Audit requirements for Estonian companies from 01.01.2024

The Estonian Parliament has accepted the law, and it is waiting for presidential approval.

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

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 5 000 000 euros;

• total assets as of the balance sheet date 2 500 000 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 15 000 000 euros;

• total assets as of the balance sheet date 7 500 000 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 of 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 of the balance sheet date 2 400 000 euros;

• average number of employees 72.