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Supervisory Council

Description

Article 8, Presidential Decree 226/92

  1. The Supervisory Council is composed of 9 members and the President who are elected by the General Assembly as described by the previous article.
  2. The Supervisory Council of SOEL meets as a body following the election of the President, and elects its Vice President, who substitutes for the President when his absent or is otherwise occupied.
  3. The duties of the secretary of the Supervisory Council are exercised by the head of the Executive Secretariat who is substituted by one of the staff of the secretariat designated by the President when he/she is absent or otherwise occupied.
  4. The tenure of the President and of the members of the Supervisory Council, which according to article 7, paragraph 4 is of a 3 year duration may be renewed. Upon the death or departure of the President or of a member of the Supervisory Council, his/her substitute for the rest of his/her term is elected by decision of the Supervisory Council,
  5. The Supervisory Council is convened when at least six of its members are present. Decisions are taken, if no alternative method is adopted, by the absolute majority of those present, which, in any case must be composed of at least four votes.
  6. The meetings of the Supervisory Council may be attended by members of the Scientific Council as well as by the head of the executive secretariat, upon the invitation of the President and without the right to vote.
  7. The President and the members of the Supervisory Council are compensated for every meeting the magnitude of which is determined by decision of the General Assembly of SOEL. Compensation is given in contravention of existing legal provisions, as stated in Law 1256/1982, provisions which are in abeyance.
  8. The discussions, meetings and general functioning of the Supervisory Council, and every other necessary detail are regulated by the Internal Regulations which are drawn up by the Scientific Council and are approved by the Supervisory Council.
  9. The provisions regarding professional confidentiality as stated in paragraph 4 of article 16 of the present law are applied to the members and the personnel of the organs and services of SOEL.

Jurisdiction

Article 9 Presidential Decree 226/92


  1. The Supervisory Council exercises the administration of SOEL as a legal person and is responsible for the supervision of the work of Certified Public Accountants.
  2. The Supervisory Council has the remit defined by the present law as well as any responsibility assigned to it by decision of the General Assembly, Specifically:

a)      It is responsible for the financial management of the Institute of Certified Public Accountants; it draws up the annual financial statements as well as the budget of the following year and submits it for approval by the General Assembly of the Institute of Certified Public Accountants.

b)      It submits proposals to the General Assembly regarding the exact amount of the contributions of Certified Public Accountants and Trainee Certified Public Accountants, as well as any other financial obligation to the Institute by its members.

c)      It exercises through the appropriate organs, supervision and control over the Institute and oversees the work of Certified Public Accountants to ensure that it is conducted in accordance with laws and the prevailing norms of professional ethics and to secure the quality and transparency of services rendered by them as well as the prestige of the profession.

d)     It issues general guidelines regarding the formulation and application of Audit Standards and their harmonization with European Union and other International Audit Standards.

e)      It issues general guidelines regarding the conduct of the controls provided for by the present Decree.

f)       It decides upon the expulsion from the Institute of every Certified Public Accountant in accordance with the provisions of article 20 of the present law.

g)      It exercises every other responsibility provided for by the present law.


The jurisdiction of the Supervisory Council in regards to e) is exercised with the counsel of the Scientific Council.