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The audit opinion on the annual consolidated financial statement of the state (ACFSS) published by the State Audit Office is qualified as previously. Following concerns expressed by the State Audit Office last year about a potential disclaimer of opinion, this ACFSS shows improvements that allow the public and investors to have a more accurate and precise notion of the performance and financial condition of the state and hope for a possible affirmative opinion in the future. However, for this to happen, one must finish the property inventory in Riga and Jurmala City Municipalities, clarify and estimate potential liabilities from Latvia’s membership in international organisations, introduce the accrual principle in revenue accounting, and eliminate other discrepancies.
