AUDIT
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We are here to assist
Financial audit requirements in Latvia are based on Law on the Annual Financial Statements and Consolidated Financial Statements. With more years of experience in audit, we offer a variety of areas of expertise. We are not just certified auditors, but also certified tax consultants, certified accountants, ex-BIG4 managers which in combination provide the best knowledge to address any difficulty you might face.
We provide value from audit by spotting possible improvements and suggestions to improve your financial management.
Standalone audit
Standart statutory audit based on Latvian legislation as well as IFRS. We have experience in 99% of industries in Latvia.
Consolidated audit
We have experience in audit of consolidated financial statements exceeding 20 entities and more than 200M EUR.
audit review
Review of financial statements based on Latvian legislation and ISRE 2400 for smaller entities.
What is a statutory audit?
A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records.
The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
Financial audit requirements in Latvia
Based on the Law of the Republic of Latvia on Annual Reports and Consolidated Annual Reports companies in Latvia are subject of three types of audit procedures:
- Audit on standalone financial statements
- Audit on consolidated financial statements
- Audit review – means less audit detailed procedures, but also this means less assurance. The review is performed based on INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2400, please see the standard here to gain more understanding of such an engagement.
Please see below types of companies which require audit based on their characteristics.
Which audit do you need?
If you exceed at least two of the three indicators, you need the corresponding audit.
| Type | Balance sheet | Turnover | Employees |
|---|---|---|---|
| Review ISRE 2400 (Revised) | EUR 500,000 | EUR 1,000,000 | 25 |
| Audit | EUR 1,000,000 | EUR 2,000,000 | 50 |
| Consolidated audit | EUR 5,000,000 | EUR 10,000,000 | 50 |
Audit required regardless of size if:
Publicly traded company
Public-private capital company
State or municipal company
Parent company (>50% stake)
Company electing IFRS
We Will Help You Every Step Of The Way
We promise to reply within 24 hours after your inquiry.
Any more questions?
Phone: +371 28660245
Email: gramatvediba@ilatax.com
Antonijas 8-8, Riga
MON-FRI 10AM - 7PM SAT-SUN closed
About
ILA Tax & Accounting Solutions
Reg. No. 44103126683