New audit law to bring Ukraine closer to best European, int'l practice - EU Delegation

In his comments at the Audit Chamber of Ukraine’s Conference “Future of Audit Profession:  International Experience and Path of Ukraine” in Kyiv held on Friday, September 29, he expressed EU's support for a new Audit Law.

The law brings Ukraine’s audit profession closer to the EU legal framework and standards prescribed by the International Auditing and Assurance Standards Board, the EU diplomats say.

Read alsoUkraine's Interior Ministry gets EUR20 mln under new Ukraine-EU project “High-quality audits support financial stability and improve financial transparency, which are critical attributes for attracting foreign investment,” the statement reads. 

Mingarelli noted that “it would be difficult to overstate the importance that quality audits play in building public confidence and trust in financial statements and financial reporting. The audit reform should be regarded as a part of a broader effort to promote integrity and transparency in the country and those who keep opposing it and keep delaying adoption of the new Audit law act against the interests of Ukrainian business community".

Read alsoNBU to tighten requirements for auditors The changes to audit legislation include reforms required by Ukraine’s Association Agreement with the European Union.   The Association Agreement, including its Deep and Comprehensive Free Trade Area (DCFTA), is the main tool for bringing Ukraine and the EU closer together and promote deeper political ties and stronger economic links, as well as respect for common European values.