFRS.org.
• - Global professional accountancy organization with practice guidance and ethics standards that influence local Greek practices. IFAC.org.