The Ukrainian register of auditors: how to check an audit firm
The register is maintained by the Ukrainian public oversight body for audit. It has four sections, and a firm in one section does not hold the rights granted by another. That is why donors and banks look at the section rather than at mere presence in the register. Below we explain what to check before signing and show our own entry.
- Whether the firm is in the register and under what number
- Which section it is recorded in
- When it last went through a quality control review
- How many auditors it employs
- Whether liability insurance is in force
- Whether any sanctions have been applied
Four sections and what each one allows
The sections are set out in Article 21 of the Ukrainian Law on the Audit of Financial Statements and Audit Activity. Each further section adds rights rather than replacing the previous one.
Individuals who have passed the examination and may sign an audit report. Check not only the firm but the name of the auditor who will sign your report.
Firms and sole traders providing audit services: voluntary audit, review of financial statements, agreed-upon procedures, grant and donor project audits. MK Audit is entered here, No. 4624.
An additional section for firms meeting the statutory audit requirements. If your statements fall under statutory audit, your auditor has to be here.
The highest tier: banks, insurers, securities issuers, financial institutions. It requires statutory audit experience and a completed quality control review.
What the register says about MK Audit
No. 4624, section for audit entities
Voluntary audit, review under ISRE 2400, agreed-upon procedures under ISRS 4400, grant and donor project audits under ISA 800 and ISA 805, tax and HR audits.
We do not perform statutory audits of financial statements at present, while our quality control review is in progress. If that is your case we say so plainly and explain how to check another firm.
The firm has worked since 2000 and belongs to DFK International, present in more than 90 countries. Donors often make network membership a separate requirement.
What a donor checks beyond the register
Auditing a non-profit and auditing a factory are different sets of procedures. Donors ask how many comparable projects the firm has covered.
If the report goes to a head office or a donor abroad, English is mandatory. Settle that before the contract.
An auditor cannot examine bookkeeping it produced itself. If a firm keeps your books, it cannot be your auditor.
Sometimes a partner signs the contract while one assistant does the fieldwork. Ask who is assigned to your project.
What people ask about the register
Where can I see the register?
The register is public and maintained by the Ukrainian public oversight body for audit. You can search by firm name, company code or register number.
Is being in the register enough?
No. The section matters. Being listed as an audit entity does not grant the right to statutory audit, and the right to statutory audit does not grant the right to audit public interest entities.
What is a quality control review?
A periodic inspection of the firm quality control system. Its outcome is visible in the register and donors ask about it.
Do you perform statutory audits?
Not at present, while our quality control review is in progress. We say so plainly. Checking the statutory audit criteria for you is free and takes one business day.
Can I check an individual auditor rather than a firm?
Yes. The first section of the register covers individuals. An auditor signs the report, so it is worth checking that person too.
Check your case
Tell us what audit is required of you and who requires it. We will say which register section your auditor needs and whether we fit.