Amendments To The Law "on Sworn Auditors"

Original Language Title: Grozījumi likumā "Par zvērinātiem revidentiem"

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/246388


The Saeima has adopted and the President promulgated the following laws: the amendments to the law "on sworn auditors" make law "on sworn auditors" (Latvian Saeima and the Cabinet of Ministers rapporteur, 2001, no. 12; 2004, nr. 4; 2007; 2008, 10 No No 14; 2009, no. 6; Latvian journal, 2010, 32, nr. 99; 46. in 2011, no.) the following amendments: 1. the third subparagraph of article 6: turn off the first sentence; to turn off the second sentence, the words "within". 2. Make article 9 (1) of the following: "1) which is delivered in an individual's insolvency process;". 3. Add to the third subparagraph of article 17 with the following sentence: "If the sworn auditor certificate at the time of the suspension continue to provide audit services in accordance with the contracts concluded before the date of suspension of the certificate, the Latvian Council of sworn auditors Association they duly sworn auditor provides professional supervision to the execution of the contracts concluded before the date of suspension of the certificate." 4. Supplement article 18, second subparagraph, (3) with the following: "3) have submitted the application for cancellation of the certificate of the auditors certified." 5. Article 23: express the second part of paragraph 7 as follows: "7) company has submitted an application for the withdrawal of the licence."; adding to the fourth subparagraph with the sentence the following wording: "If a certified auditor company period of suspension of the licence shall continue to provide audit services in accordance with the contracts concluded before the date of suspension of the licence, the Latvian Council of sworn auditors Association provides within the certified auditor commercial companies professional supervision to the execution of the contracts concluded before the date of suspension of the licence." 6. Replace article 24 in the sixth paragraph, the words "has been declared bankrupt, ceased the activity or eliminated" by the words "is excluded from the register of companies". 7. in article 24.2: Add to the second part of the sentence the following wording: "the preparation of the opinion of the Ministry of Finance shall immediately inform the European Commission of this opinion, including whether all this article the conditions referred to in the first subparagraph."; to make the fourth subparagraph by the following: "(4) if the European Commission's third public supervision, quality control, investigation and penalty systems are recognised as equivalent by the Member States for monitoring, quality control, investigation and penalty systems, then by that third country or third country auditor the auditor of the company filled in the registration application is received in the Ministry of finance prepared the opinion referred to in this article, without judging whether the conditions referred to in the first subparagraph."; to supplement the article with a fifth by the following: "(5) the Ministry of finance, if necessary to obtain additional information about the third-country auditor or auditors of the company of a third country of audit services provided by the quality control results are entitled to conclude mutual agreement with the competent authority of the third country audit. On the conclusion of the agreement between the Ministry of Finance shall immediately inform the European Commission. " 8. in article 35.1: Supplement to article 3.1 part as follows: "(31) the Latvian Council of sworn auditors Association every year as early as possible, but no later than one month before the audit services quality control started writing inform the Finance Ministry of sworn auditors and sworn auditor commercial companies, which, according to the provisions of this article are subject to quality control not less frequently than every three years. '; supplemented with the sentence of the fourth subparagraph by the following: "the Ministry of finance authorized representative has the right to carry out audit services requirements of quality control, verification of compliance with quality control within the sworn auditor practice or certified auditor company that provides audit services to financial institutions and commercial companies whose transferable securities are included in the regulated market of the Member States."; to make a fifth by the following: "(5) the Ministry of finance authorized representative during the audit services quality control, verification of compliance with the requirements of the certified auditor's practice or certified auditor company that provides audit services to financial institutions and commercial companies whose transferable securities are included in the regulated market, the Member States have the right to consult with a certified auditor or certified auditor commercial companies audit working papers and the report of the public. Audit services quality control, verification of compliance with the requirements of the Latvian Association of sworn auditors, the Ministry of finance authorized representative has the right to consult the Association of Latvian certified auditor's audit services quality control messages, as well as a request from the Association of Latvian Certified Auditor audit the service quality control process for other messages, documents and explanations needed to audit the service quality control requirements. "; Add to article 5.1 and 5.2 of part with the following: "(51) of the Ministry of finance authorized representative is prohibited from disclosing trade secrets or personal data obtained by reviewing the fifth part of this article that documents, messages, or explanations, except in the cases provided by law. The Ministry of finance, the authorized representative of the Ministry of finance submitted a written statement of privacy requirements. The Ministry of Finance within five working days after receipt of the proofs sent to the Latvian Council of sworn auditors Association, a copy of this certificate, drawn up in accordance with the laws and regulations on the development and design of a document. (52) the Ministry of finance authorized representative has the right to take part in the Latvian Council of sworn auditors Association general meetings, meetings of the Management Board, the Commission and the committees which examine questions and documents related to the audit services quality control, as well as to become familiar with these general meetings and in meetings decisions relating to audit the service quality control. "; Add to sixth with the sentence the following wording: "the Ministry of Finance within five working days after receipt of the proofs sent to the Latvian Council of sworn auditors Association, a copy of this certificate, drawn up in accordance with the laws and regulations on the development and design of a document. '; to supplement the article with the seventh subparagraph by the following: "(7) the Ministry of finance authorized representative verifying audit services quality control requirements, two years after the audit the service quality control compliance testing is prohibited to occupy posts in the company of a certified auditor of the Board or Council (unless the Council is created), in which he has performed audit services quality control requirements." 9. Supplement article 36.1 of the third paragraph as follows: "(3) the Ministry of finance in its annual public report shall contain information on all measures taken during the year in connection with the Latvian Council of sworn auditors Association, governmental supervision." 10. Article 37: make the first part of the second sentence as follows: "the Latvian Council of sworn auditors Association, legislation governing the certified auditor certified auditor certification, licensing, and other companies that rule the Latvian Council of sworn auditors Association delegated tasks, Association of Latvian certified auditor confirms, after coordination with the Ministry of finance."; replace the second paragraph, the words "authorized representative of the Ministry of finance is entitled" by the words "Financial Adviser, Ministry of the Latvian Council of sworn auditors Association and cooperation with other Member States and third countries, the competent authorities in the field of audit, is entitled"; Add to the second paragraph after the words "the relevant General meeting or meetings and" with the words "in writing"; make the third paragraph as follows: "(3) the Ministry of finance authorized representative in the exercise of the Latvian Council of sworn auditors Association and cooperation with other Member States and third countries, the competent authorities in the field of audit, has the right to require from the Latvian Council of sworn auditors Association, all the information, documents and explanations that are necessary for the provision of monitoring." to supplement the article with a fifth by the following: "(5) the Ministry of finance authorized representative in the exercise of the Latvian Council of sworn auditors Association and cooperation with other Member States and third countries, the competent authorities in the field of audit, it is prohibited to disclose trade secrets and personal data obtained by this statutory supervision and cooperation, except in the cases provided by law." 11. in article 37.1: make the fifth part of the second and third sentence as follows: "providing the second and the sixth part of the information referred to in another Member State, the competent institution of the Ministry of finance indicate that information contains trade secrets or personal data. All persons performing the investigation referred to in this article, become known in part two of this article, that information and participated in the sixth paragraph of this article, that information shall be prohibited to disclose trade secrets or personal data obtained using the above investigations and providing information, except in the cases provided by law. "; to supplement the article with the sixth, seventh and eighth as follows: "(6) the Ministry of Finance shall cooperate with the competent institutions of auditing, giving them information about the certified auditor and certified auditor of the company and receive information from them on the register recorded foreign auditor the auditor of the company and foreign monitoring. In cooperation with the competent authorities of the Member States in the field of audit, the Ministry of Finance relies on foreign auditor the auditor of the company and foreign monitoring conditions in the Member State where the relevant register foreign auditor or auditors of foreign companies is recorded. (7) If an auditor in another Member State or other Member State Auditor company established in another Member State carries out Latvian Group subsidiary companies consolidated in the annual report or annual report (if one is prepared) audit (examination), which is used in the Republic of Latvia in the Group's consolidated annual report this annual report, the consolidated annual report or (if one is prepared) audit (examination) is recognized as the equivalent of sworn auditors or certified auditor commercial companies make in the annual accounts or consolidated annual accounts (if one is prepared) audit (examination) and other Member States auditor or auditors of the company in another Member State, to carry out this year's consolidated report or annual report (if one is prepared) audit (examination), are not subject to additional registration requirements, quality control, independence, the consolidated annual report audit (inspection) during the applicable auditing standards and compliance with ethical standards. (8) If an auditor in another Member State or other Member State Auditor company provides audit services to the company, which is not registered in the Republic of Latvia, but whose transferable securities are included in the Republic of Latvia on the regulated market, these audit services are recognised as equivalent to a sworn auditor or certified auditor for audit services rendered by the company and the Auditor in another Member State or other Member State Auditor company providing these services audit do not apply additional requirements concerning registration, quality control, independence, the consolidated annual report audit (inspection) during the applicable auditing standards and compliance with ethical rules. " 12. the supplement to Chapter VIII, article 23.2 of the following: "article 23.2. Cooperation with third countries ' competent authorities (1) the Ministry of finance concluded by mutual agreement with the competent authority of the third country in the field of audit, if they are received from the second part of that audit working papers and other documents. On the conclusion of the agreement between the Ministry of Finance shall immediately inform the European Commission thereof. (2) the Ministry of finance after the third State shall, at the request of the competent institution, supply it with the sworn auditor and certified auditor commercial companies audit working papers and other documents, which are the sworn auditor or certified auditor commercial companies, if there is any further action in this part of the conditions referred to in article 1) the required audit working papers or other documents relate to audits of services that companies whose transferable securities are included in the third country concerned on the regulated market , or to a company that is involved in the consolidation Group subsidiary company whose annual accounts audit (examination) of the third country in question or a third-country auditor the auditor of the company; 2) the competent authority of the third country has provided the audit working papers and other documents of the grounds for the request; 3) a third-country competent authority employees who receive requested transfer of audit working papers or other documents relate privacy requirements; 4) third-country competent authority is from a third country whose supervisory, quality control, and the application of the system of penalties, the European Commission has recognised as equivalent national supervisory, quality control, investigation and penalty systems. (3) the Ministry of finance is entitled to refuse to transfer the second part that copies of documents, if there is at least one part of this article, these conditions: 1) transfer of copies of documents would harm the public interest or contrary to national security regulations; 2) have been instituted against those same sworn auditors or the same certified auditor commercial companies for whom or which provide the same audit services received in the request referred to in the first subparagraph. (4) the Ministry of Finance within a month of the first paragraph of this article, in the third country receiving the request of the competent institution shall give the Association of Latvian certified auditor to submit a request to the Ministry of finance in the second part of that audit working papers and other documents. (5) the Latvian Council of sworn auditors Association after the fourth paragraph of this article, the Ministry of finance referred to in the receipt of the request from the relevant sworn or certified auditor the auditor of a company request the Ministry of Finance of that audit working papers or other documents which are certified according to the laws and regulations on the development and design of a document. (6) the Latvian Council of sworn auditors Association within a month of receipt of the request of the Ministry of Finance shall submit to the Ministry of finance in the second part of that audit working papers and other documents to transfer the third country concerned to the competent institution. The Latvian Council of sworn auditors Association said submitted certified copies of documents under the laws and regulations on the development and design of a document. The Latvian Council of sworn auditors Association respects the confidentiality requirements and submit the audit working papers and other documents, specify whether the documents contain trade secrets or personal data. Transfer of personal data to third countries, the competent authorities in accordance with the individual in the data protection act. All persons entering these audit working papers and other documents of the Ministry of finance, became known to trade secrets and personal data, it is prohibited to do so, except in the cases provided by law. (7) If the Latvian Council of sworn auditors Association for objective reasons can not submit the requested copies of documents in the sixth paragraph of this article, within that period, it shall be notified in writing to the Finance Ministry, indicating the reasons for the delay and the date when the copies of the documents will be submitted. (8) the Ministry of finance respects the confidentiality requirements, in cooperation with the competent authorities of the third country audit. The transfer of the second part of that audit working papers and other documents, the Ministry of finance indicate that documents containing business secrets or personal data. All persons, transfer of audit working papers and other documents of third-country competent authority, has become known in the trade secret or personal data, it is prohibited to do so, except in the cases provided by law. " The Parliament adopted the law of 22 March of 2012.
The President a. Smith in 2012 on April 11.