The public oversight system within Latvia
All sworn auditors and commercial companies of sworn auditorsare subjects to the public oversight.Public oversight systemover the activities of sworn auditors and commercial companies of sworn auditorsin Latvia is composed of three bodies:
- the Ministry of Finance
- the Latvian Association of Sworn Auditors and
- the Audit Advisory Council
- with their own ultimate responsibility stated by the Law On Sworn Auditors.
The Ministry of Finance is a main responsible institution of the public oversight system and also is responsible for development and implementation of state policy in the field of auditing of commercial companies. The Ministry of Finance oversees the activities of the Latvian Association of Sworn Auditors as well as is the institution responsible for the cooperation with the competent institutions of other Member States and third countries in the field of audit.
There is established the Audit Oversight Commission of the Ministry of Finance by the Decree No 374 of August 17, 2011 in order to ensure effective supervision over performance of all administrative tasks delegated to the Latvian Association of Sworn Auditors. The AuditOversight Commission is collegiate institution, does not have a status of legal person and is established for indefinite time.
Contact details of the Audit Oversight Commission:
e-mail address: firstname.lastname@example.org
mailing address: Smilšu street 1, Riga, Latvia, LV-1919
The Latvian Association of Sworn Auditors is an independent professional corporation of Latvian sworn auditors. It ensures the supervision of compliance with professional standards and ethical norms, as well as other regulatory enactments applicable to the profession, and of the professional activity of the sworn auditors and commercial companies of sworn auditors.
The Latvian Association of Sworn Auditors certifies sworn auditors and provides licences to commercial companies of sworn auditors.
The Latvian Association of Sworn Auditors maintains the Sworn Auditor Register, Commercial companies of sworn auditors’ Register and Register of Third Country Auditors and Commercial Companies of Auditors. Information of these registers is arranged and kept electronically and available on the home page of the Latvian Association of Sworn Auditors.
As regards issues, which are associated with the certification of sworn auditors, the licensing of commercial companies of sworn auditors and other tasks delegated to the Latvian Association of Sworn Auditors by the Law On Sworn Auditors, it is under the supervision of the Ministry of Finance. The regulations issued by the Latvian Association of Sworn Auditors which regulate the performance of the delegated tasks have to be approved by the Latvian Association of Sworn Auditors after the coordination with the Ministry of Finance.
The Audit Advisory Council is established by the Minister of Finance for purpose of promoting the increase of quality of audit services.
The Ministry of Finance technically ensures operation of the Audit Advisory Council from the funds allocated for this purpose in the State budget.