Audit is the heart of our firm where it all started. Today it's a mix of extensive experience and forward-thinking approach.

Audit and inspection of financial statements
Company restructuring processes analysis
Valuation of claims (debt capitalization)
Audit according to ESEF requirements for public entities' consolidated annual reports in XHTML format with Inline XBRL tagging
Special purpose audit and audit related services
Financial and tax due diligence
Sustainability/ESG report's audit and issuance of assurance report according to International Standard on Assurance Engagements (ISAE) 3000
Audit of functions and governance processes
Agreed-upon procedures and assurance tasks
Audit of European Union funds and other financing and co-financing
Audit according to ESEF requirements for public entities' annual reports in XHTML format

We audit and inspect financial statements according to International Standards on Auditing (ISA). We work with statements prepared according to the laws and accepted standards of the Republic of Latvia or according to the International Financial Reporting Standards (IFRS).

The goal of an audit is to carry out an independent examination of a company’s financial statements. Our task is to assure that financial statements reflect true and fair view of the company's financial position and financial performance in order to confirm their reliability. The main task of the Orients Audit & Finance audit team is to provide potential users of the audited financial information with a sense of security about the applicability of this information during the decision making process.

The law of Republic of Latvia about the financial statements and consolidated financial statements according to the Law on Audit Services requires the statutory audit or inspection by a sworn auditor, if the indicators of a particular company for two consecutive years, but for a newly established company in the first reporting year on the balance sheet date, exceed at least two of the following three financial indicators:

  1. for audit:
  • net turnover – EUR 1,600,000
  • total assets – EUR 800,000
  • average number of people employed – 50,

2. for inspection:

  • net turnover – EUR 800,000
  • total assets – EUR 400,000
  • average number of people employed – 25.

The statutory audit must also be carried out for:

  • A concern's parent companies
  • State and municipal companies (100%), its subsidiaries
  • Companies, which recognize, assess and classify assets in accordance with International Financial Reporting Standards.

The statutory audit and consolidation must be performed for:

  • Medium and large companies / concerns
  • Companies, whose securities are listed on the stock exchange.