Subsequent to inspection of its audit practice Merhels (the Firm) is assigned grade “A”
18 December 2019
Merhels is obliged to submit itself to an inspection of its audit practice performed by the Latvian Association of Certified Auditors (LZRA). Such inspections are carried out at least once in 6 years. The inspection process includes evaluation of policies and procedures applicable to the Firm’s audit practice. Further, the inspection team reviews select financial statements, audit reports and engagement files. The inspection team also interviews partners in-charge for select audit engagements. Upon completion of work inspectors may attribute the following grades to a firm:
- A - no significant issues noted or up to 5 insignificant issues noted
- B - one significant and up to 9 insignificant issues noted or up to 12 insignificant issues noted
- C - 2 or more significant issues noted or one significant and more than 9 insignificant issues noted.
In November 2019 Merhels was subject to LZRA’s inspection. The Firm was assigned grade “A”. In previous two LZRA’s inspections carried out in August 2008 and October 2013, Merhels as well was assigned grade “A”.