The National Bank of Ukraine (NBU) is introducing a differentiated approach to organization of the annual audit of banks.

This is outlined NBU's resolution on approving and amending some legal acts of the NBU related to banks audit No. 105 dated October 24, 2017, which took effect on October 25, 2017 and which amends directive on the rules of submitting auditors' reports by banks to the NBU after the annual audit of financial reports (NBU's directive No. 389) and the directive on the organization of internal audit in Ukrainian banks (directive No. 311). The requirement demanding the signing of contracts for conducting obligatory audit with an audit firm, which has at least five employees with bank certificates and five employees with a certificate confirming qualification in the IFRS sphere is introduced for state-owned banks and large banks with assets totaling at least 0.5% of total assets of the country's banking system. The requirement does not apply to other banks.

In addition, the regulator annuls a requirement to stamp documents by the audit firm. The audit is to be conducted in line with the international audit standards.

Banks will now submit not only a report on the operations of the internal audit department of banks in paper, but also the electronic copy of the document.

Resolution No. 105 also says that if banks signed contract to conduct obligatory audit for 2017 before this resolution took effect the new requirement of directive No. 389 does not apply to these banks. If the banks did not have contracts signed, these banks can submit the agreement to the NBU before December 15, 2017, while earlier the term for submission was before November 1, 2017.