Frequently Asked Questions
Answers to the questions companies ask most often. If you cannot find your answer, contact us — we will assess your specific situation.
When does a company in Latvia need a statutory audit?
An audit is mandatory for medium-sized and large companies, group parent companies, listed and public-entity companies, and small companies exceeding two of three thresholds for two consecutive years: EUR 1,000,000 (balance sheet), EUR 2,000,000 (turnover), 50 employees. In borderline cases we help assess your situation individually.
What is a limited review of an annual report?
A Sworn Auditor’s engagement with a narrower scope than an audit. Mandatory for small companies above the thresholds EUR 500,000 / EUR 1,000,000 / 25 employees. It also covers the verification of corporate income tax amounts.
What is the difference between an audit and a limited review?
In an audit the auditor obtains reasonable assurance and issues an opinion; in a limited review the scope is narrower and a limited assurance report is issued.
What is a special purpose audit?
Auditor’s work focused on specific financial information, an item, transaction or matter — not the annual report as a whole. Purpose and scope are agreed before the work.
What is due diligence?
An in-depth assessment of a company’s financial information before an acquisition, sale, investment or restructuring. The result is a report with findings for decision-making.
How should a company prepare for an audit?
Organise documents in good time, reconcile account balances and prepare inventory results. Before the work we send a list of required documents.
What documents does the auditor need?
Typically the annual report and accounting records, reconciliations, inventory documentation, key contracts, bank statements and information from management. We tailor the exact list to the situation.
How long does an audit take?
It depends on the company’s size, readiness of documentation and deadlines. We agree a timeline at the start so the report can be filed on time.
How is the price determined?
Pricing is agreed individually based on the company’s activities, the scope of the engagement, information availability and deadlines.
Does SIA RE Audit provide services across Latvia?
Yes. The office is in Sigulda, and we serve companies across Latvia, including Riga — on site and remotely.
Is remote cooperation possible?
Yes. Most of the work can be done remotely; consultations take place by video call or phone.
Do you work with subsidiaries of foreign companies in Latvia?
Yes. We work with foreign-owned companies and subsidiaries of international groups — communication and deliverables are available in English.
Are the services available in English?
Yes. We work in Latvian and English — in day-to-day communication and in the auditor’s deliverables.
Is a consultation available before an audit?
Yes. We provide audit preparation consulting: we help clarify the audit obligation and prepare a document list and recommendations.
Didn’t find your answer?
Every situation is different. Contact us — we will assess your company’s circumstances.