Mart Nõmper, Sworn Auditor and Head of Audit and Assurance Services, and Mikk Mägi, Head of Financial Advisory at the pan-Baltic audit, outsourcing and advisory services provider Grant Thornton Baltic, spoke about what distinguishes a good financial manager from a mediocre one on the Äripäev Radio programme ‘Kasvukursil’.
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.
We performed the statutory financial audit for consolidation group of Amserv Grupp AS, which includes several companies in Estonia and Latvia.
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.
What happens if the auditor makes a mistake? Which is the auditor’s liability in case when the auditor does not notice discrepancies in the report or hides them intentionally? How much help can the injured party expect from the insurer? You'll find an answer to these questions in a article written by Grant Thornton Baltic partner Mart Nõmper and legal adviser Lee Laanemäe.
Auditors, accountants and other white-collar workers have recently been working mainly from home offices. We can expect that more and more audits and accounting procedures will be done without actually meeting face to face. Grant Thornton Baltic partner and sworn auditor Mart Nõmper discusses in his article how has this new work organization affected us and what is to be expected in the near future?
The Accounting Standards Board has ruled that subsidy paid by the Unemployment Insurance Fund should be recognised as government grant as treated in Accounting Standards Board Guideline (ASBG) 12, “Government Grants“. How to account for the Unemployment Insurance Fund's temporary subsidy? Grant Thornton Baltic sworn auditors Kristiine Villemi and Mart Nõmper explain the subject further.
The crisis caused by the coronavirus is coinciding with the peak season for preparing annual reports. It raises the question of whether and how aspects related to the coronavirus be recognized in the 2019 financial statements and if so, how? Grant Thornton Baltic partner Mart Nõmper gives instructions in his article.
Auditors are like conspirators – people know they exist, but few understand what they are up to and why they are valuable. In general, the public hears about auditors only when something goes wrong somewhere.
Who is an electricity undertaking? What requirements does the ELTS impose on electricity undertakings? Which undertakings should have their activities audited? What precisely is audited? In the following, we draw attention to bottlenecks related to the ELTS and auditing.
Some of you of a certain age reading this post will remember in the mid-1980s, the representation of an Artificial Intelligence character called Max Headroom. (For those of you a little younger, look for Max Headroom in an Internet search engine). The background story provided for the Max Headroom character in his original appearance comes from a concept of a future dominated by television and large corporations.
I am frequently challenged that cash equivalents at the year-end should include those financial assets that have reached a maturity of less than three months at the year-end date, having had a somewhat longer maturity when first acquired. How wrong the understanding!
A stock-taking or physical inventory performed in a quality manner gives the heads of all units in a company assurance that financial statements and databases present a true and fair view of assets and inventories in stock. Periodic stock-taking is also quite effective for preventing fraud.
Although planning and goal-setting takes place both in the long term and monthly (or at least quarterly) basis, the question becomes an urgent one for management at a time when the next year’s goals and action plans have to be drawn up. Budgeting is very closely connected to strategic planning. Through this manner, accountants and financial analysts have a direct role in the organisation’s development.
Companies that follow IFRS accounting standards were required to make the transition to recognizing and accounting for operating lease agreements according to new principles at the latest starting from reporting periods commencing on 1 January 2019.