Audit is required for an Estonian company

valid if fiscal year starts after 01.01.2017

The financial statements should be audited for all public limited companies and foundations.

For other companies audit requirements are below

An accounting entity should be fully audited

This audit obligation applies to an accounting entity in whose annual financial statements at least two of the indicators listed on the right exceed the following values: 

  • sales revenue or income 4 000 000 euros;

  • total assets as at the balance sheet date 2 000 000 euros;

  • average number of employees 50.

Furthermore, the obligation also applies to an accounting entity in whose annual financial statements at least one of the indicators listed on the right exceeds the following value:

  • sales revenue or income 12 000 000 euros;

  • total assets as at the balance sheet date 6 000 000 euros;

  • average number of employees 180.

An accounting entity should be reviewed by an auditor

This audit review obligation applies to an accounting entity in whose annual financial statements at least two of the indicators listed right exceed the following values: 

  • sales revenue or income 1 600 000 euros;

  • total assets as at the balance sheet date 800 000 euros;

  • average number of employees 24.

Furthermore, the review obligation also applies to an accounting entity in whose annual financial statements at least one of the indicators listed below exceeds the following value:

  • sales revenue or income 4 800 000 euros;

  • total assets as at the balance sheet date 2 400 000 euros;

  • average number of employees 72.