Greece is moving to tighten financial oversight of publicly funded sports bodies, requiring mandatory annual audits for organizations receiving more than €100,000 in state support.
Article 99 of a draft omnibus bill from Greece's Ministry of Education, now open for public consultation, introduces new financial oversight measures for the country's sports organizations—measures that are likely to generate fresh work for chartered auditors.
The proposed regulation mandates that any sports federation, union, association, or similar body receiving more than €100,000 annually in direct or indirect public funding—from the General Secretariat of Sports or any other state agency—must have its yearly financial statements audited by certified public accountants or an authorized auditing firm.
The audit will cover the organization's entire financial activity for the relevant fiscal year and must adhere to current Greek auditing standards. Both the auditors' report and the approved financial statements must be submitted to the General Secretariat of Sports within four months after the fiscal year ends. Failure to comply will result in sanctions, including the suspension or reduction of state funding for the following year.
By requiring annual audits for any federation, association, or other sporting body receiving over €100,000 in state funding, the measure aims to ensure that taxpayer money is managed responsibly. This kind of financial oversight is common in many countries and is widely viewed as a hallmark of good governance. It could help restore public trust, prevent misuse of funds, and even make Greek sports organizations more attractive to private sponsors or international funding bodies.
At the same time, the measure is not without its drawbacks or critics. Smaller organizations near the funding threshold may struggle with the cost and administrative complexity of hiring auditors, especially if their finances are relatively simple. There's also the risk that audits become a mere formality—more about appearances than real accountability—especially if oversight of the auditors themselves is weak. Additionally, this regulation alone does little to address deeper structural problems in Greek sports governance, such as conflicts of interest or lack of board accountability.
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