13:09 16.11.2020

Supervisory board of Antonov created based on forensic audit by Ernst & Young – Ukroboronprom

2 min read
Supervisory board of Antonov created based on forensic audit by Ernst & Young – Ukroboronprom

Ernst & Young France, with the involvement of the Ukrainian office of Ernst & Young, carried out a forensic audit project in relation to certain activities of one of the largest companies of the Ukroboronprom state concern – the Antonov State Enterprise. The audit was ordered by the Ukroboronprom with the provision of technical assistance from the French government.

"Based on the results of the project, the auditors formulated the following recommendations: to develop a new model of corporate governance at the enterprise, including the introduction of a supervisory board; to introduce a three-level system of lines of defense," Ukroboronprom said in a statement last week.

According to the concern, this system of lines of defense should be based on: improving the management of operational activities; risk management; implementation of internal controls; compliance function and implementation of anti-corruption measures at all levels of the company; creating an independent internal audit unit and reporting directly to the supervisory board.

Ernst & Young considers it necessary to create a subdivision (compliance office) at the level of the supervisory board of the concern, which will ensure that the management acts in the interests of the company when making decisions.

Ukroboronprom said that such a forensic audit of Antonov became a pilot project to develop elements of the concern's anti-corruption architecture. The project consisted of several phases: studying the specifics of the company's work and commercial transactions, analyzing key processes and the existing control system, analyzing data, in particular accounting transactions, and providing a report on the research results.

The results of the forensic audit will be provided for further investigation by law enforcement agencies – the Security Service of Ukraine (SBU) and National Anti-Corruption Bureau of Ukraine (NABU), the concern said.

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