Aija Punāne LASA, Deputy Board Chairperson

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Presentation transcript:

Aija Punāne LASA, Deputy Board Chairperson Development of the Audit Profession in Latvia in Line with the Requirements of the New Eighth EU Company Law Directive Aija Punāne LASA, Deputy Board Chairperson

LASA key objective To enhance statutory audit quality in order to raise the trust of shareholders, investors, creditors and stakeholders in the financial and consolidated financial statements, as well as to promote cooperation with other countries in Europe and the world 13/09/2005

Conditions for financial statement users to receive reliable audited statements Auditor’s independence High competence level Quality of the audit 13/09/2005

LASA activities in compliance with the latest amendments in the Law on Sworn auditors” (1) Translation and implementation of the present valid international auditing and assurance standards; training of members In December 2004 at its annual general meeting LASA adopted the Code of Ethics for Professional Accountants; now mandatory for all members The professional auditor quality assurance monitoring system developed 13/09/2005

LASA activities in compliance with the latest amendments in the Law on Sworn Auditors (2) Improving the system of continuous education and monitoring of auditors Regular cooperation with the representatives of the Ministry of Finance, authorized to implement the monitoring of the profession as stipulated by the Law on Public Administration 13/09/2005

Short-term activities (1) Specify objectives in LASA Charter, focusing on its reponsibility for the protection of public interests Improve the system of continuous education in line with the standards adopted by IFAC 13/09/2005

Short-term activities (2) Closely follow meeting the requirements of the Code of Ethics, including the introduction of independent risk documenting system when auditing companies of public importance Strenghten the quality of monitoring the professional activities by developing public oversight system 13/09/2005

Short-term activities (3) Improve investigation and sanctions to be applied in case of a negative quality monitoring conclusion or complaints by a third party Support cooperation of Latvia with public oversight systems in other countries 13/09/2005