On April 12, 2022, in the ZOOM conference mode, the Audit Public Oversight Body in cooperation with the Audit Chamber of Ukraine held an event on the peculiarities of conducting audit activities and ensuring the oversight functions during the martial law. More than 400 auditors attended the event.
During the event, the Executive Director of the Quality Assurance Inspection O. Kantsurov announced the key areas of legislative initiatives developed by the Audit Public Oversight Body. These legislative initiatives aimed at regulating certain issues concerning the implementation of auditing in order to support it during martial law and the post-war economic recovery period, as well as the termination of auditors and audit entities related to the aggressor country. In particular, it was noted that in terms of reducing the financial burden on audit entities it is proposed not to pay fees as a percentage of the amount of statutory audit contracts in favour of the Audit Public Oversight body and the Audit Chamber of Ukraine until the end of the second calendar year in which martial law is terminated or lifted. Also, reduce the fixed payment until the end of the year in which martial law will be terminated. Given the risk of deepening the problem of staff shortages and to facilitate entry into the profession, as regards the attestation of auditors, it was proposed to temporarily suspend the requirement to pass the internship of candidates for auditor for up to twenty-four months, to simplify the attestation procedure for persons with three or more years experience in the relevant fields by attesting them on the basis of the results of passing only a qualification exam, etc.
The Chairman of the Audit Chamber of Ukraine Kamenska T. highlighted the peculiarities of the functioning of the Register of Auditors and Audit Entities during martial law. She noted that at present, in order to protect the data on auditors and audited entities, access to the Register is restricted, and to get information on auditors and audited entities from the Register, interested persons should send requests to the e-mail address of the Audit Chamber of Ukraine. However, she stressed that the Register is maintained, changes in the data on auditors and audited entities as and when received are entered into the Register by an authorised person of the Audit Chamber of Ukraine. And also drew the attention of auditors and audit entities, if possible, to submit information about changes in the information entered about them in the Register through the electronic cabinet.
In addition, during the event, representatives of the Audit Public Oversight Body and the Audit Chamber of Ukraine focused on a number of other relevant issues, namely:
about the exercise of the powers by the Audit Public Oversight Body and the Audit Chamber of Ukraine defined by Law of Ukraine On audit of financial statements and auditing;
appointment of audit entities аудиторської діяльності to provide services of the statutory audit of financial statements ;
informing the bodies that, according to the law, provisions supervise activities of the public interest entity;
payment of fees on the basis of the statutory audit outcomes financial statement;
reporting of audit entities to the Audit Public Oversight Body and the Audit Chamber of Ukraine;
the attestation of auditors and continuous training;
conduction quality control inspections, monitoring mandatory recommendations and implementing the disciplinary proceedings.
At the end of the event, representatives of the Audit Public Oversight Body and the Audit Chamber of Ukraine appealed to the audit community not to stop their business if possible, because it is important for the economy of our state. It was also emphasized that if the audit entity accepts and performs engagements, it is obliged to comply with the requirements of the law and International Standards on Auditing in the providing professional services.
We thank the auditors for their active position in professional life at this difficult time for Ukraine and invite them to participate in other professional online events. The events will be posted on the Audit Public Oversight Body’s official website. We ask the professional community to pay due attention to the information resources on which the relevant news of the profession is posted, in order to be aware of them and respond to them promptly.
Together we will win! Glory to Ukraine!