Internal audit and other internal control-related services

Our internal audit department consults clients in the fields of internal control and internal audit and carries out internal audits. The service of an internal auditor as an external partner secures the independence of the audit and prevents the conflicts of interests inside organisations.

The internal auditor assesses the performance of internal control systems within an institution. A strong internal control system provides reasonable assurance to the top management regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations; reliability of financial reporting; compliance with applicable laws and regulations.

We provide internal audit services in accordance with internal audit standards issued by The Institute of Internal Auditors (IIA) and in accordance with other relevant regulations and legal acts.

We base the assessment of internal control systems on the COSO Integrated Framework. We also use INTOSAI international control standards for assessing the control mechanisms of public sector organisations.

Internal audit

We fulfil, fully or partly, the internal audit function: assess risks, compile internal audit strategy and annual plans, perform compliance, performance and system audits; prepare a report with a list of highlights, risks and suggestions and introduce them to the management of an organisation.

In a public sector organisation, we provide our assessment to the annual financial report and legality of activities.

Consultations in questions related to internal audit and internal control

We consult internal auditors in organising the internal audit function. We advise clients in preparing the internal audit strategy and annual plan as well as audit planning, implementing and documenting, and writing reports.

We consult the management of organisations in creating a functional internal control system, which consists of five key components: control environment; risk assessment; control activities; information and communication; and monitoring.

We give consultations in preparing internal procedures.

Risk assessment

We coordinate risk management: we perform training on risk assessment methods and in cooperation with the organisation management, form risk assessment working groups. We identify both structural and operational risks based on three aspects: the probability of an event, the importance of an event and the existence of internal control measures. As a result of our work, we present a report that contains a list of risks categorised on the basis of risk levels with an indication of mitigation actions.

We serve clients in Estonian and English, both orally and in writing.

Our competent and experienced internal auditors are members of The Institute of Internal Auditors-Estonia (IIA-EST). The services can be rendered in co-operation with different departments (corporate finance, tax advisory, legal advisory), which allows offering the best integrated solutions to our clients.

Rimess has developed significant regional competence in the Baltics and Scandinavian countries. Our association with Praxity enables us to offer the services required for doing business on local and international markets.