IFRS audit in Ukraine: audit of IFRS financial statements<\/h1>\n
Audit of IFRS financial statements for foreign investors, parent companies, banks and donors. You receive an auditor’s report in English and Ukrainian, suitable both for group consolidation abroad and for filing with the financial statements in Ukraine. Audit firm since 2000, Ukrainian audit register No. 4624, member of DFK International, a network of independent audit firms in over 90 countries.<\/p>\n
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- Audit of IFRS financial statements with an opinion under ISA 700<\/li>\n
- Review of the transformation from Ukrainian standards into IFRS format<\/li>\n
- Audit of the reporting package for group consolidation<\/li>\n
- Auditor’s report in English and Ukrainian<\/li>\n
- Management letter with findings and recommendations<\/li>\n<\/ul>\n<\/div>\nTimeline<\/span>3 to 5 weeks<\/strong><\/div>\nFee<\/span>proposal after we review the assignment<\/strong><\/div>\n<\/div><\/div>\n<\/section>\n
\n \nWho needs it<\/div>\nWho commissions an audit of IFRS financial statements<\/h2>\n<\/div>\n
\n\nStatutory requirement<\/div>\nCompanies required to report under IFRS<\/b><\/p>\n
Public interest entities, securities issuers, financial institutions and large enterprises under the criteria of the Ukrainian Accounting Act. For them the IFRS audit is mandatory and is filed together with the financial statements.<\/p>\n<\/div>\n
\nForeign owner<\/div>\nSubsidiaries and representative offices of international groups<\/b><\/p>\n
The parent consolidates under IFRS and requires an audit of the Ukrainian package. We prepare the report in the format the group auditor accepts and deal with them directly in English.<\/p>\n<\/div>\n
\nBank or investor<\/div>\nRaising finance<\/b><\/p>\n
A bank credit committee, a fund or a buyer asks for an auditor’s report on IFRS statements as a condition of the deal. Deadlines here are usually tight, so we agree the plan at the outset.<\/p>\n<\/div>\n
\nDonor<\/div>\nOrganisations with international funding<\/b><\/p>\n
Some donors require IFRS statements from larger partners. We combine this audit with the audit of grant projects<\/a> so that you do not go through the process twice.<\/p>\n<\/div>\n<\/div>\n
\n\nWhat the auditor looks at<\/div>\nSix areas that drive the outcome<\/h2>\n<\/div>\n
\nTransformation and accounting policy<\/b><\/p>\nCorrectness of the move from Ukrainian standards to IFRS, alignment of the accounting policy with the standards, completeness of note disclosures.<\/p>\n<\/div>\n
Revenue under IFRS 15<\/b><\/p>\nTiming of revenue recognition, performance obligations, variable consideration. The area where adjustments arise most often.<\/p>\n<\/div>\n
Leases under IFRS 16<\/b><\/p>\nRight-of-use assets, lease liabilities, the discount rate and note disclosures.<\/p>\n<\/div>\n
Impairment<\/b><\/p>\nImpairment testing under IAS 36, expected credit losses under IFRS 9 and the allowance for doubtful receivables.<\/p>\n<\/div>\n
Foreign currency<\/b><\/p>\nFunctional currency, translation of transactions and balances, and the effect on profit or loss under IAS 21.<\/p>\n<\/div>\n
Related parties<\/b><\/p>\nCompleteness of the list, disclosure of transactions and balances, terms of intra-group arrangements. The group auditor always asks about this.<\/p>\n<\/div>\n<\/div><\/div>\n<\/section>\n
\n \nDeliverables<\/div>\nWhat you receive<\/h2>\n<\/div>\n
\nAuditor report<\/b><\/p>\nAn opinion on the IFRS financial statements in English and Ukrainian, with key audit matters described. Suitable for filing in Ukraine, for the bank and for group consolidation.<\/p>\n<\/div>\n
Schedule of adjustments<\/b><\/p>\nA table of proposed adjustments explaining each one with a reference to the standard. You see what changes in the statements and why, before the report is signed.<\/p>\n<\/div>\n
Management letter<\/b><\/p>\nFindings on accounting and internal control: where documentation is missing, which disclosures should be extended, what to change before the next reporting period.<\/p>\n<\/div>\n<\/div>\n<\/section>\n
\n \nRelated services<\/div>\nWhat else we do under IFRS<\/h2>\n<\/div>\n
\nTransformation of statements<\/b><\/p>\nConverting statements from Ukrainian standards into IFRS format, building the transformation model and working papers: IFRS transformation<\/a>.<\/p>\n<\/div>\n