Audit and audit related services

Audit and audit related services represent our main activity, our core competence.

We offer:

  • audit of financial statements and consolidated financial statements prepared in accordance with the Latvian financial reporting laws and regulations,

  • audit of financial statements prepared under International Financial Reporting Standards (IFRS),

  • audit or review of financial statements prepared for group consolidation purposes,

  • review of financial information,

  • review of dependence statements prepared in accordance with the requirements of the Groups Act of the Republic of Latvia,

  • audit of cost statements prepared for EU-funded projects,

  • assurance services in business reorganizations as required by the Commercial Law,

  • compilation services and agreed-upon procedures.

We conduct our professional activities based on the licence no. 63 issued by the Latvian Association of Certified Auditors and recognized qualifications of our partners – certified auditors holding valid auditor’s certificates.

Comunication to management at various stages of the engagement is an essential part of our audit. This includes our reporting to management using a management letter in which we draw attention to the weaknesses in accounting, financial reporting, and internal control identified during the audit and provide recommendations to eliminate these weaknesses.

We will be happy to provide you with more detailed information about our services in response to your call or e-mail.

Accounting services

  • Full accounting support from processing of source documents to preparation of tax returns and reports, management accounts and annual financial statements for statutory or consolidation purposes,

  • assistance in preparation of financial statements and consolidated financial statements prepared in accordance with the local laws or IFRS,

  • payroll services,

  • assistance in development of accounting manuals and procedures,

  • advising on accounting matters.

In our firm accounting services are provided by competent employees (including members of the Association of Accountants of the Republic of Latvia) under guidance of a partner – a certified auditor. The accounting service client, like any other our client, can benefit from the knowledge and experience accumulated by our firm that is available whenever required to solve non-routine issues.

Financial due diligence

Financial due diligence involves a detailed analysis of a business, assessing the key factors driving the business and its ability to generate maintainable profits and cash flows, and identifying the key financial risks relevant to the target company.

Such service will be relevant in acquisitions of shares in a company or an organised part of the enterprise. Financial due diligence report, which will include detailed information on non-current assets, working capital of the target company, its sustainable earnings (identifying earnings from one-off events), management information system and control environment, employment matters, commitments and contingent liabilities and other matters will provide relevant information for investor’s decision making.

When providing financial due diligence services we are aware that close cooperation with our client and the investor’s other advisers is essential to provide high-quality service.

Our other financial consulting services include:

  • Assistance in preparation of financial projections during the process of investment planning and fund raising,

  • assistance and advice in business acquisitions / sales and restructuring.

We believe we can help our clients make well-considered decisions and choose the most suitable development strategies.

We do not provide legal services. However, we co-operate with law offices and can refer the client to a legal advisor in order to ensure full support at business start-up stage or as issues to be addressed by a lawyer arise.


  • Tax planning for corporate entities including general advice to companies starting activities in Latvia; analysis of tax effects of specific proposed transactions,

  • registration of permanent establishment of a foreign company in Latvia, registration for VAT,

  • VAT compliance services,

  • preparation of corporate income tax returns,

  • regular tax advice.

As a member of an international network we can help our clients establish direct contact with a member firm in any other country and therefore obtain the necessary information and support to realize business transactions abroad.

In co-operation with other PKF International Limited member firms we contribute to the tax publications serving as an initial reference manual on international tax and business matters (Worldwide Tax Guide is available at the resources section at