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On 16 July 2020, the European Union Court of Justice (CJEU) passed judgment C-311/18 (Schrems II), invalidating the US-EU certificate programme Privacy Shield, which ensures data transmission security.

In addition to the pandemic the 2020 is memorable as the year or record growth in cybercrime. According to the FBI the USA companies have reported a 400% growth in cyber-attacks and 68% more companies reported of fraud.

In November 2020, Grant Thornton Baltic conducted a limited financial and tax due diligence for the start-up company Modularbank, which offers customer-focused financial services as a next-generation banking platform.

The restrictions established due to the COVID-19 pandemic have disrupted transfer pricing within international corporations. Even if the restrictions were to be eased, undertakings would face major uncertainty about risks and comparables for determining market value.

Most companies view an IT audit as an expense, but experts say in reality, it helps companies to save money – especially if it’s conducted at the right time. An IT audit is a possibility to obtain an external view of the information system in current use.

The accounting and preparation of packaging reports has become better over the years and the awareness of the importance of accounting more comprehensive and precise but there are still shortcomings in packaging reporting. In some cases, the errors are specific and affect an individual company, but many are recurring. In this article, I list some of the standard errors we have noticed in companies’ reporting on packaging and I provide advice for avoiding these mistakes.

To give people freedom and responsibility in their work, these values must be a part of organisational culture. The precondition is a working environment where failures and mistakes are allowed and instead of routine feedback there is also feedthrough, says Grant Thornton Baltic’s Head of People & Culture, Marge Litvinova, who shares her experiences and knowledge in more detail.

We performed the statutory financial audit for consolidation group of Amserv Grupp AS, which includes several companies in Estonia and Latvia.

Grant Thornton is now third in the rankings of auditing firms. Interview with Grant Thornton Baltic's Managing Partner Mati Nõmmiste.

In autumn 2020, Grant Thornton Baltic expanded its circle of partners, giving two long-term employees in Estonia and two in Lithuania the opportunity to have a say at the highest level of the organization.

The employer has an obligation to ensure the safety of its employee, but in the conditions of a home office, a legal requirement may become absurd, it was stated on Äripäev raadio’s ,,Kasvukursil’’.

The Covid-19 crisis has undoubtedly disrupted the equilibrium model of the world economy, as well as on the micro-level the equilibriums of many businesses. Whether your company will exit this crisis alive or even stronger will depend on your ability to rethink the strategic position and business model in the context of the new normal that is still yet to unfold.

The spread of the coronavirus has brought a leap in the adoption and utilisation of e-commerce, but when moving your business online, it is necessary to first consider taxes, marketing and the choice of business model.

Riin Veidenberg, Grant Thornton Baltic's risk management services advisor, successfully passed the International Institute of Internal Auditors' Certified Internal Auditor (CIA) exam and on October 27 was awarded the qualification of a certified internal auditor.

A CRM software provides a company with a comprehensive overview of its customer data and relationships, thus, supporting both sales and marketing. As a result, both the company's sales activities and internal efficiency improve. Grant Thornton Baltic's Digital Marketing Strategist Erik Suits has made a practical comparison of the most used CRM sustems. Find out more!

This summer, the state suspended its payments to the second pension pillar of working people. During October, however, people will be able to decide whether or not to continue paying 2% of their gross salary to the pension fund. Kaia Salu, Group Manager of Grant Thornton Baltic's Outsourcing department, opens the subject in her article.