On 18 September 2026, the State Tax Inspectorate (VMI) approved the Internal Audit Usage Rules, developed under the “New Generation Lithuania” project financed by EU recovery funds. The rules establish a formal framework for internal audit operations within VMI, aiming to enhance governance, risk management, and control processes. The document defines audit planning, execution, reporting, and follow-up procedures, aligning with international standards and the Law on Tax Administration.
Key Takeaways
- Risk-Based Audit Planning: Internal audits will prioritize high-risk areas identified through systematic risk assessments, ensuring resource efficiency.
- Independence and Objectivity: The rules reinforce organizational independence of the internal audit function, with direct reporting to the VMI Director General.
- Quality Assurance Program: A mandatory quality assurance and improvement program will be implemented, including periodic external assessments every five years.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement