2026-02-23
Every year, the National Audit Office conducts audits of the country's financial accounts – annual national accounts, state accounts, and accounts of resource funds – Compulsory Health Insurance, State Social Insurance, Guarantee, Long-Term Employment Benefits, and Pension Annuities. Spring 2026 will be the first time that the national set of annual accounts will be presented together with the most important sets of state accounts, thus providing a comprehensive picture of accountability for 2025.
By initiative of the government, legislation regulating the preparation of state activity report submitted together with sets of annual accounts was amended. This will enable the public and members of the Seimas responsible for decision-making to obtain detailed and reliable information on the objectives achieved through the use of public funds.
Many years of auditing experience show that there were significant errors in the financial accounts. "Errors in financial accounts are not just a technical accounting issue – they directly affect decision-making, and errors in accounts increase the risk that public finances, assets, and resources will be managed on the basis of inaccurate data. High-quality financial data is the antidote to inefficient spending," stresses Auditor General Irena Segalovičienė.
Therefore, it is important to ensure that the 2025 accounting is of better quality. There is still time to improve processes and correct errors. Public sector entities must compile their sets of accounts by 1 March.
It is understandable that some of the errors caused by gaps in information systems or even their absence will not be corrected this year. For example, it will take time to adapt the Lithuanian Integrated Museum Information System (LIMIS) for the financial accounting of museum assets. However, the following must be done:
- Promise to correct errors in mineral resource accounting fulfilled;
- Ultimately, forest land and forest stand accounting processes regulated and accounting errors corrected:
- Land accounting errors in both municipalities and state institutions corrected;
- Errors in municipal accounting for roads and unfinished construction projects, where deficiencies have remained for several years, corrected.
Cooperation between audited entities and auditors is also important. The objective of financial auditing is not merely to check financial accounts. Auditors aim to create conditions for institutions to correct accounting errors and misstatements before the accounts are prepared, so that the final set of accounts, consolidated into the most important annual accounts of the state, is accurate. Open and constructive communication allows auditors to better understand the specifics of the entity's activities, and the entity itself to receive comments in a timely manner and correct any identified deficiencies.
Find out more on the National Audit Office's opinions on the country's financial accounts for 2024 here.
The National Audit Office's audit opinions on the country's financial accounts for 2025 will be published in May.