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Now, the central bank will be able to withdraw the external auditor selected by the bank for non-compliance with legislation, insufficient experience, and penalty history over the past three years.
The National Bank of Ukraine (NBU) has changed rules for conducting external audit of banks and developed a procedure for removing the external auditor chosen by a bank.
According to NBU Resolution No. 90, the grounds for removing the auditor company is its failure to comply with the requirements of the law, lack of experience, penalties during the last three years, exceeding of the seven-year contractual relations with the bank, and failure to provide information and documents to the National Bank or provision of unreliable or incomplete data.
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The bank shall annually inform the central bank about the selected auditor a month before the deadline for submitting to the regulator an agreement on annual audit of financial statements. If it does not receive a refusal from the regulator within 20 calendar days, the bank enters into an agreement with the selected auditor.
A suspended auditor will be able to participate in a new competition not earlier than in a year.
As UNIAN reported earlier, the Verkhovna Rada in December 2017 passed the draft law on audit of financial statements and auditing services, which toughens requirements for auditors. The document will be enacted on October 1, 2018.