Mandatory audit

Mandatory audit – annual mandatory audit that examines the accounting statements and financial indicators. Only the experienced and highly qualified auditors can carry out a qualitative audit.

Many business managers try to avoid an audit, as they often do not see the difference between the audit, carried out by the auditory company and tax administration inspections. But seeing what can provide the annual audit to the company, attitude towards it changes. If your company matches all the audit criteria, it means that it is socially significant and has reached a new level of business development. Successful audit is in its own way a “quality mark” that shows the suppliers, customers, creditors, and investors, as well as other interested persons that your company has a successfully organized reporting system, financial indicators are reliable, budget calculations are correct. This reduces the possibility that the problems with the Internal Revenue Service may arise.

Concluding a contract with “Latimira and partners”, you can be sure that the financial and accounting system analysis will be carried out in accordance with the highest professional standards.

Audit plan and program shall determine the nature, time frames and the planned audit procedures that are necessary to carry out an audit in accordance with International Standards on Auditing. The audit program is the instruction set of the auditor, as well as inspection and control mechanisms to carry out the audit properly. This program allows to analyze risks and give maximum consideration to the problematic points of the statement. It is also a type of control and inspection to be sure that the work is performed qualitatively and with optimal costs. The result will be an audit opinion, as well as a written letter to the client company’s management, where our specialists will point out all remarks and recommendations.

Audit is not the administrative barrier that is difficult for the entrepreneur and increases costs. It helps the entrepreneur to manage his capital more effectively, thus creating greater opportunities to gain profits or to increase it.

Mandatory audit is necessary for the companies that meet two of the following criteria:

  • Sales and performed services volumes within one year exceed 500 thousand lats
  • Asset balance sum in the accounted year exceeds 250 thousand lats
  • The average number of employees within one year is on the average 25 people.

Tax Audit

Tax audit is one of the most high-demand types of audit.

The purpose of a tax audit is the expertise of the system errors in accounting and tax statements, as well as its prevention systems development.

During the tax audit, the tax data bases are examined, separately for each tax type. The tax statement and tax accounting systems indicators analysis is carried out, in an integrated manner, and in separate tax categories. During the audit, the tax system aggregation system and information analysis of taxpayer is carried out and the tax policy optimization is possible. Tax audit helps to objectively assess the accuracy of tax calculation and to pay taxes for the concrete period.

Tax audit result – assessment of the company’s tax risk and its optimization. At the end of the audit, you get the professional recommendations on how to correct inaccuracies.

Tax audit will help you to avoid the tax risks and penalties of the supervisory authorities. You will have a real possibility to prevent undesirable financial consequences that might arise after the tax inspection by the tax inspector. Our specialists have experience in communication with public authorities and we will be able to defend your interests in court. We are ready to participate in the inspections of the control authorities and to promote a positive outcome of the disputes related to tax issues.

Tax audit is an independent inspection that examines:

  • The accuracy of tax bases in each tax type, tax calculations and payments for the stated period
  • Whether the accounting and tax statements are prepared in accordance with the active legislation.



Auditory consultation

If you have any questions related to accounting and tax statements and active legislation, we are ready to consult you and your staff on these issues.

We are able to tell better than anybody else about the mandatory audit procedure, as well as to share the handout materials, where you can find the main points of the active legislation.

To apply for an auditory consultation, contact our specialists


Accounting inspection of accounts

We offer accounting statements inspections. Inspections are carried out by the qualified specialists with wide experience in accounting. Depending on customer needs, we can make a complete inspection or inspection of the part of the accounting system.

All conclusions of the auditors are summarized in the full, multilateral, objective information analysis. Our technicians will carry out not only an accounting inspection but also an inspection of the effectiveness of the accounting system at the company.

In the process we will:

  • examine the accuracy of calculations related to the remuneration of labor;
  • assess the selected accounting policy;
  • examine the accuracy of documentation;
  • examine the reliability and completeness of news related to accounting.


Total inspection of the company’s activities

The service is also known as “Due diligence” (DueD). The method consists of financial and other summarized information analysis that helps the company management to make reasonable decisions. With “DueD” the potential risks, such as financial and legal are assessed. In the information gathering process, any information is considered, regardless of its origin.

Consequently, the customer receives a detailed assessment of the company’s financial performance. In addition, the expert estimation and information source list are attached.