Institute of Certified Public Accountants of Greece

In Greece, the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), operating under the supervision of the Ministry of National Economy and Finance, is responsible for the establishment and oversight of the quality assurance (QA) review system for statutory audits. ELTE directly oversees inspections of auditors and audit firms conducting audits of public interest entities and has delegated inspections of non-public interest entity audit firms to the Institute of Certified Public Accountants of Greece (SOEL).

SOEL maintains a Quality Control Committee responsible for conducting QA reviews of auditors and audit firms performing audits of non-public interest entities under ELTE’s oversight. The system operates on a risk- and cycle-based approach, with inspections conducted every three years for public interest entity auditors and every six years for non-public interest entity auditors. According to SOEL and ELTE reports, between 2022 and 2024 SOEL conducted 68 inspections covering 23 audit firms.

Since the previous assessment, SOEL has continued supporting implementation of the revised quality management standards through professional training, technical guidance, and dissemination activities related to International Standard on Quality Management (ISQM) 1, ISQM 2, and ISA 220 (Revised). ELTE approved and published the Greek translations of ISQM 1 and ISQM 2 in 2024, and SOEL has continued providing implementation support and continuing professional development activities to assist firms with transition to the quality management framework. SOEL has also translated and disseminated IFAC implementation materials for small and medium practices to support application of quality management standards in practice.

SOEL reports that the jurisdiction-level QA review system has been assessed against the requirements of SMO 1 and that the system fulfills the relevant requirements. Based on available information, SOEL continues to demonstrate ongoing fulfillment of its responsibilities under SMO 1.

Current Status: Sustain

Law 4449/2017 establishes initial and continuing professional development requirements for Certified Public Accountants (CPAs) in Greece. Responsibility for implementation is shared among the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), the Institute of Certified Public Accountants of Greece (SOEL), and universities. ELTE’s legal framework includes Law 4449/2017 and the Professional Examination Committee, while Accountancy Europe confirms SOEL’s role in initial education, examinations, approval and registration with ELTE, and continuing professional development with ELTE.

Candidates for the CPA designation are required to hold an academic degree, pass professional examinations, and complete at least five years of practical experience, including two years after passing the professional examinations. SOEL administers the professional examination process under ELTE oversight and requires members to complete 120 hours of continuing professional development over a three-year period.

SOEL supports implementation through its Institute of Education and Training, continuing professional development programs, and cooperation with universities and international professional bodies. Its long-standing cooperation with the National and Kapodistrian University of Athens supports specialization programs in Applied Accounting and Auditing and Public Auditing, including professional examination pathways toward the CPA designation.

SOEL reports that the jurisdiction-level education framework is aligned with the International Education Standards and continues to monitor developments to maintain alignment. Based on available information, SOEL continues to demonstrate ongoing fulfillment of its responsibilities under SMO 2.

Current Status: Sustain

Law 4449/2017 establishes auditing requirements in Greece and provides for the application of International Standards on Auditing (ISA), as translated and adopted for use in the jurisdiction. The Ministry of National Economy and Finance is ultimately responsible for adoption, while the Hellenic Accounting and Auditing Standards Oversight Board (ELTE) oversees the adoption and publication of auditing and assurance standards. The Institute of Certified Public Accountants of Greece (SOEL) supports adoption and implementation through translation, dissemination, continuing professional development, and member guidance.

SOEL continues to collaborate with ELTE to translate ISA and other International Auditing and Assurance Standards Board (IAASB) pronouncements into Greek. Since the previous assessment, ELTE has published additional Greek translations, including ISA 600 (Revised), International Standard on Quality Management (ISQM) 1, ISQM 2, and ISA 570 (Revised 2024). SOEL also provides members with access to the latest IAASB Handbook in English while Greek translations are being completed.

SOEL supports members through continuing professional development courses, technical updates, implementation guidance, and dissemination of IAASB developments through its website and publications. SOEL also monitors new and amended IAASB pronouncements, including developments related to the ISA for Audits of Financial Statements of Less Complex Entities, and engages with ELTE and other stakeholders on adoption and implementation matters.

SOEL continues to demonstrate active support for the adoption and implementation of IAASB pronouncements.

SOEL is encouraged to continue working with ELTE to reduce translation and adoption time lags and to participate, where feasible, in the international standard-setting process through comments on IAASB Exposure Drafts and consultations.

Current Status: Review & Improve

Law 4449/2017 provides the legal basis for ethical requirements applicable to Certified Public Accountants (CPAs) and audit firms in Greece. The Hellenic Accounting and Auditing Standards Oversight Board (ELTE), following proposals from the Institute of Certified Public Accountants of Greece (SOEL), is responsible for approving ethical requirements for CPAs and audit firms.

SOEL reports that the 2015 International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants was translated into Greek in cooperation with ELTE, approved by ELTE, and published in the Government Gazette in 2017. The applicable local Code is therefore based on the 2015 International Ethics Standards Board for Accountants Code of Ethics. ELTE’s latest annual reporting continues to refer to statutory auditors’ compliance with the International Ethics Standards Board for Accountants Code of Ethics.

SOEL supports implementation by incorporating ethics in the professional examination syllabus, offering ethics-related continuing professional development, organizing seminars and training, and informing members of new and revised pronouncements through its website and Accountancy Greece. SOEL also reports that it is translating the 2023 International Code of Ethics for Professional Accountants and, in the meantime, provides members with the latest English version of the Handbook.

SOEL is encouraged to continue working with ELTE to reduce the translation and adoption time lag and ensure that professional accountants are required to comply with a 2018 or later version of the Code, including the latest International Independence Standards.

Current Status: Execute

The Government of Greece is responsible for issuing public sector accounting and reporting requirements. Greece has introduced a General Government Accounting Framework under Presidential Decree 54/2018 as part of its public sector accounting reform. The framework supports the gradual implementation of accrual accounting across general government entities and is designed with reference to International Public Sector Accounting Standards (IPSAS).

The Institute of Certified Public Accountants of Greece (SOEL) has no direct responsibility for public sector accounting standard setting. SOEL reports that it uses its best endeavors to promote IPSAS adoption by engaging with the Ministry of National Economy and Finance, the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), and other relevant stakeholders. SOEL also raises awareness among members and stakeholders through continuing professional development activities, workshops, its website, and Accountancy Greece.

SOEL continues to monitor public sector accounting developments and support awareness of IPSAS and accrual accounting reform. Its activities are relevant given Greece’s ongoing transition toward accrual-based public sector reporting and the continued use of national standards that reference IPSAS rather than full accrual-basis IPSAS. Based on available information, SOEL continues to demonstrate ongoing fulfillment of its responsibilities under SMO 5.

Current Status: Sustain

In Greece, the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), operating under the supervision of the Ministry of National Economy and Finance, is responsible for the investigation and discipline (I&D) system for statutory auditors and audit firms. The Institute of Certified Public Accountants of Greece (SOEL) does not carry out I&D procedures directly, as this authority rests with ELTE under Law 4449/2017.

ELTE’s Disciplinary Board is responsible for addressing violations of the legal and regulatory framework governing statutory auditors and audit firms, including ELTE regulatory acts, the applicable International Ethics Standards Board for Accountants Code of Ethics, auditing standards, quality management standards, and non-compliance with recommendations issued following quality assurance reviews. ELTE’s 2023/24 Annual Report confirms that the system is operational and that administrative sanctions were imposed during the period, including financial penalties and a temporary prohibition from conducting statutory audits of public interest entities.

SOEL reports that it monitors ELTE’s I&D system, raises awareness of disciplinary matters through member communications, and updates its internal rules to maintain consistency with ELTE’s enforcement mechanisms. SOEL also reports that the ELTE system largely aligns with the requirements of SMO 6, although gaps remain, including no appeals process within ELTE, no independent review process for complaints not pursued, and limited public availability of full I&D outcomes.

SOEL continues to use its best endeavors to support the operation and strengthening of the jurisdiction-level I&D system. To further align with SMO 6 requirements, SOEL is encouraged to continue engaging with ELTE on closing the remaining gaps, including appeals arrangements, independent review of complaints, and greater transparency of disciplinary outcomes where legally permissible.

Current Status: Review & Improve

Law 4308/2014 establishes the financial reporting framework in Greece. Public interest entities and other entities specified in the law are required to apply International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union. Other entities generally apply Greek Accounting Standards, although they may elect to apply EU-endorsed IFRS where permitted. The IFRS Foundation confirms that IFRS are required for listed companies and certain other entities in Greece, and permitted for other companies subject to prescribed conditions.

The Institute of Certified Public Accountants of Greece (SOEL) has no direct responsibility for accounting standard setting but supports implementation through continuing professional development, technical guidance, member inquiries, and dissemination of International Accounting Standards Board updates through its website, newsletter, and Accountancy Greece. SOEL also monitors IASB developments and provides comments on Exposure Drafts through the European Financial Reporting Advisory Group.

SOEL continues to support member implementation through IFRS training, including the SOEL and Association of Chartered Certified Accountants CertIFR program, which provides training materials in Greek and access to online IFRS learning resources. Greece also transposed the Corporate Sustainability Reporting Directive through Law 5164/2024, expanding sustainability reporting requirements and reinforcing the need for continued member support on corporate reporting developments.

Based on available information, SOEL continues to demonstrate ongoing fulfillment of its responsibilities under SMO 7.

Current Status: Sustain