Audit

To make important financial and managerial decisions executives, shareholders, investors and partners of the company need reliable information about the actual financial and economic status of a business.
The main task of an audit specialist is to carry out an independent inspection of a company’s financial statements in order to confirm accuracy thereof, and also identify weaknesses and suggest improvements or new ways of achieving greater efficiency.

 

The afore mentioned services include:
Audit and examination of financial statements
Inspection of dependent statements
Targeted inspections.

Audits of financial statements are conducted according to International Standards on Auditing (ISA).
Audits and inspections are carried out for financial statements prepared both according
to the laws and accepted standards of the Republic of Latvia and for financial statements
prepared according to International Financial Reporting Standards (IFRS).

 

The law of Republic of Latvia about the financial statements and consolidated financial statements requires an audit of sworn auditor according to The law about sworn auditors for the companies that excess at least two of the three mentioned criteria below:

 

New audit requirements

 

  Audit

Limited review

Criteria for audit and limited review Company’s financial statements Consolidated financial statements Company’s financial statements
Medium and large companies / concerns  x  
"Small companies, which exceed 2 out of 3 criteria for 2 consecutive years:
1) net sales – EUR 1,600,000
2) total assets – EUR 800,000
3) average number of people employed – 50"
 x    
"Small companies, which exceed 2 out of 3 criteria for 2 consecutive years:
1) net sales – EUR 800,000
2) total assets – EUR 400,000
3) average number of people employed – 25"
   
Concern parent companies    
State and municipal companies (100%), its subsidiaries    
Companies, which recognize, assess and classify assets in accordance with International Financial Reporting Standards    
Companies, whose securities are listed on the stock exchange