Audit: Problems and Solutions

Key Points:

• Audit Requirement: In Estonia, companies must undergo audits if they meet certain size criteria (based on revenue, assets, number of employees etc.). An audit ensures that a company’s financial records are accurate and comply with regulations.
• Consequences of Non-Compliance: If a company fails to complete an audit and submit an audited financial statement, it faces serious consequences, including being potentially stricken off the registry or fined.
• Shortage of Auditors: There’s a current shortage of auditors in Estonia. This is due to an increase in the number of companies needing audits (partly due to inflation) and a decrease in the number of available auditors, some of whom have lost their licenses.
• Magrat’s Solution: Magrat helps companies find auditors and prepare for audits. We have established relationships with audit firms and can assist in creating a quality audit file for a successful audit. We can also help you gain some additional time to complete the audit
• Audit File Importance: A good audit file, containing all necessary documents and information, is crucial for a smooth audit process. Much of this file is prepared by the company itself.
• Magrat’s Credentials: Magrat is a recognized accounting company with a strong market presence, part of a global network, and has a qualified team.
• Cooperation with Current Accountants: Magrat can work alongside a company’s existing accountant to facilitate the audit process.