Having registered a company in Estonia, you need to know the rules of accounting and have an accountant who understands various aspects of Estonian law.

You can learn more about bookkeeping in our previous article "Accounting of an Estonian company 100% online".
One of these aspects is the need for an audit in the company.


An audit is a check of the annual report of an Estonian company for the accuracy of information and an overall assessment of the correctness of the company's financial statements.
The purpose of the audit is to improve the reliability of the company's financial information in the eyes of investors, shareholders and the public.

There are two types of audit in Estonia:

• Audit
• Audit review

The difference lies in the detail of the check.
Audit is a full-fledged detailed check of all transactions of the company and their reflection in the statements.

The review is a more general check that does not go into all the details.


Audit criteria
The company must pass a statutory audit if two of the following indicators exceed the value:

• Sales income or income € 4,000,000
• Property as of the balance sheet date 2,000,000 euros
• Average number of employees 50 people

Or one of the following is greater than the value:

• Sales income or income 12,000,000 euros
• Property as of the balance sheet date 6,000,000 euros
• Average number of employees 180 people

Criteria for an audit review
A company must undergo a statutory audit review if two of the following indicators exceed the value:

• Sales revenue or income EUR 1,600,000
• Property at the balance sheet date 800,000 euros
• Average number of employees 24 people

Or one of the following is greater than the value:

• Sales income or income EUR 4,800,000
• Property on the balance sheet date 2,400,000 euros
• Average number of employees 72 people

How is audit carried out in Estonia?
The audit is organized by an independent appraiser - a natural person included in the list of certified auditors in Estonia.
The general meeting of the owners of the Estonian company appoints the auditor, the payment procedure and the term of office. Before conducting an audit, a contract with an auditor should be concluded.
An annual report cannot be submitted until the auditor has added his grade and audit report.

If you have any questions, ask our specialists.