Internal audit and accounting outsourcing for capital market firms
The Ukrainian securities regulator now allows companies and professional capital market participants to outsource internal audit, accounting, compliance, risk management and IT. Responsibility towards clients and the regulator stays with the company, so the provider is chosen on resources, qualified staff and business reputation.
- Internal audit: annual plan, engagements, reports to the governing body
- Accounting and regulatory reporting
- IFRS and financial statements filed in iXBRL
- Compliance and risk management policies
- Support during a regulatory inspection
Asset managers, investment firms, depositories, pension fund administrators
Companies for which a full-time internal auditor, risk manager and compliance officer cost more than the function itself.
Your external auditor cannot run your internal audit
Independence rules bar an auditor from the internal audit and bookkeeping of its own client. The provider has to be a firm with audit qualifications that is not your auditor.
We do not perform statutory audits of financial statements
While our quality control review is in progress we do not offer that service. For outsourcing this is an advantage: no independence conflict with you.
What we take on and what we do not
Internal audit
- Risk-based annual internal audit plan
- Engagements: accounting, client settlements, safeguarding of assets, licence compliance
- A report to the governing body for every engagement
- Follow-up on the implementation of recommendations
- Support during a regulatory inspection
Accounting
- Bookkeeping, primary documents, bank and cash
- Regulatory reporting within the statutory deadlines
- IFRS and financial statements filed in iXBRL
- Payroll, HR records, tax reporting
- Accounting restoration where the records have been neglected
Compliance and risk
- Drafting policies: risk management, compliance, AML
- Written procedures and allocation of responsibility between officers
- Annual review against regulatory change
- Training for the responsible staff
- We do not take the standing compliance officer role: that post stays on your payroll
Four steps from request to report
We look at the licence, the activity, transaction volumes and the policies already in place. Proposal within 1 business day.
A risk-based annual internal audit plan or an accounting work schedule, agreed with the supervisory board or the owner.
Engagements and reports on the agreed dates. We raise questions as we go, not at the end of the period.
Reports for the governing body, follow-up on recommendations, support during a regulatory inspection.
What clients ask before the first contract
Does outsourcing relieve the company of responsibility?
No. Responsibility towards clients and the regulator stays with the company. The provider answers to you under the contract, and you answer to the regulator.
Why can our auditor not run the internal audit?
Independence rules bar an auditor from providing a client with services whose output the auditor would later examine. Internal audit and bookkeeping are exactly that.
Do you perform statutory audits?
Not at present, while our quality control review is in progress. For outsourcing that is an advantage rather than an obstacle: there is no independence conflict with you.
Do you work with small companies?
Yes. Outsourcing makes the most sense for them: a full-time internal auditor costs more than the function.
Do you take IT support and software maintenance?
No. It is not our competence and we say so plainly.
What does it cost?
A proposal once we have reviewed the assignment. We reply within 1 business day.
Get a proposal
Tell us the activity, the licence and what you want to outsource. We reply within 1 business day.