Statutory audit

Statutory audit is obligatory for the companies that are required to comply with specific statutory reporting requirements meeting minimum two of the bellow mentioned criteria:

Annual net turnover — 500,000 LVL,
Total assets — 250,000 LVL,
Number of employees — 25

Statutory audit is also recommended to those firms, planning to achieve or meet the said requirements.

IFRS audit

International Financial Reporting Standards (IFRS) are globally accepted standards for financial reports preparation. IFRS are obligatory for the listed companies in Latvia. Foreign investors also prefer their company’s financial statements to be prepared according to IFRS. System audit Ltd. has broad experience in auditing IFRS financial reports.

Review and agreed upon procedures

Financial statements review is distinctive from audits based on their scope of procedures. Objective of financial statement review is to express a negative assurance that no significant discordances are found in financial statements.

Agreed upon procedures are performed based on the concrete client task like audit of accounting system, concrete settlements or transactions, specific or set of accounts, expenses etc. The result is reported to the client on factual findings.