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Latvia Audit Essay

1106 words - 5 pages

Audit in Latvia

Latvia has created a decentralised internal audit system, i.e. own internal audit system is established within each ministry, directly subordinated to the head of the institution and directly reporting him on the audit results.

To ensure appropriate work of the internal audit units, the Government of Latvia approved the Regulations Nr. 342 "On the Internal Audit" on 5 October, 1999, that stipulate the obligations and tasks of internal audit units and heads of institutions in the field of internal auditing and internal control system.

To facilitate the independence of the internal audit, the Internal Auditing Council was established in accordance with the Cabinet of ...view middle of the document...

The appropriate methodology has been prepared for peer reviews.
The Ministry of Finance works out the standards for performance of internal audit units in all ministries.

The Ministry of Finance developed an internal audit Handbook in November 1999. It contains all methodological information necessary for an internal auditor and includes step by step guidelines for developing audit needs assessments, strategic plans, and annual plans. The handbook covers also work planning, audit documentation, filing system and reporting system. It includes a section of sample document forms. The objective is to establish the level of uniformity in work documentation so that anyone can understand the audit trail and find specific audit evidence and conclusions in any government internal audit structural unit. Finally, the handbook contains all the information needed at the tips of the fingers of internal auditors, including regulations, a glossary, information about the internal audit library, and so on. The Ministry of Finance is now working on the date base for supervision of implementation of audit recommendations.

Great importance is attached to training of internal auditors and improvement of their professional knowledge. 100 of the 160 internal auditors employed in the public administration system have received the basic knowledge in the respective field. 8 lecturers have been certified to deliver the basic course on the internal audit in the School of Public Administration. Ministry of Finance together with School of Public Administration prepare training strategy.

An essential step to improve the internal audit system and ensure complete control over budget resources will be the inclusion of requirements of financial reports and control in the law - On executive agencies.

The need for introducing the IA in Latvian state administration was determined both by the requirements set forth by the EU for increasing of administrative capacity and the internal requirement for IA in the Latvian State Administration. More and more often when monitoring the performance of state administrative bodies their managers found that there is a necessity for a system that would allow identify early whether the achievement of the set goals is done efficiently. Within the framework of a contemporary state constitutional system the function of auditing is considered to be one of the key elements ensuring a democratic and efficient performance of state administration.

The process of introducing the IA in the Latvian State Administration started in May of 1997 when the State Civil Service Authority in cooperation with the British Council held seminars for the...

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