Risk management & Internal audit

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Audit and assurance
Accounting & Outsourcing
Payroll Accounting
Tax
Legal advisory
Business and financial advisory
Risk management & Internal audit
Doing business in Lithuania

We will deliver the highest quality audits, combining passionate people with leading technology to build trust in society.

Audit methodology
At Grant Thornton, we use a single audit methodology across our global network. This means that our clients gain the same proven, high-quality approach wherever they are.

Related insights:

Grant Thornton International news Navigating the changes to IFRS

1 min read | 08 Feb 2023

This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

Accounting & Outsourcing

At Grant Thornton, outsourcing represents more than €224 million of our business. Whatever the size of your organisation or wherever you are in the world, we...

Financial statements and consolidated financial statements
Preparation of monthly, quarterly or annual report and consolidated report on the basis of information presented by the client.
Financial Accounting
Effective bookkeeping and financial accounting are essential to the success of forward-thinking organisations. To get the optimum benefit from this part of your business, you'll need an experienced team behind you.
Tax compliance
Tax is likely to have an impact on almost every business decision you make. Whatever your business’s specific needs, we respond quickly and devise solutions tailored to you. We perform VAT, income tax, social tax and other tax accounting as well as present tax declarations to the tax authorities.
Chief financial officer service
Chief Financial Officer services include the periodic reporting, information systems standardization, internal document management and information flow optimization, budget preparation, cost accounting, cash flow and working capital management, financial analysis, investment return evaluation for managers.

Related insights:

2023 Tax laws changes affecting payroll

Inesa Vilkaitė

| 3 min read | 09 Dec 2022

Tax laws changes affecting payroll as of January 1, 2023 in Lithuania

Tax

Ambitious organisations need to consider their tax affairs carefully to gain trust and stay ahead of their competitors. At Grant Thornton, tax is a key part of...

International taxation
Grant Thornton operations in the Baltic States give us an access to the international expertise and allow advising the client on the minimisation of tax risks arising from conducting business in a foreign tax jurisdiction. We also consult foreign investors in finding an optimum group structure and form of enterprises in Lithuania and other Baltic States.
Transfer pricing
We advise the management bodies of local and multinational groups of companies in issues concerning transfer pricing of intra-group transactions and, if necessary, in the preparation of the relevant compliance documents. We also assist in preparing transfer pricing policies in order that future transactions are priced in accordance with the local as well as international regulations.
VAT refunds
We advise foreign clients in issues concerning the refund of value added tax paid in Lithuania, and Lithuanian clients – in the refund of value added tax paid in the EU member states. If necessary, we carry out these procedures on behalf of the client.
Profit tax, tax incentives
Our tax advisory department consults local and international clients in both everyday and specific taxation issues related to business activities.
Due diligence
Making the right investment decision can have a significant impact on shareholder value. To make an informed investment decision and create the best value from the transaction you will need the following an understanding of the target business identification and understanding of key business drivers an understanding of all the relevant issues clear analysis, conclusions and recommendations.
Assistance and representation during tax investigations, inspections, disputes
We provide services for registration in the Register of Taxpayers and the Register of VAT Payers. We represent clients' interests in tax disputes at the State Tax Inspectorate, Tax Disputes Commission, courts and other institutions.

Related insights:

Tax Alert March 2023 Proposed tax reform key elements

6 min read | 23 Mar 2023

On 20 of March 2023 Ministry of Finance of Lithuania revealed proposals on tax reform, to be submitted to Parliament early May, to enter into force from the year 2024 (if adopted). Below we summarize key aspects of the tax reform, relevant for the businesses.

Legal advisory

Our legal advisory department consults local and international clients in the fields of civil and commercial law. Our primary fields of activity include...

Legal advisory for business start
We assist to quickly establish a company, branch or permanent establishment in Lithuania, open a bank account, VAT registration and obtain all necessary licenses for activity.
Legal advisory for business development
Our team has gained the greatest experience in advising international companies on the management of groups of companies. We advise and implement reorganizations or liquidations. Together with a team of tax and financial advisors, we perform a comprehensive due diligence (tax, legal & financial).
Labor law for CEOs and employees
We provide modern labor law solutions for the CEO, C-level managers and employees, which are tailored specifically to your business industry. We will take care of well-judged employment contracts and benefits package, protection of confidential information and non-compete agreements, handling of employee data or stock option rules, posting of employees, employment of EU and third-country nationals, organization of telework.
Fintech
With extensive experience in money laundering prevention and compliance and a strong team of financial experts, we advise clients on financial services, electronic money, licensing of payment institutions, capital formation, listing of mutual lending platform operators and other operational issues.
Migration and relocation
We assist you, your family members and employees of the organization to obtain national and European Union (Schengen) visas, residence permits, e-resident status, provide mediation letters and ensure a smooth relocation to Lithuania.

Business and financial advisory

The success of the company and its organizational structure is driven by smart decisions and efficient management. The quality of the business solutions...

Due diligence
Making the right investment decision can have a significant impact on shareholder value. To make an informed investment decision and create the best value from the transaction you will need the following an understanding of the target business identification and understanding of key business drivers an understanding of all the relevant issues clear analysis, conclusions and recommendations.
Fintech advisory
The rapidly changing world and evolving technology are driving the development of new business models such as acting as a payment institution, a provider of virtual currency services and a financial institution. Grant Thornton Baltic provides support and advice to these companies.
Corporate finance management
Building a successful business requires a clear vision backed by a focused strategy. To achieve this vision, businesses must negotiate an increasingly complex environment.
Business Valuations
Choosing the right valuation method is the most important element in the process of estimating the fair value of a business as it must be adequate in terms of the purpose and object of the valuation. Grant Thornton uses only proven and generally accepted methods from among the wide range of income, asset and market approaches. Having conducted a preliminary analysis of the object and purpose of the valuation, we identify the method that will be the most appropriate considering the situation and characteristics of a given enterprise and the business sector in which it operates. Prior to commencing valuation, we also identify the documents necessary in the process.
Mergers and acquisitions
We provide advice to clients in all material aspects of the process of conducting transactions: finding a candidate for buyer, purchase or merger, initial analysis and valuation, negotiations, due diligence, structuring transaction price, preparing legal documentation and formal closing of the transaction. We also provide consultation for management buyouts.
Protection of Interests of Bondholders'
Grant Thornton provides bondholders' advocacy and protection services. We have resources, knowledge and the latest technology. Defending the interests of bondholders · Representing the interests of bondholders
External Financial Management Services
Providing an external financial management services makes it possible to manage a company’s finance on a day-to-day basis by a competent economist, without the need of offering full-time employment. By cooperating with experts on managing big-budget projects, we provide our clients with excellent support in comprehensive management of company’s finance.
Training
Financial Management Training and Seminars. Our experts have significant regional competence and close co-operation with our global colleagues. They happily share their expertise with our clients.

Related insights:

GT International press release Global business optimism falls as mid-market prepares for ‘unusual’ recession

4 min read | 19 Jan 2023

Many economies around the world are preparing for a rather unusual recession. One that is characterised by conditions usually associated with a boom, such as low levels of unemployment (instead of increasing levels) and central banks raising interest rates (instead of cutting them). These unusual characteristics combined with what many commentators expect to be a shallow and short recession, could mean the ‘usual’ response to a recession may not be the right course of action for businesses.

All owners and management are interested in the success of their company, and they want to ensure that its activities and results are controlled and its systems function seamlessly.

The business risk services support the achievement of these goals. Our business risk services are designed for private entrepreneurs and for government authorities, the institutions under their governance, municipalities, foundations and citizen's associations.

Send us your inquiry

We provide the following services:

Internal Audit and Internal Control

Performance of the functions of internal auditor in public agencies and business entities, evaluation of the efficiency of the internal control system and advice for the formulation of internal control procedures.

Risk Assessment

Mapping of business processes and risk assessments.

Custom tasks

Audits, inspections and analyzes with a specific purpose and scope.

Anti-Money Laundering (AML)

Audit and advice to meet the compliance and effectiveness of the rules of procedure for management of risks relating to money laundering and terrorist financing.

FinTech Risk Management and Regulation

New risks associated with Financial technologies arise in a number of areas, including cross-border transactions and data privacy. We offer regulatory compliance, due diligence, risk management and AML.

Our experience

Our Business Risk and Internal Audit team specialises in the provision of internal audit and risk management services to clients in the financial services, corporate and public sectors. A team of experienced professionals provides a large range of assurance and risk assessment projects every year. With the FinTech industry booming, team has accumulated years of experience and expertise within many Financial Technology companies such as digital challenger banks, lending platforms, payment service providers, digital wallets, cryptocurrency companies and etc.

Contact us

For more information on how Grant Thornton can assist you with Business Risk Management and Internal Audit Services, contact us today.

Risk management & Internal audit We transform business risk and compliance to accelerate your business success.

All owners and management are interested in the success of their company, and they want to ensure that its activities and results are controlled and its systems function seamlessly.

We provide the following services:

Our experience

Meet our team:

Contact us