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Accounting and auditing are crucial components of business operations in Thermi, Greece. These areas of law ensure that financial practices are transparent, accurate, and comply with national regulations. Businesses, organizations, and even individuals involved in economic activity must follow specific accounting standards and are subject to systematic audits. Auditing not only helps in detecting financial discrepancies but also assures stakeholders about the integrity of financial statements. In Thermi's thriving commercial environment, robust accounting and auditing procedures are vital for maintaining economic trust and supporting business growth.
Several scenarios in Thermi may require the expertise of a legal professional specializing in accounting and auditing. If your business is facing a tax inspection or audit, a lawyer can help you navigate complex regulations, respond to authorities, and ensure compliance. You may need legal guidance when setting up accounting policies for a new business or nonprofit, or if you are restructuring your operations. Disputes over financial records, allegations of financial misconduct, or disagreements with auditors are further situations where legal representation is essential. Additionally, mergers, acquisitions, or company liquidations often require specialized legal support to address accounting and auditing requirements.
Accounting and auditing in Thermi, as in the rest of Greece, are governed by the Greek Accounting Standards (Law 4308/2014), the International Financial Reporting Standards (IFRS), and various tax laws. Businesses are required to maintain precise accounting records, issue compliant invoices, and file regular tax returns. Auditing is obligatory for most corporates and certain large organizations, with rules defining when external audits are needed and who is qualified to conduct them. The Hellenic Accounting and Auditing Standards Oversight Board (ELTE) regulates auditors and accounting professionals, enforcing ethical standards and maintaining accountability. Non-compliance can lead to significant fines and administrative sanctions.
Almost all businesses, including self-employed individuals, companies, and partnerships, must keep accurate and up-to-date accounting records according to national law.
Not all companies require statutory audits. Generally, larger companies exceeding specific turnover, asset, or employee thresholds are subject to mandatory external audits. Smaller firms might not need an audit but may choose to conduct one voluntarily.
Audits must be performed by certified public accountants or registered auditing firms, who are regulated by ELTE and must comply with strict professional standards.
Greek Accounting Standards (Law 4308/2014) provide the framework for recording financial transactions and preparing statements. Compliance is required for legal validity and for fulfilling tax obligations.
Penalties can include administrative fines, tax surcharges, or, in cases of fraudulent activities, criminal charges. Non-compliance can also damage business reputation.
Most companies are required to prepare annual financial statements, and some are obligated to publish or submit these to regulatory authorities each year.
Records must be kept electronically or in physical books, retained for several years, and be readily accessible for inspection by tax authorities or auditors.
Certain companies, particularly those listed on the Greek stock exchange or subsidiaries of foreign entities, may use IFRS, but must always ensure compatibility with Greek regulations.
Small businesses can consult local accountants, legal advisers, or business support organizations to ensure they meet all accounting and regulatory obligations.
A lawyer can provide representation, prepare submissions, clarify legal obligations, and work to resolve any disputes with tax or regulatory authorities effectively.
In Thermi and the wider region, the following organizations and bodies offer valuable support and information related to accounting and auditing:
If you need legal help regarding accounting and auditing in Thermi, begin by organizing all relevant documents, including financial records and correspondence. Clearly identify your specific concerns or compliance needs. Reach out to a qualified lawyer or accounting specialist with experience in local and national regulations. A consultation can clarify your obligations, help resolve disputes, or provide representation during audits or inspections. Always verify the credentials of your chosen advisor to ensure they are recognized by competent bodies such as ELTE or the Bar Association. Taking prompt, informed action will help protect your interests and ensure you meet all legal requirements.
