Document from CIS Legislation database © 2003-2023 SojuzPravoInform LLC

The document ceased to be valid since   October 1, 2018 in compliance with Item 8 of the Section X of the Law of Ukraine of  December 21, 2017 No. 2258-VIII


of April 22, 1993 No. 3125-XII

About auditor activities

(as amended on 16-11-2017)

This Law determines the legal basis of implementation of auditor activities in Ukraine and is directed to creation of system of independent financial control for the purpose of protection of interests of users of financial and other economic information.

Section I General provisions

Article 1. Law coverage

Provisions of this Law act on the territory of Ukraine and extend to all subjects of managing irrespective of patterns of ownership and types of activity.

Operation of this Law does not extend to auditor activities of the state bodies, their divisions and officials authorized by the laws of Ukraine on implementation of the state financial control.

Article 2. Legislation on auditor activities

Auditor activities in the sphere of financial control are regulated by the Economic code of Ukraine, this Law, other regulatory legal acts and audit standards. In cases if the international treaty which consent to be bound is this the Verkhovna Rada of Ukraine establishes other rules, than those which this Law contains then are applied rules of the international treaty.

Features of carrying out other types of auditor activities are regulated by the special legislation.

Article 3. Auditor activities

Auditor activities - the business activity including organizational and methodical support of audit, practical accomplishment of audit inspections (audit) and provision of other auditor services.

Audit - verification of accounting data and indicators of the financial reporting of the subject of managing for the purpose of expression of independent opinion of the auditor on its reliability in all essential aspects and compliance to requirements of the laws of Ukraine, provisions (standards) of financial accounting or other rules (domestic situations of subjects of managing) according to user requirements.

Information is essential if its omission or the wrong display can influence the economic decisions of users made on the basis of financial statements.

Audit is performed by impartial persons (auditors), auditing firms authorized by subjects of managing on its carrying out.

Audit can be booked at the initiative of subjects of managing, and also in the cases provided by the law (statutory audit).

Auditors (auditing firms) can provide other auditor services connected with their professional activity, in particular, on maintaining and recovery of financial accounting in the form of consultations concerning financial accounting and the financial reporting, examination and assessment of condition of financial and economic activities and other types of economical legal support of economic activity of subjects of managing. Auditors (auditing firms) can perform mortgage covering according to the Law of Ukraine "About mortgage bonds.

The list of services which auditors (auditing firms) can provide is determined by Auditor chamber of Ukraine according to audit standards.

Article 4. Auditor

The physical person having the certificate determining its qualification suitability on occupation auditor activities in the territory of Ukraine can be the auditor.

The auditor has the right to be engaged in auditor activities as the physical person - the entrepreneur or as a part of auditing firm with observance of requirements of this Law and other regulatory legal acts.

The auditor has the right to be engaged in auditor activities as the physical person - the entrepreneur only after its inclusion in the Register of auditing firms and auditors.

Auditors are forbidden to be engaged directly in other types of business activity that does not exclude their right to receive dividends from shares and the income from other corporate laws.

Person who has not extinguished or not removed criminal record for crime execution or on who within the last year administrative punishment for making of corruption offense was imposed cannot be the auditor.

The auditor is forbidden to use the powers for the purpose of receipt of illegal benefit or adoption of the promise or the offer of such benefit for himself or other persons.

Article 5. Auditing firm

Auditing firm - the legal entity created according to the legislation, performing exclusively auditor activities.

The auditing firms included in the Register of auditing firms and auditors have the right to implementation of auditor activities.

The general size of share of founders (participants) of auditing firm who are not auditors in the authorized capital cannot exceed 30 percent.

The auditor can only be the head of auditing firm.

Article 6. Audit standards

When implementing auditor activities auditors and auditing firms apply the conforming audit standards.

Audit standards are accepted on the basis of audit standards and ethics of the International federation of accountants with observance of requirements of this Law, Law of Ukraine "About prevention and counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction" and other regulatory legal acts.

Approval of audit standards is exclusive right of Auditor chamber of Ukraine. In the cases provided by the law, audit standards will be approved with other subjects.

Audit standards are obligatory for observance by auditors, auditing firms and subjects of managing.

Article 7. Audit opinion and other official documents

Audit opinion - the document constituted according to audit standards and providing confidence giving to users about compliance of the financial reporting or other information to conceptual bases which were used in case of its creation. The laws and other regulatory legal acts of Ukraine, provision (standards) of financial accounting, internal requirements and provisions of subjects of managing, other sources can be conceptual bases.

Auditor services in the form of consultations can be provided orally or in writing with execution of the reference and other official documents. Auditor services in the form of examinations are drawn up by the expert opinion or the act.

Results of provision of other auditor services are drawn up according to audit standards.

The audit opinion of the auditor of foreign state in case of its official representation to organization, organization or the subject of managing of Ukraine is subject to confirmation by the auditor of Ukraine if other is not established by the international treaty of Ukraine.

Article 8. Obligatory carrying out audit

Carrying out audit is obligatory for:


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