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Professional examinations regulation

Athens 2010

The present Regulation comprises:

Ι. The course and exams syllabus provided by the Directive 2006/43/EC on Statutory Audits and the provisions of Article 8 of the Law. 3693/2008.
ΙΙ. The professional practice examination rules and regulations regarding the acquisition of the professional practice license of Certified Public Accountant as well as the acquisition of the title of the Post Graduate Program of education provided by the Institute of Certified Public Accountants.

Ι. Course & Exam Syllabus

(a1) General Accounting Principles and Accounting Standards

1.    General Accounting
1.1                  Basic Accounting Definitions
1.2                  Accounting tracking of changes in assets
1.3                  Accounting books - Meaning, significance, legislation in force, books according to the Code of Books and Records.
1.4                  Accounting systems
1.5                  Accounting analysis of fixed assets
1.6                  Accounting analysis of inventories
1.7 - 1.8        Accounting analysis of receivables, securities, cash &cash equivalents and accruals
1.9                  Accounting analysis of liabilities
1.10                Accounting analysis of transactions in foreign currency
1.11                Accounting analysis of income statement accounts
Clearance of the accounts at the end of the year
1.12                Financial statements of the entities 

2.    Basic principles of International Financial Reporting Standards (IFRS)
Note : For those of the above mentioned topics (general or/and specific) that are treated by the Greek General Accounting Plan, the material is limited to that described by the Greek General Accounting Plan. 

3.    Organizational structure, corporate authority, organization & management of entities and organizations
3.1                  Types of entities and organizations, accounting treatment of their operations
3.2                  Recognition of Economic Units
3.3                  Economic Units and environment
3.4                  Organizational structure of Economic Units and authority
3.5                  Items of programmed operations of entities and organizations
3.6                  Parties expressing interest in the operations of entities and organizations

4.    Corporate social responsibility, social balance sheet
Former I1 Greek General Accounting Plan
4.1      Corporate social responsibility.
4.2      Social balance sheet, social product and its distribution.
4.3      Code of ethics and ethical behavior of entities and organizations.
4.4      Deception, unethical behavior and prevention.

(a2) Greek General Accounting Plan (GGAP)

1.    Introduction
Meaning and significance of accounting standardization
Legislative adoption of the Greek General Accounting Plan
Basic principles of the Greek General Accounting Plan and the general bookkeeping principles.

2.    Rating and classification of the accounts
Groups of accounts, further break – down of the accounts into sub-accounts (first-order, second-order accounts etc), obligatory and optional accounts.

3.    Semantic definitions, content, rules of operating and liaising  accounts:

    • 1st Group of Accounts «Fixed Assets»
    • 2nd Group of Accounts « Inventories»
    • 3rd Group of Accounts «Receivables and cash available»
    • 4th Group of Accounts «Equity – Provisions – Long term Liabilities»
    • 5th Group of Accounts «Short term Liabilities»
    • 6th Group of Accounts «Operating Expenses by Item»
    • 7th Group of Accounts «Operating Income by Item»
    • 8th Group of Accounts «Profit and Loss Accounts»
    • 10th Group of Accounts «Memo Accounts»

4.    The Accounts of the Autonomous Cost Accounting System (Group 9)

Content, Group 9 accounts functioning and liaising rules.

(b1) Auditing and auditor’s professional skills (former (b) Auditing 1)

1.    Introduction to Auditing
1.1  Definition and content of Auditing
1.2  Types of audit
1.3  Legal basis of audit
1.4  Objectives of the external audit
1.5  Usefulness of the external audit
1.6  Auditor’s qualifications, obligations and responsibilities

2.    Auditing work
2.1  SOEL standards of auditing
2.2  Methods of external audit
2.3  Preliminary audit
2.4  Audit program
2.5  Audit of transactions
2.6  Audit of balances
2.7  Final Audit
2.8  Audit report
2.9  Structure of the audit report
2.10 Auditor’s opinion – different types
2.11Audit report submission time
2.12 Users of Audit reports

3.    Audit Evidence – Working Papers
3.1  Accounting books
3.2  Computations
3.3  Correspondence of the audited entity
3.4  Ratios and analytical review
3.5  Physical evidence
3.6  Documents addressed to the auditor
3.7  Information from interviews and observations
3.8  Suitability of evidence
3.9  Adequacy of evidence
3.10 Methods of obtaining evidence
3.11 Working papers - Audit File
3.11.1 Working papers
3.11.2 Audit File

4.    Sales accounts
4.1  Audit of sales
4.2  Audit of receivables
4.3  Audit of collections

5.    Purchases accounts
5.1  Audit of purchases
5.2  Audit of liabilities
5.3  Audit of payments

6.    Purchases Accounts
6.1  Audit of the documentation 

7.    Cash and cash equivalents – Securities – Inventory 
7.1  Cash accounts
7.2  Securities
7.3  Inventory accounts
7.3.1 Purpose of the audit of inventory
7.3.2 Procedures for the audit of inventory

8.    Assets
8.1  Tangible assets
8.2  Purpose and procedures for the audit of tangible assets
8.3  Intangible assets
8.3.1 Purpose and procedures for the audit of intangible assets

9.    Liabilities - Capital & Reserves Accounts
9.1  Social security and tax liabilities
9.2  Loans
9.3  Contingent Liabilities
9.4  Capital and Reserves Accounts  
9.5  Post balance sheet events

10.  Specific audit issues
10.1 Cut-off and accruals concept
10.2 Misappropriations, investigation and auditor’s responsibility

11.  Corporate Governance

(b2) Risk Management and Internal audit (former (m) Auditing 2)

1.    Internal Audit
1.1  Meaning and basic principles of internal audit
1.2  Examination of the internal control system and assessment of its effectiveness
1.3  COSO - Internal audit framework
1.4  Auditor’s obligations and responsibilities

2.    Sales Accounting Cycle
2.1  Sales on Credit – Receivables – Collections (Description and assessment
of internal control system)

  • Objective of internal control system on Sales
  • Internal procedures and internal controls of Sales
  • Assessment of the effectiveness of internal control system of Sales
  • Objective of internal control system on Receivables
  • Internal procedures and internal controls of Receivables
  • Assessment of the effectiveness of internal control system on Receivables
  • Objective of internal control system on Collections
  • Internal procedures and internal controls of Collections
  • Assessment of the effectiveness of internal control system on Collections

3.    Purchases Accounting Cycle
3.1  Purchases – Liabilities - Payments (Description and assessment of internal control system)
3.1.1      Objective of internal control system on Purchases
3.1.2      Internal procedures and internal controls of Purchases
3.1.3      Assessment of the effectiveness of internal control system of Purchases
3.1.4      Objective of internal control system on Liabilities
3.1.5      Internal procedures and internal controls of Liabilities
3.1.6      Assessment of the effectiveness of internal control system on Liabilities
3.1.7      Objective of internal control system on Payments
3.1.8      Internal procedures and internal controls of Payments
3.1.9      Assessment of the effectiveness of internal control system on Payments

4.    Staff Remuneration – Remuneration of third parties
4.1  Internal controls
4.2  Assessment of the effectiveness of internal control system

5.    Cash and cash equivalents – Securities - Inventory
5.1  Description and assessment of internal control system on Inventory

6.    Assets
6.1  Tangible Assets
6.1.1  Objectives - Internal procedures and internal controls
6.2  Intangible Assets
6.2.1  Objectives - Internal procedures and internal controls

7.    Audit Risk
7.1  Meaning of audit risk
7.2  Audit risk components
7.3  Audit risk model
7.4  Audit risk model specialization
7.5  Audit risk assessment methodology

8.    Business Risk
8.1  Business risk management
8.2  Business risk model
8.3  Risk Based Audit

9.    Fraud Risk
9.1  General
9.2  Common fraud cases
9.3  Factors that increase the fraud risk
9.4  Fraud risk assessment methodology
9.5  Fraud risk questionnaire
9.6  Fraud risk data analysis
9.7  Fraud risk assessment and audit response

10.  Credit risk
10.1    Meaning
10.2    Credit risk management policy
10.3    Customer selection policy
10.4    Audit methodology of impairment of receivables
10.5    Receivables classification based on credit risk

11.  Other risks
11.1            Liquidity risk
11.2            Market risk

12.       Risk management policy

(c1) Taxation 1 - Code of Books and Records (former (c) Taxation 1 – CBR)

1. General Provisions

  • Object of the Code of Books and Records
  • Professionals obliged to keep Books and Records
  • Categories of professionals.  Definition of wholesale and retail sale
  • Definition of item

2. Books of professionals

  • Classification of enterprises in Book - keeping categories
  • Category A’ tax Books
  • Category B’ tax Books
  • Category C’ tax Books
  • Stock Book – Production Cost Book
  • Definition of branch, Books of branch
  • Additional  Books (of investment, quantity receipt, etc)

3. Records of  professionals

  • Delivery notes. Consolidated delivery notes
  • Internal trading notes
  • Credit Invoices – Settlement notes
  • Receipts for retail sale of goods. Receipts fro provision of services
  • Self – delivery receipts
  • Expenses receipts
  • Consignment documents – Shipping documents

4. Updating, authentication and safekeeping of Books and Records

  • Time of updating Books
  • Manner of updating Books and issuing Records
  • Authentication of Books and Records
  • Submission of tax records for cross – checking
  • Place of keeping Books and Records.   Minimum safekeeping time

5. Remittance of stamp duties and levies

6. Computerized keeping of Books and issuing of records

  • Computerization in general
  • Obligations of users. Technical specifications of software
  • Time and place of computerized updating of Books and issuing of records
  • Special provisions for computerization

7. Financial results assessment procedures

  • Accounting Period
  • Inventory of (tradables, fixed assets, liabilities, claims)
  • Inventory items evaluation
  • Balance sheet / Income Statement

8. Validity of Books and Records. Confidentiality

  • Validity and probative force of Books and Records

9. Penalties

  • General offences fines
  • Independent offences
  • Imposition of fines
  • Administrative and penal sanctions

10. Special Authorities / Competences

  • Prerogatives of the Head of the Public Financial Service
  • Committee of Accounting Books
  • Prerogatives of the Minister of Finance

(c2) Taxation 1 - Value Added Tax (V.A.T. – Law 1642/86) (former (p2) Taxation 2 – VAT)

Value Added Tax ( V.A.T. – Law 1642/86)

  • Taxable Acts
  • Place of performance of taxable acts
  • Establishment of tax liability
  • Taxable Value and calculation of tax
  • Tax Exemptions
  • Tax Credit – Tax Refund
  • Tax bearers and their obligations
  • Special regimes
  • Tax assessment procedure and tax payment
  • Prescription - Secrecy – Other procedural provisions
  • Special tax assessment procedure and payment of tax on imports
  • Provisions amending the VAT Code

(d1) Principles and special issues of Civil and Commercial law (former (d) Civil and Commercial Law)

Civil Law
General Principles

  • Rules of law in general
  • Natural Persons
  • Legal Persons (entities)
  • Judicial Acts
  • Terms and Conditions
  • Representation and power of attorney
  • Consent and approval
  • Deadlines
  • Prescription and term of extinction

Law of Obligations

  • The obligation to render a performance in general
  • The inability to render a performance and debtor’s default
  • Creditor’s default
  • Contractual obligations in general
  • Principles relating to bilateral contracts
  • Contractual rescission
  • Earnest and penalty clause
  • Contracts for the benefit of third parties and contracts burdening third parties
  • Assignment of claims
  • Donation
  • Sale and Exchange
  • Lease
  • Contract for services
  • Contract for work
  • Brokerage
  • Mandate
  • Partnership
  • Loan
  • Loan for use
  • Contract of Deposit
  • Guarantee
  • Order to pay or deliver
  • Unjust enrichment

Property Law 

  • Things and the rights thereon in general
  • Possession
  • Ownership and its attributes
  • Acquisition of ownership
  • Protection of ownership
  • Real Servitudes
  • Personal Servitudes
  • Transcription
  • Pledge
  • Mortgage

Commercial Law

  • Merchant and commercial capacity
  • Commercial activities
  • Definition of commercial enterprise – Clientele – Good will
  •  Legal nature of commercial enterprise
  • Organization of commercial enterprise

2.1  Protection of commercial enterprise
2.2  Trade name – Distinctive title
2.5  Trademark
2.6  Patents and inventions

3.1  Unfair competition
3.2  Free and unfettered competition
3.3 A concise introduction to the law of commercial papers
3.4 Commercial papers

4.1  Definition and origins of the bill of exchange
4.2  Issuance and type of the bill of exchange
4.3  Legal nature of the typical elements of the bill of exchange
4.4  The optional content of the bill of exchange
4.5  Non permitted content of the bill of exchange
4.6  Acceptance – Guarantee – Transfer of the bill of exchange
4.7  Maturity and payment of the bill of exchange

5.1  Content of the promissory note
5.2  Which provisions apply to the promissory note
5.3  Obligations of the issuer of the promissory note
5.4  Concise description of the function of the promissory note
5.5  Which are the main differences from the bill of exchange

6.1  Content of the check
6.2  The elements of issuance and the function of the check
6.3  Transfer of the check
6.4  Guarantee
6.5  Presentation and payment
6.6  The crossed check

(d2) Principles and special issues of social security and employment law (previously (q) Employment law and social security)

I. Employment legislation
1.    Employment agreement (employment agreement of definite and indefinite duration, freelance agreement, project agreement, apprenticeship agreement, availability for providing employment services, part time employment and suspension).
2.    Employees’ hiring procedure (for full or part time), notification of employment terms and Collective Labour Agreements.
3.    Employees’ remuneration (salary and categories thereof, regular remuneration, unjustified enrichment, dependent employment retention, salary’s payment receipt and statutory limitation)
4.    Working hours and remuneration for provision of employment services during agreed or contractual working hours or during hours exceeding the working hours established by law.

5. Legal, personal and contractual working hours (daily and weekly) and issues related to the lists of employees’ working hours.
  • Night work and compensation thereof.
  • Work during Sunday- obligatory and optional holidays and compensation thereof.
  • Work during Saturday or during the day of weekly rest (day off) and remuneration thereof.
  • Definition and compensation of additional work and overwork (during day, night, Sunday and public holidays).
  • Definition and compensation of legal and exceptional/illegal overtime occupation (during day, night, Sunday, public holidays and during the period of working hours arrangements).
  • Work systems, fourth shift and arrangement of working hours.

5.    Christmas and Easter Holiday Bonuses 
Eligible persons, method of determination of the wages, remuneration that are taken into account, date of payment and possible limitations/restrictions
6.    Annual Holiday (leave)

  • Conditions and time of granting, number of vacation days, partial provision, vacation book and granting of annual leave in groups
  • Vacation remuneration, consequences arising from the failure to provide annual leave, restrictions during the period of annual leave and sickness during the period of annual leave.
  • Annual leave of seasonal enterprises (regular or compensation).
  • Annual leave and termination of the employment relationship (termination, voluntary resignation, retirement and exit).
  • Vacation days that can be set off and compensation thereof.
  • Annual leave before and after military service.
  • Days and remuneration of vacation bonus.

7.    Absence of the Employee from work

  • Unjustified absence or absence due to a serious cause (sickness, military service, earthquake etc) and remuneration as well as consequences on the employment relationship.
  • Sickness (sickness days to which the employee is entitled, days that are set off against the annual vacation, days of short sickness) and number of paid sickness leave (in full or half) per year.
  • Pregnancy – delivery of baby and period after delivery, leave, remuneration, restriction of dismissal, maternity leave, regular leave and holidays allowances/bonuses.
  • Enlistment of the employee to do his military service (leave, remuneration, protection, previous term of service and holidays allowances).

8.    Compensation for provision of services outside the employer’s registered address - Traveling Expenses

  • Eligible persons, determination of annual compensation, income tax and social security withholdings.
  • Traveling expenses (expense, taxation, social security contributions).

9.    Termination of Employment Relationship   

  • Dismissal of personnel (employees and workers), conditions to be met for the dismissal to be legally valid and cases where the dismissal is prohibited
  • Determination of salary or wages for the calculation of the severance payment (cases when severance payment is due and cases when severance payment is not due).
  • Termination of employment agreement (of definite or indefinite duration).
  • Termination of employment agreement on prior notice.
  • Calculation of severance payment.
  • Payment of severance payment (in one lump sum or in installments) and calculation of the applicable income tax in case of payment in one lump sum or in installments and time of attribution.
  • Employees’ previous term of service, limitation of the severance payment, dismissal before the completion of two months and voluntary resignation.
  • Compensation payable to the personnel (employee or worker) due to retirement or following the completion of fifteen years of service with the same employer.
  • Payment of severance pay exceeding the legal minimum one to employees or members of the Board of Directors of A.E. Companies.
  • Suspension of employees.

II.  Social security legislation

  • Definition of remuneration, registration of employee and employer.
  • Detailed periodic social security contributions return.
  • Payment of social security contributions and surcharges in case of payment in delay.
  • Special Book of Newly Hired Employees.
  • Notification of voluntary resignation of an employee.
  • Persons obligatorily insured with IKA.
  • Persons insured until 31/12/1992 and persons insured as of 1/1/1993.
  1. Calculation of insured working days (full time employment, part time employment, employment by more than one employers and fourth shift) and contributions paid to IKA and other social security funds (all collected by IKA).
  • Insurance during sickness and calculation of IKA social security contributions.
  • Insurance of members of the Board of Directors of AE Companies.
  • Fees-benefits subject to IKA social security contributions.
  • Fees-benefits not subject to IKA social security contributions.

(e) Mathematics and Statistical Methods (Former (e) Financial Mathematics and Statistical Methods)

1.    Statistics

  • Fundamental concepts of statistical data (collection methods, measurement scales, data accuracy etc.)  
  • Fundamental ways of presenting statistical data (tables, charts)
  • Classification and categorization of statistical data
  • Fundamental parameters for measuring data trends (arithmetic mean, median, quartile)
  • Fundamental concepts of sampling
  • Fundamental concepts of correlation and regression
  • Ratios (simple, ratios, weight adjusted, change of weights, ratio links, price index, purchasing power measurement index, nominal value deflation, etc.).

2.    Financial Mathematics

  • Real value of money
  • Interest rates (nominal, real)
  • Compounded interest rate and future value
  • Discount rates and present value
  • Company cash flows and their value
  • Interest rate time structure
  • Rants
  • Loans

(f1) Business Economics (former (g1) Business Economics)

First Part: Business economics

  •     Introduction to business economics
    • Concept and categories of business economics
    • Business economics fields
  •     Economic entities - businesses
    • Concept and categories of economic entities
    • Concept and categories of business
  • Business’ combinations
    • Cartel
    • Concern
    • Other forms of co-operation
  • Business Functions
    • Administration
    • Production
    • Marketing and sales
    • Finance
    • Research and development
    • Evaluation – categorization of functions

5.    Business effectiveness

    • Productivity
    • Economicity
    • Efficiency
    • Other indices regarding the financial situation of a firm
  • Business’ operational environment
    • Business’ macro environment
    • Business’ sectoral environment and forces of competition
    • Markets as business environment
    • Market forms and their characteristics
  • Business strategy
    • Strategic positioning : The need and purpose of strategic and business analysis
    • Strategic action: Factors which affect a firm’s strategic position (recourses and capabilities)
      • Cost leadership
      • Product differentiation advantages
  • Quality issues
    • The concept of quality
    • Quality assurance
    • Quality control
    • Quality initiatives (6 sigma)
    • Total Quality Management (TQM)
  • Strategic analysis issues  (case studies)
  • Examples


Second Part: Economics

  • Microeconomics
    • Basic concepts – categories of economics
    • Demand and Supply
    • Consumer Behavior Theory
    • Production Theory
    • Production Cost Theory
    • Determination of price and production level in various market forms
    • Product  production  and production factors demand 
    • Determination of price and quantity equilibrium in production factors market
  • Macroeconomics
    • The object of macroeconomics
    • Fundamental macroeconomic quantities
    • Service and commodity markets equilibrium
    • The Public Sector and its influence on National Revenue
    • Money and Banks
    • Unemployment
    • Inflation
    • Macroeconomic equilibrium in an open economy
    • Economic Fluctuations

(f2) International Economy (former (g2) International Economy)

  • Major concepts and theories of international economic relations.
  • The new characteristics of the international economy. Custom duties and non – duty measures. Free versus protected international trade.  
  • The international development gap. Emerging markets. Balance of payments.
  • Multinational firms. Economic unification of countries with emphasis placed on the European Union. On globalization.
  • International Monetary Fund and World Bank. International payment systems. Greece’s position in the international economy.
  • Foreign exchange markets and rates. Fundamental international equivalence relations. Foreign exchange prices forecast. Foreign exchange risks and international business transaction risks. Foreign exchange risks management methods. Advanced international investments evaluation.

(g1)  Principles of Financial Management (former (h1) Principles of Financial Management)

  • General knowledge on the principles and methods of financial entities management and especially sectors of production, market distribution, personnel and data processing.
  • The environment and the function of financial management
  • The configuration of financial strategy
  • Analysis on the optimum company gearing (Breakeven point, Financial gearing, Indifference analysis)
  • Programming and budgeting
  • Working capital management
  • Company credit policy
  • Inventory management
  • Mergers and Acquisitions
  • Company restructuring and reorganization (Business failure provision, Financial restructuring, Business restructuring).
  • Cash and special risk management methods
  • The economic environment of multinational firms
  • Operational strategy and financial planning for multinational firms
  • Emerging markets issues – Financial engineering and emerging derivatives
  • Role and responsibility towards shareholders (shareholders conflicting interests, the role and responsibility of financial management).
  • The effect of environmental issues on business objectives and governance
  • Ethical issues in financial management.
  • Human Recourses (Human Recourse management, leadership issues, performance management, reward management, work planning, personnel development).
  • Communication (communication systems and methods, fundamental principles of communication).
  • Strategic planning and control (preventive and suppressive control, control systems, Introduction to strategic management accounting, budget control alternative approaches evaluation, changes in business structure and management accounting, the effect of IT on modern management accounting).
  • Performance measurement systems and planning (Management accounting and information systems, Internal sources of management information, External sources of management information, Recording and processing methods, Management reports).
  • Strategy performance measurement  (hierarchy performance, the purpose of strategy performance measurement in the private sector, strategic performance in relation to business restructuring, department performance and pricing issues (transfer pricing), the purpose of strategic performance management on non for profit organizations, behavioral issues of performance management).
  • Performance evaluation and business failure (alternative approaches on performance measurement, non financial performance indices, forecasting and avoiding business failure).

(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


1.10.1 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)

  • 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)

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)

  • 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)

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)

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))

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)

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)

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)

The module computer based accounting applications includes:




Determining level of knowledge and improvement in weak areas


Advanced Level

ACL V7 for Windows

Intermediate Level

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

Financial Functions
Statistical Functions
Lookup & reference functions
Database functions

  • Date and Time Functions


  • Text and Data Functions


  • 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

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
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)

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


Inter-Bank confirmation procedures


The relationship between banking supervisors and banks' external auditors


The special considerations in the audit of small entities


Audits of the financial statements of banks


The consideration of environmental matters in the audit of financial statements


Auditing derivative financial instruments


Electronic commerce effect on the audit of financial statements


Reporting by auditors on compliance with International Financial Reporting Standards

2000-2699 International standards for review financial statements


Engagement to Review Financial Statements (ex 910)


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


Assurance Engagements Other than Audits or Reviews of Historical Financial Information

3400-3699 Objectives of Special audits


The Examination of Prospective Financial Information (ex 810)

Related services

4000-4699 International standards of related services engagements


Engagements to Perform Agreed-Upon Procedures Regarding Financial Information (ex 920)


Engagements to Compile Financial Statements (ex 930)

IFACCode of Ethics for Professional Accountants

(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)

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 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.    Technique for preparation of Statement of Cash Flows – Examples

  • Technique for preparation of Statement of Cash Flows
  • Template of preparation of Statement of Cash Flows for an entity (apart from Financial institution)
  • Template of preparation of Statement of Cash Flows for a credit institution (Financial institution)

8.    Examples of preparation of Statement of Cash Flows

  • Example of preparation of Statement of Cash Flows for an entity (apart from Banks) under direct method
  • Example of preparation of Statement of Cash Flows for an entity (apart from Banks) under direct and indirect method – Preparation of work paper
  • Example of preparation of Consolidated Statement of Cash Flows for an entity (apart from Banks) under direct and indirect method  
  • Example of preparation of Statement of Cash Flows for a Financial institution

(o1)  Taxation 2 –  Personal Taxation (former (p3) Taxation 2 - Taxation of Natural Persons)

Income Taxation of Natural Persons

  • General principles of tax law
  • Income taxation of natural persons/individuals
  • Determination of taxable income on the basis of expenses
  • Income from real estate
  • Income from securities/capital gains
  • Income from employed services
  • Expenses of article 31
  • Income from agricultural enterprises
  • Income from commercial enterprises

Capital Concentration Tax

(o2) Taxation 2 – Taxation of Legal Entities (former (p1) Taxation 2 – Taxation of Legal Entities)

  • Income Taxation of Legal Entities

Income taxation of companies (Societes Anonymes, Limited Liability Companies, General Partnerships, Limited Partnerships, Joint Ventures, and other legal entities)

(p) Consolidated Financial Statements (former (r) Accounting 4)








Definition of group of companies



Types of groups of companies



Associated companies



Relation between parent company and subsidiary



Reverse acquisitions







Obligation for – Exemption from preparing Consolidated Financial Statements



The need for consolidated financial statements



Entities subject to consolidation



Obligation for preparing Consolidated Financial Statements



Exemption from preparing Consolidated Financial Statements



Companies exempted from consolidation




Principles and rules for consolidated financial statements presentation



Methods of consolidation



Basic consolidation principles



Principles and rules of valuation of items of consolidated entities



Principles of technical preparation of consolidated financial statements



Date of preparation of consolidated financial statements




Preparation procedures for consolidated financial statements



Preliminary phase



Identification of the Group’s ownership percentage in the entities being consolidated



Preparation of consolidated financial statements before consolidation entries



Dealing with intra-group dividends



Elimination of intra-group receivables – payables



Elimination of intra-group revenues – expenses



Elimination of  intra-group results (profits & losses)



Elimination of account “Investments in subsidiaries”



Elimination of account “Investments in associated companies” according to the Greek Accounting Standards (CL 2190/1920, article 103)



Elimination  of account “Investments in associated companies” according to IFRS



Consolidation method of associates



Calculation of non controlling interests



Preparation of consolidated financial statements after consolidation entries  



Group of companies with direct and indirect control.



Consolidation of common control companies



Consolidation of a foreign subsidiary



Consolidation of a subsidiary in case of change (increase or decrease) in the Group’s percentage ownership



Accounting treatment of a subsidiary’s revenues - expenses in case it is acquired or sold during the accounting period



Preparation of consolidated financial statements by Venture Capital Companies



Consolidation of special purpose entities



Consolidation of joint ventures




Accounting treatment of changes (increase or decrease) in a subsidiary’s equity accounts during consolidation.



Increase in the subsidiary’s share capital



Non-payment or partial payment of the subsidiary’s share capital



Capitalization of the subsidiary’s “Share Premium” account



Movement in the subsidiary’s Assets Revaluation Reserve



Movement in the Trading Securities Revaluation Reserve of consolidated companies



Subsidies/grants for Fixed assets of the subsidiary



Distribution of the subsidiary’s Reserves



Capitalization of the subsidiary’s  Reserves



Capitalization of the subsidiary’s current year profits




Other key issues of consolidation



Preparation of Notes to the Consolidated Financial statements



Preparation of consolidated statement of changes in shareholders equity



Preparation of Consolidated Cash Flow Statements



Preparation of Consolidated Management Report



Persons signing the consolidated financial statements 



Publicity of consolidated financial statements 



Income tax in consolidated financial statements



Statement of Appropriation of Consolidated Income



Audit of Consolidated Financial Statements 




Preparation of Consolidated Financial Statements according to IFRS




Audit plan of consolidated financial statements




Exercises of preparation of consolidated financial statements in accordance with Greek Accounting Standards (L. 2190/1920 and according to International Financial Reporting Standards (IFRSs)).

ΙΙ. Examination rules and regulations

Α. Examination arrangements

  • The professional practice examinations of the Institute of Certified Public Accountants of Greece (“SOEL”) are conducted by the five-member Examination Committee, which is appointed by decision of the Ministry of Economy and Finance, following a proposal of the Hellenic Accounting and Auditing Standards Oversight Board (“ELTE”).  Two of the members are primarily employed by higher education/ teaching and research institutes. The one whose field of expertise is accounting/ auditing is appointed as President.  The rest three members are SOEL members.
  • Professional members, pursuant to the clauses of Greek Law 3693/2008, as well as student members of the Institute of Certified Public Accountants of Greece (“SOEL”) are required to pass the above professional practice examinations.
  • SOEL is responsible for the organization and arrangements of exams (exam application process, designation of assessment centers in Athens, preparation of detailed exam timetable, appointment of invigilators and other support staff, safe delivery of exam papers to and from examination rooms, smooth running of the examination process etc).
  • The Overview Committee of SOEL appoints for each examination period and each knowledge field, the examiners and markers, pursuant to the clauses of the legislation in force.
  • The Examination Committee of paragraph 1 takes knowledge of, authorizes, amends or adds to, the procedural and organizational steps of paragraphs 3 and 4 above, overviews exam conduct, unseals candidate scripts and validates results.
  • A member of the Examination Committee is present at the examination process, and acts as the Examinations Head, to resolve any issues that may potentially arise.
  • Certified Public Accountants of other countries who wish to register with the Institute of Certified Public Accountants and practice in Greece, are subject to special written examinations on the same exam dates of the two semi-annual examination periods.  These exams are bound by respective clauses of the Professional practice examination Rules and Regulations of the Certified Public Accountants in Greece.

B. Examination conduct

  • Examinations are conducted twice a year (July and December) and are written in any case, as well as oral in the cases of candidates with special assessment needs, subject to the Examination Committee judgment.
  • Each knowledge field is examined separately.  Each field includes one or two subjects of focus.  Exception to this is the field of “Accounting and auditing of Public Services Organizations and special business sectors” (former “Accounting standardization”) in which there are four subjects of focus, examined in two exams of two subjects each.
  • Time duration of examinations for each knowledge field is three (3) hours regardless of the number of subjects of focus, except from the fields of “General principles in accounting and accounting standards” (former Accounting 1), and “Auditing” (former Auditing 1+2) where the exam duration is 4 hours, since two subjects of focus are examined.  In addition, “Mathematics and Statistics” have time duration of 2 hours.

Time duration of examinations per subject of focus is outlined in the attached detailed table “Revised knowledge fields and subjects of focus”.

  • Each subject of focus is assigned with two (2) examiners, who prepare three (3) series of exam topics, as these are outlined in detail in paragraph 6 below, including their solutions.
  • If the knowledge field includes one subject of focus, 4 topics are prepared.
  • If the knowledge field includes two (2) subjects of focus, 2 topics on each are prepared.

Each topic on each subject of focus is printed out.  On the day of the exam, candidates receive the exam papers of the subjects of focus they are examined in.

  • Topics should require similar amount of time to answer, as analyzed in the following table.

Revised Curriculum Modules and Subjects (as per article 8, Greek Law 3693/2008)

Curriculum Modules


Teaching hours

Examination hours

Weighting factor





General Accounting Principles and Accounting Standards (Accounting 1)

  • General Accounting Principles and Accounting Standards
  • Accounting Theory and Application
  • Basic Accounting Principles of International Accounting Standards
  • Greek General Accounting Plan – Legal framework and standards on preparation of standalone financial statements

















Auditing (Auditing 1+2)

  • Auditing and auditors professional skills
  • Legal framework and standards on auditing of standalone financial statements
  • Principles and Methods of Auditing

2.    Risk management and internal audit















Taxation Ι (Greek)

  • Code of Books and Records (CBR)
  • Value Added Tax (V.A.T.)









Civil and Commercial Law – Employment Law

  • Principles and special issues of civil and commercial law
  • Principles and special issues of social security and employment law










Mathematics and Statistical Methods

Elements of Mathematics and Statistics







Principles of Economy, Finance and Business Economics

  • Business economics


  • International economy










Principles of financial management

  • Principles of financial management
  • Investments, new financial instruments










Corporate & Bankruptcy Law (Greek)

  • Principles and special issues of Corporate law and Bankruptcy law
  • Special Provisions of Codified Law 2190/1920









Cost and Management Accounting (Accounting 2)

Cost and Management Accounting (Accounting theory and application)










Accounting and Auditing of Public Services Organisations and special business sectors (Accounting Standardization)

  • Specific Issues on Accounting and Auditing of Public sector
  • Specific Issues on Bank Accounting and Auditing









  • Specific Issues on Accounting and Auditing of Insurance companies
  • Specific Issues on Accounting and Auditing of Shipping companies








International Accounting Standards and IFRS

International Accounting Standards and IFRS







Information Technology and IT Systems

Information Technology and IT Systems








International Standards on Auditing (Auditing 3)

International Standards on Auditing

  • Auditing theory and application
  • Independence and professional conduct










Financial analysis (Accounting 3)

  • Financial statements analysis
  • Cash Flow Statements








Taxation ΙΙ

  •  Personal Taxation
  •  Taxation of Legal Entities








Consolidated financial statements (Accounting 4)

Consolidated Financial Statements

  • Legal framework and standards on preparation of Consolidated financial statements
  • Applied Accounting and Auditing of Consolidated financial statements





Factor total


  • Preparation of exam papers

Exam topics should relate mainly to application of knowledge so that candidates exhibit their level of knowledge in the subject. Topics should be fully comprehensible so that no further clarifications are required.

The Examination Committee has decided that three (3) series of equivalent papers should be prepared for each subject of focus. The Examination Committee selects one of the three series which candidates eventually attempt.

The two other series together with their solutions are returned in their sealed envelopes to the respective examiners on the day of the exam.

Following the selection of the series of papers, these are printed out under the supervision of the Committee and the examiners and are then distributed to candidates. The selection is made 20-30 minutes before the exam starts, or when the Committee considers best.

The Thessaloniki assessment centre (SOEL Thessaloniki) may receive the exam papers by fax, immediately after the selection and proceed to printing out the necessary copies.  For safety reasons, SOEL should also send the papers to Thessaloniki via email. The responsibility for receipt and printing of the papers is of the Thessaloniki Examinations Head, who must be at his post at least 30 minutes before the exams start.

Appointed examiners must consult with each other, especially in relation to potential difficulties faced during the tuition courses, as well as potential problems expressed by students.

For uniformity purposes, the following must apply:
a)    All three (3) series of papers are put in the same large envelope.  This is sealed and signed by the examiners, and writes:

  • Exam date:………………………….
  • Subject:……………………………
  • Examiners’ names:…………………..

b)    Each series of papers is put in a smaller envelope, also sealed and signed by the examiners and which writes:

  • Exam date:………………………….
  • Subject:……………………………
  • Examiners’ name:………………….. and
  • SERIES OF TOPICS: A or B or C (respectively).

This large envelope is delivered upon signature to the SOEL Administration Office, to pass on to the Examination Committee, at least eight (8) days prior to the examination period start and not on the specific subject exam date.

  • Each candidate, may sit one or more exams in the same field, as long as he/ she has completed the exam application form in due time.  Not answering to the requirements of an exam specified on the application form, automatically marks the script down to zero.

Each answer sheet is marked on a scale of 0-20, and the full or partial mark achieved on each requirement noted on the side.  This is further broken into potential sub-requirements.

  • Eligibility to apply for exams at each exam period is awarded to those individuals defined at the announcement of the professional practice exam period.
  • Applications are made by the submission of a relevant application form on which the applicant specifies the field or fields and the subjects he/ she requests to be examined upon, and by paying the corresponding exam fee.


  • Exam applications are submitted within 15 days following the announcement of the exam timetable, which is by 20 June for the first exam period and by 30 November for the second.
  • Candidates proceed to the exam in time and follow the invigilators’ instructions during the exam.  The invigilators are empowered to discontinue the examination of a registered student suspected of misconduct and ask him or her to leave the examination room. In case they refuse to conform, the invigilator may notify the Supervisor appointed by the Examination Committee, who will decide on the penalties to be imposed.  Candidates found guilty of a breach of the examination regulations may potentially be removed from the register and be referred to the SOEL’s Overview Committee.

The invigilator is empowered to discontinue the attempt of a registered student found guilty of cheating or attempting to cheat and require him or her to leave the examination room, and also mark the candidate’s script accordingly.

  • Candidates are expected to exhibit good behaviour towards the environment, the examiners, other candidates, invigilators and SOEL support staff, before, during and after the exam.

It is also specified that no candidate may leave the examination room before 30 minutes in the exam.
In case a candidate wishes to leave the examination room before the exam time is over, they need to hand in their paper and so end their attempt.  For no reason may they return to the examination room.  The invigilator must ensure that at least two candidates are in the room when the examination time expires.

  • Any type of object, book, notes, sheets of paper (even blank), calculators, mobile phones switched on, etc, are not allowed anywhere near the examination room desks.  Candidates must bring their SOEL member or other identity card and a blue ballpoint pen.  The use of a common pencil or pen of other colour is prohibited.  The invigilator confirms the identity of the candidates.
  • Candidates are provided by SOEL with:
    • Special stamped examination sheets as well as rough paper.  These are provided upon demonstration of the identity card, and they are not to be taken off the room at the end of the exam,
    • A calculator,
    • Any other necessary item that may assist in the specific exam.
  • At the examination of the following subjects:
    • Hellenic Code of Books and Records (HCBR) – Taxation 1
    • Value Added Tax (VAT) – Taxation 1
    • Legal Entity Taxation (LET) – Taxation 2
    • Personal Taxation (PT) – Taxation 2

the respective Taxation Legislation Code will be provided for use only.

  • Any type of misconduct by candidates is reported to the Exam Supervisor and then to the SOEL Overview Committee for the imposition of appropriate penalties.
  • Any attempt to cheat by any method or equivalent act will trigger the immediate expulsion of the candidate from the exam room and their reference to the SOEL Overview Committee.
  • Examiners ought to be present at the examination centre during the exams.

Any clarifications on the exam papers are generally prohibited. Yet at extreme cases the examiner owes to notify and obtain permission from the Exam Supervisor to enter all exam rooms and offer uniform clarifications, as well as ensure these are also communicated to the Thessaloniki candidates.

  • Timetable of written exams per Knowledge Field

Exam day



(a)      General Principles of Accounting and Accounting Standards

(i)         Costing and Management Accounting


(m)     International Standards on Auditing

(b)        Auditing


(j1)     Special Accounting issues and Auditing of Public sector
(j2)     Special Accounting issues and Auditing of Financial Institutions

(j3)       Special Accounting issues and Auditing of Insurance companies
(j4)       Special Accounting issues and Auditing of Shipping companies


(c)       Taxation 1 (Greek)

(k)        International Accounting Standards and IFRS


(o)      Taxation 2 (Greek)

(d)        Civil and Commercial Law – Employment Law (Greek)


(h)      Corporate and Bankruptcy Law (Greek)

(p)        Consolidated financial statements


(e)      Mathematics and Statistics

(f)         Business Economics and International Economy


(g)      Basic Principles of financial management

(n1)     Interpretation of financial statements
(n2)     Cash Flow Statements


(l)       Information Technology and Processing systems


The above exam timetable is only indicative and is prepared so as to enable the best planning of candidates prior to the exam period.

  • Collection – marking of exam papers

The invigilator owes to overview the smooth process of collection of the exam scripts and to deliver these to the exam supervisor.  They are then delivered to the first marker who marks them by writing on the script and then by covering the mark with a sticker.  Further on, the scripts are delivered upon signature to the SOEL Administration Office from where they are received by the second marker who follows the same marking process.
Marking of the scripts must be completed by both markers within fifteen (15) days following the exam date.

  • Description of exam administration procedures
  • Exam procedures are under the supervision and overview of the Examination Committee and all relevant documentation is placed upon their attention and validated accordingly.
  • Exam procedures are upon the assistance and support of the President and the Overview Committee of SOEL.

Procedures and relevant documentation are described as follows:

Prior to submission of applications:

  • Preparation of exam timetable and announcement of exam period.
  • Appointment of examiners and markers.
  • Appointment of exam supervisors in Athens and Thessaloniki.
  • Publication of the announcement and dispatch to Certified Accountants Firms and interested individuals by fax and e-mail.
  • Preparation and dispatch of notification letters to appointed examiners and markers.
  • Submission of application forms by potential candidates to the electronic address

Following the submission of applications:

  • Preparation of candidates list and table with total applications per subject, knowledge field and employment firm.
  • Preparation and dispatch of exam timetable on subject “Accounting Application of Information Technology” according to the number of applications.
  • Processing of application data from relevant tables and preparation of the detailed exam timetable and exam attendance lists.
  • Preparation and dispatch of notification letters to exam room invigilators.
  • Preparation of exam rooms, organization and distribution of support materials per room.
  • Printing out and storage of papers into sealed envelopes under the responsibility of the Examination Committee.
  • Dispatch of papers to Thessaloniki:  They are sent by fax at the time the exams begin and they are printed out there by the Examinations Head or the envelopes as above are delivered to the Examination Committee Officer who personally undertakes their transport and delivery.

Following the exams:

  • Collection of scripts and delivery to examiners.
  • Delivery of marked scripts by the examiners.
  • Unseal of names of marked scripts.
  • Preparation of detailed results table.
  • Double check and validation of results by the Examination Committee.
  • Forwarding of validated result tables to the SOEL Overview Committee for the relevant announcement.
  • Publication of results and dispatch to Certified Accountants Firms and interested individuals by fax and e-mail.

Documentation on the organization and conduct of professional practice exams:

  • Rules and regulations of conduct of professional practice exams.
  • Rules and regulations of SOEL Professional Studies.
  • Announcement and preparation of detailed timetable of SOEL professional practice exams.
  • Specimen of professional practice exam application form.
  • Detailed table with examiners per subject and markers per knowledge field.
  • Tables with number of application per firm, per subject and per knowledge field in Athens and Thessaloniki.
  • Instruction letters to examiners, markers and invigilators.
  • Detailed organizational chart (subject per date – number of candidates – apportionment of candidates to each room – invigilators and administration staff per room – Examination Committee officer – responsible SOEL officers per floor).
  • Attendance lists per room and summary of professional practice exams in alphabetical order.

More guidance may be found in the decision number 29580/940 by ELTE “Offering of professional practice exams of article Law 3693/2008”.

  • Regulation Enforcement – Settlement of other issues

The current Regulation is in force from 1/10/2010 onwards.  In cases not covered by the clauses of the current regulation, the SOEL Overview Committee will be consulted.

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