Mandatory audit
- Audit of enterprises of public interest
- Audit of medium-sized enterprises
- Audit of enterprises in the extractive industry
- Audit of alternative energy enterprises
If you are in doubt whether to do a mandatory audit, which category or group you belong to, or you would just like to do a check to stay on the safe side, you are welcome to get a free consultation from AUDIT INVEST specialists.
As a result of the audit you will get:
- A report of an independent auditor providing an independent opinion on the financial statements for its compliance with the requirements of international financial reporting standards or national accounting regulations (standards) and the requirements of the Law of Ukraine “On Accounting and Financial Reporting” No. 996-XIV of 16.07.1999 on the preparation of financial statements;
- A detailed report to the top management with the conclusions based on the results of the audit, including a description of the identified deficiencies in internal control, material misstatements of the financial statements, other observations of the auditor on accounting issues, including issues of tax risks and labour law risks;
- Written notifications for members of Companies on the process of fulfilling audit procedures, identifying significant audit issues, significant control deficiencies, etc.;
Additional report to the Company’s supreme supervisory authorities (for enterprises of public interest).
Benefits for you:
- A team of certified auditors of the national company AUDIT INVEST with 20 years of experience and impeccable reputation works for you.
- Proof of the accuracy and completeness of the company’s accounting (financial) statements and/or completeness of the consolidated financial statements;
- Reducing the risk of making wrong decisions based on unverified or inaccurate information contained in financial statements;
- Increasing confidence in business on the part of creditors, investors, partners.
- Reduced risk of claims from tax authorities and other regulators.
- Identification of hidden reserves of the company, implementation of opportunities for legal reduction of the tax burden
More information
Audit Results:
- Report of an independent auditor providing an independent opinion on the compliance of financial reporting with the requirements of international financial reporting standards or national accounting provisions (standards) and the requirements of the Law of Ukraine “On Accounting and Financial Reporting” No. 996-XIV dated 16.07.1999 regarding the preparation of financial reporting;
- A detailed report to the management with conclusions that emerged as a result of the audit, which will contain a description of established internal control deficiencies, noticeable distortions of financial reporting, other observations of the auditor on accounting issues, including issues of tax risks and risks of non-compliance with labour legislation;
- Written notifications for the Company’s participants regarding the process of performing audit procedures, significant audit issues, significant control deficiencies, etc.;
- Additional report to the top supervisory bodies of the Company (for enterprises of public interest).
Mandatory audit of financial statements – audit of financial statements (consolidated financial statements) of economic entities, which in accordance with the law is required to publish or provide financial statements (consolidated financial statements) to users of financial statements together with an audit report prepared by entities of audit activities on the grounds and in the manner prescribed by law.
In Ukraine, the mandatory audit is regulated by the Law of Ukraine “On the Audit of Financial Statements and Auditing Activities” 2258-VIII of 21.12.2017 and the International Standards of Quality Control, Audit, Review, Other Assurance and Related Services (IAS).
https://zakon.rada.gov.ua/laws/show/2258-19#Text
Audit firms and auditors who are included in the “Register of auditing entities entitled to conduct a mandatory audit of financial statements” have the right to carry out tasks related to the mandatory audit of financial statements.
https://www.apu.com.ua/?page_id=9523
Audit firms included in the “Register of entities of audit activity entitled to conduct mandatory audits of financial statements of enterprises of public interest” have the right to carry out tasks of mandatory audit of financial statements of enterprises of public interest.
https://www.apu.com.ua/?page_id=9523
What does mandatory audit of financial report give?
The audit report is provided to fulfil the requirements:
- of Article 14 of the Law of Ukraine “On Accounting and Financial Reporting” No. 996-XIV as of 16.07.1999 regarding publication together with annual financial statements and annual consolidated financial statements, as well as a management report, a consolidated management report, a report on payments in favour of the state, a consolidated report on payments in favour of the state on its web page or its website (in full);
- of clause 46.2 of Article 46 of the Tax Code of Ukraine regarding the submission by the payer of income tax to the controlling body together with the annual financial statements;
- of clause 39.4.6 clause 39.4. Art. 39 of the Tax Code of Ukraine regarding the provision of transfer pricing documentation for the reporting period (reporting periods) for which transfer pricing documentation is submitted (if its availability is mandatory for the taxpayer);
- of Article 126 of the Law of Ukraine “On Capital Markets and Organized Commodity Markets” No. 3480-IV dated 23.02.2006 as part of the Annual Information on the Issuer;
- of clause 40, clause 2.2 of the Resolution of the NCRECP “On Approval of Licensing Conditions for the Conduct of Economic Activity in the Production of Electric Energy” No. 1467 dated 27.12.2017 along with financial reporting by enterprises in the course of licensed activity;
- of clause 48 of Chapter IV of the Resolution of the National Bank of Ukraine “On Approving the Regulation on Determination of Credit Risk by Banks of Ukraine for Active Banking Transactions” No. 351 of 30.06. 2016, together with the borrower’s annual financial statements (consolidated/combined).