The Lithuanian Chamber of Auditors (LCA) is a public legal entity unifying all certified auditors of Lithuania. “Auditor” denotes a person, who satisfies the requirements defined in the Law on Audit, holds the auditor’s certificate and is a member of LCA.
The LCA primary activities:
• Supervision of auditors and audit companies’ activities in Lithuania.
• Organization of qualification examinations in Lithuania.
• Issuance of the Lithuanian certified auditor’s certificates.
• Registration of companies in the list of Lithuanian audit companies and deletion from it.
• Organization of auditors and auditors’ assistants continuing professional development in accordance with the International Education standards.
• Representation of auditor’s interests at the State authorities and the Government institutions of Lithuania.
• Submission of proposals for legal acts regulating audit and accounting to the State authorities.
• Accumulation, summarizing and dissemination of information on Lithuanian auditors and audit companies.
• Developing of the audit methodology and recommendations for the Lithuanian auditors.
• Translation of documents issued by International Federation of Accountants, except for the International standards on audit and the Code of Ethics.
LCA activities shall be in conformity with the Constitution of the Republic of Lithuania, Civil Code of the Republic of Lithuania, the Law on Audit, the Law of Associations of the Republic of Lithuania other legal acts of the Lithuania and European Union (EU) and the present Statute of LCA. The legal status of LCA is an association.
LCA activities are based on the principles of self-governing, publicity and lawfulness.
At the end of 2003 the LCA became an associated member of the International Federation of Accountants (IFAC) and on 13th of November 2008 LCA became the true member.
On 16th December 2004 the General Assembly of European Federation of Accountants (FEE) approved the LCA membership as member correspondent and on 18th of December 2008 LCA became the true member.
The first law on Audit in Lithuania was issued in 1999 and had several amendments till the new Law on Audit, which came into force on 1 September 2008 and implemented legal acts of the EU: 78/660/EEC: fourth Council Directive of 25 July 1978, 83/349/EEC: seventh Council Directive of 13 June 1983, Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003, Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006.
According to the Law on Audit (2008 y.), when carrying out the audit of financial statements of the reporting period starting on 1 January 2009 and later the international auditing standards and the Code of Ethics of Professional Accountants, issued by IFAC, shall apply.
A brief presentation about the LCA activities