What do you need to know about an audit?
What should the owner or manager of an Estonian company know about audits? How can you determine whether an audit is mandatory, and how should you prepare for an audit or review?
By: Auditors’ Association
06 May 2021 1 min read

The Auditors’ Association performed an analysis of the accuracy of the registry data in the Commercial Register. Specifically, it examined how accurate the data on auditors in the Commercial Register and company registration portal were.
It must be said that the results were quite unsettling. For example, the Commercial Register data on auditors of companies contain the following errors:
One reason for the confusion was the unclear rules regarding whether the Commercial Register should contain a reference only to auditing companies, only to sworn auditors, to either, or to both.
The objective of the Auditors’ Association is to bring about a situation where the only permissible solution would be the first one – each Estonian company subject to an audit or review would be associated with one audit firm with a valid activity licence. Considering that close to 8000 companies a year are audited in Estonia, and yet there were only 2464 correct entries in the Commercial Register on auditors’ data filed via the company registration portal, we have a long way to go.
What should the owner or manager of an Estonian company know about audits? How can you determine whether an audit is mandatory, and how should you prepare for an audit or review?
The future finance manager must be more than a numbers person. Mart Nõmper, partner and auditor at Grant Thornton Baltic, explains how AI, automation, growing regulation and economic uncertainty are changing financial management. The key challenges include data quality, internal controls, tax risks, process resilience and the ability to critically assess AI-generated decisions.
IFRS 18, income statement, financial reporting, IAS 1, management-defined performance measures, MPM, KPI, comparative information, IFRS 18 implementation.
If you have similar challenges and questions, please contact our specialists.