Internal audit

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Audit and other assurance services
Corporate accounting and outsourcing
Payroll
Legal advisory
Business advisory
Financial advisory
Tax
Mergers and acquisitions
Human resources and recruitment services
Business risk services and internal audit
Sustainability services
Digital services
Starting business in Estonia?

Audit control is an integral part of each company’s control procedures required for gaining the trust of clients and partners as well as managing the company.

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.
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.

Corporate accounting and outsourcing

We offer full range of accounting and outsourcing services tailored to your needs.

Payroll and related services
We perform payroll accounting for companies whether they employ a few or hundreds of employees.
Tax accounting
Grant Thornton Baltic's experienced tax specialists support accountants and offer reasonable and practical solutions.
Reporting
We prepare annual reports in a timely manner. We help to prepare management reports and various mandatory reports.
Consolidation of financial statements
Our experienced accountants and advisors help you prepare consolidation tables and make the consolidation process more efficient.
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.
CFO services
Our CFO services suit companies where creating a CFO position would not be economically feasible, but professional financial leadership is still needed.
Assessment of accounting processes
We help companies to implement accounting practices that are in compliance with local and international standards.
Accounting services for small businesses
We offer affordable service for small businesses. We help organize processes as smartly and cost-effectively as possible.
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.
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.

Related insights:

Business Process Solutions Artificial intelligence shakes up the accounting sector: machines end up doing the easy work, while CFO skillsets are in high demand

5 min read | 11 Apr 2023

The rapid development of artificial intelligence and the arrival of ChatGPT on the scene will not leave accountants on the street, but there will be an increasing need to get in-service training, re-train and think more like a CFO does.

Payroll

We perform payroll accounting for companies whether they employ a few or hundreds of employees. We do not offer one-size-fits-all packages, but always proceed...

Related insights:

Our news We were recognized for long-term cooperation

Less than a minute | 10 Jan 2023

In the end of 2022, Grant Thornton Baltic received the Partner Excellence Award from its cooperation partner, the global business services provider ADP, for 15 years of excellent cooperation in payroll processing for ADP clients in the Baltic countries.

Legal advisory

We provide entrepreneurs with comprehensive legal advice to contribute to their economic success.

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.
Fintech advisory
Our specialists advise payment institutions, virtual currency service providers and financial institutions.
Corporate advisory
We advise on legal, tax and financial matters necessary for better management of the company's legal or organizational structure.
Transaction advisory
We provide advice in all aspects of the transaction process.
Legal due diligence
We thoroughly analyze the internal documents, legal relations, and business compliance of the company to be merged or acquired.
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.
The contact person service
We offer a contact person service to Estonian companies with a board located abroad.
Training
We organize both public trainings and tailor made trainings ordered by clients on current legal and tax issues.

Related insights:

Legal Amendment to the minimum share capital requirement in the Commercial Code: an apparent cause for cheer but practical concerns remain

Uljana Feldman

| 5 min read | 22 May 2023

On 1 February 2023, the new Commercial Register Act entered into force, ushering in significant changes to the Commercial Code and other laws regulating the activities of corporate entities. Among other things, the changes also concern the net asset requirement, related to one of the major changes – the removal of the requirement of minimum share capital for private limited companies.

Business advisory

Whether your company is just starting out, growing rapidly or in a stable stage of life - you need expert advice from time to time to make the right decisions.

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.
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.
Coaching and development support
A good organizational culture is like a trump card for a company. We guide you how to collect trump cards!
Digital services
Today, the question is not whether to digitize, but how to do it. We help you develop and implement smart digital solutions.
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.
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.

Financial advisory

Failure to provide sufficient attention to corporate development and financial planning may trigger difficulties.

Due diligence
We perform due diligence so that investors can get a thorough overview of the company before the planned purchase transaction.
Mergers and acquisitions
We provide advice in all aspects of the transaction process.
Valuation services
We estimate the company's market value, asset value and other asset groups based on internationally accepted methodology.
Forensic expert services
Our experienced, nationally recognized forensic experts provide assessments in the economic and financial field.
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.
Business Intelligence and financial management
Analysing and making sense of numbers in financial reports enables a company’s management to identify new prospects of development and growth.
Reorganization
Our experienced reorganizers offer ways to overcome the company's economic difficulties and restore liquidity in order to manage sustainably in the future.
Restructuring and reorganisation
We offer individual complete solutions for reorganizing the structure of companies.

Tax

With more than 25 years of experience, our team offers wide range of tax services in close cooperation with colleagues from the Grant Thornton network.

Corporate taxation
We advise on all matters related to corporate taxation.
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.
International taxation
We advise on foreign tax systems and international tax regulations, including the requirements of cross-border reporting.
Transfer pricing
We help plan and document all aspects of a company's transfer pricing strategy.
Taxation of transactions
We plan the tax consequences of a company's acquisition, transfer, refinancing, restructuring, and listing of bonds or shares.
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.
Tax risk audit
We perform a risk audit that helps diagnose and limit tax risks and optimize tax obligations.
Representing the client in Tax Board
We prevent tax problems and ensure smooth communication with the Tax and Customs Board.
Taxation of private individuals
We advise individuals on personal income taxation issues and, represent the client in communication with the Tax and Customs Board.
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.

Human resources and recruitment services

We offer to outsource the HR services in the exact amount and precisely in the section of work that you need.

Recruitment services – personnel search
We help fill positions in your company with competent and dedicated employees who help realize the company's strategic goals.
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.
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.
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.
HR Documentation and Operating Model Advisory Services work
We support companies in setting up HR documentation and operational processes with a necessary quality.
Employee Surveys
We help to carry out goal-oriented and high-quality employee surveys. We analyse the results, make reports, and draw conclusions.
HR Management outsourcing
We offer both temporary and permanent/long-term HR manager services to companies.

Related insights:

HR management Sink or swim: well-organized HR work also gives a smaller company a competitive advantage.

Airi Neemre

| 6 min read | 13 Jan 2023

Employees are the greatest asset of any company, upon which competitive advantage is built - but they are also one of the largest cost factors. Every business leader should think about on whether we are doing all we can, to preserve this investment and whether we are making the most of our employees' potential.

Business risk services and internal audit

Our experienced specialists help your organization to regularly assess risks that threaten the fulfillment of goals.

Internal audit
We assist you in performing the internal audit function, performing internal audits and advisory work, evaluating governance, and conducting training.
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.
Audit of projects
We conduct audits of projects that have received European Union funds, state aid, foreign aid, or other grants.
Prevention of money laundering
We help to prepare a money laundering risk assessment and efficient anti-money laundering procedures, conduct internal audits and training.
Risk assessment and risk management
We advise you on conducting a risk assessment and setting up a risk management system.
Custom tasks
At the request of the client, we perform audits, inspections and analyzes with a specific purpose and scope.
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.
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.

Sustainability services

We advise companies who, in conducting responsible business, consider in addition to profit, the impact of their activities on the surrounding world.

Sustainability advisory
We help solve issues related to the environment, social capital, employees, business model and good management practices.
Sustainability audit
Our auditors review and certify sustainability reports in accordance with international standards.
Sustainable finance
We help investors to analyze the environmental issues, social responsibility and good management practices of the company of interest.
Sustainable tax
Our international tax specialists define the concept of sustainable tax behavior and provide services related to sustainable tax behavior.

Digital services

Grant Thornton Digital helps you develop and deploy smart digital solutions that lead your business into the future.

Digital strategy
We help assess the digital maturity of your organization, create a strategy that matches your needs and capabilities, and develop key metrics.
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.
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.
Cybersecurity
A proactive cyber strategy delivers you peace of mind, allowing you to focus on realising your company’s growth potential.
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!

Related insights:

Case study We advised German company RAUMEDIC

2 min read | 13 Jan 2022

Grant Thornton Baltic OÜ advised German company RAUMEDIC AG on the acquisition of aktsiaselts A&G. RAUMEDIC AG is a leading developer and manufacturer of systems and components and a partner to medical and pharmaceutical industries. Core business of aktsiaselts A&G is production of medical supplies.

The internal auditor provides assurance to the management that the decisions and actions taken are correct, in accordance with the law, and that resources are used economically, efficiently and effectively.

Our work is based on the Auditing Act and international professional standards. Our clients include companies operating in the financial sector, local governments, foundations, state-owned companies, etc.

Send us your inquiry

We offer following internal audit services

Internal auditor service - performing the functions of an internal auditor in the private, public and third sectors

We provide the services of an internal auditor to organizations that are either required or wish to ensure the professional activities of internal audit in their organization:

• we coordinate the organization's risk assessment and management
• we prepare an internal audit strategy and annual plan
• we carry out audits and advisory work according to the plan, we make proposals for the improvement and efficiency of operations
• we present the results of audits to the organization's management
• we monitor the implementation of recommendations

Conducting internal audits - to assess the effectiveness and compliance of the internal control system

Internal audit offers the highest level of assurance. As a result of the internal audit, we assess the adequacy and effectiveness of the process, internal control system, etc., and make recommendations for improvements to ensure the effectiveness of the organization's operations and compliance with legislation.

In special areas (eg cyber security, data protection), we use experts in the field to ensure the high quality of audits.

Advisory projects for improving and evaluating the internal control system

Advisory projects are inherently advisory, and their content and nature are defined in agreement with the client. Examples of advisory projects include:

advising on building and improving the internal audit function
we advise on the preparation of the internal audit strategy and annual plan, planning, conducting, documenting, and writing reports
we advise the organization's management on establishing a functioning internal control system that includes the organization's control environment, risk management, control activities, information and communication systems, and monitoring
we consult on improving the efficiency of internal procedures
we coordinate the self-assessment of the organization's activities

Evaluation of governance processes

The purpose of governance evaluation is to conclude whether governance processes have adequately supported the achievement of the organization's goals and whether there has been an increase in stakeholder confidence in the organization.

Governance processes include providing strategic direction, implementing a risk management process, leading and supporting an ethical culture, establishing a structure, appropriate division of labor and rules, managing resources, establishing communication principles, and analyzing the organization's operations and results.

Client stories

Check out other client projects

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.

Contact us!

If you have similar challenges and questions, please contact our specialists.

TESTIMONIAL

„Initially, we created the internal audit function only to mitigate regulatory risks and comply with legal requirements, but now we have also taken into account the business risks identified in cooperation with Grant Thornton Baltic to ensure better performance of the company.“

Rasmus Õisma, Member of the Management Board of Montonio Finance OÜ

Business risk services and internal audit

Erasmus+: we highly value the cooperation of the internal auditors

23 May 2023

Business risk services and internal audit

What is an internal audit and its value to a company?

23 May 2023

Business risk services and internal audit

Attention, beneficiaries of government grants or EU programmes!

22 May 2023

Tallinn, Estonia

Head of Business Risk Services, Senior Internal Auditor

Kai Paalberg

Tallinn, Estonia

Kai Paalberg has been working for Grant Thornton Baltic since January 2019. Besides keeping the work of her department running smoothly and effectively, Kai is also responsible for performing internal audits. Kai holds a Certified Government Auditing Professional (CGAP) certificate.

Learn more about Kai Paalberg

+372 626 0500

Contact Kai Paalberg