Supervision over the delegated authorities

In accordance with the Law of Ukraine “On audit of financial statements and auditing”, the Audit Chamber of Ukraine, provided that its organizational structure prevents conflicts of interest, is delegated the following powers:

1) registration of auditors and audit entities;

2) control over the ongoing training of auditors, that carry out the statutory audit of financial statements, with the exception of auditors that carry out the statutory audit of financial statements of public interest entities;

3) quality assurance of audit services, provided by the audit entities, that carry out the statutory audit of financial statements, except those that carry out the statutory audit of financial statements of public interest entities;

4) carrying out disciplinary proceedings against audit entities that carry out a mandatory audit of financial statements, except those that carry out the statutory audit of financial statements of public interest entities.

The Audit Public Oversight Body in the manner prescribed by this Law shall supervise the implementation of the powers delegated to the Audit Chamber of Ukraine.

According to the Statute of the State Institution “The Audit Public Oversight Body”, approved by order of the Ministry of Finance of Ukraine dated September 18, 2018 No. 765, to achieve the goal and fulfil the statutory tasks the Audit Public Oversight Body has the authority to supervise maintenance of the Register of auditors and audit entities; agree on the form in which auditors and audit entities submit to the Audit Chamber of Ukraine information to be published in the Register of auditors and audit entities; decide on the exclusion of the auditor and the audit entities from the Register of auditors and audit entities on the grounds provided for by the Law and the Procedure for maintaining the Register auditors and audit entities.

In accordance with the requirements of the Procedure for maintaining the Register of auditors and audit entities, approved by order of the Ministry of Finance of Ukraine dated 19.09.2018 No. 766, to supervise the registration of auditors and audit entities in Ukraine, the Audit Public Oversight Body performs the following functions:

1) supervises the activities of the Audit Chamber of Ukraine in terms of maintaining the Register, conducts inspections of the Audit Chamber of Ukraine to ensure its implementation in accordance with the requirements of the Audit Public Oversight Body powers to maintain the Register;

2) provides informed recommendations to the Audit Chamber of Ukraine in order to eliminate the identified violations in the activities of the Audit Chamber of Ukraine in maintaining the Register and improving the procedure for maintaining the Register;

3) exercises other powers to ensure the functioning of the Register and obtain reliable information from the Register.

Людям з погіршеним зіром