The audit requirement recently applied to crypto companies will notably increase the workload of auditors who are expected to provide a service that is largely lacking in Estonia currently.
An Estonian health tech Robus Group AS will be holding its initial public offering on the Nasdaq First North alternative market in April. Grant Thornton Baltic made a contribution to Robus going public, conducting the audit of the company’s financial statements.
Grant Thornton Baltic’s Estonian audit team received the best possible rating – green level – in the Auditing Activities Oversight Board’s (AJN) regular quality control inspection.
Grant Thornton Baltic was recently again able to contribute to a market debut for an Estonian company: our auditors conducted a financial audit of a producer of high-tech ventilation systems, Airobot Technologies, which as of 10 February is listed on Nasdaq First North.
The auditors of Grant Thornton Baltic audited the 2020 IFRS annual report of the public interest entity UPP Olaines OÜ consolidation group.
A wisely selected supervisory board – one that doesn’t do its work only at meetings but lays down clear strategic goals for management and itself and meters them constantly, while serving as a mentor for executives – can contribute greatly to achieving solid business results.
Late last November, trading of shares of one of the Estonia’s biggest real estate developers, Hepsor AS, began on the Nasdaq Tallinn exchange. Grant Thornton Baltic’s team of more than 10 internal and external specialists did its part to help Hepsor get listed, auditing the IFRS based financial reporting set out in the company’s listing prospectus.
The member firms of Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share our insights by publishing ‘IFRS Example Consolidated Financial Statements 2021’ (Example Financial Statements).
An increasing number of companies in Estonia cross the threshold of turnover and balance sheet volume that requires them to order an audit or financial review of their 2021 annual report. On the other hand, the number of auditing companies has decreased compared to last year. How to cope with a situation with fewer service providers, increasing numbers of customers, and increasing troublesome findings regarding the quality of service provided by audit firms?
Something that family businesses should consider besides earning a profit is maintaining mutual relations between family members and devoting attention early on to questions of succession if the business is to stay in the family.
A new guide has been produced by the Auditors’ Association and the Ministry of Finance for public sector entities conducting procurements for audit services. The manual can also be useful for private sector companies.
Analysis of the correctness of data in the Commercial Register uncovered an astonishing fact: the Commercial Register data on auditors of companies contained many mistakes.
The representatives of the board of the Auditors’ Association met Secretary General of the Ministry of Justice Tõnis Saar and Deputy Secretary General of the Ministry of Justice Viljar Peep in February on the topic of developing the Commercial Register and updating register data.
It will soon be time to prepare annual reports for the financial year 2020. Estonian companies with parent companies in the UK will have to take into account new rules.
An annual report can be a great calling card and the secret to doing business more successfully, even though Estonian business people aren’t all that active in submitting them. Last year was an exception: the deadline for submission of annual financial statements was postponed by several months and a larger number of the reports came in on time.
Under a European Union directive, publicly listed companies must adopt the European Single Electronic Format, ESEF. But they will probably not have to file ESEF format annual reports for another year.