Best Accounting & Auditing Lawyers in Xanthi

About Accounting & Auditing Law in Xanthi, Greece

Xanthi is part of the Greek legal and regulatory framework that governs accounting and auditing across the country. Accounting and auditing obligations in Xanthi follow national standards and rules derived from Greek legislation, European Union directives and international accounting and auditing standards where they apply. Businesses operating in Xanthi - from sole traders and small enterprises to large companies and public-interest entities - must keep accounting records, prepare financial statements and in many cases submit those accounts to fiscal authorities and the General Commercial Registry. Statutory audits are required for certain categories of entities; other businesses follow simplified accounting and tax reporting regimes.

Why You May Need a Lawyer

Legal issues in accounting and auditing can be technical and may involve civil, administrative and criminal consequences. You may need a lawyer with experience in accounting and auditing for situations such as:

- Responding to a tax audit or an assessment by the Independent Authority for Public Revenue - AADE

- Defending against claims of accounting irregularities, fraud or false statements in financial reports

- Disputes with auditors or audit firms over engagement scope, findings, fees or liability

- Corporate governance and shareholder disputes linked to financial reporting, dividend distribution or director duties

- Assisting with insolvency, restructuring or liquidation where accounting records and audit reports are central

- Drafting, negotiating or reviewing audit engagement letters, accounting service contracts and representations to third parties

- Coordinating forensic accounting investigations and preserving evidence for litigation or regulatory proceedings

- Advising on compliance with Greek accounting rules, IFRS requirements for group or listed entities, and filing obligations with GEMI and tax authorities

Local Laws Overview

Accounting and auditing in Xanthi are governed primarily by national Greek law and implementing EU rules. Key aspects to understand include:

- Accounting standards - Greek generally accepted accounting principles apply for most local entities. Listed companies and certain groups must prepare consolidated or individual financial statements in accordance with International Financial Reporting Standards - IFRS.

- Auditing obligations - Statutory audits are required for public-interest entities, listed companies and other businesses that exceed legally prescribed size thresholds. Thresholds are based on criteria such as turnover, total assets and average number of employees and are set by national law and EU rules.

- Registration and filing - Companies must register and file accounts, annual financial statements and certain statutory documents with the General Commercial Registry - GEMI. Filing obligations and deadlines differ by company form and size.

- Tax reporting and documentation - Businesses and self-employed persons must maintain accounting records that support tax returns. The Independent Authority for Public Revenue - AADE enforces tax audits and can assess additional taxes, penalties and interest for non-compliance.

- Professional regulation - Auditors and chartered accountants are licensed and regulated by national professional bodies. Only licensed auditors may sign statutory audit reports. Professional bodies impose ethics, continuing education and disciplinary rules.

- Liability and sanctions - Civil liability to the company, shareholders or third parties, administrative fines and, in serious cases, criminal prosecution can follow from fraudulent accounting, intentional misstatements or gross negligence in audit work.

Frequently Asked Questions

What is a statutory audit and when is it required?

A statutory audit is an independent examination of a company's financial statements by a licensed auditor that results in an audit report. In Greece, statutory audits are required for public-interest entities, listed companies and other companies that meet size thresholds defined by law. Thresholds typically consider turnover, total assets and average staff numbers. Even when an audit is not required, stakeholders such as banks, investors or contract counterparts may request audited accounts.

How do I choose a qualified auditor in Xanthi?

Choose an auditor who is licensed to perform statutory audits, has relevant sector experience and carries professional liability insurance. Ask for references, check the auditor's membership in the national professional body and request a clear engagement letter that sets out scope, fees, deliverables and timelines. For larger or more complex engagements consider firms with experience in forensic or tax matters as needed.

What documents should I keep and for how long?

Maintain invoices, accounting records, ledgers, payroll records, bank statements, tax returns and supporting documents. Greek tax and commercial laws prescribe minimum retention periods, commonly at least five years from the end of the tax year in many cases, but certain records or obligations may require longer retention. Retain originals or readable copies and preserve electronic records in compliance with legal and audit requirements.

What happens if an auditor finds irregularities?

If an auditor discovers significant irregularities, they will typically report them to management and, if required by law or professional rules, to those charged with governance such as the board of directors. In cases of suspected fraud or criminal conduct, the auditor may have reporting obligations to regulatory authorities. Management may need to take corrective action, and a lawyer can advise on risk mitigation, reporting obligations and potential liability exposure.

Can an accountant represent me in tax audits or disputes with AADE?

Qualified accountants or tax advisors often assist clients during tax audits by preparing records, explaining transactions and negotiating with tax inspectors. However, legal representation in formal administrative appeals or litigation may require a lawyer. In practice, lawyers and accountants frequently work together to achieve the best outcome for the client, combining legal arguments with accounting evidence.

What are the risks of not complying with accounting rules?

Non-compliance can lead to tax reassessments and penalties, administrative fines, interest charges, restrictions on business operations and reputational harm. In serious cases involving deliberate misstatements or concealment of funds, criminal sanctions including prosecution of responsible persons are possible. Companies and directors can also face civil claims from creditors or shareholders.

How are disputes with auditors typically resolved?

Disputes can be addressed through negotiation, mediation, arbitration or litigation. Before escalating to court, review the engagement letter for dispute-resolution clauses and consider professional disciplinary routes through the auditor's governing body. An early legal assessment helps determine the strength of claims and the most efficient route for resolution.

What should I expect at my first meeting with a lawyer about an accounting or audit issue?

Bring a clear timeline of events, copies of accounting records, audit reports, correspondence with auditors or tax authorities and contracts or engagement letters. Expect the lawyer to assess legal exposure, explain procedural steps, outline potential outcomes, estimate costs and suggest immediate actions to protect evidence and legal rights. Confidentiality rules apply, so be candid about facts and documentation.

When should I involve a forensic accountant?

Consider a forensic accountant when there are signs of fraud, unexplained discrepancies, allegations of asset misappropriation or when detailed financial analysis is required for litigation or settlement negotiations. Forensic accountants provide specialized evidence gathering, transaction tracing and expert reports that support legal claims or defenses.

How do I file complaints about an auditor or get information on licensed auditors?

Complaints about professional misconduct by auditors are usually handled by the relevant national professional body or the audit oversight authority. For information about licensed auditors, consult the national register maintained by the professional regulator. Local lawyers can advise on the complaint process, expected timelines and how to preserve rights while the complaint is considered.

Additional Resources

Useful resources and bodies to consult when dealing with accounting and auditing matters in Xanthi include:

- The Independent Authority for Public Revenue - the national tax authority responsible for tax assessments and audits

- The General Commercial Registry - GEMI - for company filings and registered financial statements

- The national professional body that registers and disciplines auditors and chartered accountants - for information on licensed professionals and professional rules

- The Ministry of Finance - for legislation and regulatory guidance on accounting and auditing

- The local Bar Association of Xanthi - for referrals to lawyers with accounting and audit expertise

- The Chamber of Commerce of Xanthi - for business support and local business directories

- Local accounting and audit firms - for practical assistance and referrals to specialized advisers

Next Steps

If you need legal assistance with an accounting or auditing issue in Xanthi, consider the following practical steps:

- Gather your documents - collect accounting records, audit reports, contracts and correspondence before your first consultation.

- Act promptly - many administrative deadlines, limitation periods and preservation obligations apply. Delays can increase legal risk and reduce remedies.

- Seek a specialist - choose a lawyer with experience in accounting, tax and audit-related disputes and, where needed, coordinate with a licensed accountant or forensic expert.

- Prepare questions - ask about likely outcomes, costs, timelines and immediate steps to protect your interests, including evidence preservation and communications with third parties.

- Review engagement terms - get a written engagement letter that sets out scope, fees and confidentiality protections for any lawyer or accountant you retain.

- Consider alternative dispute resolution - in many cases mediation or arbitration can be faster and less costly than litigation.

- Use local resources - contact the Xanthi Bar Association or the Chamber of Commerce for referrals and local procedural guidance.

Taking measured and timely steps will help protect your rights and limits exposure when accounting or auditing issues arise. If you are unsure where to start, a short initial consultation with a qualified lawyer will clarify your options and next actions.