Statutory audit of financial statements in Ukraine<\/h1>\n
We perform the statutory audit of annual financial statements for limited liability companies, joint stock companies, foreign-owned entities and non-profit organisations in Ukraine. The auditor’s report is published together with the financial statements and is accepted by the authorities, banks and foreign shareholders. Audit firm since 2000, Ukrainian audit register No. 4624, member of DFK International.<\/p>\n
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- Audit of the annual financial statements under International Standards on Auditing<\/li>\n
- Auditor’s report with an opinion, ready for publication<\/li>\n
- Assessment of compliance with the applicable reporting framework<\/li>\n
- Management letter with findings and recommendations<\/li>\n
- Support during publication and answers to follow-up questions<\/li>\n<\/ul>\n<\/div>\nTimeline<\/span>2 to 4 weeks<\/strong><\/div>\nFee<\/span>proposal after we review the assignment<\/strong><\/div>\n<\/div><\/div>\n<\/section>\n
\n \nWho is affected<\/div>\nWho must undergo a statutory audit in Ukraine<\/h2>\n<\/div>\n
The Ukrainian Accounting and Financial Reporting Act sets out which entities must have their annual statements audited. In practice four groups come to us most often.<\/p>\n
\n\nBy size<\/div>\nLarge and medium enterprises<\/b><\/p>\n
Size is tested against three indicators at once: balance sheet total, net revenue and average headcount. Exceeding two of the three in two consecutive years makes the audit a statutory requirement. We check your figures free of charge before any engagement letter.<\/p>\n<\/div>\n
\nBy activity<\/div>\nPublic interest entities<\/b><\/p>\n
Securities issuers, banks, insurers, private pension funds, credit unions and other financial institutions. Additional requirements apply both to the auditor and to the content of the report.<\/p>\n<\/div>\n
\nBy legal form<\/div>\nJoint stock companies and state enterprises<\/b><\/p>\n
For joint stock companies the audit is required by law regardless of size. For state and municipal enterprises the requirement is set by the owner or the governing body.<\/p>\n<\/div>\n
\nBy a third party<\/div>\nDonor, bank, shareholder or the charter<\/b><\/p>\n
The audit is not formally required by law, but without it there is no next tranche, no loan and no approval of the statements by the meeting. In scope and timing such an engagement is no different from a statutory one.<\/p>\n<\/div>\n<\/div>\n
\n\nStatutory or voluntary<\/div>\nHow the two differ<\/h2>\n<\/div>\n