For whom the audit is mandatory in Estonia?

According to Estonian Accounting Law (§ 14):

An accounting entity shall be audited if at the balance sheet date of the accounting year the accounting entity exceeds the limits of at least two of the three following criteria:

  • Sales revenue (net turnover), in the case of a company, or income, in the case of other accounting entities 10 million kroons;
  • Total assets 5 million kroons;
  • Number of employees 10.

The criteria above is valid since 1 December 2005

According to Commercial Code:

  • Public limited companies
  • Private limited companies, if the share capital of the private limited company is greater than 400 000 kroons or if prescribed by law or the articles of association. (§190)
  • An auditor shall audit a merger agreement (§ 394)

According to Foundations Act all foundations (§ 34)