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Internal Audit

The internal audit should always meet the international audit standards.

The internal audit is an independent activity conducted at the organization (enterprise) regarding inspection and assessment of its work in its interests.

The important criteria of selecting the auditor are the following: their qualification, reliability, availability and work experience.

Number of our license: FIU000207.

The internal audit means the opinion of the inspecting auditor regarding the actual report which should meet the accounting plan of the organization and the statutory regulations.

The internal audit helps the organization reach its set goals using the systematized and stage-by-stage approach to assessment and improvement of efficiency of the risk management, control and corporate management procedures.

Main goals of an internal audit of an entity:

  •  ● verification of internal control systems to determine the level of efficiency of departments;
  •  ● development of a comprehensive risk management system, analysis of its operation, as well as creation of measures to reduce the risks;
  •  ● monitoring of compliance with management principles.

During the audit we provide feedback on the conclusions made and recommendations for removing them, as well as proposals on the accounting system improvement. During our inspections we reveal the risk points which may lead to significant mistakes in the report and pay specific attention to these areas during our audit.

The internal audit at the organization is activity directed at providing objective and independent consulting and guarantees in order to improve the enterprise’s activity. The purpose of the internal audit is assessing the risks, finding the ways to reduce them and increasing the profitability of the business processes. The consultations of the auditors include assessment, analysis and report regarding productivity and reliability of the procedures. They are addressed directly to the organization administration.

The internal audit is the guarantee of improvement of the enterprise’s activity.

 

We offer the following audit services:

1. Review and Voluntary Audit

If a company is not required to undergo an audit, but wishes to do so for itself or users of its financial statements, we can provide such an opportunity. Not only the adequacy of the published financial statements is checked, but also the correctness of keeping bookkeeping and tax accounting: compliance of records on transactions with the laws of the Republic of Estonia, good accounting practices of Estonia or IFRS standards, correct understanding of tax laws and declaration of tax liabilities. We also review the consolidated financial statements and quarterly reviews.

Audited includes following as well:

  •  ● organization of accounting;
  •  ● control and processing of primary documents;
  •  ● entry of purchase invoices in accounting registers;
  •  ● entry of sales in accounting registers;
  •  ● entry of bank statement transactions in accounting registers;
  •  ● entry of cash documents in accounting registers;
  •  ● correctness of drawing up advance reports;
  •  ● accounting of fixed assets and depreciation;
  •  ● submission of tax returns to the Tax and Customs Department;
  •  ● calculation of wages, leave pay, bonuses, sick leave;
  •  ● registration of transactions in the field of export, import and transit.

2. Inspection

This type of inspection is suitable for apartment partnerships and other non-profit associations, as well as segments of the activities of commercial organizations. An analysis of expenses and incomes, the adequacy of its reflection, advice on optimizing expenses and tax risks shall be carried out.

3. Internal Audit

This type of audit is needed to make decisions on business and processes. The risks associated with accounting and tax reporting and the risks of business processes at all stages of the company's business shall be analyzed. It includes the contract review.

 

Diplomas and licenses