1. 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

2. 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

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

4. 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

5. 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

6. 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

7. 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

8. 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