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RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of December 4, 2019 No. 996

About approval of the Procedure for selection of the independent subject of auditor activities for carrying out audit of the annual financial reporting Body of public supervision of auditor activities

According to the paragraph to the fifteenth "About financial records audit and auditor activities" the Cabinet of Ministers of Ukraine decides parts fourteen of article 15 of the Law of Ukraine:

Approve the Procedure for selection of the independent subject of auditor activities for carrying out audit of the annual financial reporting Body of public supervision of auditor activities which is applied.

Prime Minister of Ukraine

A. Goncharuk

Approved by the Resolution of the Cabinet of Ministers of Ukraine of December 4, 2019 , No. 996

Procedure for selection of the independent subject of auditor activities for carrying out audit of the annual financial reporting Body of public supervision of auditor activities

1. This Procedure determines the procedure of carrying out competitive selection of the independent subject of auditor activities for carrying out audit of the annual financial reporting Body of public supervision of auditor activities (further - Supervision body).

2. Subjects of auditor activities which conform to the requirements established by the Law of Ukraine "About financial records audit and auditor activities" to subjects of auditor activities which can render services in statutory audit of the financial reporting of the companies which are of public interest can take part in tender on selection of the independent subject of auditor activities for carrying out audit of the annual financial reporting of Supervision body (further - tender) are included in appropriate section of the Register of auditors and subjects of auditor activities concerning which by Inspectorate for quality assurance of Supervision body (further - Inspection) it was not performed on quality control of auditor services in reporting year and check in the year following for reporting and also against which disciplinary proceedings are not initiated is not planned.

3. For participation in tender subjects of auditor activities represent the competitive offers containing to Inspection:

1) information on the subject of auditor activities which includes data relatively:

names of the subject of auditor activities and number of registration in the Register of auditors and subjects of auditor activities;

work experience of the subject of auditor activities, the key partner in audit and auditors who will be directly attracted for carrying out audit of the annual financial reporting of Supervision body;

quality control of the services provided by the subject of auditor activities;

the number of auditors of the subject of auditor activities who work on principle place of employment, and the total number of regular skilled workers who are involved in accomplishment of tasks;

2) documents, confirmatory that the amount of remuneration received by the subject of auditor activities for the previous annual accounting period from each of the companies which are of public interest which rendered services in statutory audit of the financial reporting during this period did not exceed 15 percent of total of income from rendering auditor services;

3) the documents confirming absence (or availability) at the subject of auditor activities, his head and/or auditors working for the subject of auditor activities (on principle place of employment or in combination), any penalties applied within the last three years by body which regulates/regulated auditor activities;

4) the commercial offer on rendering services in statutory audit of the financial reporting of Supervision body which includes approximate task duration on statutory audit of the financial reporting and the calculation of cost of services determined by task of statutory audit of the financial reporting.

4. Selection criteria of the independent subject of auditor activities are:

1) availability at the subject of auditor activities of experiment on carrying out statutory audit of the financial reporting of the companies which constitute the financial reporting under International Financial Reporting Standards;

2) availability at auditors of the subject of auditor activities of the existing certificates (diplomas) of the professional organizations which confirm high standard of knowledge of international accounting standards;

3) good reputation of the subject of auditor activities;

4) absence at the subject of auditor activities of the existing and/or potential conflict of interest and threats of independence when rendering services in statutory audit of the financial reporting;

5) amount of remuneration for services in statutory audit of the financial reporting.

5. Competition is held by Inspectorate which estimates the competitive offers provided by subjects of auditor activities on the selection criteria of the independent subject of auditor activities established by this Procedure and constitutes the report on the conclusions of the procedure of selection by results of tender. Based on the specified report Inspection submits to Council of supervision of auditor activities of Supervision body reasonable recommendations concerning appointment of the independent subject of auditor activities for carrying out audit of the annual financial reporting of Supervision body which shall include, at least, two offers on selection of the independent subject of auditor activities.

6. The independent subject of auditor activities for carrying out audit of the annual financial reporting of Supervision body is appointed by Council of supervision of auditor activities of Supervision body.

7. The cost of services in audit of the annual financial reporting of Supervision body is established by results of competitive proposals of the winner of tender within amounts of the expenses provided by the estimate of Supervision body on such purposes.

 

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