The Bill On the Audit of Financial Statements and Auditing Activities has been adopted in the second reading
The document was reviewed on 21 December. 229 deputies voted for the bill. The law will officially enter into force on 1 January 2018 and becomes fully effective starting 1 October 2018. The only exception is for the first subparagraph to the Article 9, Section “Final and Transitional Provisions”. The regulations there will become effective only at the end of 2018.
The new law stipulates a transition from the auditing regulations currently effective in Ukraine to the standards adopted in Europe. This, in turn, implies stricter auditing regulations and certification of the auditors themselves. The mechanisms of professional indemnity insurance for auditors are also changed and the funding mechanisms for the Chamber of Auditors have been reconsidered.
Let us recall that the necessity of reforming the auditing activities has long been discussed in the Verkhovna Rada. The first version of the bill was brought to parliamentarians for review as early as in this summer. It was rejected back then. In November, the Verkhovna Rada examined the new version. The new document was considered an improvement. 228 deputies voted for the bill. The final approval of the bill took place on the second reading on 21 December.