Procedures prescribed by the Commercial Code

Procedures prescribed by the Commercial Code are auditing services, which are delivered according to ‘Assurance engagements other than audits or inspection of previous periods’ standards established in the Authorised Public Accountants Act’.

The objective of the assessment of the value of non-monetary contribution is to express an opinion on whether the assets transferred by the person making a non-monetary contribution comply with the requirements set out in §§ 248 or 142 of the Commercial Code and whether the value of a non-monetary contribution covers the nominal value and premium of the shares/holding paid for with the non-monetary contribution.

The aim of the audit of the closing balance of a company to be dissolved is to express an opinion on whether the financial information contained in the closing balance of a company under liquidation has in all material respects been prepared in accordance with the Estonian Accounting Standards Board guidelines (ASBG 13 – Liquidation and Closing Reports).

The aim of the audit of the asset division plan of a company under liquidation is to express an opinion on whether the asset division plan of the company meets the requirements set out in the Commercial Code.