Draft Law of Ukraine

"On Amendment of the Law of Ukraine "On Auditing Activity"

According to the draft audit is the examination of the accounting data and reported financial results of a business entity in order to give an independent evaluation by an auditor regarding theirs reliability in all essential aspects and verify compliance with the requirements of Ukraine’s laws and national accounting regulations (standards) or other rules as requested by a user.

The audit services, according to this draft, include:

• conduct of on-line audits;
• compilation of data of accounting information;
• consultative and information services;
• accounting and economic-legal expert’s evaluation;
• keeping accounting;
• other types of economic-legal facilitation to ensure activity of business entities.

Provisions relating to licensing of auditing activity are proposed to be exclude from the current version of the Law "On Auditing Activity".

Any natural person may work as an auditor, provided s/he has a certificate that proves availability of sufficient qualification and skills to practice audit in Ukraine.

This draft envisage creation of the National Registry of Auditors and Audit Companies to be kept by the Audit Chamber of Ukraine.

Only auditors (audit companies) enlisted in the National Registry of Auditors and Audit Companies will have the right to exercise auditing practice.

The draft stipulates that powers to control auditing activities in Ukraine and introduction of the position of a head of the Audit Chamber of Ukraine shall be vested in the Audit Chamber of Ukraine.