Browse Profiles > Greece > International Standards on Auditing
  Score Rank
Standards Compliance Index 53.33 out of 100 24
Business Indicator Index 9.65 out of 12 31
Greece

International Standards on Auditing

Summary
The Accounting and Auditing Oversight Board of the Ministry of Economy and Finance is the body responsible for setting auditing and other assurance standards in Greece. On May 17, 2006, Directive 2006/43/EC of the European Parliament and the Council came into force requiring all statutory audits to be carried out on the basis of International Standards on Auditing (ISAs) as adopted by the European Commission. Being a member of the European Union, Greece has to transpose the Directive into its national legislation. Member States may impose additional requirements relating to the statutory audits of annual and consolidated accounts for periods expiring on June 29, 2010. As stated in the Financial System Stability Assessment prepared by the International Monetary Fund in 2006, at the time of the writing Greece was planning to adopt ISAs by 2007. However, as of September 2008, there is insufficient information on whether the plan has been implemented.

    General Overview

    Under Codified Law No. 2190 of 1920, the Accounting and Auditing Oversight Board (ELTE) of the Ministry of Economy and Finance (MEF) is responsible for setting auditing and other assurance standards for listed and non-listed companies, according to the Greek Institute of Certified Public Accountants' (SOEL) 2005 self-assessment. The ELTE reports to the MEF and the President and two vice presidents of the ELTE are appointed by the MEF. Furthermore, the Bank of Greece, the Hellenic Capital Markets Committee, the Federation of Greek Industries, and the Federation of Industries of Northern Greece appoint one member each as their representatives. The ELTE's responsibilities, according to the SOEL's 2005 self-assessment, include among other things making recommendations to the MEF on matters pertaining to accounting and auditing; ensuring the quality of statutory audits, and overseeing the SOEL which is a member of the International Federation of Accountants.
    The self-assessment further explains that in Greece the following types of companies are subject to audit in accordance with Greek standards on auditing: (1) listed companies; (2) banks; (3) insurance companies; (4) some specialized companies; and (5) companies that exceed two of the three size criteria set by the EU Directives. These types of companies must be audited by a certified auditor approved by the shareholders of the company. Other companies must be audited in accordance with Greek standards on auditing by two auditors registered with the Economic Chamber of Commerce.
    On May 17, 2006, Directive 2006/43/EC of the European Parliament and the Council came into force requiring all statutory audits to be carried out on the basis of International Standards on Auditing (ISAs) as adopted by the European Commission. The Directive aims at high-level, though not full, harmonization of statutory audit requirements. EU member states shall adopt and publish the provisions necessary to comply with the Directive before June 29, 2008. As stated in the Financial System Stability Assessment prepared by the International Monetary Fund in 2006, Greece planned to adopt ISAs by 2007.


    The Principles

    ISA 200 Objective and General Principles Governing an Audit of Financial Statements (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 210 Terms of Audit Engagements (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 220R Quality Control for Audits of Historical Financial Information (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 230R Documentation (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 240 The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 260 Communications of Audit Matters With Those Charged With Governance (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 300 Planning an Audit of Financial Statements (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 320 Audit Materiality (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 330 The Auditor’s Procedures in Response to Assessed Risks (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 402 Audit Considerations Relating to Entities Using Service Organizations (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 500 Audit Evidence (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 501 Audit Evidence - Additional Considerations for Specific Items (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 505 External Confirmations (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 510 Initial Engagements — Opening Balances (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 520 Analytical Procedures (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 530 Audit Sampling and Other Selective Testing Procedures (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 540 Audit of Accounting Estimates (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 545 Auditing Fair Value Measurements and Disclosures (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 550 Related Parties (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 560 Subsequent Events (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 570 Going Concern (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 580 Management Representations (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 600 Using the Work of Another Auditor (effective)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 610 Considering the Work of Internal Auditing (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 620 Using the Work of an Expert (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 700 The Auditor’s Report on Financial Statements (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 701 Modifications to the Independent Auditor's Report (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 710 Comparatives (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 720 Other Information in Documents Containing Audited Financial Statements (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    ISA 800 The Auditor’s Report on Special Purpose Audit Engagements (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    Jump to other standards


    Sources of Assessment

    Institute of Certified Public Accountants of Greece, "Response to the IFAC Part 2, SMO Self-Assessment Questionnaire," Self-assessment prepared as a part of the International Federation of Accountants' Member Body Compliance Program, June 2007. Available from International Federation of Accountants website. Accessed on September 9, 2008. (SOEL 2007)

    International Monetary Fund, "Greece: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the Following Topics: Banking Supervision, Insurance Supervision, Securities Regulation, and Anti-Money Laundering and Combating the Financing of Terrorism," Country Report 06/6, Washington, D.C.: IMF, January 2006. Available from International Monetary Fund website. Accessed on September 9, 2008. (IMF 2006)

    Relevant Organizations

    Accounting and Auditing Oversight Board of the MEF (ELTE)

    Association of Certified Accountants and Auditors of Greece - Silogos Egekrimenou Logiston Elelgton Ellados (SELE)

    Athens Exchange (ASE)

    Bank of Greece (BoG)

    Economic Chamber of Commerce

    Federation of Greek Industries (FGI) www.fgi.org.gr

    Federation of Industries of Northern Greece (FING)

    Hellenic Capital Market Commission (HCMC)

    Institute of Certified Public Accountants in Greece - Soma Orkoton Elegton Logiston (SOEL)

    Ministry of Economy and Finance (MEF)



    Relevant Legislation/Regulation

    Law on Public Limited Liability Companies No. 2190, 1920

    Tax Laws No. 3323, 1955 and No. 3843, 1958 (amended)

    EU Auditing -Related Directives



    Supplementary Sources

    Institute of Certified Public Accountants of Greece, "Assessment of the Regulatory and Standard-Setting Framework," Self-assessment prepared as a part of the International Federation of Accountants' Member Body Compliance Program, April 2005. Available from International Federation of Accountants website. Accessed on September 9, 2008. (SOEL 2005)

    International Federation of Accountants website. Accessed on September 9, 2008. (IFAC website)
    ©  Copyright 2008 Financial Standards Foundation. All Rights Reserved. Terms of Use | Contact