Sworn auditor (zvērināts revidents)
In Latvian: Zvērināts revidents
A sworn auditor (zvērināts revidents) is an individual who has passed the sworn auditor exams, holds a certificate from the Latvian Association of Sworn Auditors and is entered in the register of sworn auditors. Only sworn auditors and sworn auditor firms may provide audit services.
An audit is mandatory for medium and large companies and those with securities on a regulated market. A small company must be audited if, for example, it exceeds two of three criteria for two years running: balance sheet total EUR 1,000,000, net turnover EUR 2,000,000 and 50 employees on average.
A small company below that line that exceeds two of the criteria EUR 500,000 balance sheet total, EUR 1,000,000 net turnover and 25 employees for two years running needs a limited review by a sworn auditor instead.
Micro-entities and small companies below these thresholds need no audit. Sworn auditors are brought together and supervised by the Latvian Association of Sworn Auditors.
Example
SIA "Ozols" is a small company. At the end of 2024 and 2025 its balance sheet total is EUR 1,200,000 and its net turnover EUR 2,500,000, so its 2025 report must be audited by a sworn auditor even though it has only 20 employees.
Legal basis
- Law on Audit Services, Section 4 likumi.lv
- Law on Annual Statements and Consolidated Annual Statements, Section 91 likumi.lv
- Law on Annual Statements and Consolidated Annual Statements, Section 92 likumi.lv
This explanation is for information and does not replace tax or legal advice. The law in its current consolidated text prevails.