In 2004, the Greek Commercial Law incorporated the European Union (EU) regulation regarding the mandatory implementation of International Financial Reporting Standards (IFRS), by all companies listed in Athens Stock Exchange (ASE), for financial years starting January 1 st , 2005. This structural evolution in the accounting regulation framework in Greece resulted in substantial changes in the historical financial information provided by the Greek listed companies. The aim of this paper is to identify significant differences between the IFRS and the Greek General Accepted Accounting Principles (or Greek GAAP). Based on the results of the nonparametric statistical analysis, significant differences were noted in a number of areas of financial statements. Furthermore, we detected the areas of financial statements provided by Greek companies where differences have had major impact.

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The aim of this paper is a) to investigate the relationship between the business risk and the risk of material misstatement at an overall financial level and b) to determine the dependencies between the risk of material misstatement and selected risk factors affecting pervasively the financial statements and many assertions. The study was based on data collected from a statistical survey among experienced statutory auditors employed by the five largest international audit firms in Greece. The research suggests a statistically significant relationship between the business risk and the risk of material misstatement at the overall financial statements level. Furthermore, although the majority of the survey participants believes that the recent financial crisis in Greece affected their assessments on going concern risk and the risk linked to accounting estimations substantially, the dependencies between those two risks and the risk of material misstatement at an overall financial statements level are not validated by the survey data.

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