IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

Institute of Certified Public Accountants of Greece (SOEL)

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

Greece

2. Name of member body:

Institute of Certified Public Accountants of Greece (SOEL)

Or please specify name:

3. Individual responsible for preparation:

George Samothrakis

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

10 / 1977

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

FEE, FCM, SEEPAD

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Codified Law 2190/1920 relating to Corporations
b). the Enacting body:		Ministries of Finance and Commerce
c). date the Act or Code came into force:		/ 1920

25. How can IFAC obtain a copy of the Act or Code?

From the Government Printing Office (Our Institute will arrange this if required)

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify):
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Annual Financial Statements in accordance with IAS/IFRS as from 1/1/05
Private companies			Annual Financial Statements in accordance with Greek Accounting Standards
Governmental
Not-for-profit
Other (please describe)
Other (please describe)

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			All listed Companies, listed and unlisted banks, listed and unlisted insurance companies, some specialized companies and all non listed corporations which exceed two of the three size criteria set by the EU Directives must be audited by a certified auditor(s) who is a shareholder in a recognized auditing company. Greek Standards on Auditing must be followed.
Private companies			All remaining Corporations must be audited by two auditors who are registered with the All remaining Corporations must be audited by two auditors who are registered with the Economic Chamber of Commerce. Greek Standards on Auditing must be followed.
Governmental
Not-for-profit
Other (please describe)
Other (please describe)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify):
	Audit committee					Other (please specify):
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:
However, the Company may appoint joint auditors by including this requirement in its Articles of Association

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:

The auditor (but not the auditing company) must be rotated every four years.

Note: The Auditing Company is appointed by the Shareholders. The Auditing Company then notifies the Corporation the name of the individual certified accountant who will be responsible and will sign the audit report in his own name on behalf of the auditing company. In practice, in many cases this notification is made known before the appointment and the AGM minute makes reference to the name of the individual certified accountant as well as to the name of the Auditing Company.

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

Listed Companies are covered by the previously mentioned legislation CL 2190/1920. There is some additional legislation for listed companies pertaining primarily to the preparation of interim financial statements.
the Enacting body(ies)

Ministry of Finance
the latest amendment date?

12/2004

35. How can IFAC obtain a copy of the Legal authority?

See answer to question 25

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

Quarterly financial statements in accordance with IAS/IFRS

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

The half yearly interim financial statements are subject to review audits carried out by the statutory auditor

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify):
	Audit committee			Other (please specify):
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

However, companies can elect to have joint auditors by including this requirement in their Articles of Association

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

The individual auditor (but not the auditing company) must be rotated every four years

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Cod. Law 2190/1920	12/2004	Committee for Accounting Standardisation and Auditing(ELTE)
Other (please describe) All other entities	Cod. Law 2190/1920	12/2004	Committee for Accounting Standardisation and Auditing(ELTE)
Other (please describe)
Other (please describe)

See Question 25.

Yes

Section 5B -- Standard-Setting (Committee for Accounting Standardisation and Auditing(ELTE))

44. For Committee for Accounting Standardisation and Auditing(ELTE), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Government Agency

Greek Auditing Standards

45. How many voting members does the standard-setting body have?

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

There are no specified criteria other than membership of the Institute

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

The President and two vice presidents of ELTE are appointed by the Minister of National Economy and Finance. The Central Bank of Greece, the Capital Markets Committee, the Federation of Greek Industries and the Federation of Industries of Northern Greece appoint one member each as their representatives.

49. What is the term of appointment for members?

3 Year(s)

50. For how many years has the standard-setting body been in existence?

2 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A

52. To what entity is the standard-setting body accountable?

ELTE is accountable to the Ministry of National Economy and Finance.

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

ELTE asks for SOEL's suggestions where this is required by the law. In certain cases (eg quality control) asks for the views of SOEL members before setting standards.
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)

Final approval requires simple majority by ELTE's Board.
other relevant due process activities

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	Cod. Law 2190/1920	12/2004	Greek Institute of Certified Public Accountants (SOEL)
Professional Accountants in Business
Professional Accountants in the Public Sector
Other (please describe)

From SOEL

Yes

Section 6B -- Standard-Setting (Greek Institute of Certified Public Accountants (SOEL))

56. For Greek Institute of Certified Public Accountants (SOEL), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Private organisation established by legislation

Code of Ethics

57. How many voting members does the standard-setting body have?

No separate standard setting body - Code of Ethics approved by membership of SOEL

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

N/A

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

N/A

61. What is the term of appointment for members?

Year(s)

62. For how many years has the standard-setting body been in existence?

Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

N/A

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A

64. To what entity is the standard-setting body accountable?

N/A

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

None
accessibility of meetings (i.e., public or private)

Private
approval process for final standards (i.e., majority required to approve final standards)

Simple majority
other relevant due process activities

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

Primary School

Secondary School

University

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

Ministry of Finance sets the requirements to operate as a Certified Accountant (title confers the exclusive right to act as statutory auditor). Requirements are specified below.

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements University degree
	Professional examinations
	Practical experience 7 years
	Final qualifying examination Yes - SOEL organizes the examination
	Other (please describe)

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
Government agency
How many voting members does the relevant body(ies) have
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

From SOEL

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain) Re Q 75 - Must also be a shareholder in Audit Co.

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

Ministry of Finance sets the education requirements and SOEL regulates admission to membership. The Greek Institute is in practice an Institute of Auditors. Once an individual has satisfied the conditions of Institute full membership and has become a shareholder in an Auditing Company, he receives his practicing certificate.

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe) See Question 69 and 77.

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify): Continued ownership of shares in an auditing company

80. What entity grants the license?

SOEL

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

None.

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

Yes

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	CN2190/1920	12/2004	Ministry of Finance (for all entities)
Other (please describe) All other corporations	CN2190/1920	12/2004
Other (please describe)
Other (please describe)
Other (please describe)

From SOEL

Yes

Section 9B -- Standard-Setting (Ministry of Finance (for all entities))

95. For Ministry of Finance (for all entities), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Government Agency

IAS/IRFS (as part of EU requirement) � for listed companies

Greek accounting standards � for non listed companies

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

100. What is the term of appointment for members?

Year(s)

101. For how many years has the standard-setting body been in existence?

Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

103. To what entity is the standard-setting body accountable?

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

Greek Capital Markets Committee

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

It receives copies of the financial statements but the responsibility rests with the Stock Exchange

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

None
accounting and auditing standard-setting

None
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

Yes.

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		Athens Stock Exchange

Section 10B -- Stock Exchange
Athens Stock Exchange Details

110. For Athens Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

Through a special Compliance Committee
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

Explanations and clarifications are requested.
How enforcement actions are administered.

If explanations or compliance are deemed inadequate, monetary penalties or delisting can be imposed.

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?

Committee for Accounting Standardisation and Auditing

The duties of the oversight body
- to make recommendations to the Ministry of Finance on matters pertaining to accounting and auditing
- to ensure the quality of statutory audits
- to opine on accounting matters including matters pertaining to the public sector
- to supervise the Institute of Certified Accountants (SOEL)as regards compliance with regulations which govern its members� conduct
- assesses the results of the audit of the administration of SOEL
- following recommendations from SOEL, it introduces codes of conduct for auditors and auditing companies and ensures the enforcement of such codes
- cooperates with the special committee for the prevention of the legalisation of benefits deriving from criminal acts of auditing companies or auditors
The number of members on the oversight body

Seven
Its powers

It can request disciplinary action to be taken by the special Disciplinary Committee (independent body)
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations

As the oversight body has only recently been formed, the procedures to be followed are not yet established
The sanctions the oversight body may impose in the event of non-compliance

The oversight body does not apply sanctions. It can only refer someone/company to the Disciplinary Committee
How the oversight body is accountable to any public institution or body

The oversight body is accountable to the Ministry of Finance

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

Bank of Greece

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

There are no separate procedures as regards financial reporting. Reporting on bank matters to the Bank of Greece is completely separate

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

None
accounting and auditing standard-setting

None
review of financial statements prepared by listed entities

None
enforcement of accounting, reporting and auditing requirements

None

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

Ministry of Commerce

116. What is the source of Legal authority of the regulatory authority(ies)?

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession

None
accounting and auditing standard-setting

None
review of financial statements prepared by listed entities

None
enforcement of accounting, reporting and auditing requirements

None

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

Ministry of Commerce

119. What is the source of Legal authority of the regulatory authority(ies)?

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

None
accounting and auditing standard-setting

None
review of financial statements prepared by listed listed entities

None
enforcement of accounting, reporting and auditing requirements

None

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

None

122. What is the source of Legal authority of each regulatory authority?

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed listed entities
enforcement of accounting, reporting and auditing requirements

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

ELTE - as regards auditing

125. Under what authority does the organization conduct the program of quality assurance review?

Legislation Law 3148/2003 article 5

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

Members of SOEL

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

Disciplinary Board

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

One is a Supreme court Judge, one is a Professor of Accounting, one is a staff member of the Ministry of Finance

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

The first two above are appointed by ELTE while the third is appointed by the Minister of Finance (these members have not yet been appointed)

134. What is the term of appointment for members?

3 Year(s)

135. For how many years has the body been in existence?

Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

(specify currency)

137. To what entity is the body accountable?

Ministry of Finance

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

Day(s)

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