OBS_VALUE: Accounting: The Standardisation Law creates The Office of Standardisation that creates and implements international standards in different sectors. Auditing: Code of Ethics sets out that the code is created by taking into account the standards created by the International Federation of Accountants (p. 4-5).Art. 28 (1) of the Law of Sworn Auditors states that a sworn auditor (an auditor licenced in Latvia) shall provide audit services in Latvia in compliance with the provisions set by the Law, observing the requirements of the international auditing standards recognised in Latvia. According to the Law international auditing standards recognised in Latvia - international standards on auditing and the associated notifications and standards, in so far as they are related to audit, issued by the International Federation of Accountants (http://www.ifac.org/auditing-assurance/clarity-center/clarified-standards) approved by the Latvian Association of Sworn Auditors.  The  requirement of application of International auditing standards comes from the Directive 2006/43/EC of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (Article 26 (1)).Additional source :http://www.iasplus.com/en/jurisdictions/europe/latviaAll European Union counties has adopted ISAs standards since 2002.