Greece

As a member of the European Union (EU), Greece is subject to accounting, auditing, and financial reporting requirements established in EU Regulations and Directives as transposed into national laws and regulations. The jurisdiction has aligned its corporate reporting and statutory audit framework with the EU acquis communautaire relating to financial reporting, statutory audit, and public oversight.

The preparation of financial statements is primarily governed by Law 4308/2014 on Greek Accounting Standards, which transposed Directive 2013/34/EU into national legislation. Under the law, the Ministry of National Economy and Finance is responsible for the accounting framework, while the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), operating under the supervision of the Ministry, provides technical guidance and oversight related to accounting and auditing standards.

Law 4308/2014 establishes differentiated financial reporting requirements based on the size and public interest status of entities. Public interest entities, including listed companies, credit institutions, financial institutions, and insurance undertakings, are required to apply International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the EU in the preparation of their consolidated and, where applicable, separate financial statements. Other entities apply Greek Accounting Standards under Law 4308/2014, although certain entities may elect to apply EU-endorsed IFRS on a voluntary basis. Greece has not adopted the IFRS for Small and Medium-sized Entities (IFRS for SMEs).

Statutory audit requirements are established under Law 4449/2017, which transposed the EU Statutory Audit Directive and incorporated the requirements of Regulation (EU) No 537/2014 into national legislation. Mandatory statutory audits are required for public interest entities and for companies exceeding prescribed size thresholds based on total assets, turnover, and number of employees.

Law 4449/2017 establishes the legal framework for the regulation, supervision, and oversight of statutory auditors and audit firms. Audits are required to be conducted in accordance with International Standards on Auditing (ISA) as adopted in Greece through translation and publication in the Official Gazette. The Hellenic Accounting and Auditing Standards Oversight Board (ELTE) is responsible for oversight of the audit profession and plays a central role in the implementation and monitoring of auditing and assurance standards within the jurisdiction.

Only statutory auditors are regulated at the state level in Greece. The audit profession is governed by Law 3148/2003, as amended, and Law 4449/2017, which establish the framework for public oversight, approval, registration, supervision, quality assurance, and discipline of statutory auditors and audit firms. The Hellenic Accounting and Auditing Standards Oversight Board (ELTE) is the public oversight authority for the audit profession and operates under the supervision of the Ministry of National Economy and Finance.

The Certified Public Accountant (CPA) designation is the protected professional title for statutory auditors in Greece. Only CPAs registered in the public register may conduct statutory audits, and statutory auditors must practice through an audit firm. Entry into the profession is regulated under Law 4449/2017. Candidates are required to hold a university degree, pass the professional accountancy examinations, and complete five years of practical experience, including two years after passing the final examination.

ELTE is responsible for granting, maintaining, and withdrawing statutory auditor and audit firm licenses; maintaining the public register of statutory auditors and audit firms; supervising professional examinations, practical training, and continuing professional development requirements; conducting quality assurance oversight; and defining the disciplinary procedure and control system. ELTE carries out these responsibilities through its Board of Directors, Executive Committee, Quality Control Board, Accounting Standards Board, Professional Examination Committee, and Disciplinary Board.

The Institute of Certified Public Accountants of Greece (SOEL) operates as the professional accountancy organization for statutory auditors under ELTE’s oversight. SOEL supports the regulation and development of the profession by administering professional examinations, supporting initial and continuing professional development, maintaining professional records in coordination with ELTE, and conducting quality assurance inspections of auditors and audit firms that do not audit public interest entities where delegated by ELTE. This reflects a shared regulatory model in which public oversight is exercised by ELTE, while SOEL plays a significant role in professional education, member support, and delegated oversight activities.

Independent public oversight of the audit profession in Greece is established under Law 3148/2003, as amended by Law 4449/2017, which provides the legal framework for the regulation and supervision of statutory auditors and audit firms.

The law designates the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), operating under the supervision of the Ministry of National Economy and Finance, as the independent public oversight authority for the audit profession in Greece.

ELTE is responsible for the approval, registration, supervision, and oversight of statutory auditors and audit firms; monitoring compliance with applicable auditing, ethical, and quality management standards; overseeing quality assurance reviews; administering investigative and disciplinary arrangements; and supervising the activities delegated to the Institute of Certified Public Accountants of Greece (SOEL). ELTE also provides technical advice on accounting and auditing standards and cooperates with competent authorities and oversight bodies at the European and international levels.

ELTE is a member of the International Forum of Independent Audit Regulators, supporting international cooperation and the exchange of information and best practices in audit oversight.

The Institute of Certified Accountants of Greece (SOEL)

SOEL was established in 1992 under Presidential Decree No. 226/1992, as amended by Presidential Decree No. 341/1997, as the professional accountancy organization for statutory auditors in Greece. SOEL represents Certified Public Accountants and audit firms registered in the jurisdiction.

Before the establishment of the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), SOEL served as the supervisory body for the audit profession. Its current mandate is exercised under ELTE’s oversight and includes administering professional examinations, supporting initial and continuing professional development, maintaining professional records in coordination with ELTE, and conducting quality assurance inspections for auditors and audit firms that do not audit public interest entities where delegated by ELTE.

SOEL also supports the development of the profession through technical guidance, training, and cooperation with national and international stakeholders. In addition to being a member of the International Federation of Accountants, SOEL is a member of Accountancy Europe.

In Greece, a mandatory quality assurance (QA) review system is established for all statutory audits under Law 4449/2017. The Hellenic Accounting and Auditing Standards Oversight Board (ELTE), operating under the supervision of the Ministry of National Economy and Finance, is responsible for audit oversight and conducts QA reviews of auditors and audit firms that audit public interest entities. ELTE has delegated QA reviews of auditors and audit firms that do not audit public interest entities to the Institute of Certified Public Accountants of Greece (SOEL), under ELTE’s oversight. Public Interest Auditors (PIE) auditors are reviewed every three years, while non-PIE auditors are reviewed every six years.

The QA review system is operational for all mandatory statutory audits and is aligned with the requirements of SMO 1. ELTE’s 2023/24 Annual Report confirms that the authority has incorporated review procedures focused on compliance with International Standard on Quality Management (ISQM) 1 and ISQM 2, including the evaluation of firms’ quality objectives, quality risks, and responses.

Current Status: Adopted

Law 4449/2017 establishes initial and continuing professional development requirements for Certified Public Accountants (CPAs) in Greece and authorizes the Hellenic Accounting and Auditing Standards Oversight Board (ELTE) and the Institute of Certified Public Accountants of Greece (SOEL) to further define and implement education requirements for statutory auditors.

Candidates for the CPA designation are required to hold a university degree, pass professional accountancy examinations, and complete five years of practical experience, including two years after passing the final examination. ELTE oversees the professional examinations and syllabus, while SOEL administers the examination process and provides initial and continuing professional development activities. CPAs are required to complete at least 120 hours of continuing professional development over a three-year period, with compliance monitored through the quality assurance review system.

SOEL reports that its educational requirements incorporate the latest International Education Standards requirements for statutory auditors, including entry requirements, professional competence, practical experience, professional assessment, and continuing professional development

Current Status: Adopted

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 Hellenic Accounting and Auditing Standards Oversight Board (ELTE) oversees the adoption and publication of auditing standards, while the Institute of Certified Public Accountants of Greece (SOEL) supports translation and implementation.

ELTE has published Greek translations of several revised ISA and related International Auditing and Assurance Standards Board pronouncements, including ISA 315 (Revised 2019), ISA 600 (Revised), International Standard on Quality Management (ISQM) 1, ISQM 2, and other quality management-related standards. ELTE approved the Greek translation of ISA 600 (Revised) in April 2025, with application for group financial statement audits for periods beginning on or after December 15, 2025. ELTE also published ISA 570 (Revised 2024) in June 2025, with application for audits of financial statements for periods beginning on or after December 15, 2026. Greece has therefore adopted ISA based on the 2022 International Auditing and Assurance Standards Board Handbook, including the quality management standards and several subsequently revised standards.

The current International Auditing and Assurance Standards Board pronouncements include the 2025 Handbook and subsequent amendments issued in 2026. Available information indicates that Greece has adopted and translated key recent ISA revisions, but not all currently effective pronouncements in their entirety as of the time of assessment.

The ISA for Audits of Financial Statements of Less Complex Entities has not been adopted.

Current Status: Partially Adopted

Law 4449/2017 requires Certified Public Accountants (CPAs) and audit firms in Greece to comply with professional ethics principles and provides the legal basis for the adoption of a professional code of conduct for statutory auditors. 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.

The applicable national ethics code is the Greek translation of the 2015 International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants, which was approved by ELTE and published in the Greek Government Gazette in 2017. SOEL lists the Code of Professional Ethics for Statutory Auditors, published in Government Gazette B’ 3916/07.11.2017, among the applicable legislation for the profession.

ELTE announced the 2024 International Ethics Standards Board for Accountants Handbook in September 2024, and SOEL reports that it provides members with the latest English version while work on Greek translation continues. However, available information does not indicate that a 2018 or later version of the Code has been formally adopted and made effective in Greece.

Current Status: Not Adopted

The Government of Greece is responsible for issuing public sector accounting and reporting requirements. Greece has introduced the General Government Accounting Framework under Presidential Decree 54/2018, which provides for the gradual implementation of accrual-based accounting across general government entities. The framework is designed to support common accounting principles and rules, accrual accounting implementation, consolidated financial statements, and reports aligned with European System of Accounts and International Public Sector Accounting Standards (IPSAS).

The IFAC and Chartered Institute of Public Finance and Accountancy International Public Sector Financial Accountability Index tracks public sector financial reporting frameworks globally and identifies jurisdictions using IPSAS directly, indirectly, or as a reference point. Available information indicates that Greece uses accrual-based national public sector accounting standards that reference IPSAS, rather than adopting IPSAS in full.

Accordingly, the jurisdiction-level framework is moving toward accrual-based public sector reporting with reference to IPSAS but is not fully aligned with accrual-basis IPSAS in effect as of the time of assessment.

Current Status: Partially Adopted

Law 4449/2017 establishes the investigative and disciplinary (I&D) framework for statutory auditors and audit firms 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 public oversight of the system, including disciplinary procedures and sanctions.

ELTE has established a Disciplinary Board responsible for addressing violations of the legal and regulatory framework applicable to statutory auditors and audit firms. ELTE’s annual reports confirm that the system is operational and that administrative sanctions have been imposed, including financial penalties and temporary prohibitions from conducting statutory audits of public interest entities.

The system incorporates several elements of SMO 6, including investigation, disciplinary decision-making, and sanctions. However, available information indicates that some gaps remain, including limited public availability of full disciplinary outcomes and no clear evidence of an independent review process for complaints not pursued. Accordingly, the jurisdiction-level I&D system is operational but not fully aligned with all SMO 6 requirements.

Current Status: Partially Adopted

Law 4308/2014 establishes the financial reporting framework in Greece and transposes the European Union Accounting Directive into national legislation. Under the law, listed companies, credit institutions, financial institutions, insurance undertakings, and other specified entities are required to apply International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union in the preparation of their consolidated financial statements. Certain entities are also required or permitted to apply EU-endorsed IFRS in separate financial statements. The Hellenic Accounting and Auditing Standards Oversight Board (ELTE), operating under the supervision of the Ministry of National Economy and Finance, provides technical support related to accounting standards adoption and implementation. (ifrs.org)

As a member of the European Union, Greece applies IFRS Accounting Standards as endorsed by the European Union. The European Union endorsement mechanism may result in limited timing differences between IFRS Accounting Standards issued by the International Accounting Standards Board and those endorsed for application in the European Union. However, the IFRS Foundation reports that companies applying EU-endorsed IFRS are able to state compliance with IFRS Accounting Standards in almost all cases. Accordingly, IFRS Accounting Standards are assessed as Adopted under the 2026 adoption definitions.

IFRS for Small and Medium-sized Entities have not been adopted in Greece.

Current Status: Adopted

Relevant Organizations

European Financial Reporting Advisory Group

Hellenic Accounting and Auditing Standards Oversight Board (ELTE)

Institute of Certified Public Accountants of Greece (SOEL)

Institute of Education and Training of SOEL (IESOEL)

International Forum of Independent Audit Regulators

Ministry of National Economy and Finance of Greece

National and Kapodistrian University of Athens

Relevant Legislation

Law 3148/2003 establishing the Hellenic Accounting and Auditing Standards Oversight Board (ELTE): ELTE Legislation Portal – Law 3148/2003

Law 3693/2008 on statutory audits and ethical requirements: ELTE Legislation Portal – Law 3693/2008

Law 4308/2014 on Greek Accounting Standards and financial reporting requirements: Official Greek Text of Law 4308/2014 (Ministry of National Economy and Finance)

Law 4449/2017 on statutory audits, public oversight, and adoption of ISA: ELTE Legislation Portal – Law 4449/2017

Presidential Decree 54/2018 on the General Government Accounting Framework and accrual accounting reform: Presidential Decree 54/2018 (National Printing Office)

Presidential Decree No. 226/1992 establishing the Institute of Certified Public Accountants of Greece (SOEL): Presidential Decree 226/1992 (National Printing Office)

Presidential Decree No. 341/1997 amending Presidential Decree No. 226/1992: Presidential Decree 341/1997 (National Printing Office)

Regulatory Act 004/2017 approving the Greek translation of the International Ethics Standards Board for Accountants Code of Ethics: ELTE Regulatory Act 004/2017

Relevant Publications

Accountancy Europe, Corporate Sustainability Reporting Directive Transposition Tracker

ELTE Annual Report 2022–2023

ELTE Decision approving ISA 600 (Revised)

Roadmap to Implement Accrual Accounting in Greece