An organisation dealing with a misconduct allegation can get needed investigation support from us. We bring an external and independent aspect to the investigation and look at the allegation, free from bias. We are able to conduct an investigation fully independently or alternatively we can provide our expertise to an organisation’s own in-house team. Typically we report to the board, compliance or legal function or to internal audit. We understand the expectations that relate to documentation and reporting and in addition to that, we are well versed in the requirements that the new EU whistleblowing directive and relevant data privacy rules place on investigations. The phases of an investigation we can undertake are initial review to understand the context and the allegation, drafting the investigation plan, interviews, document review and presentation of mitigating action. We are also able to act as expert witnesses if the investigation leads to civil or criminal litigation.
Insolvency related reviews
Insolvency related reviews cover both insolvencies and company restructurings. In both circumstances the goal with the review is to understand events prior to the insolvency proceedings from local legal perspective. We have both participated in numerous insolvency related reviews during our career. We believe in good and active communication with the client. This is how we aim to secure the right scoping of work and also, make sure that the work is done in a cost-efficient manner. We report our findings concisely and in an easily understandable language. If the scope and data are well known in advance, we are happy to provide a fixed fee of the engagement.
Special audits are typically conducted based on orders from the regional administrative state agencies. It is a method to protect minority shareholders and the scope of work is given in the agency’s order. It is also possible to conduct a special audit based on a decision of the general meeting. In these cases the scope usually relates to specified areas, such as action or negligence of the board, the CEO or, in housing companies, the property manager. In our experience many special audits precede the handling of the matters by law enforcement. We understand the documentation and reporting requirements that make it possible to be able to use the special audit report as evidence later on.
We provide internal audit services together with Niina Ratsula, CIA, ( Code of Conduct Company). Niina has her background in internal audit in large listed companies. In the engagements, Niina has main responsibility for drafting the audit plan and ensuring that the execution, reporting and documentation follow the relevant standards. We are responsible for conducting the audit procedures, reporting findings and for the documentation of our work. We always take a risk-based approach and aim at creating additional value to the client. We are happy to help whether the need is for setting up the internal audit function, outsourcing or temporary need for additional resources. Our areas of expertise include the review of financial processes including procurement, sales, HR, accounting and financial reporting. We also provide internal control identification and documentation services.
The need to estimate financial damages is often a requirement of arbitration and other litigation. The question can be about lost sales, additional costs or other aspects. Another typical situation where damage calculation is needed are mergers and acquisitions; if it seems, for example, that an investment decision has been based on false information. Successful execution of damage calculations requires support from the client organisation staff in order to understand the business and available data. We take care of planning the engagement, compiling the data, keeping relevant parties updated about the progress of the work and reporting in a justifiable manner. We understand the often critical timelines in these proceedings and will maintain the progression of the project adhering to timelines. Our expertise is always independent, objective and conflict free.
Training and other consultation
We provide internal training for organisations and are willing to present in seminars, webinars and other events. We have participated as speakers in events organized by the Finnish Bar Association, ST-Akatemia (part of the Finnish Auditors’ Association), and AlmaTalent among others. The content of the presentation is always tailored and the size of the audience is always taken into consideration in the planning. The feedback received quite often mentions our passion for the topics that we talk about, presenting even complicated matters in an understandable way and the use of real life examples and case studies. We give training fluently in Finnish and in English.
The EU whistleblowing directive needs to be locally implemented by the end of 2021. The directive touches a large number of organisations both in the private and the public sector. The requirements set out in the directive will be partly fulfilled with the initialization of a whistleblowing channel but there are many other aspects in the directive that organisations also need to take into account and this is where we can help. These include among others handling of the reports received in the manner and within the timelines set in the directive, securing the independency of the investigation and the prohibition of countermeasures towards the whistleblower. We are at your service to consult in whistleblowing related matters and the initial review of whistleblowing reports. We believe that the new directive provides companies with a good opportunity to strengthen their corporate cultures and ”doing the right thing” attitude and we are also happy to help organize training and workshops around this topic.
We have conducted compliance reviews of varying complexity where the aim has been to evaluate whether the policies and procedures that have been put in place are actually followed within organisations. Usually the reviews bring findings of control deficiencies and suggested corrective actions for the organisation. We also conduct compliance and fraud risk assessments that are often overlooked in wider risk assessments and which require special expertise that might not exist in-house in an organisation itself. Risk assessments are always done in cooperation with representatives from the organisation.
Anti-money laundering and sanctions
Both of us participated in an AML investigation in a large Nordic bank in 2019 and acquired key understanding of the challenges typically related to AML. We support organisations in building the processes and procedures for fighting money laundering and in the identification of money laundering risks. We understand the mechanisms that are often used in money laundering such as complex company structures, shell companies, shelf companies, fake invoices and financial arrangements. These aspects often play a part in AML investigations where we are happy to support organisations. We have both also participated in sanctions related investigations where the objective has been to identify deficiencies in internal processes and correct them to secure sanctions compliance. Tytti has also completed the Certified Anti-Money Laundering Specialist (CAMS) certificate and Viivi is a Certified Global Sanctions Specialist (CGSS).
On time and within budget, efficiently and