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Ministry of Justice of Ukraine

September 17, 2019

No. 1026/33997

ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of August 29, 2019 No. 362

About approval of the Procedure for conducting checks on quality control of auditor services

According to part fourteen of article 40 of the Law of Ukraine "About financial records audit and auditor activities" PRIKAZYVAYU:

1. Approve the Procedure for conducting checks on quality control of auditor services which is applied.

2. In accordance with the established procedure to provide to department of forecasting of budget receipts and methodology of financial accounting:

submission of this order on state registration in the Ministry of Justice of Ukraine;

promulgation of this order.

3. This order becomes effective from the date of its official publication.

4. I reserve control of execution of this order.

Minister

A. Markarova

It is approved:

Chairman of the Public regulatory service of Ukraine

 

K. Lyapina

Approved by the Order of the Ministry of Finance of Ukraine of August 29, 2019, No. 362

Procedure for conducting checks on quality control of auditor services

I. General provisions

1. This Procedure determines procedure for the organization, carrying out and registration of results of checks on quality control of auditor services.

2. In this Procedure terms are used in such values:

group of inspectors - Organa created by Inspectorate for quality assurance of public supervision of auditor activities (further - Inspection) / Committee on quality control of auditor services of Auditor chamber of Ukraine (further - Committee) and the group of inspectors approved by the Chief executive the Inspection/chairman of Committee which goes in accordance with the established procedure for check of quality control of auditor services;

the expert - person who is involved by Inspection/committee in check on quality control of auditor services also meets the requirements of independence established to inspectors;

the inspector - the official of Inspection or the employee of Committee who hold the corresponding positions and directly perform checks on quality control of auditor services;

the head of group of inspectors - the official Inspektsii/rabotnik Komiteta, heading group of inspectors is also appointed the Chief executive Inspection/chairman of Komitet.

The term "the companies which are of public interest" is used in the value determined by the Law of Ukraine "About financial accounting and the financial reporting in Ukraine". Other terms are used in the values determined by the Law of Ukraine "About financial records audit and auditor activities" (further - the Law) and international standards of audit.

3. The main objectives of check on quality control of auditor services are:

1) quality check of auditor services concerning observance by subjects of auditor activities (further - SAD) international standards of audit, the principle of independence, efficiency of internal quality control system of auditor services, requirements of the Law;

2) testing of internal procedures, implementation of verification of working documents, audit reports and other reports, agreements on provision of auditor services, internal administrative acts of the subject of auditor activities by which are determined policy and procedures which shall be applied when rendering auditor services;

3) development of recommendations, obligatory to execution, concerning elimination of the auditor services of shortcomings and violations revealed during check on quality control and prevention them further.

4. Checks on quality control of auditor services are performed:

1) without fail in the relation:

GARDEN, the large enterprises providing services of statutory audit of the financial reporting, banks, professional participants of the stock market and issuers whose securities are admitted to trading on the stock exchanges or concerning securities of which the public offer is performed, - once in three years;

GARDEN, providing services of statutory audit of the financial reporting, except those which perform statutory audit of the financial reporting of large enterprises, banks, professional participants of the stock market and issuers whose securities are admitted to trading on the stock exchanges or concerning securities of which the public offer is performed, - once in six years;

2) on initiative of SAD which provide services in statutory audit of the financial reporting.

5. According to part four of article 40 of the Law of check on quality control of auditor services GARDENS which have the right to book statutory audit of the financial reporting of the companies which are of public interest the Inspectorate carries out.

Checks on quality control of auditor services GARDENS which provide services in statutory audit of the financial reporting (except SAD which have the right to book statutory audit of the financial reporting of the companies which are of public interest), and checks of quality control of auditor services GARDENS which do not provide services in statutory audit of the financial reporting are carried out by Committee.

II. Organization of conducting checks for quality control of auditor services

1. Verification process of quality control of auditor services consists of the following stages:

1) planning and the organization of check (preliminary studying of SAD, receipt of the preliminary information from SAD, creation and approval of the working plan and program of check).

The working plan and the program of check is constituted by the inspector or the head of group of inspectors and submits for approval to the Chief executive of Inspection or one of his deputies or the Chairman of Committee or one of his deputies. The inspection/committee provides acquaintance of SAD with the program of check;

2) carrying out quality check of auditor services, preparation of the conclusions and recommendations;

3) discussion of the conclusions and recommendations with SAD;

4) report layout about results of check, signing of the protocol and recommendations, obligatory to execution, submission of the report for consideration to the Chief executive to Inspection/council of Auditor chamber of Ukraine (further - Council of APU);

5) tracking of accomplishment of the provided SAD by results of check of quality control of auditor services of mandatory recommendations and results of their implementation.

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