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Our team includes specialists with knowledge and experience in different industries to match your expectations for high quality value added services. In the Assurance department of PwC office in Riga we have approximately fifty audit professionals, including five Latvian Certified Auditors. All our department staff study ACCA and many of them already are ACCA qualified. This gives us the resources not only to specialise in particular industries such as banking, real estate, insurance, services, energy, telecommunications, manufacturing and retailing but also offer, based on the company's needs, specific individual services. PwC is represented on the Latvian accounting standards committee and regularly contributes to this and the updating of relevant legislative matters.

Based on the company's needs, we offer specific individual services, of which the main ones are listed below:

  • Audit of financial statements prepared in accordance with Latvian statutory requirements
  • Audit of financial statements prepared in accordance with International Financial Reporting Standards
  • Audit of Group Reporting Packages
  • Quarterly and half-year reviews of financial statements
  • Agreed-upon procedures
  • Practical assistance in preparation of financial statements in accordance with the requirements of Latvian legislation or International Financial Reporting Standards
  • Advice and practical assistance on specific accounting and financial reporting issues such as consolidation procedures, format of the financial statements, accounting for financial instruments and others
  • Outsourcing – performance of certain functions of the client company with one of the following objectives:
    • to assist in the implementation of a specific function in the company
    • to improve and develop the existing function by transferring our knowledge and experience to the employees of the company
    • to perform a specific function on a temporary basis until it is taken over by the employees of the company
    • to perform a short term function allowing the company to avoid recruitment of its own specialists on a temporary basis and save associated costs

In the course of the audit we review the company’s accounting systems and procedures for the company's accounting and internal controls. We report our findings and recommendations for improvements to the management. We also report to the client any management, business or operational issues which have come to our attention and provide our recommendations to assist the company.

Audit and regulatory affairs

Mandatory firm rotation

See our views on why recent proposals to mandate the rotating of audit firms would significantly reduce the quality of audit and the reliability of financial reporting.

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Audit, independence and integrity

We’ve recently seen many changes designed to enhance independence and objectivity. See our proposals for how we can build on the safeguards and reforms already in place.

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Auditors' scope of services

Some argue that allowing auditors to carry out any non-audit services for their audit clients weakens their independence, objectivity and professional scepticism. Here’s why we disagree.

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Competition and choice in the audit market

Healthy competition is good for the marketplace, but this should not be achieved through artificial intervention. See our views on competition in the audit market.

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Governance and transparency of the audit

Audit committees have a key role to play, and their role should be strengthened to help make them even more effective and to help their decision-making around reappointing auditors.

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Benefits of scale

Large, global companies require an audit firm of comparable size and scale. See our views on the EC's proposals to address the dominance of the Big Four firms.

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