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Vorozhbitova Krystyna

Chief Accountant

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Chief Accountant Kristina Vorozhbitova on the audit of financial statements

Article 14 of the Law on Accounting sets out requirements for a number of companies regarding the mandatory audit of financial statements. Audit of financial statements for 2018 is mandatory for:

1) enterprises of public interest (except for large enterprises that are not issuers of securities).
Moreover, to conduct an audit of financial statements of enterprises of public interest, have the right only to audit entities that are included in the Register of auditors who have the right to audit the financial statements of enterprises of public interest, the Law of Ukraine “On Auditing Financial Statements and Auditing »From 21.12.2017 № 2258-VIII.
The register of such auditing entities is available on the website of the Audit Chamber of Ukraine
https: //www.apu.com.ua/subjekty-audyt ….
2) public joint stock companies;
3) subjects of natural monopolies on the national market;
4) business entities operating in the extractive industries.
Such companies are required to publish their reports together with the auditor’s report no later than April 30 of the year following the reporting year on their own website.
Mandatory audit of financial statements is 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 belong to micro and small enterprises.
However, since the norm on mandatory disclosure of reports together with the auditor’s report for such enterprises comes into force only on January 1, 2019, the Ministry of Finance in a letter dated December 7, 2018 № 35210-06-5 / 32299 explained that this requirement applies financial statements for 2019. That is, such enterprises (large, non-issuers of securities, medium-sized enterprises, other financial institutions) will have to publish 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 auditor’s report to companies that switched to IFRS from 01.01.2018 (the date of transition to IFRS in which – 01.01.2018).

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