Audit
Baker Tilly Baltics audits financial statements of companies and provides audit-related services such as:
- Audit of the Company’s financial statements
- Limited review of the Company’s financial statements
- Advice/ assistance on preparation of the Company’s financial statements in accordance with Latvian laws and/or International Financial Reporting Standards
- Review of Dependency statements
- Audit of EU and other funded projects
- Examination/ audit of agreed-upon procedures, including due diligence
- Examination of concern agreements
- Examination of restructuring agreements
- Auditor’s opinion on investments/ in-kind contributions into the share capital
- Auditor’s opinion or conclusion in cases determined by Latvian laws
- Examination of liquidation statements.
Audit and review are provided for the financial statements of companies prepared in accordance with Latvian laws and/or International Financial Reporting Standards.
Audit |
Limited review |
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Criteria for audit and limited review 1 |
Company’s financial statements |
Consolidated financial statements |
Company’s financial statements |
Medium and large companies/concerns 2 |
X |
X |
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Small companies, which exceed 2 out of 3 criteria for 2 consecutive years: Small companies, which exceed 2 out of 3 criteria for 2 consecutive years: |
X |
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|
X | ||
Concern parent companies 3 |
X |
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State and municipal companies (100%), its subsidiaries |
X |
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Companies, which recognize, assess and classify assets in accordance with International Financial Reporting Standards 4 |
X |
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Companies, whose securities are listed on the stock exchange |
X |
X |
1 Audits and limited reviews now are applied also to partnerships and limited partnerships.
2 If exceeds 2 out of 3 criteria: total assets – EUR 4,000,000, net sales – EUR 8,000,000, the average number of people employed – 50. The requirement for an audit is starting from the first year after the fulfillment of criteria. For consolidated financial statements – except for those groups, which are not required to prepare consolidated accounts by law.
3 Regardless of the number of operations, as well as whether or not the Company has to prepare consolidated financial statements!!!
4 If the Company recognizes, evaluates, indicates investment property, biological assets, non-current assets held for sale, deferred income tax assets or other assets or liabilities in the financial statements in accordance with International Accounting Standards.
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