Draft Law of Ukraine

“On Amendment of the Law “On Audit Activity”

According to this draft law, audit is understood as examination of public financial reports, accounting records, primary and other documents related to financial-economic activity conducted by business entity in order to identify their reliability, comprehensiveness and compliance with the legislation, national financial accounting standards and other legal and normative acts.

Auditors may be:

• Ukrainian citizens, who have qualification certificates confirming their right to perform audits in Ukraine;
• foreigners or stateless persons provided that they have passed national language exams and received relevant certificates.

Pursuant to this draft, provisions governing licensing of audit activity are to be removed from the current law version.

This draft law stipulates the need to make changes to the list of events where audit is mandatory.

Audit firms and sole practitioners are subject to inclusion into the Register of Audit Firms and Practitioners. This Register is to be kept by the Audit Chamber of Ukraine.

This draft will also regulate self-government of Ukrainian auditors.

It is proposed to set up the Ukrainian Auditors Disciplinary Court.