ANALYSIS OF AUDIT MARKET AND AUDIT FIRMS ACTIVITY IN
                          LITHUANIA

        Jurate Steponaviciute, International School of Law and Business, Vilnius, Lithuania
            Algis Zvirblis, International School of Law and Business, Vilnius, Lithuania
         Liudmila Zumeriene, International School of Law and Business, Vilnius, Lithuania


ABSTRACT: The paper presents an analysis of the Lithuanian audit market, its nature and
concentrations, audit services amounts and distribution, and audit firms activities and their income
based on the results of empirical research. Lithuanian Chamber of Auditors (LCA) maintains the
functions of accumulation, summarizing and dissemination information on Lithuanian auditors and
audit firms. LCA information is therefore, a rich source of data for researching and studying the
development of the Lithuanian audit market. The summary of LCA membership lists was used to
address the issue of the Lithuanian audit market concentration. Authors of the paper present the
following major attitudes: concentration due to the subject of audit activity, historical grow and
development of audit firms, auditors and position held by auditors; regional concentration due to
legal forms of audit firms; concentration due to audit services, income from audit services as per
legal form of audit clients, time spent on audits, strategies used in audit firms. All these criteria
present scheme of the audit market concentrations that provides us with information about how the
structures, legal forms and strategies of audit firm are changing and main reasons for this change.

Key words: audit market, audit market concentration, audit firms, audit activity income.

JEL codes: M42, L19.