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

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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

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Conditions for financial statement users to receive reliable audited statements

Auditor’s independence High competence level Quality of the audit

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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

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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

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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

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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

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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