Audit-Ready Financial Statements Lithuania
Audit-Ready Financial Statements in Lithuania – Ensure Transparency, Accuracy, and Compliance
When it comes to building trust with investors, partners, and regulators, nothing speaks louder than properly prepared and audit-ready financial statements. In Lithuania, these reports are not just a legal obligation—they are a strategic asset for companies aiming for growth, stability, and international credibility.
At UAB “AM Law”, we specialize in delivering precise, compliant, and audit-ready financial statements tailored to your business structure, accounting standards, and industry-specific needs. Whether you’re a startup preparing for your first audit or a multinational company managing complex financials, our team ensures your financial reports are fully aligned with Lithuanian and EU regulations.
Why Audit-Ready Financial Statements Matter
Audit-ready financial statements are not just about ticking regulatory boxes—they serve multiple important purposes:
- Comply with Lithuanian legal requirements
- Enhance investor confidence and funding potential
- Facilitate smooth external audits
- Support M&A transactions or partnerships
- Ensure internal accountability and transparency
By preparing audit-ready reports, your company sends a clear message: it is professionally managed, financially sound, and committed to regulatory compliance.
Who Needs Audit-Ready Financial Statements in Lithuania?
In Lithuania, companies are required to submit audited financial statements under the following conditions:
- Public companies (AB)
- Large private companies (UAB) exceeding certain thresholds:
- Net revenue: €3.5 million
- Total assets: €1.8 million
- Average number of employees: 50+
- Companies receiving EU funding or operating in regulated sectors
- Entities preparing consolidated group reports
Even if an audit is not mandatory, preparing your statements in an audit-ready format brings added value for credibility and business planning.
What Is Included in Audit-Ready Financial Statements?
A complete and audit-ready financial reporting package in Lithuania includes the following core documents:
1. Balance Sheet (Statement of Financial Position)
Provides a snapshot of your assets, liabilities, and equity at the end of the reporting period.
2. Profit and Loss Statement (Income Statement)
Shows your company’s performance—revenue, expenses, and net profit or loss.
3. Cash Flow Statement
Details the inflows and outflows of cash, divided into operating, investing, and financing activities.
4. Statement of Changes in Equity
Tracks the movement in share capital, retained earnings, reserves, and other equity components.
5. Explanatory Notes
Includes detailed notes to explain accounting policies, key assumptions, and supporting breakdowns of the figures.
6. Management Report (if applicable)
Includes commentary on the company’s operations, risks, and forward-looking strategies.
Each document must be clear, consistent, and fully traceable to your accounting records.
Lithuanian Accounting Standards vs. IFRS
You can prepare your financial statements under either:
Lithuanian Business Accounting Standards (BAS)
Ideal for small and medium-sized enterprises (SMEs). BAS provides a structured, locally adapted framework aligned with Lithuanian tax and legal standards.
International Financial Reporting Standards (IFRS)
Required for listed companies and suitable for larger entities with international operations or stakeholders.
AM Law supports both BAS and IFRS preparation. Our experts can advise which is better suited for your business and ensure proper implementation.
Our Audit-Ready Financial Statement Services
We offer a full range of services to prepare audit-ready financial reports that meet both national and international requirements.
✔ General Ledger Review and Data Cleanup
We thoroughly examine your accounting records, eliminate discrepancies, and ensure that your books are clean and ready for reporting.
✔ Preparation of All Core Financial Reports
From balance sheets to profit and loss statements, we prepare every component according to the applicable standards (BAS or IFRS).
✔ Supporting Documentation and Notes
We compile necessary schedules, disclosures, and explanatory notes to support every line item and meet auditor expectations.
✔ Translation and Bilingual Reporting
Documents can be delivered in Lithuanian, English, or both—perfect for multinational boards or foreign investors.
✔ Collaboration with External Auditors
We liaise directly with your auditors to answer queries, provide documentation, and speed up the audit process.
Common Challenges We Help Overcome
Many businesses face the following issues when preparing for audit:
- Missing or inconsistent accounting records
- Unclear revenue recognition practices
- Inadequate documentation for expenses or accruals
- Improper depreciation or asset classification
- Confusion around tax provisions and deferred taxes
- Difficulty understanding auditor requests
Our experienced professionals help you navigate these challenges, ensuring your financial statements are complete, accurate, and easy to audit.
Why Choose AM Law?
✔ Legal + Financial Expertise in One Place
Our team combines the knowledge of certified accountants, auditors, and business lawyers to deliver results you can trust.
✔ Industry Experience Across Sectors
We’ve supported clients in industries including construction, logistics, healthcare, IT, real estate, and manufacturing.
✔ Bespoke, Scalable Solutions
From startups to enterprise-level firms, we tailor our services to your business size and needs.
✔ Accuracy and Timeliness
We help you meet deadlines, avoid penalties, and present your business in the best financial light.
Get Started with AM Law Today
Audit-ready financial statements aren’t just about compliance—they’re about creating transparency and unlocking future opportunities. Let UAB “AM Law” support you with reliable, accurate, and audit-prepared reports that strengthen your business.
Citizenship of Lithuania
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- Oath of Allegiance to the Republic of Lithuania.
- Naturalisation.
- By way of exception.
- Simplified procedure.
Right to reinstate citizenship of the Republic of Lithuania to persons who had citizenship of the Republic of Lithuania and until 15 June 1940 and their descendants who have not acquired citizenship of the Republic of Lithuania before 2011-04-01.
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