We performed the statutory financial audit for consolidation group of Amserv Grupp AS, which includes several companies in Estonia and Latvia.
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.
Every entrepreneur, as well as an individual, can be involved in money laundering, even without knowing or realizing it themselves, according to Äripäev's radio program "Kasvukursil". Read about hot topics in money laundering.
Experience has shown that not all creditors analyze the creditworthiness of consumers as they should, control activities sometimes remain superficial and therefore do not serve the purpose – ensuring that the borrower is able to repay the loan under the terms agreed. Merili Kiipus, Grant Thornton Baltic's Business Risk Analyst investigates further.
In a crisis, the internal control system must remain a priority. In order not to find yourself fighting the consequences of corruption and fraud after a crisis situation, it is worth knowing what the company's so-called Three Lines of Defense are. Read more from the article by Tuulikki Uluots, Grant Thornton Baltic's adviser of business risk services.
A new concept in Estonian legal system, administrative fine, was sent to coordination round to the relevant ministries by the Ministry of Justice. The new fine would enable a more effective response to violations of financial services, competition and data protection regulation in the future. Grant Thornton Baltic data protection officer Maili Torma and legal adviser Lee Laanemäe write about the potential changes awaiting us in the near future.
In Estonia the state is placing increasing emphasis on money laundering prevention. Therefore, companies with a duty to prevent money laundering must be prepared for more thorough and more frequent inspections to determine whether they comply with all the rules laid down by law. Read more from the article written by Grant Thornton Baltic's Senior Internal Auditor Kai Paalberg.
For many companies and institutions, internal audit is a legal obligation that cannot be waived even in difficult economic times. Therefore, the question inevitably arises as to how this obligation is most favorable and reasonable based on the needs of the company - hire your own internal auditor or outsource? Read the article! Grant Thornton Baltic's business risk services adviser Riin Veidenberg will help you with the decision.
The experience of Grant Thornton Baltic's risk management advisors in conducting money laundering and terrorism financing prevention audits, especially in institutions supervised by the Financial Supervision Authority, shows that the problems are largely similar. Grant Thornton Baltic Business Risk Services adviser Riin Veidenberg opens the subject in her article.
In a crisis, companies need to be able to respond quickly to change and to meet the needs of their employees, customers and partners, while managing the company's financial and operational challenges. Grant Thornton Baltic's Chief Internal Auditor Kai Paalberg names 5 top priorities that all companies should concentrate on when dealing with the crisis management.
A local government has the obligation to organize internal audit activities. This can be done by outsourcing internal auditor services or by hiring an internal auditor. In the latter case, the requirements in laws and professional standards for internal auditors must be considered.
Organisations and companies that are required by law to conduct an internal audit often ask: is it more economical to establish an internal position at the company or outsource internal audit service?
25 October will mark five months since the entry into force of the General Data Protection Regulation . There was much confusion before that. Companies wondered whether employees’ birthdays could be printed out and tacked to the wall in the break room. Maybe Christmas presents could no longer be given to employees’ children because that, too, would require the children’s personal data to be “processed”.
The new General Data Protection Regulation will enter into force in May 2018. That makes now the last time for public sector organisations, private sector companies and NGOs to start to evaluate whether and what changes they need to make in their personal data management systems – in other words, to carry out a compliance assessment.
Grant Thornton Baltic offers the possibility to outsource data protection officer service. Developed in line with the European Union’s Guidelines on Data Protection Officers, the service charges a monthly flat fee that is significantly more cost-effective for companies than recruiting an expert for their own team.
What happens if a cyber criminal manages to gain access to critical systems in the "smart house"?