Audit of financial statements

Audit control is an integral part of each company’s control procedures required for gaining the trust of clients and partners as well as managing the company.

As an independent specialist, the auditor assesses if the financial statements prepared by the company’s management give a true and fair view of the company’s operations. Although the auditor’s opinion on the correctness of the financial statements is primarily used by information users outside the company, during the audit process we add value also to the company’s management. In the course of the audit, this additional value is mainly delivered in the form of the feedback, which highlights the deficiencies identified, proposals for their elimination as well as suggestions for enhancing the efficiency of the accounting system. We present the main findings as a written report.

During the control process, we identify the risk areas, which may cause significant reporting mistakes, and develop audit procedures for these areas. The focus on the important fields enables us to conduct the audit in a more efficient way.
The main criteria for choosing an auditor are an auditor’s qualification, trustworthiness, availability and experience.
We conduct the audit control procedures in accordance with the international audit standards.

Agreed upon procedures

The company’s management or owners may need to control some particular report rows (accounts receivable, net sales, etc.), financial reports (balance sheets, income statements) or accounting field (payroll accounting or other field). In this case, it is possible to agree upon the exact scope of work with the auditor, without ordering a full audit of the annual accounts. As a result of such procedures, the auditor presents a report with a summary of highlights identified.

Procedures prescribed by the Commercial Code

  • special control
  • opinion on non-monetary contributions’ value control
  • opinion on the closing balance and assets’ division plan of a company under liquidation
  • opinion on merger and division agreements.

Due diligence

Consultations and training related to financial accounting topics

We serve clients in Latvian, English and Russian, both orally and in writing.

Our competent auditors have provided services for 15 years. A Grant Thornton partner is a managing auditor who is actively participating in the audit process and bears the full responsibility for its planning and conducting.

The services are rendered in co-operation with different departments (corporate finance, tax advisory, financial accounting), which allows offering the best integrated solutions to our clients.

Grant Thornon Baltic has developed significant regional competence in the Baltics and Scandinavian countries. Our co-operation with international associations enables us to offer the services required for doing business on local and international markets.

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