Audit is an engagement that provides assurance to the public that financial statements are free from material misstatements.

The outcome of an audit is a positive assurance report stating that the financial statements give a true and fair view, in all material aspects, of the financial position, financial performance and cash flows of the company.

When conducting an audit, Audiitorteenuse OÜ adheres to the strict requirements of the International Standards on Auditing (ISA). We take into consideration all the auditing, accounting and reporting standards and guidelines currently in force.

As a result of the quality control carried out by the Board of Auditors, the activities of Audiitorteenuse OÜ were given the highest standard; the quality of our services is in compliance with all the relevant requirements.

All public limited companies are subject to the audit of annual accounts. In case of other business entities, please see here, who are subject to an audit or review of annual accounts.

Annual report must be submitted to the Commercial Register for preservation within six months after the end of the financial year. Accordingly, if the financial year of an accounting entity coincides with the calendar year (01.01-31.12) and the entity is subject to an audit or requests to be audited, it must submit the audited accounts to the Commercial Register by no later than 30 June.

Starting from 1 January 2010 all companies, non-profit associations and foundations that prepare unconsolidated financial statements in accordance with generally accepted accounting principles of Estonia, must submit the annual report in electronic format by completing the provided forms in the Company Registration Portal of the Commercial Register. In order to submit a report, it must be signed digitally directly in the reporting environment by all members of the board.

According to the new regulation also the auditor submits his/her report electronically. Therefore, it is very important to register the auditor’s correct name in the Commercial Register’s database.