Parliament of Ukraine has adopted the amended draft law “On the Audit of
Financial Reports and Audit Activity” which was prepared for the implementation
of the Directive 2006/43/EU taking into account
Regulation (EU) No. 537/2014.
law was approved by the European Commission which urged on its adoption as an
indicator for the progress of Ukraine in the reform of the audit activity.
draft law was approved by the Government’s office for European and
Euro-Atlantic integration as well as by the Parliament’s committee for European
integration in regard to its compatibility with the EU audit regulations.
What’s it about?
law which was prepared by the Ministry of Finance of Ukraine jointly with the
World Bank, EU experts and specialized civil organizations and was amended by
the Parliament’s committee for tax and customs policy offers a well-balanced
model for the public oversight and self-regulation of the audit sector in
Ukraine. This model was approved by international organizations, regulating
authorities and auditors themselves.
What are the benefits?
improved system for the regulation of audit in Ukraine in line with
international standards and best international practices;
∙ investors will have more trust for the financial reports of
Ukrainian companies and the services of Ukrainian auditors;
new regulations prevent improper audit services as well as increases the
transparency and credibility of the financial reports of companies issuing
stocks, banks, insurance companies and other public companies including