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

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

 

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

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 – 25

X

   

 

X

Concern parent companies  3

X

   

State and municipal companies (100%), its subsidiaries

X

   

Companies, which recognize, assess and classify assets in accordance with International Financial Reporting Standards 4

X

   

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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