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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of August 2, 2018 No. 89

About approval of the Regulations on procedure for variation (discharge) of auditing firm by the National Bank of Ukraine which is chosen by bank for carrying out external audit

According to Articles 7, of 15, of 55, 56 Laws of Ukraine "About the National Bank of Ukraine", to Articles 66, of 67, 70 Laws of Ukraine "About banks and banking activity", to Items 7 and 11 of the Section X of the Law of Ukraine "About financial records audit and auditor activities", for the purpose of reduction of regulatory legal acts of the National Bank of Ukraine in compliance with the legislation of Ukraine the Board of the National Bank of Ukraine DECIDES:

1. Approve Regulations on procedure for variation (discharge) of auditing firm by the National Bank of Ukraine which is chosen by bank for carrying out external audit which is applied.

2. Recognize invalid:

1) the resolution of Board of the National Bank of Ukraine of November 17, 2011 No. 410 "About approval of the Regulations on procedure for maintaining the Register of the auditing firms having the right to the carrying out audit inspections of banks" registered in the Ministry of Justice of Ukraine on December 19, 2011 for No. 1466/20204;

2) the resolution of Board of the National Bank of Ukraine of April 6, 2015 No. 214 "About approval of the Regulations on Committee on questions of audit of banks of Ukraine";

3) Item 7 of the resolution of Board of the National Bank of Ukraine of August 11, 2015 No. 517 "About modification of some regulatory legal acts of the National Bank of Ukraine";

4) Items 2, 3 resolutions of Board of the National Bank of Ukraine of December 14, 2015 No. 884 "About modification of some regulatory legal acts of the National Bank of Ukraine concerning audit of banks";

5) the resolution of Board of the National Bank of Ukraine of June 27, 2017 No. 58 "About approval of Changes in some regulatory legal acts of the National Bank of Ukraine concerning audit of banks";

6) the resolution of Board of the National Bank of Ukraine of November 10, 2017 No. 110 "About approval of Changes in Regulations on procedure for maintaining the Register of the auditing firms having the right to carrying out audit inspections of banks".

3. To department of methodology (Ivanenko N. V.) after official publication to inform banks of Ukraine and Auditor chamber of Ukraine information on adoption of this resolution.

4. To impose control over the implementation of this resolution on the First Deputy Chairman of the National Bank of Ukraine Rozhkova K. V.

5. The resolution becomes effective from the date of enforcement of the Law of Ukraine "About financial records audit and auditor activities" and is effective till February 6, 2021 (inclusive).

Acting as Chairman

K. V. Rozhkova

Approved by the Resolution of Board of the National Bank of Ukraine of August 2, 2018 No. 89

Regulations on procedure for variation (discharge) of auditing firm by the National Bank of Ukraine which is chosen by bank for carrying out external audit

I. General provisions

1. This Provision is developed based on the laws of Ukraine "About the National Bank of Ukraine", "About financial records audit and auditor activities" (further - the Law on audit), "About banks and banking activity" (further - the Law on banks), "About financial accounting and the financial reporting in Ukraine" and taking into account the Basic principles of effective banking supervision of Basel Committee on Banking Supervision.

2. The approaches determined by this Provision are based on requirements of the Directive 2006/43/EU of the European Parliament and Council of May 17, 2006 about statutory audit of the annual accounts and consolidated statements making changes to Directives of Council 78/660/EEC and 83/349/EEC and terminates the Directive of Council 84/253/EEC (further - the Directive 2006/43/EU) (taking into account the changes made by the Directive 2014/56/EU of the European Parliament and Council of April 16, 2014 which makes changes to the directive 2006/43/EU).

3. This Provision determines procedure for variation the National Bank of Ukraine (further - National Bank) the auditing firm chosen by bank or the responsible person of banking group (further - bank) for carrying out audit inspection of the annual financial reporting, consolidated financial statements and other information of rather financial and economic activities of bank (further - financial records audit), and procedure for discharge by National Bank of auditing firm which books financial records audit of bank.

4. In this Provision terms are used in such value:

1) Inspectorate for quality assurance - division Organa of public supervision of auditor activities which is created according to the Law on audit also performs checks on quality control of auditor services of subjects of auditor activities within the powers determined by the Law on audit;

2) Committee on questions of supervision - The committee on questions of supervision and regulation of activities of banks, supervision (oversight) of payment systems created by National Bank as collegiate organ to which the Board of National Bank delegated separate powers on implementation of bank regulation and supervision;

3) tender on selection of auditing firms - tender on selection of subjects of auditor activities by bank which can be intended for rendering services in statutory audit of the financial reporting of bank which is carried out according to requirements of the Law on audit;

4) the supervisory board bank/council of the bank - governing body of bank to which powers according to the Law of Ukraine "About banks and banking activity" determination of auditing firm for carrying out financial records audit, approval of terms of the contract with auditing firm and the amount of payment of auditor services belongs;

5) the separate Section of the Register of auditors - the separate Section of the Register of auditors and subjects of auditor activities containing data on auditing firm which has the right to book statutory audit of the financial reporting of the companies which are of public interest and is kept according to the Law on audit;

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