12:05 17.11.2017

Rada passes at first reading bill on audit of financial reports, auditors

Rada passes at first reading bill on audit of financial reports, auditors

Ukraine's Verkhovna Rada has passed at first reading bill No. 6016-d on audit of financial reports and auditors initiated by lawmakers.

A total of 228 lawmakers backed the document on Thursday.

"The number of auditors in Ukraine at the peak of growth reached 5,000. Today this number reaches 2,400 auditors. These are those who may not already provide audit services. Simply their certificates do not expire... The country has a great distrust in the auditors' conclusions ... Many people say that some audit firms just stamp their reports without backing them up with research," Head of the parliamentary committee for tax and customs policy Nina Yuzhanina said at the parliamentary hearings on Thursday.

According to her, the bill involves publishing online reports and audit findings by large and medium-sized enterprises that represent public interest. This will increase the transparency of the work of auditors.

"The bill contains more stringent requirements for entering the profession [auditor], and for providing audit services. This is also provided in the directive and experience of countries where the work of auditors is highly valued and where there is a high level of confidence in them," Yuzhanina said.

She also said that the document provides for the financing of the public oversight agency for auditing activities, not from the national budget, but from companies engaged in auditing activities. According to the bill, the agency will consist of an audit supervision board, which will include representatives of four regulators and three non-practicing auditors, as well as quality assurance inspections.

According to the bill, innovations may enter into force on January 1, 2018.

"The bill was supported by the World Bank, the European Commission and many international experts... This is an important document for attracting credit resources to our economy," State Secretary of the Ministry of Finance of Ukraine Yevhen Kapinus said during the discussion.

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