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  • About SOEL - The Institute of Certified Public Accountans of Greece (SOEL)
    did not counsel the adoption of the legal and regulatory framework prevailing in their own country perhaps because they judged that conditions prevailing in Greece were inimical to it but also because they took into account the disadvantages of the conduct of the profession in their country On the counsel of the aforementioned English Chartered Accountants the Greek Audit Standards were established these being based primarily on English Audit Standards These standards were revised in 1979 and adjusted to conform to the basic principles of the International Accounting Standards as well as the specific specifications of Greek law regarding public limited companies During this period the opinion prevailed that the profession of the external auditor Certified Public Accountant could not be compared with the liberal profession of medicine or the law but with the profession of jurisprudence which is a public function The Certified Public Accountant is not an advocate for the enterprise its shareholders as the lawyer defends the interests of his client and is legally enjoined to advance arguments in favor of his client and to silence those arguments detrimental to him The Certified Public Accountant must act exactly as a judge ought to The conclusions of the audit performed by the Certified Public Accountant must be objective and impartial to all From 1993 to Today In 1992 the opinion prevailed in government that the profession in Greece ought to adopt the organizational framework prevailing in other countries of the European Union that is to say audit firms With presidential decree 226 1992 on the formation organization and function of the Institute of Certified Public Accountants as well as on the terms of enrolment in a special register and exercise of the profession of Certified Public Accountant were abolished many previous ordinances relating to the Institute of Certified Public Accountants and the following ordinances were promulgated The Institute of Certified Public Accountants is instituted by and comprised of professional auditors who enjoy personal and functional independence and are enrolled in a special register which is a public document In the special register are enrolled already serving members of the Institute of Certified Public Accountants as well as persons who possess the qualifications and prerequisites specified by the same presidential decree The organs of the Institute of Certified Public Accountants are the General Assembly the Supervisory Council the Scientific Council and the disciplinary council Members of the Institue of Certified Public Accountants are all those possessing the rank of Certified Public Accountant Assistant CPA Articled CPA and Trainee CPA The introductory rank is that of Trainee CPA to which are admitted those having irreproachable morals and indubitable virtue and who possess a degree of a University economics faculty Promotion to higher grades occurs after successful completion of professional examinations The constitution and function of the Institute of Certified Public Accountants has as its aim the auditing of public and private organizations enterprises and concessions of all kinds independently of their legal form foundation firm or any other legal personality

    Original URL path: http://www.soel.gr/en/about-soel (2016-02-12)
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  • History of SOEL - The Institute of Certified Public Accountans of Greece (SOEL)
    country perhaps because they judged that conditions prevailing in Greece were inimical to it but also because they took into account the disadvantages of the conduct of the profession in their country On the counsel of the aforementioned English Chartered Accountants the Greek Audit Standards were established these being based primarily on English Audit Standards These standards were revised in 1979 and adjusted to conform to the basic principles of the International Accounting Standards as well as the specific specifications of Greek law regarding public limited companies During this period the opinion prevailed that the profession of the external auditor Certified Public Accountant could not be compared with the liberal profession of medicine or the law but with the profession of jurisprudence which is a public function The Certified Public Accountant is not an advocate for the enterprise its shareholders as the lawyer defends the interests of his client and is legally enjoined to advance arguments in favor of his client and to silence those arguments detrimental to him The Certified Public Accountant must act exactly as a judge ought to The conclusions of the audit performed by the Certified Public Accountant must be objective and impartial to all From 1993 to Today In 1992 the opinion prevailed in government that the profession in Greece ought to adopt the organizational framework prevailing in other countries of the European Union that is to say audit firms With presidential decree 226 1992 on the formation organization and function of the Institute of Certified Public Accountants as well as on the terms of enrolment in a special register and exercise of the profession of Certified Public Accountant were abolished many previous ordinances relating to the Institute of Certified Public Accountants and the following ordinances were promulgated The Institute of Certified Public Accountants is instituted by and comprised of professional auditors who enjoy personal and functional independence and are enrolled in a special register which is a public document In the special register are enrolled already serving members of the Institute of Certified Public Accountants as well as persons who possess the qualifications and prerequisites specified by the same presidential decree The organs of the Institute of Certified Public Accountants are the General Assembly the Supervisory Council the Scientific Council and the disciplinary council Members of the Institue of Certified Public Accountants are all those possessing the rank of Certified Public Accountant Assistant CPA Articled CPA and Trainee CPA The introductory rank is that of Trainee CPA to which are admitted those having irreproachable morals and indubitable virtue and who possess a degree of a University economics faculty Promotion to higher grades occurs after successful completion of professional examinations The constitution and function of the Institute of Certified Public Accountants has as its aim the auditing of public and private organizations enterprises and concessions of all kinds independently of their legal form foundation firm or any other legal personality public or private by persons with high professional qualifications who carry out their work with

    Original URL path: http://www.soel.gr/en/about-soel/history-of-soel (2016-02-12)
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  • General Assembly - The Institute of Certified Public Accountans of Greece (SOEL)
    Accountant Audit firms do not enjoy the right of participation in the General Assembly The General Assembly shall meet regularly once a year within four months of the end of the previous financial year at the invitation of the Supervisory Council to approve the annual financial statements and the budget of the Institute and in order to conduct any scheduled election or deal with any other matter placed on the agenda either by decision of the Supervisory Council or on the basis of a proposal signed by at least ten 10 Certified Public Accountants submitted to the Supervisory Council before the end of each financial year The General Assembly shall meet extraordinarily whenever convened by the Supervisory Council by decision of the same or the basis of a proposal signed by at least one quarter of the total number of registered Certified Public Accountants The General Assembly shall every three years elect the Chairmen and members of the Supervisory and Scientific Councils The election is conducted separately for each category by the single transferable vote The General Assembly shall appoint a Certified Public Accountant who has not been a member of the Supervisory Council in the six years previous to

    Original URL path: http://www.soel.gr/en/about-soel/organizational-structure/general-assembly (2016-02-12)
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  • Supervisory Council - The Institute of Certified Public Accountans of Greece (SOEL)
    those present which in any case must be composed of at least four votes 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 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 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 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 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 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

    Original URL path: http://www.soel.gr/en/about-soel/organizational-structure/supervisory-council (2016-02-12)
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  • Executive Secretariat - The Institute of Certified Public Accountans of Greece (SOEL)
    serving the administrative and secretarial needs of the Institute of Certified Public Accountants and is comprised of the following departments The Registry Department The Secretariat of the Supervisory Council The Administrative Department The Department of Financial Affairs The head of the Executive Secretariat is selected by the Supervisory Council Σώμα Ορκωτών Ελεγκτών Λογιστών Καποδιστρίου 28 Αθήνα Τ Κ 10682 T 30 210 38 91 400 Fax 30 210 38 25

    Original URL path: http://www.soel.gr/en/about-soel/organizational-structure/executive-secretariat (2016-02-12)
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  • Membership of SOEL - The Institute of Certified Public Accountans of Greece (SOEL)
    registration in any of the registers the following legally mandated documents are required Certificate of employment in an audit firm Validated photocopy by the audit firm of the official notification of employment in accordance with law 2656 53 and 763 70 or of registration with the social security fund of OAEE Validated photocopy of the certificate of membership of the Hellenic Chamber of Commerce for those who are compulsory members Certificate of registration in the registry of males and the general registry of municipal citizens for women A validated photocopy of the identity card dispensed by the Ministry of Public Order and Citizen Protection is required for non resident ethnic Greeks and foreigners A cheque payable to SOEL or cash to the amount of 200 euro or a deposit made to Alpha Bank Account Number 802002001000999 or to the National Bank of Greece Ethniki Account Number 129 480358 24 A photocopy of the identity card of the individual Two photographs suitable for identity cards Additional Documentation That May Be Required Registry of Trainee Certified Public Accountants Validated photocopy of a University or Institution of Technical Education degree for university degrees gained abroad recognition of equivalence from the National Academic Recognition Information Center NARIC is required or a certificate of attendance at a University or Institution of Technical Education Certificate of completion of military service obligations Type B or a validated copy of the said certificate Certificate of placement on the NARIC waiting list A validated photocopy and translation of a degree from an institution of higher education abroad University or Institution of Technical Education as well as a receipt for its deposit at the National Academic Recognition Information Center NARIC Validated photocopy of the practicing license for the profession of Certified Public Accountant or Auditor from the United States of America Canada South Africa Australia and New Zealand or validated photocopy of the certificate of membership of recognized professional associations of Certified Public Accountants and Auditors of the member states of the European Union Proof of professional experience certificates from employers Registration of Certified Public Accountants Registration of Certified Public Accountants Prerequisites for Registration Granting of Practicing License The title of Certified Public Accountant is granted to the trainee Certified Public Accountant who has successfully completed the professional entrance examinations prescribed by law If graduates of Universities or Institution of Technical Education they should have professional experience of at least three years two of which should take place after the successful completion of the professional entrance examinations ELTE Regulatory Act 005 2009 If Secondary Education graduates who successfully complete the Panhellenic Exams for admission to University six years of professional experience four of which should take place after the completion of the professional entrance exam ELTE 005 2009 Professional experience should be acquired under the supervision of a statutory auditor and be composed of at least 1000 hours of audit work per annum in statutory audits under the direct supervision of a statutory auditor Prerequisites for Registration as Certified Public

    Original URL path: http://www.soel.gr/en/membership-of-soel (2016-02-12)
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  • Professional examinations regulation - The Institute of Certified Public Accountans of Greece (SOEL)
    forecasting and avoiding business failure g2 Investments and new financial instruments former h2 Investments g2 Investments and new financial instruments former h2 Investments 1 Financial Markets 1 1 Financial Markets Introduction 1 2 Fundamental Concepts Investment return risk 1 3 Financial Market 1 3 1 Fundamental principles of the operation of the Financial Market Securities return 1 3 2 Interest rates structure theories explanation 1 3 3 Yield to Maturity 1 3 4 Trading in the financial markets 1 4 Products traded in financial markets 1 5 Securities trading risks in the financial markets 1 6 Capital Markets 1 7 Bonds 1 8 Syndicated Loans 1 9 Leveraged buyouts LBOs 1 10 Shares 1 10 1 Fundamental and technical analysis of share prices 1 10 2 The fundamental factors which affect the stock market price level 1 10 3 Share evaluation 1 10 4 Efficient Market Hypothesis 1 10 5 Dividend policy and investors 1 11 Foreign Exchange Foreign Exchange Markets 1 12 Risk Management 2 Derivatives 2 1 Forward contracts 2 1 1 Foreign Exchange Forward Contracts 2 1 2 Forward Rate Agreement 2 2 Futures 2 3 Options contracts 2 4 Other categories of derivatives 2 5 Accounting treatment of derivatives 2 6 Swaps 3 Investments 3 1 Investment evaluation methods 3 1 1 Internal rate of return IRR ή ΕΒΑ 3 1 2 Net Present Value method 3 1 3 Profitability indices 3 1 4 Payback 3 1 5 Average Book Value method 3 2 Net cash flows and inflation 3 3 Net cash flows and risk 4 Cost of Capital 5 Capital Structure and Gearing 6 New Financial Instruments 6 1 Financial Leasing 6 2 Factoring 6 3 Forfeiting 6 4 Franchising 7 Athens Stock Exchange Financial sector legal entities 7 1 Athens Stock Exchange Capital Markets Committee 7 2 IPOs Bonds Issues in the Stock Exchange 7 3 Underwriter 7 4 Different types of shares 7 5 Venture capital 7 6 Mutual Guarantee Scheme 7 7 Holding Companies 7 8 Investment services companies 7 9 Brokerage firms Brokers 7 10 Guarantee Fund to guarantee investment services 7 11 Athens Exchange Derivatives Market 7 12 Derivatives transactions clearing company ΕΤ Ε Σ Ε Π 7 13 Greek certificates Intangible shares Repositories company 7 14 Fixed income securities in the Athens Stock Exchange 7 15 Emerging capital markets parallel market 7 16 Emerging markets investment capital Emerging markets portfolio management companies 7 17 Deposits Guarantee Fund ΤΕΚ 7 18 Mutual Funds h1 Principles and special issues of Corporate and Bankruptcy Law former k1 Company Bankruptcy Law h1 Principles and special issues of Corporate and Bankruptcy Law former k1 Company Bankruptcy Law Legal persons and unions Definition of company and classification of companies General characteristics of companies Main classification of companies Legal personality and consequences The incorporation deed of a company in particular General and Limited Partnership Limited Liability Company The Societe Anonyme Definition and characteristics of the Societe Anonyme Capital of the Societe Anonyme Establishment of the Societe Anonyme General Meeting of Shareholders Rights of shareholders and minority rights Board of Directors Auditors 9 10 Dissolution and liquidation State supervision Conversions and transformations of Societes Anonymes Mergers of Societes Anonymes Acquisition of a Societe Anonyme by another Division of Societe Anonyme Corporate Governance European Company SE Bankruptcy Law Definition of bankruptcy Definition of insolvency Precondition and procedure for the declaration of bankruptcy Creditor protection measures Consequences of bankruptcy Organs of bankruptcy Assessment of credits Procedure of the negotiations with creditors Reorganization plan Liquidation of the debtor s assets and distribution The conclusion of bankruptcy Debtor s reinstatement h2 Special Provisions of Codified Law 2190 1920 former k2 Special Provisions of Codified Law 2190 1920 h2 Special Provisions of Codified Law 2190 1920 former k2 Special Provisions of Codified Law 2190 1920 A Special Provisions of L 2190 1920 on Societes Anonymes A I Performance of Inventory surveying and recording and the books of the Societe Anonyme 1 General 2 Inventory 3 Books kept A II Duration of accounting year A III Valuation Rules 1 General Principles 2 Intangible assets 3 Expenses of multi year depreciation 4 Tangible assets 5 Property rights and encumbrances 6 Participations and securities 7 Inventory 8 Claims 9 Claims and obligations in foreign currency 10 Provisions for contingencies and expenses 11 Provisions for personnel severance indemnities 12 Memo accounts 13 Branches 14 Assets of the Societe Anonyme that are abroad A IV Financial Statements and Board of Directors Report 1 Definition of financial statements 2 What is depicted in the financial statements 3 Basic principles applying to the structure of the financial statements 4 Structure and content of the balance sheet 5 Structure and content of the profit and loss account 6 Structure and content of the appropriation account 7 Structure and content of the general operation account statement 8 Content of the Notes to the financial statements 9 Issues relating to the financial statements 10 Preparation approval and publication of the financial statements 11 Amendment of the financial statements 12 Defects of the financial statements 13 Periodic financial statements 14 Financial statements of banks and credit institutions 15 Board of Directors Report A V Distribution of profits 1 Definition of net profits and distributable profits 2 Conditions for the lawful distribution of profits 3 Order of profit distribution 4 Distribution of fictitious profits 5 Distribution of profits to employees 6 Distribution of interim dividend A VI State Supervision A VII Dissolution revival and liquidation of the Societe Anonyme 1 Dissolution 2 Revival re operation 3 Liquidation B Special Provisions of Law 3190 1955 on Limited Liability Companies B I Inventory B II Valuation B III Financial statements administration report 1 Definition structure and content 2 Preparation and approval of financial statements 3 Time of preparation of financial statements 4 Administration Report 5 Audit by ordinary auditors 6 Publication 7 Approval by the annual General Meeting of partners B IV Books kept B V Distribution of profits C Conversion merger C I General C II Conversion or transformation 1 Definition 2 Procedure 3 Capital 3 Results C III Merger 1 Definition 2 Cases of merger 3 The stages of the merger procedure in summary i Cost and Management Accounting former i Accounting 2 i Cost and Management Accounting former i Accounting 2 Administrative accounting Meaning definition and objectives of Administrative Accounting Accounting and Administration Definition of cost and cost categories Definition of the terms cost expense charge consumption Basic cost categories such as historic estimated standard replacement deferential marginal reported controllable price supply direct indirect fixed variable etc Expenses control in general accounting Details on costs Raw materials consumables employees costs such as salaries wages and other depreciation interest cost other cost accounting expenses reported computational expenses non cost accounting expenses Operational and cost accounting structure of an entity Operations of markets production administration research development appropriation and finance Operational development in cost positions Cost accounting procedures Meaning definition and scope of cost accounting Various costs in terms of their type and their appropriation destination parameters of cost allocation operational cost assessment process cost assessment according to responsibility and cost center Rational cost allocation Basic cost accounting systems Job order and large scale mass production Cost accounting Cost accounting for co productions by productions and by products Losses on process i e damaged or defective products remnants and wastage or shrinkage of production Standard cost accounting Nature and objectives of standard cost accounting elements of standard cost accounting and process of assessment quantifying standards and standard prices flexible estimations of expenses and estimation of deviations from standard cost accounting Direct or variable or marginal cost accounting Nature and objectives of variable cost accounting items of variable cost accounting Break even point Meaning and objective of break even point margin of safety Cost accounting per operation Meaning objectives and methods of cost accounting per operation strengths and weaknesses items of cost accounting per operation Action plan Content of action plan budget of action plan budget of sales budget of production budget of purchases budget of expenses per item cash liquidity budget Cost accounting according to the provisions of the Greek Code of Books and Records Book of Technical Specifications Book of production and cost accounting in relation to the Greek General Accounting Plan Note For those of the above mentioned topics that a reference is being made in the Greek General Accounting Plan the studying material is limited to what is described by the Greek General Accounting Plan j1 Specific Issues on Accounting and Auditing of Public Sector former j4 Public Sector Accounting Plan j1 Specific Issues on Accounting and Auditing of Public Sector former j4 Public Sector Accounting Plan Introduction to Accounting Plans by Sector Specific accounting issues of social security institutions General accounting Differences between Sector Chart of Accounts and Greek General Chart of Accounts 1 Fixed Assets Long term receivables 1 1 Investments and other long term receivables 2 Inventories 3 Receivables Cash Cash Equivalents 3 1 Receivables from social security contributions 3 2 Receivables from grants Investments 3 3 Receivables from participation in pension benefits 4 Equity Long term liabilities 4 1 Share Capital 4 1 1 Sustainability of Social Security organizations adequacy of account K A 40 Capital Actuarial Study 4 2 Reserves Revaluation reserves Investment Grants 4 3 Investment Grants 5 Liabilities 6 Expenses 6 1 Payroll Other personnel expenses 6 2 Benefits 7 Revenue 7 1 Income from social security contributions 7 2 Income from health services rendered to third parties 7 3 Income from social resources duties rights 7 4 Income from surcharge penalties fines 7 5 Income from grants 8 Profit Loss Account balance sheet closing entries Memo accounts budget monitoring 9 1 Budgeted expenses Actual expenses 9 1 Budgeted revenue Actual revenue 9 1 2 Recognition of expenses revenue 9 1 3 Budget execution example and results determination Specific Accounting Issues for Local Government Organizations Public entities Hospitals General accounting Differences between Public Sector Chart of Accounts and Greek General Chart of Accounts 1 Fixed Assets Long term receivables 1 1 Fixed assets under construction advances 1 2 Fixed assets for communal use 2 Inventory materials management 3 Receivables Cash Cash Equivalent 3 1 Receivables from sales provision of services and other income 3 2 Receivables from contributions duties fines surcharges 3 3 Other Debtors 4 Equity Long term liabilities Reserves Revaluation reserves Investment grants 5 Liabilities 6 Expenses Third parties elected representatives fees and expenses Third parties utilities Benefits grants subsidy 7 Revenue 7 0 Definitions of revenue 7 1 Sales of goods and other inventories 7 2 Income from taxes contributions fines and surcharges 7 3 Income from sale of services 7 4 Income from grants 7 5 Other income 8 P L accounts Balance Sheet Analytical Accounting 9 Analytical Accounting accounts and their function those with specific issues 9 1 Reclassification of expenses Intermediate cost centers 9 2 Cost centers 9 3 Production costs 9 4 Revenue Gross results of analytical accounting 9 5 Year end closing entries of analytical accounting accounts 9 5 1 Calculation of gross results of analytical accounting cleaning service Memo accounts budget monitoring Specific issues on budget monitoring Budget Debit Accounts Budget Credit Account 10 1 Introduction to budgeting 10 1 1 Revenue Expenses differentiation budget codification 10 1 2 Connection between General Accounting accounts and budget accounts compatibility technique 10 1 3 Principles of budgeting 10 1 4 Steps of budgeted expenses realization and Public accounting accounts Account 02 31 Expenses balance Example of budgeted expenses realization procedures 10 1 5 Phases of budgeted revenue realization Account 06 31 Revenue balance Example of budgeted revenue realization procedures The preparation of revenue and expenses review KA 02 31 KA 06 31 10 1 6 Budget reformation 10 1 7 Year End closing budget accounts function and interrelation example Public sector Specific auditing issues 1 Auditing social security institutions 2 Auditing municipalities 3 Auditing legal entities of public law Public entities 4 Auditing public health units hospitals Public organizations Accounting and auditing Examples j2 Specific Issues on Bank Accounting and Auditing Former j2 Banking Sector Accounting Plan j2 Specific Issues on Bank Accounting and Auditing Former j2 Banking Sector Accounting Plan 1 General 1 1 Purpose of the bank 1 2 Requirements for establishing a bank 1 3 Social role of banks 1 4 Banks funds flow 1 5 Banking services 1 6 Banks revenue of flow 2 Deposits 2 1 Deposit accounts categories 2 2 Key accounting issues on deposits accounts 2 3 Operation of deposit accounts 2 4 Deposit account valuation under IFRS 2 5 Disclosures on deposit accounts 3 Loans 3 1 Definition of term 3 2 Loan categories 3 3 Loan agreements types 3 4 Loan insurance 3 5 Loan approval process 3 6 Key accounting issues on loans 3 7 Operation of loan accounts 3 8 Valuation of loans under IFRS 3 9 General principles and methodology for impairment of loans 3 10 Disclosures on loans 4 Key intermediate services 4 1 Letter of guarantee 4 2 Foreign business imports exports currency exchange 4 3 Other key intermediate services 5 Banking Sector Chart of Accounts 5 1 Legal framework 5 2 Similarities and differences between the Banking Sector Chart of Accounts and the General Chart of Accounts 6 Banking Specific Issues 6 1 Transactions Accounts with the Central Bank 6 2 Incoming out coming netting 6 3 Branches business accounts 6 4 Accounts transit 6 5 Cheques and payment orders 6 6 Consolidation of bank branches located abroad 7 Foreign Currency 7 1 General 7 2 Monitoring methods foreign exchange transactions 7 3 Multi currency system 7 4 Currency position 7 5 Currency positions categories 8 Other Issues on Auditing Banks 8 1 Contributions to deposit guarantee fund TEK 8 2 Contribution L 128 1975 for exporting firms 8 3 Provisions for doubtful debts L 396 68 8 4 Bank credit risk 8 5 Bank capital adequacy ratio 8 6 Adequacy of internal control system 9 Auditing Bank branches 9 1 General 9 2 Purpose of bank branches auditing 9 3 Preliminary audit procedures 9 4 Auditing cash 9 5 Auditing loan accounts 9 6 Auditing deposit accounts 9 7 Auditing other accounts 9 8 Auditing intermediate services 10 Auditing of the financials of bank branches 10 1 General 10 2 Preliminary audit procedures 10 3 Accounts receivables payables to financial institutions 10 4 Investments accounts 10 5 Noncurrent assets accounts 10 6 Other receivables liabilities 10 7 Accruals and deferred income Prepayments and accrued income 10 8 P L accounts 10 9 Derivatives accounts 11 Exercises on Bank Accounting Issues j3 Specific Issues on Accounting and Auditing of Insurance Companies former j3 Insurance Companies Sector Accounting Plan j3 Specific Issues on Accounting and Auditing of Insurance Companies former j3 Insurance Companies Sector Accounting Plan Introduction to Private Insurance 1 Basic terms of private insurance 1 1 Definition of insurance 1 2 Meaning of insurance 1 3 Insurance premium 1 4 Insurance interest 1 5 Insurance risk 1 6 Insurance companies institution 1 7 legal framework of private insurance 1 8 Insurance contract formation of the insurance contract 1 9 Insurance contract elements 1 10 Insurance categories 1 11 Other key insurance concepts Basics principles Structure of Sector Chart of Accounts 2 Key Features of Sector Chart of Accounts and differences with Greek General Chart of Accounts 2 1 Key features of Insurance companies Sector Chart of Accounts 2 2 Differences between Insurance companies Sector Chart of Accounts and the Greek General Chart of Accounts 3 Basic principles of Sector Accounting Plan 3 1 The principles of categorizing the revenue and expenses in General Accounting 3 2 The principle of preparation of the accounts with accounting records with journal entries 3 3 Accrual accounting concept 3 4 General principles of bookkeeping 3 5 insurance sectors Account numbers 4 Chart of accounts Insurance companies Sector Chart of Accounts 4 1 Structure of chart of accounts 4 2 Code numbering 4 3 Restricted hundred system 4 4 Obligatory Optional accounts 4 5 Graph structure of chart of accounts 5 Content and function of accounts recording of insurance Sector Chart of Accounts transactions 5 1 1st group of accounts Fixed assets 5 2 2nd group of accounts vacant 5 3 3rd group of accounts Receivables Cash Cash Equivalents 5 4 4th group of accounts Shareholders equity Provisions Long term liabilities 5 5 5th group of accounts short term liabilities 5 6 6th group of accounts Operating expenses by item 5 7 7th group of accounts Operating income by item 5 8 8th group of accounts P L accounts 6 Journal entries for key insurance transactions 6 1 Production journal entries 6 2 Registration journal entries 6 3 Compensation journal entries 6 4 Insurance provisions journal entries 6 5 Examples of insurance transactions journal entries 6 6 General example for insurance transactions journal entries 7 9th group of accounts Cost accounting 7 1 cost definition and basic accounting principles 7 2 Expenses included and not in the costing analysis 7 3 Categories types of costs 7 4 indirect cost criteria segmentation to costs centers 7 5 Analytical accounting Autonomous accounting system 7 6 Autonomy of analytical accounting 7 7 9th group First grade accounts 7 8 Account 92 Cost centers 7 9 Account 96 Gross analytical results 7 10 Account 98 Analytical programs 7 11 9th Group function charts 7 12 Analytical Accounting function charts 8 Exercises Financial statements 9 Financial Statements of Insurance Companies 9 1 General 9 2 Balance Sheet 9 3 Segment Reporting 9 4 Profit Loss statement 9 5 Profit Distribution 9 6 Statement of operating results 10 Model financial statements 10 1 Model Financial Statements under Sector Chart of Accounts 10 2 Model Financial Statements under IFRS Specific auditing issues for insurance companies 11 Audit Theory and Practice 11 1 Audit Concept 11 2 Scope of Auditing 11 3 Principles of auditing 11 4 Types of audit 12 Auditing Insurance Companies 12 1 Audit necessity 12 2 Auditing fixed assets 12 3 Auditing investments and securities 12 4 Auditing receivables 12 5 Auditing bank deposits 12 6 Auditing cheque receivables 12 7 Cash count 12 8 Auditing adequacy of insurance provisions 12 9 Auditing Income from insurance premiums and contract rights 12 10 Auditing reinsurance premiums and commissions 12 11 Production supply audit 12 12 Auditing claims 12 13 Auditing other expenses Specific issues of insurance companies 13 Topic A Insurance placement 13 1 Technical stock liabilities 13 2 technical stock Investments 13 3 Valuation of insured assets 13 4 Investment restrictions 14 Topic B Solvency Margin Solvency I 14 1 Definition and meaning of solvency 14 2 Calculating the appropriate solvency margin 15 Topic C Guarantee fund 15 1 Requirement of minimum guarantee fund 16 Brief Introduction to Accounting Plans 16 1 General issues on accounting standards 16 2 International Accounting Standards 16 3 The International Accounting Standards 16 4 The Accounting Directives of the European Union 16 5 Greek Accounting standards j4 Specific Issues on Accounting and Auditing of Shipping Companies former o2 Accounting 3 Shipping Companies j4 Specific Issues on Accounting and Auditing of Shipping Companies former o2 Accounting 3 Shipping Companies 1 Merchant Marine Industry 1 1 The role of merchant marine industry 1 2 History overview of Greek merchant marine industry 1 3 Merchant Vessel 1 4 Port Authorities accounting books 1 5 Other shipping terms 2 Shipping Company business legal form 3 Shipping accounts 3 1 Definition and scope of shipping companies accounting 3 2 Accounting systems 3 3 Accounting books 3 4 shipping companies books according to code of books and records of respective categories 3 5 Additional non accounting books 3 6 shipping companies chart of accounts 3 7 Accounting issues 4 Operating Income accounting 4 1 Introduction to chartering 4 2 Ship chartering 4 3 Types of charters 4 4 Types of charter agreement 4 5 Freight charters 4 6 Time charter contracts 4 7 Contracts of goods transportation 4 8 Passenger and shipping transportation 4 9 Other ship owner business activities onboard 4 10 Audit procedures on operating income 5 Operating Expenses accounting 5 1 Definition of operating expenses and invoicing 5 2 Details of ship s operating expenses 5 3 Budgeted and actual operating expenses 5 4 Charter agreement approval 5 5 Fees and crew expenses 5 6 Voyage expenses 5 7 Maintenance Repairs Supplies 5 8 ships insurance premiums 5 9 Capital expenditure 5 10 Depreciation 5 11 Administration expenses and management fees 6 Shipping companies fixed assets 6 1 Ship acquisition 6 2 Shipbuilding acquisition 6 3 Acquisition by contract 6 4 Ships technological interventions 6 5 Other fixed assets 7 Financing of shipping companies 7 1 Loans and credits 8 Specific accounting issues 8 1 About general average and contribution 8 2 About ship collisions 8 3 About offshore claim receivables 8 4 About partial average 9 Financial on Merchant Vessels management 9 1 Master s general account MGA 9 2 Economic department of commercial ships 10 Foreign Exchange differences 11 Off balance sheet foreign currency account 12 Ships and Income Taxation 13 Example of journal entries in order to determine voyage operating expenses k International Accounting Standards and IFRS Formerly j5 International Accounting Standards k International Accounting Standards and IFRS Formerly j5 International Accounting Standards International Accounting Standards and International Financial Reporting Standards The current IAS IFRS and current interpretations Introduction The financial statements in accordance with IAS IFRS The requirements for preparing the financial statements Accounting Principles and Methods Accounting estimates Qualitative characteristics of financial statements The elements of financial statements Accounting policies changes in accounting estimates and errors Property plant equipment Accounting for government grants Goodwill Intangible assets Investments in associates Interests in Joint Ventures Financial assets and financial liabilities Inventories Prepayments Cash and cash equivalents Non current assets for sale and discontinued operations Provisions Contingent Liabilities and Contingent Assets Employee Benefits Subsequent Events after Balance sheet date Revenue Share based payments Income Taxes Leases Impairment of assets Consolidated financial statements The effects of exchange rates changes Financial reporting in hyperinflationary economies Financial statements disclosures IFRS Insurance contracts Construction contracts Borrowing costs Interim financial reporting Investment Property Agriculture Reporting by segment Earnings per share Disclosure of related party First time adoption of IAS IFRS Other standards Practical Examples of all IAS IFRS l International Technology IT Systems former l Computer based Accounting Applications l International Technology IT Systems former l Computer based Accounting Applications The module computer based accounting applications includes Subject Level MS Word Determining level of knowledge and improvement in weak areas MS Excel Advanced Level ACL V7 for Windows Intermediate Level MS Excel Introduction to Excel Managing and printing files Create a new excel workbook Create a new blank excel workbook Create a new workbook based on the default excel workbook Open File File Search Search file containing text Search files based on one or more properties Print Print option print the selected worksheet or workbook Print multiple worksheets simultaneously Cancel multiple sheets Print multiple workbooks simultaneously Print Preview Print a worksheet and the functions Print labels row and column headings on each page Setting print options Print a worksheet to adjust to a paper width or a number of pages Print in portrait or landscape Print with or without gridlines Add headers and footers for printing Create custom headers and footers Add delete or move page breaks Format cells rows or columns Hide or unhide rows or columns Display a hidden row or column Hide a row or column Select sheets Deselect multiple sheets Change the color of gridlines Delete sheets Insert a new worksheet Add a single worksheet Add multiple worksheets Data in Worksheets Introduction and selection of data Information on data completion based on adjacent cells Entering data in worksheet cells Format Cells Change text formatting Formatting numbers Display numbers with scientific functions Easy formatting Number format codes Add change or remove format on selections Filter and Sort Filter list Sort list Data entry Import text files Analysis and Data entry format Analysis and Data Management Calculating subtotals Insert subtotals Remove subtotals Show or hide data structure Create and delete PivotTable or PivotChart Create a PivotTable Refresh data in a PivotTable or PivotChart Delete a PivotTable Data tables Create a data table of one variable Create a data table of two variables Scripts About scripts Create script View Script Create formulas About calculation operators Create a formula Toggle relative absolute and mixed reports Reference to functions Logical Functions AND FALSE IF NOT OR TRUE Math and trigonometry functions ABS COUNTIF INT MOD POWER PRODUCT RAND ROUND ROUNDDOWN ROUNDUP SQRT SUBTOTAL SUM SUMIF SUMPRODUCT Financial Functions DB FV IPMT IRR NPER NPV PMT PPMT PV RATE SLN Statistical Functions AVERAGE COUNT COUNTA LARGE MAX MIN MODE RANK SMALL Lookup reference functions HLOOKUP VLOOKUP Database functions DAVERAGE DCOUNT DMAX DMIN DPRODUCT DSUM Date and Time Functions DATE DATEVALUE DAY DAYS360 MONTH NOW TODAY WEEKDAY YEAR Text and Data Functions CONCATENATE EXACT FIND LEFT LEN LOWER MID REPT RIGHT SEARCH TEXT TRIM UPPER VALUE Information Functions IS Functions Error messages Charts Create a Graph with the Chart Wizard Graph Types The chart toolbar Change the Chart Type Move and change size of a chart Move a chart Resize a chart Security Protection of workbook and worksheet Protect worksheet or workbook with a password Protect a workbook file from viewing or editing ACL 1 Introduction to ACL 1 1 Data Access and Management 1 2 Fixed comma Numbers Αριθμοί Σταθερής Υποδιαστολής 1 3 Start ACL Adjust the toolbar 2 Work with ACL for Windows Version 7 Workbook 2 1 Understanding ACL Projects Creating opening closing projects 2 2 Input File Definitions Create Input File Definitions in the Data Definition Wizard Set types without using the Wizard Defining data fields Defining hidden field Set numeric field Set date field Edit Input File Definitions Add New Field 2 3 Explanation of Dates Set date field Current Date Show dates Determination of the start of the century 2 4 Window Overview Overview Open Input File Close Input File Enter Input File Definition from another project Duplicate Input File Definition Interface Input File Definition with a new Data File Updating an Input File Definition connected with ODBC Change name of Input File Definition Delete Input File Definition Create New Input File Definition 2 5 View Window Customize View window What s a row What s a column Customizing View Fitting columns View Printing 2 6 Command Log The Command Log window Change the format Command Log window Add Comments to Calendar Reset Calendar Clearing Print Log File Show History Re do Orders Search in the archive Log 2 7 Documenting Work Introduction Notes Printing Logs Histories and Notes 3 Performance Data 3 1 Verifying Data Using the Verify command The Verify dialog box appears Using the command Verify under conditions Automatic execution of Verify command Using the Verify command 3 2 Counting Records Using the command Count 3 3 Totaling Fields Totaling a numeric field Automatic execution of total command 3 4 Export Statistics Show Statistics 3 5 Profile Data Subtotal Statistics Subtotal Show Statistics Statistics Automatic execution of Profile command 3 6 Serial check duplicates and blanks check Sequence check Check for duplicates Check for Gaps 4 Handling Data 4 1 Extract data Using the Extract command Extract records to output file Export fields to output file 4 2 Data Export 4 3 Sorting and Indexing Use the Sort command Use the Index command Select Sort or Index Create Index Create an Index under certain terms Open a File Index Closing a File Index 4 4 Summarizing and Classifying Using the Classify command Print results of Classify command Create input file with summary data Summarize Using the Summarize command 4 5 Stratification of data Profiling data Stratifying of data 4 6 Data to different time Aging Period in date fields Aging Period in date fields Aging by using filters Using the function AGE 4 7 Sample Size and Evaluate m International Standards on Auditing former n Auditing 3 ISA m International Standards on Auditing former n Auditing 3 ISA International Standards on Quality Control International Standard on Quality Control ISQC 1 Quality Controls for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements Audits of Historical Financial Information General principles and responsibilities ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing ISA 210 Agreeing the Terms of Audit Engagements ISA 220 Quality Control for an Audit of Financial Statements ISA 230 Audit Documentation ISA 240 The Auditor s Responsibilities Relating to Fraud in an Audit of Financial Statements ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements ISA 260 Communication with Those Charged with Governance ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management Risk assessment and response to assessed risks ISA 300 Planning an Audit of Financial Statements ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment ISA 320 Materiality in Planning and Performing an Audit ISA 330 The Auditor s Responses to Assessed Risks ISA 402 Audit Considerations Relating to an Entity Using a Service Organization ISA 450 Evaluation of Misstatements Identified during the Audit Audit Evidence ISA 500 Audit Evidence ISA 501 Audit Evidence Specific Considerations for Selected Items ISA 505 External Confirmations ISA 510 Initial Audit Engagements Opening Balances ISA 520 Analytical Procedures ISA 530 Audit Sampling ISA 540 Auditing Accounting Estimates Including Fair Value Accounting Estimates and Related Disclosures ISA 550 Related Parties ISA 560 Subsequent Events ISA 570 Going Concern ISA 580 Written Representations Using the work of others ISA 600 Special Considerations Audits of Group Financial Statements Including the Work of Component Auditors ISA 610 Using the Work of Internal Auditors ISA 620 Using the Work of an Auditor s Expert Audit conclusions and reporting ISA 700 Forming an Opinion and Reporting on Financial Statements ISA 705 Modifications to the Opinion in the Independent Auditor s Report ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report ISA 710 Comparative Information Corresponding Figures and Comparative Financial Statements ISA 720 The Auditor s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements Specialized Areas ISA 800 Special Considerations Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks ISA 805 Special Considerations Audits of Single Financial Statements and Specific Elements Accounts or Items of a Financial Statement ISA 810 Engagements to Report on Summary Financial Statements 1000 1100 International audit practice guidance 1000 Inter Bank confirmation procedures 1004 The relationship between banking supervisors and banks external auditors 1005 The special considerations in the audit of small entities 1006 Audits of the financial statements of banks 1010 The consideration of environmental matters in the audit of financial statements 1012 Auditing derivative financial instruments 1013 Electronic commerce effect on the audit of financial statements 1014 Reporting by auditors on compliance with International Financial Reporting Standards 2000 2699 International standards for review financial statements 2400 Engagement to Review Financial Statements ex 910 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity Assurance Engagements Other than Audits or Reviews of Historical Financial Information 3000 3699 International standards for other assurance engagements 3000 3399 Applicable in all assurance engagements 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information 3400 3699 Objectives of Special audits 3400 The Examination of Prospective Financial Information ex 810 Related services 4000 4699 International standards of related services engagements 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information ex 920 4410 Engagements to Compile Financial Statements ex 930 IFAC Code of Ethics for Professional Accountants n1 Financial Statements Analysis former o1 Accounting 3 Financial Statements Analysis n1 Financial Statements Analysis former o1 Accounting 3 Financial Statements Analysis Ι Analysis of Financial Statements Definition and objectives of financial statement analysis Comparative financial statements financial statements of trend common size financial statements and comments on those Ratios definition use and application rules defining their calculation standards of ration comparison weaknesses of ratios ratios and general accounting plan Activity efficiency Ratios inventory receivables short term liabilities asset liquidation owners equity Liquidity Ratios Profitability Ratios enterprise entrepreneur share financial leverage gross profit profit or loss from ordinary activities earnings per share dividend return Financial Structure Ratios property consolidation debt financing of fixed assets coverage of financial expenses and amortization Operating Expense Ratios Investment Ratios self finance new investment coverage share value Current Break Even Point Financial statement deflation methods general price level current replacement cost Solvency ratios and bank liquidity statements bank financial statement identification ratios Business evaluation as an economic unit Examination and identification of the strengths and weaknesses of an entity Adjustment of a business s financial statements so as to form the bases for entity evaluation Generally accepted methods of entity evaluation n2 Cash Flow Statements former o4 Accounting 3 Statements of Cash Flows n2 Cash Flow Statements former o4 Accounting 3 Statements of Cash Flows Statements of Cash Flows 1 Introduction Accounting standardization Meaning and significance of financial statements Brief reference to types of financial statements Annual financial statements Consolidated financial statements Basic assumptions under preparation of financial statements Basis for preparation and presentation of financial statements Structure of financial statements legally defined Structure of annual financial statements Structure of consolidated financial statements 2 Statement of changes in financial position Brief historic reference Reference to International Accounting Standards Significance of statement of changes in financial position Significance of statement of cash flows Types of statements of changes in financial position Methods of preparation of statement of changes 3 Working capital Movement of goods and capital within the Entity Flow of capital and cash available cash Working capital Examples of calculation of working capital Changes in working capital Sources and use of working capital Effect of transactions on working capital Sources of working capital Usual current business transactions Disposal of non current assets Long term borrowing Increase in share capital Use of working capital Usual current business transactions Acquisition of non current assets Payment of long term liabilities Acquisition of equity shares Distribution of dividends Trading exchanges 4 Statement of changes in financial position based on Working Capital Content of statement of changes Mandatory items Process of preparation Method of preparation of statement of changes in financial position based on Working Capital Work paper method T account method Examples of preparation of statement of changes in financial position based on Working Capital 5 Statement of changes in financial position based on Cash Working Capital and Cash Effect of transactions on Working Capital and on Cash Sources and use of Cash Usual current transactions of an entity Other sources and use of Cash Methods of defining cash inflows and outflows from usual current transactions of an entity Direct or straight method Short method Methods of preparation of statement of changes in financial position based on Cash Work paper method T account method 6 Statement of Cash Flows under International Accounting Standard General Definition Obligation for preparation of Statement of Cash Flows Definition of capital and cash flows Objective use and type of Statement of Cash Flows Objective and aim of Statement of Cash Flows Use of Statement of Cash Flows Type of statements of cash flows Classification of cash flows Cash and cash equivalent Cash Cash equivalent Gross and net cash flows Categories of cash flows Operating activities Investing activities Financing activities Interest and dividends Income tax Participating interest in associates related parties and joint ventures Acquisitions and disposals of associates and other entities Extraordinary non operating previous years items Special issues of Statement of Cash Flows Non cash transactions Disclosure of the composition of cash and cash equivalents available and their correspondence to the balance sheet items Other disclosures under IAS Cash flows in foreign currency 7

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  • Contact us - The Institute of Certified Public Accountans of Greece (SOEL)
    Accountant Professional Ethics Withdrawal from the Profession Contact us Athens Thessaloniki Kapodistriou str 28 P C 106 82 Athens GR Tel 30 210 38 91 400 Fax 30 210 38 25 159 view map Giannitson str 31 Patriarhou Kyrillou Alexandros Building P C 546 27 Thessaloniki GR Tel 30 231 0502 980 2 Fax 30 231 0566 387 view map The Institute of Certified Public Accountants of Greece SOEL Kapodistriou

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