| LAR | LAAA | |
|---|---|---|
| Membership | Mandatory | Voluntary |
| No. of members | 341 | 464 |
| Institute staff | 5-7 | 2 |
| Date of establishment | 2000 | 1990 |
| Local branches | No | No |
| Subject to public oversight | Yes | No |
| Public oversight authority | The Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finances (AVNT) | N/A |
| Involvement in Qualification and Market Access | LAR | LAAA |
|---|---|---|
| Initial education | Yes | Yes |
| Examination | Yes | Yes |
| Approval and registration | Yes | Yes |
| Continued Professional Development | Yes | Yes |
| Activities | LAR | LAAA |
|---|---|---|
| Standard setting | Yes (with AVNT) | Yes |
| Quality assurance | Yes (only audits of non-PIEs, PIEs: AVNT) | Yes |
| Disciplinary measures | No (AVNT) | Yes |
| Professions | Auditor (Auditorius) |
|---|---|
| Professional body | LAR |
| Protected title | Yes |
| Reserved activities | Audit of Financial Statements and related services (mainly assurance) |
| Included authorisations | Accounting services |
| Auditor | |
|---|---|
| Regulated profession | Yes |
| Supervision | Yes |
| Public oversight authority | The Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finances |
| Auditor | |
|---|---|
| General initial education steps (without possible exemptions) | • Academic university master’s degree • Good reputation • 3 years practical training • Examination (5 exams on common issues, law, taxes, accounting, audit) |
| Auditor | |
|---|---|
| No. of qualified professionals | 341 |
| No. of new trainees per year | 172 |
| No. of people taking the professional examination | 2019 – 35 applications |
| No. of people passing the professional examination | Successful pass rate: General – 100% Law – 100% Taxes – 60% Accounting – 25% Audit – 25% New auditor licenses in 2019 – 11 |
| Auditor | |
|---|---|
| Registration required | Yes |
| Competent authority for registration | Lithuanian Chamber of Auditors (only for Lithuanian auditors) |
| Cost of appointment/registration | No cost for registration, annual fee €303 (auditor), 0,2% from audit revenue (legal entity) |
| Oath required | Yes |
| Insurance required | Yes |
| Professional address required | Yes |