Already for a number of years, the State Audit Office of Latvia (further in the text – SAO Latvia) relies on opinions of private sector auditors, when auditing the Annual Consolidated Financial Statement of the State. The latter includes, among others, financial statements of 119 municipalities. When auditing the ‘municipal part’ of the consolidate statement, the SAO Latvia acts as the Group auditor, while private sector auditors perform tasks of Component auditors as per ISSAI 2600.
Reliance on private sector auditors in assessment of compliance issues
23.12.2019.