The Saeima has adopted and the President promulgated the following laws: For sworn auditors chapter I General provisions article 1. The terms used in the law, the law is applied in the following terms: 1) — sworn auditor's opinion shall form an integral part of the report, which clearly expressed a view on whether the annual accounts, the consolidated annual report, financial statements included: (a) all material aspects provides) a true and fair view of the financial position of the customer, profit or loss and cash flow, b) is prepared pursuant to the regulations;
2) working paper: materials prepared or prepare auditor, obtain and retain the auditor and related to the audit in accordance with the recognised international auditing standards. Working documents may be prepared in the form of data on paper, film, electronic media or other form;
3) financial institutions: credit institutions, investment firms, insurance companies or private pension funds, which provide financial or insurance services;
4) client — merchant, State or municipal institution, public body or public organisations, or any other person under this law receives audit services;
5) expert task accounting record sorting, financial statement analysis and determination of solvency, accounting, tax consultancy, internal control and other matters, as well as the accounting and auditing-related services;
6) self-employed — physical person working income benefit alone, without engaging in a contract of employment relations with the employer as an employee, and does not hold the posts, giving entitlement to compensation. Natural person who is a member of a partnership (membership) and working income benefit under these partnerships and audit, peer review, or mission of the trust indentures, also considered a self-employed person;
7) auditor's report: a sworn auditor prepared a document that identifies the audited financial statement, included details of the client and the auditor's liability, the jury followed in professional standards and audit procedures, as well as a sworn auditor opinion;
8) audit service is: (a) the laws and specific) customer's annual report, the consolidated annual report, and the auditor's report on financial statements contained therein, (b)) the audit task by statutory authority, the commercial certificate authorities, the Prosecutor, the judge or the Court's invitation, in the cases specified by law, c) State and local government institutions, financial audit and the audit report, as well as an opinion on the financial statements for the year , d) laws or other audit services contract for the mission;
audit report-9) a sworn document prepared by the auditor of State or municipal institutions, the financial audit results;
10) audit task: the customer's annual report, the consolidated annual report, check and audit the economic activities of the client in accordance with the law or the contract concluded;
11) trust: the customer's reorganization, insolvency and liquidation of the independent expert's mission, as well as property management.
2. article. The purpose of the law This law regulates the professional activities of the person in a legal framework, which manifests as audit services.
3. article. Sworn auditors and sworn auditor commercial companies (1) of the Act referred to in article 2 professional activity shall be entitled to make only sworn auditors and sworn auditor commercial companies which comply with the requirements laid down in this law.
(2) a sworn auditor can perform this Act referred to in article 2 to the professional activities of: 1) individual merchant;
2) certified auditor commercial companies;
3) self-employed.
(3) the certified auditor of the company can be any type of company.
4. article. Sworn auditor status (1) a natural person acquires the status of Chartered Auditors, after this law has passed the certified auditor Qualification exam, received the Latvian Council of sworn auditors Association of sworn auditor certificate issued and recorded in the register of Certified Auditors.
(2) sworn auditor status is only applicable to the sworn auditor certificate is in force.
5. article. Certified Auditor company status (1) company obtain a certified auditor company status after it in accordance with the procedure laid down in this Act has received the Latvian Council of sworn auditors Association issued a license and is certified auditor company register.
(2) the certified auditor company status is only applicable to the license in force.
Chapter II the Latvian Council of sworn auditors Association article 6. The Latvian Council of sworn auditors Association, business objectives and tasks (1) Latvian certified auditor is an independent Association of Latvian certified auditor Professional Corporation.
(2) the Latvian Council of sworn auditors Association following the principle of professional activities are combined in all Latvian sworn auditors and sworn auditor commercial companies.
(3) the Association of Latvian Certified Auditor Certified Auditor exercises professional authority. Within the Latvian Council of sworn auditors Association provide professional standards and conduct, as well as other professions related to regulatory compliance legislation and members of the Association of professional supervision.
(4) the Latvian Council of sworn auditors Association represents the interests of its members and defend them, organised by the certified auditor Qualification exam, as well as decide on the issuance of a certificate sworn auditor and issue certified auditor of the company. The Latvian Council of sworn auditors Association organizes certified auditor and certified auditor of the company registry, the certified auditor and the client disputes by the parties to the dispute shall request, as well as other laws and statutes in their tasks.
(5) the Latvian Council of sworn auditors Association activities for the financing of its members pay an annual membership fee of the Association general meeting specified.
7. article. Latvian Sworn auditor governing bodies of the Association and of the Standing Committee (1) the Latvian Council of sworn auditors Association's supreme governing body is the general meeting. It is elected by the Latvian Council of sworn auditors Association, Board members and set up a Permanent Committee.
(2) the work of the Standing Committee in accordance with the Latvian certified auditor of the Association Statute and comply with the general meeting and the Board's decisions.
Chapter III the certified auditor Qualification exam in article 8. The requirements for applicants certified auditor Qualification exam, you can sort incapacitated individual who meets all the requirements in this article: 1) has reached the age of 25 years;
2) is in the Republic of Latvia or abroad acquired higher education in economics, management or financial area or abroad won the national auditor's qualifications. The decision on the concerned foreign education recognition of supporting documents, subject to the procedures laid down in the Education Act, adopt the certified auditor of the Association;
the Latvian language 3) pr;
4) has acquired the Latvian Council of sworn auditors association recognized at least three years experience in a customer's annual report, as well as the examination of the financial audit;
5) is a person of impeccable reputation (not subject to one of this law, in article 9 above).
9. article. Persons who may not be on the sworn auditors about the certified auditor may not be a person covered by at least one of the circumstances referred to in this article, that is, a person: 1) which have been found by the Court of Justice of the insolvent debtor;
2) which is the criminal defendants or accused of an intentional criminal offence;
3) which convicted of intentionally committing a crime (regardless of whether the person had been released on parole due to the Statute of limitations, pardon or amnesty);
4) against whom criminal cases of intentional criminal offence stopped due to the Statute of limitations, reconciliation, pardon or amnesty or convictions for these offences or removed;
5) exempt from the post with the judgment of the Court of Justice in criminal matters;
6) whose occupation moral reasons is incompatible with the sworn auditor's professional activities.
10. article. Applicant for submission and arbitration proceedings (1) the applicant shall present the Latvian Council of sworn auditors Association application certified auditor Qualification exam for sorting and other documents of the Latvian Association of Certified Auditors.
(2) the tenderer certifies its compliance with this law, the requirements of article 8 and adds the Latvian Council of sworn auditors Association of certain documents.

(3) upon application and receipt of the documents attached to the Latvian Council of sworn auditors Association one month examine the application and accompanying documents, and shall take a decision on the applicant's right to sort the certified auditor Qualification exam or for the refusal.
(4) the Latvian Council of sworn auditors Association decision should be communicated to the applicant in writing.
(5) If the applicant received a refusal so that the application and the attached documents are incomplete or do not certify compliance with article 8 of this law, he may submit to the Latvian Council of sworn auditors Association application only after the deficiencies, but not earlier than six months from the date of receipt of the refusal. Confirmatory applications may be submitted to the person who must not be a certified auditor in accordance with article 9, except when circumstances exist that do not allow that person to be a certified auditor.
(6) the applicant is taking applications for a fee, the amount and payment arrangements determined by the Latvian Council of sworn auditors Association Executive Board.
11. article. Certified Auditor Qualification exam General provisions (1) the certified auditor qualification exams check whether applicants have sufficient theoretical knowledge as well as the ability to use this knowledge in practice to be of sufficient quality, respecting laws and Latvia recognised international auditing standards, make this law referred to in article 2 of the professional activity.
(2) the certified auditor Qualification exam are sorted in the Latvian language in writing.
(3) the certified auditor Qualification exam held on charges of organizing. Applicants to the exam session start to pay Latvian certified auditor of the Association dalībmaks. The decision on the dalībmaks and the payment arrangements adopted by the Latvian certified auditor of the Association Board.
12. article. Certified Auditor Qualification exam (1) for the certified auditor qualification exams organized and adopt the Latvian Council of sworn auditors Association.
(2) the certified auditor Qualification exam rules, indicating the number of objects and the exam names, object programs, exam Commission building rules, applicants and examination of the application, as well as exam preparation, process and evaluation procedures, approved by the Latvian Council of sworn auditors Association.
(3) the certified auditor Qualification exam Commission creates the Latvian Council of sworn auditors Association, for the members of the Commission to call upon the Chartered Auditors, state accredited university professors and other experts in the field of the subject exams.
13. article. Recognition of foreign qualifications of the Auditors, the provisions of the Latvian Council of sworn auditors Association recognizes the foreign qualifications of Auditors for audit qualifications of jurors and issued him a sworn auditor's certificate, if the foreign auditor fulfils all the conditions laid down in this article: 1) is submitted pursuant to the procedure laid down in the Education Act of the certified auditor of the Association of recognised professional qualification certificate, confirming that the holder in accordance with the laws of the relevant foreign State is entitled in the country to carry out a professional activity in accordance with the laws of Latvia made a sworn auditor;
2) has passed the part of Latvian Association of sworn auditors, organized the certified auditor Qualification exam items, which include the applicant test public law, civil law, labour law and social legislation, business regulatory and insolvency laws and tax laws;
3) is incapacitated person with impeccable reputation (not subject to one of this law, in article 9 above).
14. article. Certified Auditor Qualification exam content certified auditor Qualification exam for the subject in question, and tasks to be directly related to the annual report and the consolidated annual report for the test or are not directly related, so far as they apply to such tests, and that allows to identify the applicant's knowledge in the following areas: 1) audit theory and technique, international auditing standards;
2) the annual accounts and consolidated annual accounts preparation and analysis, accounting methods and valuation rules;
3) financial and management accounting;
4) internal audit;
5) public law, civil law, labour law and social regulatory laws;
6) commercial and insolvency law;
7) tax laws;
8) information systems and computer systems;
9) General and financial economics;
10) business risk management and analysis;
11) financial management principles;
12) mathematics and statistics.
15. article. Certified Auditor Qualification exam results notification procedures (1) the decision on the certified auditor Qualification exam results Association of Latvian certified auditor shall adopt, not later than two months after the date of the examination, on the basis of the certified auditor Qualification exam approved by the Commission, and 10 days after the decision has been communicated to the applicants.
(2) If the applicant passed the certified auditor Qualification exam, this exam he can sort on a later exam session. If the applicant passed the exam, the applicant's decision on future possibilities of this sort exam assumes the Latvian Council of sworn auditors Association.
(3) the applicant's sworn auditor Qualification exam work considered for limited availability information and store the Latvian Council of sworn auditors Association archive the case.
(4) the applicant shall have the right to consult their own sworn auditor Qualification exam and submit an evaluation of the work on the complaint within one month from the date on which the applicant has received the certified auditor Qualification exam Commission communication.
Chapter IV the sworn auditor certificate issuance, suspension and cancellation of the order, certified auditor register article 16. Sworn auditor certificate procedure (1) the Latvian Council of sworn auditors Association shall decide on the sworn auditor certificate applicants who have passed the certified auditor qualification exams and after settling again in writing, confirmed that they are not in one of this law, referred to in article 9, and determine the sworn auditor's oath is signed and the date of issue of the certificate.
(2) before the sworn auditor certificate applicants who want to be a sworn auditors, signed the following oath: "I swear to respect the laws of the Republic of Latvia, Latvian certified auditor of the Association Statute and honestly fulfil their responsibilities, realizing that the perjury of the society and I need to answer before the law."
(3) a sworn auditor, signed the oath in the Latvian Council of sworn auditors Association archive the case.
Article 17. Sworn auditor certificate suspension (1) If after a sworn auditor certificate issued is found that a person who has received this certificate applies any of this law, article 9 or paragraph 6 of these circumstances, the Latvian Council of sworn auditors Association for a certain period of time suspended the certificate of the auditors certified operation.
(2) sworn auditor's certificate suspended also for persons: 1) in accordance with article 28 of this law, the second subparagraph is submitted an application for a certain period of time to stop the operation of the certificate, certified auditor, stating the reason and the period of the suspension;
2) punished by this law, article 39, paragraph 3 of the proposed disciplinary action.
(3) the period of suspension of a certificate sworn auditor is entitled to conclude new contracts for audit services, but is entitled to continue to provide audit services in accordance with the contracts concluded before the date of suspension of the certificate.
18. article. Sworn auditor Certificate cancellation (1) the Latvian Council of sworn auditors Association revoke the sworn auditor certificate if, after it is found that the granting to a person who has received this certificate applies any of this law, article 9 1, 3, 4, and 5. the circumstances mentioned in paragraph or that the person has provided false details of this law, in article 8 and 9 above.
(2) a sworn auditor certificate shall be cancelled and those persons: 1) in accordance with the Court's ruling is recognised as incapacitated or is dead;
2) punished by this law, article 39 of the disciplinary measure provided for in paragraph 4.
19. article. Certified Auditor (1) Sworn Auditors are recorded in the register of Certified Auditors, which sorts the Latvian Council of sworn auditors Association.
(2) the register of certified auditor records the following information: 1) name, surname and personal code;
2) practice site address and phone (fax) number;
3) the number of the certificate;
4) certificate is issued, the suspension or cancellation and Foundation.
(3) a change in any of the second paragraph of this article, 1. and 2. the particulars referred to in paragraph 1, a sworn auditor within two weeks of the notification submitted to the Latvian Council of sworn auditors Association.

(4) certified auditor registry is public, and any person is entitled to inspect it.
(5) the Latvian Council of sworn auditors Association publishes the newspaper "Latvian journal" information about persons who have been issued or denied by a certificate sworn auditor, as well as those persons who for a certain period of time has stopped the auditor's certificate sworn activity, including the number of the certificate.
(6) the Latvian Council of sworn auditors Association organize and keep updated a register of certified auditor and its data twice a year, published in the newspaper "Gazette", specifying the register certified auditor name, practice address and telephone (fax) number, as well as the sworn auditor certificate number, but, if it is stopped, including the suspension term.
Chapter v certified auditor company licensed, certified auditor company register article 20. Certified Auditor company licensing (1) sworn auditor commercial companies shall have the right to initiate the audit services only after receipt of the Latvian Council of sworn auditors Association issued the license.
(2) the Association of Latvian Certified Auditor Certified Auditor issues the company a perpetual license.
21. article. The criteria for the issue of licences (1) certified auditor company to create and to be registered according to the laws of the Republic of Latvia.
(2) the certified auditor a partnership (General partnership and limited partnership), all its members must be sworn auditors.
(3) the certified auditor company more than 50 percent of the voting shares must belong to the Chartered Auditors or certified auditor commercial companies, or of the Member States of the European Union or European economic area national auditors or auditor commercial companies which, in accordance with the Member States of the European Union or European economic area state laws is entitled to carry out professional activities, in accordance with the laws of Latvia made a sworn auditor or certified auditor company.
(4) certified auditor commercial companies the majority of Board members must be sworn auditors.
(5) if the certified auditor company is a joint stock company, it may be omitted only registered shares.
(6) the certified auditor company must not engage in activities that are incompatible with the certified auditor.
(7) persons who sworn auditor commercial companies on behalf of the auditor's report on the annual accounts of a client test as defined by the law, as well as provide audit report about State and local government institutions, financial audit, must be sworn auditors.
22. article. Procedure for the issue of a license (1) in order to receive a license, the applicant, certified auditor company shall submit to the Latvian Council of sworn auditors Association license application and other Latvian certified auditor of the Association of certain documents. Submission of the document is determined by the Latvian Council of sworn auditors Association.
(2) the Association of Latvian certified auditor shall examine the application submitted and the documents annexed thereto and not later than 30 days from the date of receipt of the application the applicant, certified auditor company issued a licence or a written motivated refusal.
(3) the Latvian Council of sworn auditors Association adopted the decision on the refusal to issue a licence may appeal to the Court within three months from the day of receipt of the decision on the refusal to issue a license.
(4) before receiving its licence, certified auditor company pays the Latvian Council of sworn auditors Association Executive Board set fee.
23. article. License suspension and cancellation (1) if the certified auditor have changed company members (members) or the composition of the members of the Executive Board, the company shall notify in writing the Latvian Council of sworn auditors Association no later than 30 days after the registration in the commercial register.
(2) the Association of Latvian certified auditor is entitled to revoke the certified auditor company license issued in the following cases: 1) licence information not true;
2 of this Act have been infringed) 21. the conditions referred to in article;
3) company initiated the audit services within 12 months from the date of receipt of the licence;
4) company terminated the provision of audit services for more than 12 months;
5) company significantly violates any other provisions of this law;
6) company substantially violates other laws and regulations;
7) company waives license.
(3) If the Latvian Council of sworn auditors Association has established conditions that allow you to decide on the withdrawal of the licence issued, it shall, after considering the nature of the infringement, may take a decision on the suspension of the licence of that deadline may not be longer than six months.
(4) the period of suspension of the licence of the certified auditor company is not entitled to conclude new contracts for audit services, but has the right to continue to provide audit services in accordance with the contracts concluded before the date of suspension of the licence.
(5) the Latvian Council of sworn auditors Association about the suspension of the licence or the cancellation of the license shall be notified in writing to the commercial register Office.
(6) the Latvian Council of sworn auditors Association's decision on suspension or withdrawal of the licence may appeal to the Court within three months from the day of receipt of the decision on the suspension of the licence or the withdrawal of the licence.
24. article. Certified Auditor company register (1) the certified auditor commercial companies are recorded in the certified auditor company register that sort of Latvian Association of sworn auditors.
(2) the register of certified auditor company records the following information: 1) recorded in the commercial register of the company and registration number;
2) legal address and phone (fax) number;
3) license number;
4) licence, its suspension or cancellation date and basis;
5) members (participants) name, surname, residential address, social security number and a sworn auditor certificate number if the Member (member) is the sworn auditor, but legal persons – firms, recorded in the commercial register registration number and registered office;
6 sworn auditor) its name, surname, residential address, social security number and a sworn auditor certificate number, which provides audit services on behalf of the company;
7 members of the Board of the company) name, surname, residential address, social security number and a sworn auditor certificate number if a Board member is certified auditor.
(3) a change in any of the other parts of this article are 1, 2, 5, 6 and 7, for the particulars referred to in paragraph company two weeks, submit the statement to the Latvian Council of sworn auditors Association.
(4) certified auditor company registry is public, and any person is entitled to inspect it.
(5) the Latvian Council of sworn auditors Association regularly organizes and certified auditor company registry and twice a year, published in the newspaper "journal" certified auditor company names and legal addresses.
(6) the certified auditor company is excluded from the certified auditor company registry, if cancelled its license, as well as if this company is declared bankrupt, ceased the activity or eliminated.
Chapter VI sworn auditor independence and professional ethics requirements of article 25. Sworn auditor independence (1) sworn auditor in his professional activity is independent.
(2) State and local government bodies, the courts, the public prosecutor and pre-trial investigation authorities guarantee the certified auditor professional independence. To guarantee the certified auditor independence of professional activities shall be prohibited: 1) tamper with the certified auditor professional activities influence or affect them;
2) request of sworn auditors report and explanations, except in article 33 of this law in the second and third cases, referred to as well as interrogated them as witnesses of the facts which become known to them by providing professional services;
3) control the postal, telegraphic and other forms of correspondence, as well as documents that Certified Auditors received, providing professional services, to draw a correspondence and document viewing and removal or to search, find and remove the correspondence and documents;
4) control using procedural referred to in paragraph 3 means, certified auditor for the provision of professional services required information systems and means of communication, including electronic means of communication, to get information from them and to intervene in their operations;
5) request from customers news about the certified auditor for professional services provided by the content;
6) expose the Chartered Auditors any sanctions or threats because of the professional services that they provide to clients under the law;
7) called Chartered Auditors at any type of writing or orally expressed in statements made by them, legally and in good faith in the performance of their professional duties.

(3) the certified auditor company members (participants), the Manager, the members of the Executive Body and other parties is prohibited to tamper with the sworn auditor's professional activity or influence him to influence the auditor's independent expert opinion or the opinion of.
26. article. Circumstances in which the jury is compromised or auditor certified auditor commercial independence (1) sworn auditor and certified auditor of the company may take to provide audit services only if the jury is not compromised, the statutory auditor certified auditor commercial companies also appointed the responsible auditor, certified and sworn auditor commercial independence of opinion.
(2) a sworn auditor, certified auditor commercial companies also appointed the responsible auditor, sworn and certified auditor company independence is compromised, if sworn auditors, sworn auditor responsible or certified auditor company has a direct or indirect interest in the outcome of the audit. Sworn auditor, also sworn auditor in charge, and certified auditor company independence threatens these conditions: 1) direct or indirect financial implications and involvement of client transactions;
2) or last three years been working relationship with client;
3) customer management functions;
4) sworn auditor or his spouse's location or affinity affinity up to the second degree with client officials or members;
5) essential dependence on revenue from one or more of related customer service;
6) for audit services received from the consideration of the outcome of the audit;
7) gift, discount or other favourable conditions of the transaction from the client;
8) other circumstances recognized by the Latvian Council of sworn auditors Association.
27. article. Confidentiality Sworn auditor is prohibited from disclosing trade secrets, which he learned, in the exercise of professional duties. Trade secret information containing it shall be prohibited to use or disclose without the client's written consent, with the exception of article 33 of this law in the second and third part in these cases or cases where the sworn auditor has the right or responsibility to do so in accordance with the Court ruling. Information shall in any case be regarded as a trade secret if it gets, can harm the customer's competitiveness. Of commercial confidentiality is not considered information which, in accordance with the laws and regulations of the customer to be included in the annual report.
Chapter VII certified auditor and certified auditor of the company, the rights and obligations of article 28. Sworn auditor professional activity (1) sworn auditors audit services are provided in accordance with article 3 of the law referred to in the second paragraph.
(2) a sworn auditor who for various reasons for more than one year can not perform their professional activities, it must notify the Association of Latvian certified auditor and submit an application for Chartered Auditors certificate suspension for a specified period.
(3) a sworn auditor and certified auditor commercial companies designated responsible sworn auditor has the right to request from the customer and the customer is obliged to provide all the information, documents or explanations necessary for audit service is carried out in accordance with this law. Sworn auditor and certified auditor commercial companies designated responsible sworn auditor has the right to invite experts or experts and assistants, the customer is notified in advance and taking responsibility for their actions, as well as to check the customer's movable and immovable assets (securities and also money), requirements and obligations.
29. article. Sworn auditor and certified auditor commercial companies professional service delivery (1) sworn or certified auditor the auditor of a company is entitled to provide audit services: 1) after the client's invitation, State or municipal institutions and their supervision, or held under the existing institutions and organizations — at a higher institution management invitation;
2) as statutory public bodies and officials of the invitation.
(2) the audit, peer review, or mission of the trust has the right freely to choose a certified auditor certified auditor or company. Sworn auditor and certified auditor of the company has the right to freely choose a customer with whom a contract for the provision of professional services.
(3) a sworn auditor and certified auditor company professional services provided in accordance with a written conclusion of a contract for the provision of these services – audit services agreement.
(4) a sworn auditor, also responsible for the sworn auditor, do not have the right to make the same financial institutions, as well as the company's annual report audit report for more than five consecutive years, which includes shares of stock lists.
30. article. Specific provisions on the audit of service contracts (1) on receipt of the task, the sworn auditor shall inform the task and, if he is working as a paid employee of a certified auditor, also the company's management of it, or not covered by this law, article 26 referred to in the second paragraph. Sworn auditor can take to provide audit services only if is not compromised his independence of opinion.
(2) If in the second paragraph of article 26 of the said conditions there after the audit service, sworn auditor is obliged to notify immediately to the task and, if he is working as an employee in the company, certified auditor of that company management and also to withdraw from the contract specified in the audit task.
31. article. Sworn auditor responsible for (1) on the basis of an audit of service contracts with the customer, certified auditor company management appointed as audit services (audit task) responsible for the certified auditor and his appointment shall be notified to the customer.
(2) a sworn auditor responsible audit services provided and prepare the audit report. This document, specifying name, surname and personal code number of the certificate and the certified auditor commercial companies the license number, the signature of the sworn auditor in charge and the officer who handled the Certified Auditor on behalf of the company.
32. article. Sworn auditor's report properties To sworn auditor report for legal effect, it requires the following properties (identification data): 1) recipient;
2) document date;
3) the title of the document;
4) sworn auditors (in the cases provided for in the Act, the responsible auditor, chartered) first and last name;
5) the certificate number;
6) sworn auditors (in the cases provided for in the Act, the responsible certified auditor's) signature;
7) in the cases provided for in this Act, that person's name, surname, personal code and the signature, which was acting on behalf of the company a certified auditor and certified auditor company license number.
33. article. Sworn auditor's report the client control (1) sworn or certified auditor the auditor of the company shall inform the client control (or responsible executive body members) for opinion questions not included in (for example, the internal control system deficiencies, errors and violations) that do not affect the opinion provided.
(2) sworn or certified auditor the auditor of the company will be obliged to submit a report in writing to the financial and capital market Commission of the fact that the audit services and expert or trust during the execution of the task have been discovered in the financial institutions and financial institutions create or its regulatory laws, infringement, or other facts, which is a threat to the obligations , further action or sworn auditor disclaims an opinion.
(3) sworn or certified auditor the auditor of the company will be obliged to submit a report in writing to the financial and capital market Commission of the second part of the above facts, which were discovered, providing audit services to the client, which the financial institutions associated with decisive effect relationship or a close relationship of control or performance of such a client would trust the expert or the task.
(4) the second and third subparagraphs to specific disclosure is not considered to be any agreement, rule, law, regulations, or guidelines, and it does not create a sworn auditor or certified auditor company civil liability.
34. article. Audit working papers (1) audit working papers is the audit service provider — sworn auditor, or certified auditor company property.
(2) sworn or certified auditor the auditor of the company management is obliged to properly keep the audit working papers. With them may not be present by third parties and may not be issued to any third parties without the customer's permission, except in the cases provided by law. Audit working paper retention period is five years.

35. article. Sworn auditor Assistant (1) sworn auditor's Assistant is a person who has sworn auditor oversight provides audit services.
(2) a sworn auditor Assistant is not entitled to present the report and the audit report.
(3) the sworn auditor assistants may be persons who comply with this law, article 8, paragraphs 3 and 5 of the requirements and wishes of the Auditors the supervision of sworn to get experience of three years (three years of practice) audit services.
(4) a sworn auditor assistants employed in tasks that allow you to learn the sworn auditor certificate required to obtain practical skills in customer's annual report and consolidated accounts the minimum statutory inspections and financial audits. Certified Auditor assistants provide their professional services in accordance with the recognised international auditing standards.
(5) the Latvian Council of sworn auditors Association accept sworn auditor's Assistant for three years of practice validation rules and take sworn auditor's Assistant, tracking and control of their practices.
(6) the sworn auditor's Assistant after three years of practical experience under the supervision of sworn auditors may submit the application to the certified auditor Qualification exam.
Chapter VIII the Latvian Council of sworn auditors Association and the certified auditor company supervision in article 36. Certified Auditor company activity monitoring (1) the Association of Latvian Certified Auditor Certified Auditor verifies the conformity of company article 21 of this law the criteria of.
(2) the Latvian Council of sworn auditors Association has the right to request from the certified auditor commercial companies the information and documents on their activities. Association of Latvian Certified Auditor Certified Auditor for the company, do not have the right to request a certified auditor and certified auditor company working documents and get to know them.
(3) the Latvian Council of sworn auditors Association representative is entitled to check the certified auditor company documents to the extent necessary for decision on compliance issues, the issue of the licence, the suspension or cancellation, and to participate, without vote, the governing bodies of the company.
(4) If the Latvian Council of sworn auditors Association finds that the certified auditor company has violated this law, the criteria laid down in article 21, it shall, within 30 days from the date of the finding of the infringement, shall decide on the suspension of the licence. If within six months from the date of receipt of the decision on the suspension of the licence, the certified auditor of the company is not prevented these violations, the decision is taken to cancel the licence issued.
(5) the Latvian Council of sworn auditors Association and its staff do not have the right to disclose information obtained in performing the statutory supervisory functions, except in the cases provided by law.
37. article. The Latvian Council of sworn auditors Association, governmental supervision (1) State supervision over the Latvian Council of sworn auditors Association activities in compliance with the requirements of this law, the Ministry of finance carried out.
(2) the Latvian Council of sworn auditors Association, governmental supervision of the Ministry of Finance shall appoint three authorized representatives.
(3) the authorized representative of the Ministry of Finance shall be entitled to participate, without vote, Latvian Sworn Auditors Association general meetings and Board meetings, as well as to become familiar with the decisions of the Association.
Chapter IX liability, penalties and violations of procedure article 38. The disciplinary action, the action and the application of penalties (1) Of this law, as well as the Latvian Council of sworn auditors Association Statute, Latvia recognised international auditing standards, and other members of the Association of professional regulatory guidelines or rules of professional ethics code violation of the Latvian Council of sworn auditors Association, on its own initiative or on a proposal from the Court after the parties may propose disciplinary complaints.
(2) the disciplinary proceedings and the application of penalties approved by the Latvian Council of sworn auditors Association.
39. article. Disciplinary action in the Latvian certified auditor of the Association commitment or obligation and default action which is incompatible with the sworn auditor activity may lead to the following disciplinary actions: 1) warn;
2) rebuke;
3 suspend the sworn auditor) certificate for a period not longer than one year;
4 annul the sworn auditor) certificate.
40. article. Complaints and dispute procedures (1) complaints about the Latvian Council of sworn auditors Association, illegal or inappropriate operation of the Statute of the Court.
(2) all disputes arising in connection with the Latvian Council of sworn auditors Association's refusal to issue a certificate or certified auditor certified auditor commercial companies or its decision on the sworn auditor certificate or sworn auditor commercial companies license suspension or cancellation, settled in court.
Article 41. Sworn auditor and certified auditor company civil liability and loss recovery (1) sworn or certified auditor the auditor of the company is responsible for the obligations incurred by audit services contract.
(2) sworn or certified auditor the auditor of the company liable for damage incurred by third parties, the client's annual accounts, the consolidated annual report are also users, if an opinion delivered in accordance with the recognised international auditing standards did not substantially comply with the actual situation in the event of failure to comply with this law, 26, 27, 30 or article 34. If the opinion signed by two or more sworn auditors, they shall be jointly and severally liable for those losses.
(3) the certified auditor of the company is responsible for the obligations that it has entered into, as well as for the damage suffered by third parties, if the appointed auditor is not a responsible jury noticed this law, 26, 27, 30 or article 34 of the rules.
(4) certified auditor of the company and its designated Chartered auditor responsible for mutual legal relations, as well as the liability is governed by the employment contract.
(5) the damages certified auditor or certified auditor shall be borne by the company in accordance with the mutual agreement or damages in court not later than three years from the date of signing the sworn auditor's opinion.
Article 42. Sworn auditor and certified auditor company civil liability insurance (1) sworn auditor — self-employed persons or the individual merchant, civil liability insurance, the minimum liability limit is in the preceding financial year from the audit services in the sworn auditor gained total revenues, which may not be less than the Cabinet a set minimum amount, but the sworn auditor's start-up year minimum liability limit is set by the Cabinet of Ministers.
(2) the certified auditor commercial companies, other than a partnership which does not employ the employees, sworn auditors, insurance against civil liability in respect of the minimum limit of liability is of a previous audit services acquired from the company's total revenue, which may not be less than the Cabinet a set minimum amount, but the commercial start-up of the year — the minimum liability limit is set by the Cabinet of Ministers.
(3) providing auditing services to financial institutions, as well as the it company whose shares are included in the stock exchange lists, service provider: Chartered Auditors or certified auditor commercial companies insurance against civil liability in respect of the minimum liability limit is two per cent of its customer assets audited amounts for which these assets are largest in the previous reporting year.
(4) civil liability insurance for certified auditor and certified auditor company can choose: 1) recorded in the commercial register of the insurance company, which has received financial and capital market Commission issued a license of general liability insurance;
2) financial and capital market Commission of certain countries registered insurance companies with which the sworn auditor or certified auditor company, entering into a contract of insurance against civil liability in respect of the implementation of this law.
(5) the Cabinet of Ministers, establishing the first and second part of the civil liability provided for in the minimum amount, is entitled to be differentiated according to whether the company is a State or local Government of the capital.
43. article. The person responsible for the fraud, which is not a sworn auditor certificate If a person who is not a sworn auditor certificate or relevant — certified auditor commercial companies license — only in this Act, make a sworn auditor or certified auditor company allowed and provide sworn auditor's report, it is referred to the statutory liability.

Transitional provisions 1. With the entry into force of this Act invalidates the law on Certified Auditors "(Latvian Saeima and the Cabinet of Ministers rapporteur, 1996, no 24; 2000, no. 10).
2. A sworn auditor certificate issued on the basis of the laws that were in force before the entry into force of the law, recognized as valid.
3. Until 1 January 2003 the financial institutions, as well as the company, the shares of which are stock exchange lists, annual report, consolidated annual report also a mandatory statutory review may be carried out by financial and capital market Commission Auditors and auditors of listed companies who do not comply with the requirements of this law.
4. Until 1 January 2005 the certified auditor Qualification exam, you can sort persons who lack this law laid down in article 8 within three years of practical experience. These persons after the certified auditor Qualification exam for the certified auditor's certificate shall be issued. If that person within five years of the certified auditor Qualification exam must obtain the statutory three years of practical experience, working as a sworn auditor assistants, they may receive sworn auditor certificate in article 16 of this law.
5. Until 1 January 2005 on the Latvian Council of sworn auditors Association members can have not only sworn auditors, but also of other natural persons, if they have passed the certified auditor qualification exams, working as a sworn auditor assistants and comply with these provisions of the Statute of the Association. Until 1 January 2003, all licensed by the sworn auditor commercial companies must become Latvian certified auditor of the Association members.
6. Until 1 January 2003 to all commercial companies that provide audit services, you must obtain a Latvian Sworn Auditors Association license.
7. individual companies that provide audit services, are entitled to continue the provision of services to the individual companies in the commercial law of procedure entry into force of the law during the transitional period.
8. This law, article 21, second and third subparagraph shall enter into force on January 1, 2004.
The law shall enter into force on 1 January 2002.
The law adopted by the Parliament of 3 May 2001.
 
The President of the Parliament instead of the President j. stream in Riga, 22 May 2001 law shall enter into force on January 1, 2002, but this law article 21, second and third subparagraph, by January 1, 2004.