Historical reference on the development of the organizational structure and operation of the audit profession in Greece
The development of the organization and operation of the audit profession in Greece is divided into three periods:
- The period before the beginning of operation of the Institute of Certified Public Accountants (Soma Orkoton Logiston (SOL)) (from 1920 to 1956), ie when the control of annual financial statements of public entities was quite typical, due to lack of an organized audit profession.
- The period of operation of the Institute of Certified Public Accountants (Soma Orkoton Logiston (SOL)) from 1957 until 1992, when the audit profession in Greece was officially organized and operated in the form of a legal entity,duly supervised by the Greek state, the members of which were performing a public service thus guaranteeing freedom of expression of professional opinion. Within this legal entity high-level professionals were educated and duly trained to become highly qualified experts in auditing thus performing efficiently the audit of the financial statements of audited entities.
- In the period from 1993 until today, namely from the elimination of the organization form of SOL and the creation of the Institute of Certified Public Accountants of Greece (Soma Orkoton Elegton Logiston (SOEL)) and the operation of independent audit firms duly registered in the registry of SOEL.