Financial Services, Latvia, Legislation, Markets and Companies

The Office has finished auditing financial statements of six municipalities and will publish the results in the coming two months. Krumina revealed that the results are quite "shocking".

After carrying out inspections in these municipalities, State Audit Office came across several matters that have not occurred in Latvia for a long time. For example, municipalities are still struggling with matters concerning property registration – they are unable to comprehend which properties they own. Municipalities are also incapable of differentiating between private and public funds. As an example Krumina mentioned a case when Jelgava municipality's funds were used on expensive outfits and cosmetics.

"Municipality leaders believe that it is useful to go on exotic vacations and organize large-scale events," Krumina speculated. Meanwhile, municipalities are making excuses, saying that the local residents are to judge them, nevertheless, people lack the necessary information to come to any conclusion about their local officials. Krumina promised that residents will have easier access to information in regard to municipalities.