Statutory audit in Ukraine: criteria, deadlines and choosing an auditor
A reference page for companies that fall, or may soon fall, under the statutory audit requirement. It covers who has to have one, by what date audited statements must be published and what to look at when choosing an auditor. We check the criteria for you free of charge within one business day.
- Check free of charge whether the criteria apply to you
- Voluntary audit, when the engagement is driven by a shareholder, bank or buyer rather than the law
- Accounting restoration and preparing records before the auditor arrives
- Review under ISRE 2400 and compilation under ISRS 4410
We do not currently perform statutory audits of financial statements
Statutory audit work requires a specific section of the Ukrainian register of auditors and a current quality control review. We are currently in the section that covers voluntary audit and other assurance engagements, and the quality control review is in progress. That is why this page is a reference: it helps you work out whether the requirement applies to you and what to do next. If your audit is statutory we will say so plainly and tell you what to check when selecting a firm.
Public interest entities, public JSCs, large and medium companies by size
Size is measured on three indicators at the balance sheet date: assets, net revenue and average headcount. Meeting two of the three is enough.
A category changes when the indicators hold for two consecutive years
A one-off jump in revenue does not make a company large. Equally, one weak year does not remove an obligation that has already arisen.
30 April and 1 June of the following year
Public interest entities and public JSCs publish audited statements by 30 April; large companies that are not securities issuers, by 1 June.
Statutory and voluntary audit are not the same engagement
Carried out because the law requires it. The auditor is selected from the relevant register section, the report is published together with the financial statements, and publication without an auditor’s report counts as no publication at all.
Carried out because a shareholder, bank, buyer or parent company asked for it. Scope and reporting format are agreed with the client. These are the engagements we perform.
Three outcomes after the criteria check
We say so directly and explain how to verify a firm in the register and what to look for in the engagement letter. We can put the records in order before the auditor arrives; that is separate work and does not compromise their independence.
Banks, donors, shareholders and buyers often ask for a report regardless of the law. That is a voluntary audit, and we perform those.
Then the question is the quality of the records. Often more useful are accounting restoration or a review under ISRE 2400, which costs less than an audit.
What clients ask most often
How do we tell whether the statutory audit applies to us?
Send three figures at the balance sheet date for the last two years: total assets, net revenue from sales and average headcount. That is enough to answer. The check is free and takes one business day. The criteria are set out in detail in our article on statutory audit criteria.
Why do you not perform statutory audits?
Statutory audit work requires a specific register section and a current quality control review, which we are going through. While that is in progress we perform voluntary audits, grant and donor project audits, agreed-upon procedures, reviews and compilations. We will tell you our status in the first conversation so you do not lose time.
Can you prepare us for an audit performed by another firm?
Yes, and it is common practice. We put the records in order, collect and organise the documents and clear the obvious questions in advance. This does not affect the external auditor’s independence, because we are not reviewing our own work within their engagement.
What happens if statements are published without an auditor’s report?
It counts as no publication at all: statements are complete only together with the auditor’s report. Beyond the formal penalty, a missing report usually blocks tender participation, bank financing and consolidation into the parent company, and that hurts more than the fine.
Check the criteria
Send us the figures for two years. We reply within 1 business day, free of charge.