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Third state Register of the Certified AuditorsNo data found in this register! Register of the Third Country Auditors and the Third Country Commercial Companies of Auditors
(1) The Register of the Third Country Auditors and the Third Country Commercial Companies of Auditors shall be maintained by the Latvian Association of Sworn Auditors in collaboration with the Ministry of Finance. The third country auditors and the third country commercial companies of auditors who provide an auditor's report on the annual account or the consolidated annual account of a commercial company which is registered in a third country (hereinafter in this section – “the Third Country Commercial Company”) and whose transferable securities are admitted to trading on the regulated market of Latvia shall be entered in the Register. The information on the third country auditor and the third country commercial company of auditors referred to in Sections 19 and 24 of this Law shall be entered into the Register. Annual accounts and consolidated annual accounts that have been audited (reviewed) by third country auditors and commercial companies of auditors not included in the Register of Third Country Auditors and Commercial Companies of Auditors shall have no legal effect.
(2) The third country auditor and the third country commercial company of auditors who provide an auditor’s report on the annual account or the consolidated annual account of a third country commercial company which only issues debt securities that are included in the regulated market of a Member State and whose face value of a single security on the day of issuance is not less than the equivalent of EUR 50 000 in Latvian lats according to the currency exchange rate set by the Bank of Latvia shall not be entered into the Register of the Third Country Auditors and the Third Country Commercial Companies of Auditors.
(3) The Register of the Third Country Auditors and the Third Country Commercial Companies of Auditors shall be maintained in Latvian. Additionally, the Latvian Association of Sworn Auditors may maintain the register in any of the official languages of a Member State. In this case, it shall be set out in the register whether the translation is certified.
(4) The Register of the Third Country Auditors and the Third Country Commercial Companies of Sworn Auditors shall be accessible to the public, and any person has the right to become acquainted with it. The information contained in this Register shall be maintained and stored electronically and it shall be available on the website of the Latvian Association of Sworn Auditors.
(5) The Latvian Association of Sworn Auditors shall renew (update) the information included in the Register of the Third Country Auditors and the Third Country Commercial Companies of Auditors within five working days from the date it has received written notification from a third country auditor or commercial company of auditors entered in the Register regarding changes in information included in the Register.
Conditions for Registration of the Third Country Auditors and the Third Country Commercial Companies of Auditors
(1) The third country auditor or the third country commercial company of auditors shall be entered in the Register of the Third Country Auditors and the Third Country Commercial Companies of Auditors in accordance with the procedures specified in Section 241 of this Law only upon receipt of an opinion of the Ministry of Finance, that all the conditions referred hereinafter in this Paragraph of the Section have been fulfilled:
1) a third country auditor is a person who has a perfect reputation and the professional qualification of whom is equal to professional qualification of a sworn auditor;
2) the majority of the Board or Council (if the Council has been established) members of a third country commercial company of auditors are persons, the professional qualification of whom is equal to professional qualification of a sworn auditor and who have a perfect reputation;
3) persons, who on behalf of a third country commercial company of auditors provide the auditor report on the annual account and the consolidated annual account of a commercial company which is registered in this country, have perfect reputation and the professional qualification of these persons are equal to the professional qualification of a sworn auditor;
4) the audit (examination) of the annual account or consolidated annual account of commercial companies registered in the third country is performed in accordance with international audit standards recognised in Latvia or with equal international audit standards and the requirements of independence, objectivity and confidentiality specified in this Law or the requirements equal thereto are observed. The remuneration of a third country auditor or a third country commercial company of auditors which has been received for audit services, shall not be affected by the additional services provided or other conditions;
5) a third country auditor or a third country commercial company of auditors shall publish on its homepage the transparency report, in which the news specified in Section 33.1, Paragraph two of this Law or equal information thereto are included.
(2) The Ministry of Finance shall prepare an opinion if the registration application completed by the third country auditor or the third country commercial company of auditors has been received. The template of the registration application shall be approved by the Cabinet.
(3) The Cabinet shall determine the template of the opinion of the Ministry of Finance referred to in this Section, the procedures for drawing up and sending thereof.
Auditing Services Quality Control of the Third Country Auditors and the Third Country Commercial Companies of Auditors Entered in the Register
The third country auditors and the third country commercial companies of auditors which have been entered in the Register of the Third Country Auditors and the Third Country Commercial Companies of Auditors shall be subject to the auditing services quality control specified in Section 35.1 of this Law and the initiation of disciplinary matters and the system of application of sanctions shall be applied to these auditors and commercial companies of auditors.
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