Article 14 of the Law on Accounting establishes for a number of enterprises the requirements for the mandatory audit of financial reporting. Audit of financial statements for 2018 is required for:
1) enterprises that are of public interest (except for large enterprises that are not issuers of securities).
Moreover, only auditing entities that are included in the Register of Auditors eligible to audit financial statements of enterprises of public interest, the Law of Ukraine “On Auditing Financial Reporting and Auditing Activities” dated December 21, 2017, have the right to audit financial statements of enterprises of public interest. No. 2258-VIII.
The register of such subjects of audit activity is given on the website of the Audit Chamber of Ukraine
2) public joint-stock companies;
3) subjects of natural monopolies in the national market;
4) business entities that operate in the extractive industries.
Such enterprises are obliged to publish their statements together with the audit report no later than April 30 of the year following the reporting year on their own web page.
Mandatory audit of financial statements established by Art. 14 of the Law on Accounting also for:
1) large enterprises that are not issuers of securities;
2) medium-sized enterprises;
3) other financial institutions that relate to micro and small enterprises.
But, since the norm regarding mandatory disclosure of statements together with an audit report for such enterprises comes into force only from 01/01/2019, the Ministry of Finance in a letter of 07.12.2018 No. 35210-06-5 / 32299 explained that this requirement It concerns the financial reporting for 2019. That is, such enterprises (large, non-issuers of securities, medium-sized enterprises, other financial institutions) will have to disclose financial statements together with the audit report only starting with the reporting for 2019. Accordingly, the reporting for 2018 of such enterprises is not subject to mandatory audit.
At the same time, the Ministry of Finance recommends (speaks of expediency) to publish financial statements for 2018, together with the audit report to enterprises that have switched to IFRS since 01.01.2018 (the date of transition to IFRS from which is 01.01.2018).