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Other audit services
We help clients with the application and use of foreign financial aid of EU and other funds and help prepare financial reports.
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Audit calculator
The calculator will answer if the company's sales revenue, assets or number of employees exceed the limit of an inspection or audit.
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Payroll and related services
We perform payroll accounting for companies whether they employ a few or hundreds of employees.
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Tax accounting
Grant Thornton Baltic's experienced tax specialists support accountants and offer reasonable and practical solutions.
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Reporting
We prepare annual reports in a timely manner. We help to prepare management reports and various mandatory reports.
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Consolidation of financial statements
Our experienced accountants and advisors help you prepare consolidation tables and make the consolidation process more efficient.
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Consultancy and temporary staff
Our experienced specialists advise on more complex accounting transactions, rectify poor historic accounting, and offer the temporary replacement of an accountant.
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Outsourced CFO service
Our CFO service is suitable for companies of all sizes and in all industries. We offer services to our clients in the required amount and competences.
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Assessment of accounting processes
We help companies to implement accounting practices that are in compliance with local and international standards.
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Accounting services for small businesses
We offer affordable service for small businesses. We help organize processes as smartly and cost-effectively as possible.
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Cryptocurrency accounting
We keep up with blockchain technology to serve and advise crypto companies. We are supported by a network of colleagues in 130 countries.
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Trainings and seminars
Our accountants have experience in all matters related to accounting and reporting. We offer our clients professional training according to their needs.
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Business advisory
We offer legal support to both start-ups and expanding companies, making sure that all legal steps are well thought out in detail.
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Fintech advisory
Our specialists advise payment institutions, virtual currency service providers and financial institutions.
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Corporate advisory
We advise on legal, tax and financial matters necessary for better management of the company's legal or organizational structure.
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Transaction advisory
We provide advice in all aspects of the transaction process.
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Legal due diligence
We thoroughly analyze the internal documents, legal relations, and business compliance of the company to be merged or acquired.
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In-house lawyer service
The service is intended for entrepreneurs who are looking for a reliable partner to solve the company's day-to-day legal issues.
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The contact person service
We offer a contact person service to Estonian companies with a board located abroad.
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Training
We organize both public trainings and tailor made trainings ordered by clients on current legal and tax issues.
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Whistleblower channel
At Grant Thornton Baltic, we believe that a well-designed and effective reporting channel is an efficient way of achieving trustworthiness.
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Business model or strategy renewal
In order to be successful, every company, regardless of the size of the organization, must have a clear strategy, ie know where the whole team is heading.
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Marketing and brand strategy; creation and updating of the client management system
We support you in updating your marketing and brand strategy and customer management system, so that you can adapt in this time of rapid changes.
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Coaching and development support
A good organizational culture is like a trump card for a company. We guide you how to collect trump cards!
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Digital services
Today, the question is not whether to digitize, but how to do it. We help you develop and implement smart digital solutions.
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Sales organisation development
Our mission is to improve our customers' business results by choosing the right focuses and providing a clear and systematic path to a solution.
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Business plan development
A good business plan is a guide and management tool for an entrepreneur, a source of information for financial institutions and potential investors to make financial decisions.
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Due diligence
We perform due diligence so that investors can get a thorough overview of the company before the planned purchase transaction.
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Mergers and acquisitions
We provide advice in all aspects of the transaction process.
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Valuation services
We estimate the company's market value, asset value and other asset groups based on internationally accepted methodology.
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Forensic expert services
Our experienced, nationally recognized forensic experts provide assessments in the economic and financial field.
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Business plans and financial forecasts
The lack of planning and control of cash resources is the reason often given for the failure of many businesses. We help you prepare proper forecasts to reduce business risks.
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Outsourced CFO service
Our CFO service is suitable for companies of all sizes and in all industries. We offer services to our clients in the required amount and competences.
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Reorganization
Our experienced reorganizers offer ways to overcome the company's economic difficulties and restore liquidity in order to manage sustainably in the future.
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Restructuring and reorganisation
We offer individual complete solutions for reorganizing the structure of companies.
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Corporate taxation
We advise on all matters related to corporate taxation.
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Value added tax and other indirect taxes
We have extensive knowledge in the field of VAT, excise duties and customs, both on the national and international level.
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International taxation
We advise on foreign tax systems and international tax regulations, including the requirements of cross-border reporting.
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Transfer pricing
We help plan and document all aspects of a company's transfer pricing strategy.
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Taxation of transactions
We plan the tax consequences of a company's acquisition, transfer, refinancing, restructuring, and listing of bonds or shares.
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Taxation of employees in cross-border operations
An employee of an Estonian company abroad and an employee of a foreign company in Estonia - we advise on tax rules.
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Tax risk audit
We perform a risk audit that helps diagnose and limit tax risks and optimize tax obligations.
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Representing the client in Tax Board
We prevent tax problems and ensure smooth communication with the Tax and Customs Board.
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Taxation of private individuals
We advise individuals on personal income taxation issues and, represent the client in communication with the Tax and Customs Board.
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Pan-Baltic tax system comparison
Our tax specialists have prepared a comparison of the tax systems of the Baltic countries regarding the taxation of companies and individuals.
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Internal audit
We assist you in performing the internal audit function, performing internal audits and advisory work, evaluating governance, and conducting training.
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Internal Audit in the Financial Services Sector
We provide internal audit services to financial sector companies. We can support the creation of an internal audit function already when applying for a sectoral activity license.
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Audit of projects
We conduct audits of projects that have received European Union funds, state aid, foreign aid, or other grants.
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Prevention of money laundering
We help to prepare a money laundering risk assessment and efficient anti-money laundering procedures, conduct internal audits and training.
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Risk assessment and risk management
We advise you on conducting a risk assessment and setting up a risk management system.
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Custom tasks
At the request of the client, we perform audits, inspections and analyzes with a specific purpose and scope.
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External Quality Assessment of the Internal Audit Activity
We conduct an external evaluation of the quality of the internal audit or provide independent assurance on the self-assessment.
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Whistleblowing and reporting misconduct
We can help build the whistleblowing system, from implementation, internal repairs and staff training to the creation of a reporting channel and case management.
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Information security management
We provide you with an information security management service that will optimise resources, give you an overview of the security situation and ensure compliance with the legislation and standards.
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Information security roadmap
We analyse your organisation to understand which standards or regulations apply to your activities, identify any gaps and make proposals to fix them.
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Internal audit of information security
Our specialists help detect and correct information security deficiencies by verifying an organization's compliance with legislation and standards.
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Third party management
Our specialists help reduce the risks associated with using services provided by third parties.
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Information security training
We offer various training and awareness building programmes to ensure that all parties are well aware of the information security requirements, their responsibilities when choosing a service provider and their potential risks.
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ESG advisory
We help solve issues related to the environment, social capital, employees, business model and good management practices.
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ESG audit
Our auditors review and certify sustainability reports in line with international standards.
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Sustainable investments
We help investors conduct analysis of companies they’re interested in, examining environmental topics, corporate social responsibility and good governance practices.
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Sustainable tax behaviour
Our international taxation specialists define the concept of sustainable tax behaviour and offer services for sustainable tax practices.
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ESG manager service
Your company doesn’t necessarily need an in-house ESG manager. This role can also be outsourced as a service.
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Recruitment services – personnel search
We help fill positions in your company with competent and dedicated employees who help realize the company's strategic goals.
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Recruitment support services
Support services help to determine whether the candidates match the company's expectations. The most used support services are candidate testing and evaluation.
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Implementation of human resource management processes
We either assume a full control of the launch of processes related to HR management, or we are a supportive advisory partner for the HR manager.
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Audit of HR management processes
We map the HR management processes and provide an overview of how to assess the health of the organization from the HR management perspective.
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HR Documentation and Operating Model Advisory Services work
We support companies in setting up HR documentation and operational processes with a necessary quality.
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Employee Surveys
We help to carry out goal-oriented and high-quality employee surveys. We analyse the results, make reports, and draw conclusions.
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HR Management outsourcing
We offer both temporary and permanent/long-term HR manager services to companies.
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Digital strategy
We help assess the digital maturity of your organization, create a strategy that matches your needs and capabilities, and develop key metrics.
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Intelligent automation
We aid you in determining your business’ needs and opportunities, as well as model the business processes to provide the best user experience and efficiency.
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Business Intelligence
Our team of experienced business analysts will help you get a grip on your data by mapping and structuring all the data available.
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Cybersecurity
A proactive cyber strategy delivers you peace of mind, allowing you to focus on realising your company’s growth potential.
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Innovation as a Service
On average, one in four projects fails and one in two needs changes. We help manage the innovation of your company's digital solutions!
In addition to credit institutions and insurance companies, internal audit is also mandatory for:
- creditors and credit intermediaries
- payment institutions and electronic money institutions
- fund managers
Information of the internal auditor must be submitted already upon application for the activity license from FSA, the functioning and procedures of internal audit activity must be described in the internal rules and policies.
As the internal auditor cannot perform tasks that cause or may cause a conflict of interest within the company, it is not possible to create a position where one employee would be both the internal auditor and act in other areas of management decision-making. Therefore, the company has essentially two options - either to hire an internal auditor or to outsource the service.
The main topics for internal audits in financial sector are:
- the compliance of creditworthiness assessment procedures, their implementation in practice and effectiveness
- compliance with anti-money laundering (AML), counter-terrorist financing (CTF) and know your customer (KYC) procedures in accordance with the law and guidelines, their implementation in practice and effectiveness, including analysis of due diligence measures, risk assessment and risk appetite
- auditing of other processes related to the granting or intermediation of credit, fund management, payment service provision
- information security and personal data protection audits
- compliance audit of financial services advertising
- outsourcing or relying on someone else's activities
- personnel management and remuneration
In addition, as internal auditors, we can advise on assessing the risks of the organization, describing the activities of the internal audit function in internal rules, etc.
TESTIMONIAL
"Thanks to the observations, we were able to discuss several possible solutions in our team, and the audit will definitely help us to further develop new solutions. It was very pleasant and smooth to work with Grant Thornton Baltic's internal auditors. The whole process went really smoothly."
Kadri Erm
Placet Group OÜ
Head of Legal and Compliance
Client stories
December 2023
Primero Finance: our choice of internal auditor ticks all the boxes
Internal auditor services
“Our partnership with Grant Thornton Baltic’s internal auditors started in 2016 and it’s clear we hit the nail on the head with our selection,” says CEO of Primero Finance OÜ, Marti Küttis.
January 2023
An outside set of eyes gives additional assurance
Internal audits in ESTO AS
ESTO Group, a credit provider founded in 2017 that expended to Latvia and Lithuania in 2021, went the outsourcing route and partnered with Grant Thornton Baltic for internal audit services.
January 2023
For the e-Governance Academy, an internal auditor is seen as a good colleague
Internal audits at E-Governance Academy
Each year, the eGA’s large-scale projects that are supported by various financing sources around the world mean it has to comply with legal acts on the organization’s activity as well as follow internal procedures both in project management and financial accounting.
January 2023
Internal auditors help keep companies trustworthy
Internal audits at Hüpoteeklaen AS
With more than 30 employees, Hüpoteeklaen AS is a credit provider operating in Estonia since 2009, issuing real estate secure loans to individuals and companies.
February 2023
For Estateguru, having an internal auditor is a sign of quality
Internal audits at Estateguru
Founded in 2013, Estateguru OÜ combined these two qualities when it launched a platform for quick and flexible capital secured by real estate for small businesses and real estate-secured investing opportunities for investors.
May 2023
Erasmus+: we highly value the cooperation of the internal auditors
Internal audits for Estonian National Agency for the Erasmus+ and European Solidarity Corps
For two consecutive years, Grant Thornton Baltic’s business risk and internal audit team served as the independent auditor of the programmes of the Estonian National Agency for the Erasmus+ and European Solidarity Corps.
Which companies operating in the financial sector in Estonia must have an internal auditor?
What are the requirements for the qualification and activities of the internal auditor?
The financial sector can be divided into four main groups:
- banking and credit
- insurance
- payment services
- investment
These, in turn, are divided into subgroups, each of which is subject to a different law and statutory requirements for the internal audit function. In addition, the provision of internal audit services is regulated by the Auditors Activities Act, which defines who may engage in the professional activities of an internal auditor.
In addition to the professional qualifications, the internal auditor is also required to have an impeccable business reputation, the knowledge, skills, experience and education necessary to perform the duties of an internal auditor, and professional suitability. The internal auditor may not perform any other duties which give or may give rise to a conflict of interests.
In addition to special laws mentioned in the table above, the requirements for internal auditors are also regulated by the Auditors Activities Act, according to which the internal auditor must be objective and competent in his or her professional activities, maintain professional secrecy, act with due diligence, act in accordance with the internal auditor's profession and meet the internal auditor's professional standards.
Do you have any questions?
If you have similar challenges and questions, please contact our specialists.
Internal audit obligation in financial sector companies
Market participants |
Regulatory law |
Necessity of internal audit |
Requirements to the head of the internal audit unit / internal auditor |
Banking and credit |
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Credit institutions (banks) |
Credit Institutions Act, § 59 |
Mandatory |
Certified Internal Auditor |
Creditors |
Creditors and Credit Intermediaries Act, § 45 |
Mandatory |
No specific professional level is required |
Credit intermediaries |
Creditors and Credit Intermediaries Act, § 45 |
Mandatory |
No specific professional level is required |
Insurance |
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Insurance companies |
Insurance Activities Act, § 103 |
Mandatory |
Certified Internal Auditor |
Payment Services |
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Payment institutions |
Payment Institutions and E-money Institutions Act, § 51 |
Mandatory |
Certified Internal Auditor |
e-money institutions |
Payment Institutions and E-money Institutions Act, § 51 |
Mandatory |
Certified Internal Auditor |
Investment |
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Fund managers |
Investment Funds Act, § 349 |
Mandatory if necessary and proportionate |
Certified Internal Auditor |
Investment firms |
Securities Market Act, § 832 |
Mandatory if necessary and proportionate |
Certified Internal Auditor |