The National Bank of Ukraine has changed requirements for entering the Register of Audit Companies
The National Bank of Ukraine (NBU) has adopted a resolution no. 110 that changes the rules for including audit companies to the Register. For the time being, these changes affected only the audit companies with an official authorization to audit banks.
Such entities are henceforth bound to maintain a contractual relationship with the bank for two years. The number of their employees holding bank certificates has been increased from two to three persons. Also, the company staff must include at least two auditors confirming their knowledge of IFRS with certificates. The NBU shall approve only the certificates issued by the IFAC member organizations.
The company’s inclusion in a special register of the Audit Chamber of Ukraine, which proves their services’ conformance with certain criteria, shall be another mandatory requirement for its inclusion in the Register.
The resolution also adds new clauses to the list of reasons for denying a company’s inclusion in the Register. For more information, see the NBU website. The full edition of the new document can be found there.
An amplification of the regulator’s requirements is obviously linked to the upcoming change in the Ukrainian accounting principles pursuant to the rules of IFRS 9. This transition will require great efforts both from the banks, who will have to change their operation principles in no small part, and from the auditors.
We would like to remind you that IFRS 9 will officially come into effect on January 1, 2018.