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интернет

Audit

Control of accounting reporting


According to the provisions of the Law on Auditing Activity of Estonia, audit can be effected in two forms: audit or review (the last is a service covering acknowledgement with a lower degree of confidence comparing to audit).

 

Audit is compulsory in general for a person liable to keep books, who has in its accounting report at least two annual figures exceeding the following terms (Art. 91 p. 1 of the Law on Auditing Activity):

 

  • sales revenue or income 4 000 000 euros;
  • assets as on the balance date 2 000 000 euros;
  • average employees number 50 people;

 

or for a person liable to keep books who has in its accounting report at least one annual figure exceeding the following terms (Art. 91 p. 2 of the Law on Auditing Activity):

 

  • sales revenue or income 12 000 000 euros;
  • assets as on the balance date 6 000 000 euros;
  • average employees number 180 people.

 

Audit is also compulsory (Art. 91 p. 3 of the Law on Auditing Activity): to any joint stock company, any person liable to keep budgetary books, any entity of local self-administration, any public legal person, any special-purpose institution and any party drawing allowances from the state budget.

 

Review is compulsory for a person liable to keep books who has in its accounting report at least two annual figures exceeding the following terms (Art. 92 p. 1 of the Law on Auditing Activity):

 

  • sales revenue or income 1 600 000 euros;
  • assets as on the balance date 800 000 euros;
  • average employees number 24 people;

 

or for a person liable to keep books who has in its accounting report at least one annual figure exceeding the following terms (Art. 92 p. 2 of the Law on Auditing Activity):

 

  • sales revenue or income 4 800 000 euros;
  • assets as on the balance date 2 400 000 euros;
  • average employees number 72 people.

 

In terms of auditing our relations with many our customers are formalized as long-term contracts. According to their terms, the auditor is in contact with the financial staff of the customer within all financial year, not only after the annual accounting report has been made. It creates circumstances for permanent informing of customer`s administration about auditing process and problems arising accordingly.

 

Other auditing services

Actions resulting from the law


Based on the Commercial Code, the following actions are the exclusive competence of the auditor:

 

  • giving an opinion about assessment of value of non-monetary contributions into share or joint-stock capital (§ 143 p. 3 and § 249 p. 3);
  • giving an opinion about liquidation balance sheet and assets distribution plan of a share company or a joint-stock company to be dissolved (§ 215 p. 2 and § 378 p. 2);
  • giving an opinion about a contract on fusion of commercial partnership companies or on splitting of a commercial partnership company (§ 394 and § 437);
  • giving a written report on the control of an offer on compulsory shares acquisition of overwhelming minority of shareholders (§ 363-4 art. 2).

 

Based on the p. 3 of § 191 and the p. 3 of § 330 of the Commercial Code, auditors and lawyers can effect a special control of share partnership company or joint-stock company.

 

Contractual services

Under agreement with a customer, we perform control of a reporting determinant specified (for example, income, expenses (including their purposiveness), stock-in-trade, etc.), or separate recording division (recording of salaries, of main assets, etc.), as well as we submit a report on control results (can also be named “auditor` s confirmation”).

 

Our specialists have a long-term experience in auditing of business projects being financed from structural funds of European Union and other international financial organizations.

 

We advise our customers for foundation, fusion, splitting, reorganization of commercial companies, company alienation or acquisition, and in other business problems. A particularity of AUDEST is its package approach, i. e. the problem is being considered in all its bearings (from accounting, tax and legal points of view), and the proposed solution takes maximum account of all neighbouring risks.

 

We also propose to investors the due diligence services.

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