KPMG Baltics will audit the Freeport of Riga Authority

“The KPMG is one of the leading providers of financial audit services in Latvia and the world. In previous years we have audited both Riga and Tallinn ports, as well as other leading European ports.  We carry out the research on port and transport sector developments in the Baltic region on the regular basis. The KPMG specialists work in compliance with the highest international standards of financial auditing and accounting and therefore we will continue  to provide a reliable assessment of the Riga port financial performance, based on international practice “, says Ms. Armine Movsisjana, KMPG Baltics Managing Partner.  

“In order to address various critical public statements of certain state institutions, which are usually based on general assumptions without going into specific details, related to the port operation and governance, and behind which, most probably, there are various political and economic interest groups, we have involved international auditors with appropriate expertise and impeccable reputation to evaluate the Freeport  performance.  For example, currently the functional audit as well as the audit of the Freeport organizational structure is being performed. Recently the audit of the legality of the Freeport of Riga Authority officials’ operation has been completed and, incidentally, no sensational violations or embezzlement of funds have been detected. As for the Freeport financial audit – we will continue our cooperation with the KPMG Baltics, whose experience, expertise and reputation leaves no doubt,” says Mr. Leonids Loginovs, the Freeport of Riga CEO

The contract with the international financial audit company KPMG will be concluded on the basis of the Cabinet Regulations   No. 378 “The Freeport of Riga Authority Regulations” of 29 May 2012 and the Law “ On the Annual Financial Statements and Consolidated Financial Statements”

On July 15, 2016 the Freeport of Riga Board at its extraordinary meeting decided to carry out a comprehensive audit and assessment of the Freeport of Riga Authority functions and organizational structure, the audit is to be performed by the international audit company Deloitte. The contractual work is to be completed by September 30, 2016.

Besides, Deloitte has recently completed the audit of the legality of the Freeport of Riga Authority officials’ operation in regards of decisions, made during different time periods from 2009 to 2012, determining the Authority officials’ liability limit and preparing a relevant report. In the framework of the independent auditor's report the actual essence of the transactions between the Freeport of Riga Authority and Liepaja Maritime College, the Freeport of Riga Authority and the International Association of Ports, the payments to the Freeport employees, as well as supporting documents and decisions’ legality were evaluated.