The Verkhovna Rada of Ukraine passes the bill on the audit of financial statements and audit activity.
The Verkhovna Rada has passed the bill “On the Audit of Financial Statements and Auditing Activities”. The vast majority of 228 deputies voted for the bill.
The law aims to change the rules of the state legislation that apply to auditing activities. It aligns them with the provisions adopted in the EU, to be precise. Parliamentarians hope to make the work of domestic audit firms more qualitative and transparent, as well as to rid disreputable firms of the market.
All this, eventually, will allow to increase investors’ assurance in the conclusions of Ukrainian auditors and therefore, to facilitate an investment and credit flow to the country.
The rules prescribed by law officially came into effect on January 1, 2018.
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