Audit

JSC "Žemaitijos auditas" performs audit of annual financial statements and interim financial statements prepared in accordance with the Lithuanian Business Accounting Standards (BAS) and the International Accounting Standards (IAS).

An audit is performed according International Standards on Auditing (ISA) certified by International Federation of Accountants. JSC „Žemaitijos auditas" has extensive experience in auditing and inspection of private and public capital companies. The company inspected and audited enterprises of different activities, such as: transport, logistics, health care, education, public utilities, agriculture, industry, wholesale and retail trade, construction, food processing, tourism, furniture, catering, etc.

Audit is carried out in the following cases

Mandatory audit

According to the Law on Financial Statements of Entities of the Republic of Lithuania and Law of Stock Companies and the Law on Consolidated Accounts of Groups of Undertakings of the Republic of Lithuania, annual financial statement audit must be performed in:

• state and municipal enterprises, public interest entities, joint stock companies, co-operative companies (cooperatives), both real and economic partnerships and commandite partnerships, where joint-stock companies or limited liability companies are all full members, as well as private limited liability companies where the state and (or) municipality is the shareholder;
• the consolidated financial statement forming companies, where annual consolidated financial statements audit must be carried out;
• closed joint stock companies, co-operative companies (cooperatives), both real and economic partnerships commandite partnerships, where all full members are joint-stock companies or limited liability companies, if at least two indicators on the last day of the financial year exceeds the following amounts:

• sales net income during the financial year is 12 million LTL;
• the balance of the asset value is 6 million LTL;
• the average annual number of employees according to the list during the financial year is 50 persons.

Important: Please note that unaudited financial statements of joint-stock companies will not be accepted by State Enterprise Centre of Registers without annual financial statements audit in 2011.

Audit of business initiatives

Audit requirements usually are determined by the owner or the manager. In recent years more and more companies acknowledge the need and benefits of the audit, as they evaluate the continued development of business opportunities and the financial condition of stability; for those reasons they are auditing voluntarily.

The necessity of audit is determined by the market relations. Audit is usually carried out:

• in order to verify the accuracy of financial statements;
• in order to ascertain the authenticity of the company's financial condition and operational reliability;
• because of the bank requirement;
• dealing with property disputes between companies or companies and specific individuals;
• carrying out operations relating to the division of property and use;
• to ensure the mutual trust of the working people;
• because of the bankrupt;
• during the connection or sharing of the company;
• for better manage accounting, internal control; to improve the management system;
  in other cases.

If you are interested in auditing services and you wish us to tender the proposal, please provide us with a completed questionnaire. We will provide you an offer after evaluating the data.