\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/h6>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Audit and assurance services<\/h1>\n<\/div><\/div><\/div><\/div><\/div><\/div>Audit and assurance<\/h4><\/a><\/li>
Financial statement audit<\/h4><\/a><\/li>
Limitde scope audit<\/h4><\/a><\/li>
Internal audit<\/h4><\/a><\/li>
Tax risk management systems<\/h4><\/a><\/li>
Due diligence<\/h4><\/a><\/li>
Valuation<\/h4><\/a><\/li>
Commercial law<\/h4><\/a><\/li>
Financial statements preparation<\/h4><\/a><\/li><\/ul><\/div>Audit and assurance<\/h4><\/a><\/li><\/ul><\/div>\n![\"Rev\u012bzija](\"http:\/\/breicis.com\/wp-content\/uploads\/2019\/01\/Revizija-un-audits-1.png\")
<\/h1>\n
Our audit and assurance services will be useful for both the Latvian companies listed in the stock exchange and companies that require accounting support.<\/span><\/p>\nThe applied audit methodology allows us to conduct independent audits of financial statements, that provide comprehensive and effective results regardless of the size, performance or location of your company. Our audit specialists use their knowledge and experience to help in solving any issues regarding financial statements or accounting. Within the audit, not only compliance issues of accounting and records are addressed, but also areas of business risks are identified and their solutions or business improvements are offered.<\/p>\n
Our audit and assurance services include:<\/p>\n
\n- inspection of the Latvian companies’ financial statements,<\/li>\n
- special limited scope audits,<\/li>\n
- internal audits,<\/li>\n
- development of tax risk management system,<\/li>\n
- in-depth study of company activity,<\/li>\n
- provision of opinions on the value of the tangible investments,<\/li>\n
- audits (checks) provided by the commercial law.<\/li>\n<\/ul>\n<\/div><\/div>
Financial statement audit<\/h4><\/a><\/li><\/ul><\/div>\nFinancial statement audit<\/h1>\n
Our most important audit service is the assurance (inspection) of the client\u2019s annual report, including the consolidated annual report, as well as the provision of the auditor\u2019s report in accordance with the procedures as provided by the regulatory enactments.<\/p>\n
Assurance and auditing is performed for financial statements, that have been prepared in accordance with the regulatory enactments of Latvia and International Financial Reporting Standards, as well as in accordance with the accounting policy of the group of companies.<\/p>\n
Within our audit we additionally provide information about the identified risks that, if materialised, may lead to errors in financial reporting and the calculation of taxes, as well as general recommendations for the provision of accounting and tax compliance.<\/p>\n
In accordance with the Law On the Annual Financial Statements and Consolidated Financial Statements<\/a> mandatory audit refers to:<\/p>\n1) annual reports of average and large companies,<\/strong>
\n2) annual reports of the companies, the transferable securities<\/strong> of which are included in the regulated market,
\n3) annual reports of the holding parent companies.<\/p>\nIn the case of annual reports of small companies<\/strong>, the inspection must be executed in the following cases:<\/p>\n1) If it exceeds two of the following criteria for two consecutive years (both in the current and in the previous year):<\/p>\n
\n- total balance amount \u2013 EUR 800\u00a0000,<\/li>\n
- net turnover \u2013 EUR 1\u00a0600\u00a0000,<\/li>\n
- the average number of employees in the report year \u2013 50,<\/li>\n<\/ul>\n
2) it is the holding parent company,<\/p>\n
3) it is a capital company of a public person, its subsidiary or a public private capital company within the meaning of the Law on the Governance of Capital Shares of a Public Person and Capital Companies,<\/p>\n
4) it has recognised, provided items of the financial statement in accordance with international accounting standards.<\/p>\n
<\/p>\n<\/div><\/div>
Limitde scope audit<\/h4><\/a><\/li><\/ul><\/div>\nLimited scope audit<\/h1>\n
Within the scope of limited inspection the sworn auditor performs the inspection of data and information specified in the financial statement, incl. verification of the compliance of the enterprise income tax calculation procedure.<\/p>\n
For a small company the sworn auditor executes the limited inspection and prepares an audit report if:<\/p>\n
\n- the small company does not require an inspection,<\/li>\n
- the indicators of the small company exceed at least 2 of the following thresholds for 2 consecutive years (both current and previous year):\n
\n- total balance amount \u2013 EUR 400 000,<\/li>\n
- net turnover \u2013 EUR 800 000,<\/li>\n
- the average number of employees in the reporting year \u2013 25.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
The small company that requires the limited inspection has the right to choose to conduct a full audit by the sworn auditor.<\/p>\n<\/div><\/div>
Internal audit<\/h4><\/a><\/li><\/ul><\/div>\nInternal Audit<\/h1>\n
Internal audit service is the independent and objective activity of the auditor, as a result of which the performance of the internal control system is assessed in order to improve the operation of the internal control system in the company or in the association.<\/p>\n
We perform the full cycle of internal audit or execute individual components of it that include:<\/p>\n
\n- preparation of the internal audit procedure plan and execution of the internal audit in accordance with it,<\/li>\n
- the assessment of the compliance of the commercial company with the regulatory enactments, management decisions and other binding regulations,<\/li>\n
- assessment of the effectiveness of the internal control system and recommendations for its improvement,<\/li>\n
- audit and assessment of the key risks, their qualitative and quantitative indicators,<\/li>\n
- preparing of the audit reports on the performed inspection regarding the identified deficiencies or insufficiently managed risks,<\/li>\n
- provision of advice and suggestions on the identified deficiencies.<\/li>\n<\/ul>\n
We also provide consultations on the internal control, as well as internal audit issues, and we also offer internal control procedures, including tax risk management system, i.e. in-depth cooperation with the members of the SRS.<\/p>\n<\/div><\/div>
Tax risk management systems<\/h4><\/a><\/li><\/ul><\/div>\nDevelopment of tax risk management systems<\/h1>\n
We offer internal control procedures, including tax risk management system, i.e. in-depth cooperation with the members of the SRS.\u00a0 The tax risk management system in its essence reflects the internal control mechanism that is established to identify and eliminate the tax risks.<\/p>\n
Tax risks:<\/p>\n
\n- business risks \u2013 the typical risks resulting from the type of economic activity and the non-typical risks \u2013 risks inherent in the particular company,<\/li>\n
- operational risks \u2013 arising from non-compliance with the regulatory enactments,<\/li>\n
- compliance risks \u2013 execution risks of tax payer\u2019s liabilities (including timely submission of declarations) and timely payment of taxes,<\/li>\n
- accounting risks \u2013 correct recording of the transactions in accordance with the accounting requirements and documents for organising the accounting.<\/li>\n<\/ul>\n<\/div><\/div>
Due diligence<\/h4><\/a><\/li><\/ul><\/div>\nDue diligence<\/h1>\n
An in-depth study of the company activity includes Financial Due Diligence (financial risk assessment, financial status assessment) and Tax Due Diligence (tax risk audit).<\/p>\n<\/div><\/div>
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Audit and assurance services<\/h1>\n<\/div><\/div><\/div><\/div><\/div><\/div>Audit and assurance<\/h4><\/a><\/li>
Financial statement audit<\/h4><\/a><\/li>
Limitde scope audit<\/h4><\/a><\/li>
Internal audit<\/h4><\/a><\/li>
Tax risk management systems<\/h4><\/a><\/li>
Due diligence<\/h4><\/a><\/li>
Valuation<\/h4><\/a><\/li>
Commercial law<\/h4><\/a><\/li>
Financial statements preparation<\/h4><\/a><\/li><\/ul><\/div>Audit and assurance<\/h4><\/a><\/li><\/ul><\/div>\n<\/h1>\n
Our audit and assurance services will be useful for both the Latvian companies listed in the stock exchange and companies that require accounting support.<\/span><\/p>\nThe applied audit methodology allows us to conduct independent audits of financial statements, that provide comprehensive and effective results regardless of the size, performance or location of your company. Our audit specialists use their knowledge and experience to help in solving any issues regarding financial statements or accounting. Within the audit, not only compliance issues of accounting and records are addressed, but also areas of business risks are identified and their solutions or business improvements are offered.<\/p>\n
Our audit and assurance services include:<\/p>\n
\n- inspection of the Latvian companies’ financial statements,<\/li>\n
- special limited scope audits,<\/li>\n
- internal audits,<\/li>\n
- development of tax risk management system,<\/li>\n
- in-depth study of company activity,<\/li>\n
- provision of opinions on the value of the tangible investments,<\/li>\n
- audits (checks) provided by the commercial law.<\/li>\n<\/ul>\n<\/div><\/div>
Financial statement audit<\/h4><\/a><\/li><\/ul><\/div>\nFinancial statement audit<\/h1>\n
Our most important audit service is the assurance (inspection) of the client\u2019s annual report, including the consolidated annual report, as well as the provision of the auditor\u2019s report in accordance with the procedures as provided by the regulatory enactments.<\/p>\n
Assurance and auditing is performed for financial statements, that have been prepared in accordance with the regulatory enactments of Latvia and International Financial Reporting Standards, as well as in accordance with the accounting policy of the group of companies.<\/p>\n
Within our audit we additionally provide information about the identified risks that, if materialised, may lead to errors in financial reporting and the calculation of taxes, as well as general recommendations for the provision of accounting and tax compliance.<\/p>\n
In accordance with the Law On the Annual Financial Statements and Consolidated Financial Statements<\/a> mandatory audit refers to:<\/p>\n1) annual reports of average and large companies,<\/strong>
\n2) annual reports of the companies, the transferable securities<\/strong> of which are included in the regulated market,
\n3) annual reports of the holding parent companies.<\/p>\nIn the case of annual reports of small companies<\/strong>, the inspection must be executed in the following cases:<\/p>\n1) If it exceeds two of the following criteria for two consecutive years (both in the current and in the previous year):<\/p>\n
\n- total balance amount \u2013 EUR 800\u00a0000,<\/li>\n
- net turnover \u2013 EUR 1\u00a0600\u00a0000,<\/li>\n
- the average number of employees in the report year \u2013 50,<\/li>\n<\/ul>\n
2) it is the holding parent company,<\/p>\n
3) it is a capital company of a public person, its subsidiary or a public private capital company within the meaning of the Law on the Governance of Capital Shares of a Public Person and Capital Companies,<\/p>\n
4) it has recognised, provided items of the financial statement in accordance with international accounting standards.<\/p>\n
<\/p>\n<\/div><\/div>
Limitde scope audit<\/h4><\/a><\/li><\/ul><\/div>\nLimited scope audit<\/h1>\n
Within the scope of limited inspection the sworn auditor performs the inspection of data and information specified in the financial statement, incl. verification of the compliance of the enterprise income tax calculation procedure.<\/p>\n
For a small company the sworn auditor executes the limited inspection and prepares an audit report if:<\/p>\n
\n- the small company does not require an inspection,<\/li>\n
- the indicators of the small company exceed at least 2 of the following thresholds for 2 consecutive years (both current and previous year):\n
\n- total balance amount \u2013 EUR 400 000,<\/li>\n
- net turnover \u2013 EUR 800 000,<\/li>\n
- the average number of employees in the reporting year \u2013 25.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
The small company that requires the limited inspection has the right to choose to conduct a full audit by the sworn auditor.<\/p>\n<\/div><\/div>
Internal audit<\/h4><\/a><\/li><\/ul><\/div>\nInternal Audit<\/h1>\n
Internal audit service is the independent and objective activity of the auditor, as a result of which the performance of the internal control system is assessed in order to improve the operation of the internal control system in the company or in the association.<\/p>\n
We perform the full cycle of internal audit or execute individual components of it that include:<\/p>\n
\n- preparation of the internal audit procedure plan and execution of the internal audit in accordance with it,<\/li>\n
- the assessment of the compliance of the commercial company with the regulatory enactments, management decisions and other binding regulations,<\/li>\n
- assessment of the effectiveness of the internal control system and recommendations for its improvement,<\/li>\n
- audit and assessment of the key risks, their qualitative and quantitative indicators,<\/li>\n
- preparing of the audit reports on the performed inspection regarding the identified deficiencies or insufficiently managed risks,<\/li>\n
- provision of advice and suggestions on the identified deficiencies.<\/li>\n<\/ul>\n
We also provide consultations on the internal control, as well as internal audit issues, and we also offer internal control procedures, including tax risk management system, i.e. in-depth cooperation with the members of the SRS.<\/p>\n<\/div><\/div>
Tax risk management systems<\/h4><\/a><\/li><\/ul><\/div>\nDevelopment of tax risk management systems<\/h1>\n
We offer internal control procedures, including tax risk management system, i.e. in-depth cooperation with the members of the SRS.\u00a0 The tax risk management system in its essence reflects the internal control mechanism that is established to identify and eliminate the tax risks.<\/p>\n
Tax risks:<\/p>\n
\n- business risks \u2013 the typical risks resulting from the type of economic activity and the non-typical risks \u2013 risks inherent in the particular company,<\/li>\n
- operational risks \u2013 arising from non-compliance with the regulatory enactments,<\/li>\n
- compliance risks \u2013 execution risks of tax payer\u2019s liabilities (including timely submission of declarations) and timely payment of taxes,<\/li>\n
- accounting risks \u2013 correct recording of the transactions in accordance with the accounting requirements and documents for organising the accounting.<\/li>\n<\/ul>\n<\/div><\/div>
Due diligence<\/h4><\/a><\/li><\/ul><\/div>\nDue diligence<\/h1>\n
An in-depth study of the company activity includes Financial Due Diligence (financial risk assessment, financial status assessment) and Tax Due Diligence (tax risk audit).<\/p>\n<\/div><\/div>
Audit and assurance<\/h4><\/a><\/li>
Financial statement audit<\/h4><\/a><\/li>
Limitde scope audit<\/h4><\/a><\/li>
Internal audit<\/h4><\/a><\/li>
Tax risk management systems<\/h4><\/a><\/li>
Due diligence<\/h4><\/a><\/li>
Valuation<\/h4><\/a><\/li>
Commercial law<\/h4><\/a><\/li>
Financial statements preparation<\/h4><\/a><\/li><\/ul><\/div>
Audit and assurance<\/h4><\/a><\/li><\/ul><\/div>
\n<\/h1>\nOur audit and assurance services will be useful for both the Latvian companies listed in the stock exchange and companies that require accounting support.<\/span><\/p>\n
The applied audit methodology allows us to conduct independent audits of financial statements, that provide comprehensive and effective results regardless of the size, performance or location of your company. Our audit specialists use their knowledge and experience to help in solving any issues regarding financial statements or accounting. Within the audit, not only compliance issues of accounting and records are addressed, but also areas of business risks are identified and their solutions or business improvements are offered.<\/p>\n
Our audit and assurance services include:<\/p>\n
- \n
- inspection of the Latvian companies’ financial statements,<\/li>\n
- special limited scope audits,<\/li>\n
- internal audits,<\/li>\n
- development of tax risk management system,<\/li>\n
- in-depth study of company activity,<\/li>\n
- provision of opinions on the value of the tangible investments,<\/li>\n
- audits (checks) provided by the commercial law.<\/li>\n<\/ul>\n<\/div><\/div>
Financial statement audit<\/h4><\/a><\/li><\/ul><\/div>
\nFinancial statement audit<\/h1>\n
Our most important audit service is the assurance (inspection) of the client\u2019s annual report, including the consolidated annual report, as well as the provision of the auditor\u2019s report in accordance with the procedures as provided by the regulatory enactments.<\/p>\n
Assurance and auditing is performed for financial statements, that have been prepared in accordance with the regulatory enactments of Latvia and International Financial Reporting Standards, as well as in accordance with the accounting policy of the group of companies.<\/p>\n
Within our audit we additionally provide information about the identified risks that, if materialised, may lead to errors in financial reporting and the calculation of taxes, as well as general recommendations for the provision of accounting and tax compliance.<\/p>\n
In accordance with the Law On the Annual Financial Statements and Consolidated Financial Statements<\/a> mandatory audit refers to:<\/p>\n
1) annual reports of average and large companies,<\/strong>
\n2) annual reports of the companies, the transferable securities<\/strong> of which are included in the regulated market,
\n3) annual reports of the holding parent companies.<\/p>\nIn the case of annual reports of small companies<\/strong>, the inspection must be executed in the following cases:<\/p>\n
1) If it exceeds two of the following criteria for two consecutive years (both in the current and in the previous year):<\/p>\n
- \n
- total balance amount \u2013 EUR 800\u00a0000,<\/li>\n
- net turnover \u2013 EUR 1\u00a0600\u00a0000,<\/li>\n
- the average number of employees in the report year \u2013 50,<\/li>\n<\/ul>\n
2) it is the holding parent company,<\/p>\n
3) it is a capital company of a public person, its subsidiary or a public private capital company within the meaning of the Law on the Governance of Capital Shares of a Public Person and Capital Companies,<\/p>\n
4) it has recognised, provided items of the financial statement in accordance with international accounting standards.<\/p>\n
<\/p>\n<\/div><\/div>
Limitde scope audit<\/h4><\/a><\/li><\/ul><\/div>
\nLimited scope audit<\/h1>\n
Within the scope of limited inspection the sworn auditor performs the inspection of data and information specified in the financial statement, incl. verification of the compliance of the enterprise income tax calculation procedure.<\/p>\n
For a small company the sworn auditor executes the limited inspection and prepares an audit report if:<\/p>\n
- \n
- the small company does not require an inspection,<\/li>\n
- the indicators of the small company exceed at least 2 of the following thresholds for 2 consecutive years (both current and previous year):\n
- \n
- total balance amount \u2013 EUR 400 000,<\/li>\n
- net turnover \u2013 EUR 800 000,<\/li>\n
- the average number of employees in the reporting year \u2013 25.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
The small company that requires the limited inspection has the right to choose to conduct a full audit by the sworn auditor.<\/p>\n<\/div><\/div>
Internal audit<\/h4><\/a><\/li><\/ul><\/div>
\nInternal Audit<\/h1>\n
Internal audit service is the independent and objective activity of the auditor, as a result of which the performance of the internal control system is assessed in order to improve the operation of the internal control system in the company or in the association.<\/p>\n
We perform the full cycle of internal audit or execute individual components of it that include:<\/p>\n
- \n
- preparation of the internal audit procedure plan and execution of the internal audit in accordance with it,<\/li>\n
- the assessment of the compliance of the commercial company with the regulatory enactments, management decisions and other binding regulations,<\/li>\n
- assessment of the effectiveness of the internal control system and recommendations for its improvement,<\/li>\n
- audit and assessment of the key risks, their qualitative and quantitative indicators,<\/li>\n
- preparing of the audit reports on the performed inspection regarding the identified deficiencies or insufficiently managed risks,<\/li>\n
- provision of advice and suggestions on the identified deficiencies.<\/li>\n<\/ul>\n
We also provide consultations on the internal control, as well as internal audit issues, and we also offer internal control procedures, including tax risk management system, i.e. in-depth cooperation with the members of the SRS.<\/p>\n<\/div><\/div>
Tax risk management systems<\/h4><\/a><\/li><\/ul><\/div>
\nDevelopment of tax risk management systems<\/h1>\n
We offer internal control procedures, including tax risk management system, i.e. in-depth cooperation with the members of the SRS.\u00a0 The tax risk management system in its essence reflects the internal control mechanism that is established to identify and eliminate the tax risks.<\/p>\n
Tax risks:<\/p>\n
- \n
- business risks \u2013 the typical risks resulting from the type of economic activity and the non-typical risks \u2013 risks inherent in the particular company,<\/li>\n
- operational risks \u2013 arising from non-compliance with the regulatory enactments,<\/li>\n
- compliance risks \u2013 execution risks of tax payer\u2019s liabilities (including timely submission of declarations) and timely payment of taxes,<\/li>\n
- accounting risks \u2013 correct recording of the transactions in accordance with the accounting requirements and documents for organising the accounting.<\/li>\n<\/ul>\n<\/div><\/div>
Due diligence<\/h4><\/a><\/li><\/ul><\/div>
\nDue diligence<\/h1>\n
An in-depth study of the company activity includes Financial Due Diligence (financial risk assessment, financial status assessment) and Tax Due Diligence (tax risk audit).<\/p>\n<\/div><\/div>