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Professional evaluation and expertise of an accountant’s work become necessary in situations where a company needs an objective and independent opinion on whether its accounting complies with regulatory requirements. The certified experts of “Kamelota” provide a documented and legally substantiated assessment of the quality of accounting records, identifying both strengths and deficiencies, as well as risks that may affect the company’s financial stability and compliance with legal requirements.

More than 20 years of experience in performing accountant work expertise for companies of various sizes and industries allows us to provide an objective and comprehensive evaluation, which becomes the basis for further strategic decisions and the necessary corrections in accounting processes.

Types of expertise and application

The audit and evaluation of accounting quality cover a comprehensive analysis of all elements involved in the accounting process. “Kamelota” experts carefully assess the compliance of accounting policies with current requirements, examine the efficiency of document circulation and archiving systems, verify account balances and analytical records. Special attention is paid to the accuracy of tax calculations and declarations, the compliance of financial statements with regulatory requirements, as well as the effectiveness of the internal control system.

Specialised expertise is carried out in specific situations where standard evaluation is not sufficient.

During accountant transitions, an assessment of the current accounting condition allows the new accountant or service provider to fully take over the functions.

In the context of company acquisition transactions, accounting due diligence reveals potential risks and hidden liabilities.

In dispute situations, our independent opinion serves as objective evidence in court or arbitration proceedings.

In cases of contesting State Revenue Service audit results, expertise provides professional argumentation for resolving tax disputes.

In insurance cases, it is assistance in assessing losses resulting from accounting errors.

Internal investigations allow the identification of potential fraud or violations.

When accountant work expertise is needed

The need for proactive accountant work expertise arises during moments of business change, when a company is planning significant structural or strategic adjustments. When planning the sale of a company or attracting investors, an independent expertise builds trust with transaction partners and helps avoid unpleasant surprises. When changing the accounting service provider or accountant, expertise ensures a clear understanding of the accounting condition being taken over and the necessary improvements. Significant changes in the company’s structure, opening new business directions or preparing credit applications – all these situations require an in-depth evaluation of accounting quality.

In the context of risk management, expertise becomes relevant when warning signs are observed. Long-term absence of the accountant, discrepancies between management information and financial data, regular changes in previously submitted reports or partner concerns about financial transparency – these are all factors indicating the need for an independent evaluation. A preventive check before a planned State Revenue Service (SRS = VID – Valsts ieņēmumu dienests) audit can also significantly reduce potential risks and the likelihood of negative consequences.

The need for urgent accountant work expertise arises when problems have already materialised. Receiving a negative SRS audit report, uncovering significant errors in accounting or the emergence of suspicions of fraud – this is the moment when professional expertise helps not only identify the causes of the problem but also develop an effective action plan for resolving the situation. Conflicts with the existing accountant or bank requests for an independent opinion are also situations where expertise becomes a necessary tool for determining the objective state of affairs.

Expertise process and methodology

Initial diagnostics

The process begins with the initial diagnostics, which lasts one to two days. In this stage, the scope and objectives of the expertise are defined, the list of required documentation is prepared, access rights and confidentiality are ensured, and the work plan and deadlines are aligned with the client.

In depth analysis stage

The in depth analysis stage, which can last from three to ten days depending on the company’s size and complexity, includes a detailed review of documents and systems, sample based testing of transactions, interviews with responsible employees, analytical procedures and verification of compliance with regulatory requirements.

In this stage, “Kamelota” experts delve into the company’s accounting processes to gain a full understanding of the strengths and weaknesses of the system.

Fact gathering phase

In the fact gathering phase, which usually takes two to three days, the identified issues are classified according to their materiality, risks are assessed, and their potential impact on the company’s operations is analysed.

Alongside issue identification, concrete recommendations are developed to eliminate deficiencies, and positive aspects and good practice examples already implemented by the company are identified.

Completion of expertise and presentation of results

At the conclusion of the accountant’s work expertise, which takes two to three days, a detailed expert report is prepared with all necessary evidence, a management summary with key findings, and an action plan for immediate improvements.

The process ends with the presentation and discussion of the results with the company’s management, ensuring complete understanding of the findings and recommendations.

Expertise results and benefits

Professional accountant work expertise provides both immediate and long term benefits for the company. Immediate benefits include a clear picture of the actual accounting situation, identified risks with prioritised mitigation actions, documented evidence for third parties such as banks, investors or the State Revenue Service (SRS = VID – Valsts ieņēmumu dienests), concrete recommendations for process improvements, and a legal basis for subsequent actions.

In the long term, the results of the expertise contribute to the development of an improved internal control system, reduce tax risks and potential penalties, increase the reliability of financial information, optimise accounting processes and costs and strengthen the company’s reputation and credibility in the eyes of business partners and financial institutions.

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Scope of expertise and focus areas

The accountant work expertise carried out by “Kamelota” covers all essential accounting areas. In the evaluation of documentation quality, we verify the completeness and compliance of source documents, the formatting of invoices and delivery notes, the legal basis of contracts and agreements, the order of cash and bank documents, as well as the quality and completeness of inventory documentation.

In the field of tax accounting, the expertise includes:

Verification of the accuracy of VAT calculations and declarations

Verification of advance payments and annual calculations of corporate income tax (CIT)

Evaluation of the accuracy of labour taxes and social security contributions (VSAOI)

Analysis of natural resource and excise tax accounting

Verification of other tax and duty calculations

In the analysis of financial statements, we evaluate the justification of balance sheet items, the accuracy of the profit or loss account, the compliance of the cash flow statement, the correctness of the statement of changes in equity, as well as the completeness of the notes and the quality of the explanations.

Why choose “Kamelota” for performing the expertise

The advantages of “Kamelota” accountant work expertise are based on independence and objectivity, which provide a completely neutral assessment without any conflicts of interest. The “Kamelota” team includes certified auditors of the Republic of Latvia and certified tax consultants, whose opinions are recognised by the State Revenue Service (VID) and judicial institutions, thus ensuring absolute confidentiality at all stages of the expertise process, and every conclusion is supported by documented evidence.

Unlike many other service providers, “Kamelota” does not only identify problems, but provides expertise that includes concrete and practical solutions for every identified issue. “Kamelota” assessments carry legal weight and are recognised by state institutions and courts. The expertise is performed quickly and precisely. Depending on the scope of work, the process takes from five to fifteen working days.

Accountant’s work expertise