Best Accounting & Auditing Lawyers in Turku

About Accounting & Auditing Law in Turku, Finland

Accounting and auditing laws in Turku, Finland, are governed primarily by national legislation, such as the Finnish Accounting Act and the Auditing Act. These laws set the rules and standards for how businesses record, manage, and report their financial information. Turku, being a key city in Finland for both industry and services, adheres to these regulations while also accommodating the specific needs of local businesses and organizations. Compliance is essential for both large corporations and small enterprises, ensuring transparent, reliable, and lawful financial reporting.

Why You May Need a Lawyer

There are several reasons you might require a legal professional regarding accounting and auditing matters in Turku. Common scenarios include:

• Setting up a company and needing guidance on initial accounting requirements
• Dealing with complex tax reporting or unresolved tax issues
• Suspecting fraud or irregularities in financial records
• Facing an external audit or investigation from authorities
• Disputes arising from mergers, acquisitions, or partnership dissolutions
• Compliance questions about Finnish financial reporting standards
• Employment or contractual disputes with accountants or auditors
• Preparing for cross-border operations with unique reporting needs
• Needing advice on digital accounting solutions compliance
• Facing legal action related to alleged accounting or auditing failures

Local Laws Overview

The backbone of accounting and auditing in Turku is Finnish national law, especially the Accounting Act (1336/1997), the Auditing Act (1141/2015), and related tax legislation. Key local considerations include:

• All businesses must keep appropriate accounting records that reflect a true and fair view of their financial situation.
• Companies and certain associations must appoint an approved auditor unless they are eligible for exemption based on size criteria.
• Audits must be conducted by individuals or entities approved by the Finnish Auditing Board.
• Financial statements must be prepared in accordance with Finnish Generally Accepted Accounting Principles (FAS) and filed annually.
• All records and supporting documentation must be stored in Finland for at least six years.
• Annual financial statements of limited liability companies must be registered with the Finnish Patent and Registration Office.
• There are specific regulations and requirements for non-profit organizations, foundations, and public sector entities.
• Digital storage of accounting materials is allowed but subject to strict data protection standards.
• Both intentional and negligent misconduct in accounting or auditing can result in legal penalties.

Frequently Asked Questions

What are the basic accounting obligations for a small business in Turku?

Every business, no matter the size, must maintain accurate accounting records and prepare financial statements annually according to Finnish standards.

When is an audit required?

An audit is required if the company exceeds certain size or turnover thresholds or if it is required by the company's articles of association or shareholders' agreement.

Who can serve as an auditor in Turku?

Auditors must be approved by the Finnish Auditing Board and hold the relevant qualifications as authorized public accountants (KHT or HT).

How long do I need to keep accounting records?

Accounting records and supporting documents must be retained for at least six years, with certain records such as annual accounts kept for ten years.

What happens during a financial audit?

Auditors review the company’s financial records, internal controls, and compliance with relevant laws. They provide a statement regarding the correctness of the financial statements.

Can accounting records be stored electronically?

Yes, digital storage is permitted, provided the system ensures authenticity, accessibility, and protection of the data in accordance with Finnish law.

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

It is important to consult with a lawyer or report the issue to the relevant authorities. Taking legal advice early can help protect your rights and ensure compliance.

Are there specific rules for non-profit organizations?

Yes, non-profits have particular accounting obligations, and often face stricter audit requirements, especially if they receive public funding or exceed certain financial thresholds.

How much does an audit typically cost in Turku?

Audit costs vary depending on the size and complexity of the business, but you should request detailed quotes in advance from approved auditors.

What penalties exist for failing to comply with accounting laws?

Penalties can include fines, company deregistration, or in severe cases, criminal charges for responsible individuals. Rectifying errors early and seeking legal guidance is crucial.

Additional Resources

Several organizations and governmental bodies in Turku and Finland can assist with accounting and auditing matters:

• Finnish Patent and Registration Office (PRH) - Company registration and financial statements filing
• Finnish Tax Administration (Vero) - Tax guidance and reporting obligations
• Finnish Auditing Board (JHT) - Oversight of audit professionals and guidance
• Association of Finnish Accounting Firms - Professional networks and services
• Chamber of Commerce Southwest Finland (Varsinais-Suomen Kauppakamari) - Business support and seminars
• Regional Enterprise Agencies of Turku - Startup advice and financial guidance

Next Steps

If you need legal assistance in accounting or auditing matters in Turku, consider the following steps:

1. Define your specific issue or question as clearly as possible to prepare for a legal consultation.
2. Gather all relevant documents, such as financial statements, contracts, correspondence, or notices from authorities.
3. Contact a legal professional or law firm in Turku specializing in accounting or auditing. Many offer an initial consultation to assess your needs.
4. Contact the relevant authority or trade association for basic guidance. They may also refer you to legal experts.
5. For urgent matters such as suspected fraud or active investigations, seek immediate legal advice to protect your rights and business interests.
6. Maintain clear communication throughout the process and keep detailed records of all advice and steps taken.

Timely and informed legal assistance can help ensure that your business or organization in Turku remains compliant, transparent, and well-prepared for any challenges related to accounting and auditing.