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Transparency Report 2018

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Transparency Report 2018 Transparency Report 2018 EY Latvia Contents Message from the EY Baltics Managing Partner and the Assurance Leader ........................................................................... 3 About us ............................................................................................................................................................................. 5 Legal structure, ownership and governance ...................................................................................................................... 5 Network arrangements .................................................................................................................................................... 6 Commitment to quality ........................................................................................................................................................ 8 Infrastructure supporting quality ...................................................................................................................................... 8 Instilled professional values ............................................................................................................................................. 9 Internal quality control system ....................................................................................................................................... 10 Client acceptance and continuance ................................................................................................................................. 11 Performance of audits ................................................................................................................................................... 12 Review and consultation ................................................................................................................................................ 13 Audit partner rotation ................................................................................................................................................... 14 Audit quality reviews ..................................................................................................................................................... 14 External quality assurance review .................................................................................................................................. 15 Compliance with legal requirements ............................................................................................................................... 15 Independence practices..................................................................................................................................................... 17 Continuing education of audit professionals ....................................................................................................................... 19 Revenue and remuneration ............................................................................................................................................... 20 Financial information ..................................................................................................................................................... 20 Partner remuneration .................................................................................................................................................... 20 Appendix 1 ....................................................................................................................................................................... 22 Appendix 2 ....................................................................................................................................................................... 23 More information about EY can be found at ey.com. Transparency Report 2018: EY Latvia 2 Message from the EY Baltics Managing Partner and the Assurance Leader Welcome to the 2018 Transparency Report of Ernst & Young Baltic SIA (EY Latvia). We believe that how we advance audit quality, manage risk and maintain our independence as auditors should be transparent to our stakeholders. We value regular dialogue, and this report is one of the ways in which we advise our stakeholders on what we are doing in each of these areas. Executing high-quality audits continues to be our top priority and is at the heart of our commitment to serve the public interest. It enables us to grow the global EY network successfully and responsibly, while achieving our purpose of building a better working world. Auditors play a vital role in the functioning of capital markets by promoting transparency and supporting investor confidence. Companies, regulators and other stakeholders count on us to deliver excellence in every engagement. We are focused on investing in tools to improve what we do, creating the highest-performing teams, and building trust and confidence in the audits we perform. EY Latvia’s reputation is based on and grounded in providing high-quality professional audit services objectively and ethically to every company we audit. We continue to embrace the transparency objectives of the European Union’s 8th Company Law Directive and the Law on Audit Services of the Republic of Latvia, which require Latvia statutory auditors of public interest entities (PIEs) to publish annual transparency reports. The 2018 EY Latvia Transparency Report complies with the Directive and the Law on Audit Services of the Republic of Latvia, and covers the the financial year ended 30 June 2018. In this report, you can learn more about our internal quality control system: how we instill professional values, how we perform an audit, our review and consultation processes, our approach to audit quality reviews, and our independence practices. EY Latvia is focused on enhancing audit quality and upholding our independence, informed by several matters including external and internal inspection results. Continuous improvement of audit quality requires us to challenge approaches to audit execution, and we focus on this by evaluating all inspection findings and taking responsive actions. We encourage all our stakeholders — including our clients and their investors, audit committee members and regulators — to continue to engage with us on our strategy as well as any of the matters covered in this report. Jonas Akelis, EY Baltic Managing Partner Diāna Krišjane, EY Baltic Assurance Leader Transparency Report 2018: EY Latvia 3 EY’s purpose: building a better working world EY is committed to doing its part in building a better working world. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to stakeholders. In so doing, we play a critical role in building a better working world for our people, our clients and our communities. Transparency Report 2018: EY Latvia 4 About us EY Latvia is part of the EMEIA Area, which comprises EYG member firms in 98 countries in Europe, the Legal structure, ownership and Middle East, India and Africa. Within the EMEIA Area, there were 11 Regions, and from 1 July 2018 the number governance has reduced to 10. In Latvia, Ernst & Young Baltic SIA is a Limited liability Ernst & Young (EMEIA) Limited (“EMEIA Limited”), an company organized in Riga and is a member firm of Ernst & English company limited by guarantee, is the principal Young Global Limited, a UK company limited by guarantee coordinating entity for the EYG member firms in the EMEIA (EYG). In this report, we refer to ourselves as Area. EMEIA Limited facilitates the coordination of these “EY Latvia,” “we,” “us” or “our.” EY refers collectively to firms and cooperation between them, but it does not the global organization of the member firms of EYG. control them. EMEIA Limited is a member firm of EYG, has EY Latvia is jointly owned by Ernst & Young Europe LLP (for no financial operations and does not provide any details see “Ernst & Young Europe” below) and Baltic professional services. Network OU, a limited liability company licensed to provide Each Region elects a Regional Partner Forum (RPF), whose audit services in Estonia. Ernst & Young Europe holds over representatives advice and act as a sounding board to 90% of the share capital of Baltic Network OU. The Regional leadership. The partner elected as Presiding remainder of Baltic Network OU’s share capital is held by 18 Partner of the RPF also serves as the Region’s EY Baltic partners. Details regarding the ownership of EY representative on the Global Governance Council Latvia are available in the public registry of the audit firms (see page 6). maintained by the Latvian Association of the Certified Auditors and can be found on its website: www.lzra.lv. EY Latvia has no branches or subsidiaries and its place of business is at Muitas St. 1A, LV-1010 Riga, Latvia. The governance bodies of EY Latvia are: • The General Meeting – the supreme body; • The Board of the Company – the collegial management body of the Company; the Board is elected by the General Meeting for an indefinite period and consists of 3 (three) members; the Board elects its chairman from among its members; EYG member firms are grouped into four geographic Areas: Americas; Asia-Pacific; Europe, Middle East, India and Africa (EMEIA); and Japan. The Areas comprise a number of Regions, which consist of member firms or sections of those firms. Details of the formal/legal governing
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