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Our auditors’ work receives top rating

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’s partner and head of audit services Mart Nõmper said that besides the general process of providing audits, the working group also looked over 11 audits or reviews conducted by Grant Thornton Baltic’s auditors. “AJN’s recognition of Grant Thornton’s audit team is very important for us. In recent years, we have achieved fast growth in the audit sector and maintaining high quality during such periods is always a challenge. But we’ve managed it well!”

Nõmper added that immediately before the AJN quality control, the Grant Thornton network conducted its own quality control within the international network, and the Estonian team also garnered the best possible rating there.

Janno Greenbaum, Grant Thornton Baltic partner and sworn auditor, said a noteworthy amount of time has gone into quality assurance related processes and the external quality control result confirms that the investment has paid off. “Since our clients also include public interest entities, high quality is of critical importance for us,” Greenbaum emphasized.

AJN regularly checks the work of Estonian auditors. As there are hundreds of auditors, not every practice is audited every year, but during a multi-year period. The 2021/2022 round is taking place at 35 auditing companies, including Grant Thornton Baltic. The list of companies and results will be published on the Estonian Auditors’ Association website.

As a result of the quality control, AJN working group rates quality of auditing activity: “Green” – the quality of the auditing service meets the requirements. “Yellow” – there were less significant shortcomings in auditing service; “Orange” – significant shortcomings in auditing service quality; “Red” – auditing service quality does not meet the requirement, significant improvement is required.

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