| LZRA | LRGA | |
|---|---|---|
| Membership | Mandatory | Voluntary |
| No. of members | 172 members – sworn (certified) auditors; 118 associated members – certified audit companies | 701 – total number, incl.: 639 – physical persons 58 – accounting outsourcing firms 4 – higher educational institutions and schools |
| Institute staff | 5 (executive director, deputy chief executive, deputy chief executive on methodological issues, AML specialist and jurist) and elected bodies: the Board (7 members) and 5 committees (Ethics, Quality, Examination, Education, AML/CTF) | 12 |
| Date of establishment | 1994 | 1994 |
| Local branches | No | 1 (International Secretariat) |
| Subject to public oversight | Yes | No |
| Public oversight authority | Commercial Companies Audit Policy and Oversight Unit (CCAPOU) of the Latvian Ministry of Finance (MoF) | N/A |
| Involvement in Qualification and Market Access | LZRA | LRGA |
|---|---|---|
| Initial education | Yes | Yes |
| Examination | Yes | Yes |
| Approval and registration | Yes | Yes |
| Continued Professional Development | Yes | Yes |
| Activities | LZRA | LRGA |
|---|---|---|
| Standard setting | Yes | Yes |
| Quality assurance | Yes (only audits of non-PIEs, PIEs: MoF) | No |
| Disciplinary measures | Yes (only audits of non-PIEs, PIEs: MoF) | Yes |
| Professions | Sworn (certified) auditor (zverinats revidents) |
|---|---|
| Professional body | LZRA |
| Protected title | Yes |
| Reserved activities | Statutory audit and other activities regarding the issuance of (financial) statements. |
| Included authorisations | Comprises the authorisation to provide (advisory) services on taxation, valuation, financial and business management |
| Sworn auditors | |
|---|---|
| Regulated profession | Yes |
| Supervision | Yes |
| Public oversight authority | Commercial Companies Audit Policy and Oversight Unit of the Latvian Ministry of Finance |
| Sworn auditor | |
|---|---|
| General initial education steps (without possible exemptions) | • Age of 25 years • Higher education (bachelor) in economics, finance or management; • 3 years practical training • Final examinations |
| Sworn auditor | |
|---|---|
| No. of qualified professionals | 172 |
| No. of new trainees per year | 8-9 per year |
| No. of people taking the professional examination | 28-30 per year |
| No. of people passing the professional examination | 3-5 per year |
| Sworn auditor | |
|---|---|
| Registration required | Yes |
| Competent authority for registration | Latvian Association of Certified Auditors (LZRA) |
| Cost of appointment/ registration | €64 |
| Oath required | Yes |
| Insurance required | Yes, for statutory audit |
| Professional address required | No |