The Ministry of Finance of Ukraine will define a new procedure for certification of auditors
The drafts of new legal acts on certification and continuous training of auditors were published on the website of the Ministry of Finance of Ukraine. In particular, discussion documents are the following:
- draft order of the Ministry of Finance of Ukraine “On approval of the Procedure for passing the examination for certification of auditors”;
- draft order of the Ministry of Finance of Ukraine “On approval of the Internship Procedure”;
- draft order of the Ministry of Finance of Ukraine “On approval of the Procedure for continuous professional training of auditors”;
- draft order of the Ministry of Finance of Ukraine “On approval of the Procedure for crediting of theoretical knowledge”.
The following developments await future auditors provided that all draft orders are approved:
- Confirmation of one’s theoretical knowledge and demonstration of one’s ability to apply it in practice. The proposed Procedure for passing the examination for certification of auditors determines the mechanism for organizing, conducting, and formalizing the results of theoretical and qualification examinations to be taken by candidates during the certification, as well as the distribution of funds received as a fee for the examination.
- Mandatory practical experience. The candidate must complete at least three years of probation or employment by the auditor. The draft Procedure for the Internship determines the procedure, scope, duration, and organization of practical experience gained by the auditor.
The project on the Procedure for continuous professional training of auditors provides introduction of new developments for practicing auditors and determines the minimum scope of this training as well. It is 120 hours for three consecutive years under the cumulative system, but not less than 20 hours per year. Differentiation of the types of training should be ensured at the same time. The main types of continuous professional training will be educational events, short-term activities, and other activities, including publications in national and international professional publications on audit, accounting, and taxation.
The draft orders are prepared in pursuance of the requirements of part 9 of Article 19 of the Law of Ukraine “On Audit of Financial Statements and Audit Activities”.
The article was prepared on the basis of the following materials: https://bit.ly/2Sg8ztw