An Important Deadline for Financial Institutions is Approaching

An important deadline for financial institutions is approaching (Law on Financial Institutions of the Republic of Lithuania, Article 4).

 The audit of such institutions must be carried out within 3 months. from the end of the financial year. It is important to emphasize that the financial institution must submit documents to the supervisory authority within 3 days after the decision of the general meeting of participants (i.e. no later than April 4, 2024).

Together with the audited and approved set of annual financial statements, a full report signed by the audit company and a decision on the distribution of profit approved by the shareholders must be submitted to the Bank of Lithuania. Reports to the Bank of Lithuania for the last quarter of the year must also be revised and resubmitted, i.e. 2023 Q4.

Prepared by Inga Čėsnienė, Account Manager, NORDGAIN, NOEWE group finance and accounting company.