Case study

Good work gets deserved recognition

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The auditors of Grant Thornton Baltic audited the 2020 IFRS annual report of the public interest entity UPP Olaines OÜ consolidation group. Both the Auditing Activities Oversight Board and Grant Thornton International’s quality control gave our work the highest marks.

UPP Olaines OÜ bonds are listed on the main list of Nasdaq Baltic, making the company a PIE for the purposes of the Auditors Activities Act. Partner and sworn auditor at Grant Thornton Baltic, Mart Nõmper, said that for the Estonian team, it was the first PIE audit in a number of years. “We had only audited annual accounts of clients listed on the alternative market First North and starting on clients on the main list was a logical next step for the development of our audit business area.” Colleagues from Latvia's Grant Thornton were also involved, because it was a consolidated IFRS financial report, where a significant subsidiary is located in Latvia.

The audit of UPP Olaines OÜ’s annual accounts was selected for the regular quality control of 2020 financial reports performed by both the Auditing Activities Oversight Board and Grant Thornton International. “In both cases, our work received the highest possible quality rating,” said Mart Nõmper.

The project manager for our audit of UPP Olaines OÜ’s 2020 consolidated IFRS annual report was Mari Usin. Mikk Mägi contributed with valuation related expertise, sworn auditor Janno Greenbaum performed quality control and the independent sworn auditor’s report was signed by sworn auditor Mart Nõmper.