RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of September 9, 2003 No. 389

About approval of the Regulations on procedure for provision by banks in the National Bank of Ukraine of the report of the auditor by results of annual verification of the financial reporting

According to article 70 of the Law of Ukraine "About banks and banking activity" and for the purpose of realization of strategic rate of Ukraine on integration into the European Union, settlement of processes of supervision of observance of requirements of the legislation of Ukraine by banks concerning provision of the financial reporting in the National Bank of Ukraine and its annual check and confirmation by the Board of the National Bank of Ukraine DECIDES: auditing firm

1. Approve Regulations on procedure for provision by banks in the National Bank of Ukraine of the report of the auditor by results of annual verification of the financial reporting (further - the Provision) which are applied.

2. Declare invalid the Regulations on procedure for provision in the National Bank of Ukraine of the audit report and conclusion by results of verification of the annual financial reporting of bank approved by the resolution of Board of the National Bank of Ukraine of 28.01.2002 N 38 and registered in the Ministry of Justice of Ukraine 06.03.2002 for N 231/6519 (with changes).

3. Banks shall provide fulfillment of requirements of the Provision, since provision of the financial reporting for 2003.

4. To general department of banking supervision (V. V. Pushkarev) after state registration in the Ministry of Justice of Ukraine to bring contents of this resolution to permission of territorial administrations of the National Bank of Ukraine and banks for management in work.

5. To impose control of execution of this resolution on the vice-chairman O. V. Shlapak, General department of banking supervision (V. V. Pushkarev) and chiefs of territorial administrations of the National Bank of Ukraine.

6. The resolution becomes effective in 10 days after state registration in the Ministry of Justice of Ukraine.

Approved by the Resolution of Board of the National Bank of Ukraine of September 9, 2003 No. 389

Regulations on procedure for provision by banks in the National Bank of Ukraine of the report of the auditor by results of annual verification of the financial reporting

1. General provisions

1.1. This Provision establishes requirements concerning procedure for provision by banks in the National Bank of Ukraine (further - National Bank) audit opinions (reports) of auditing firms and other documents by results of annual audit inspection of the financial reporting and consolidated financial statements (further - audit) banks which moves in National Bank.

1.2. This Provision is developed based on the Laws of Ukraine "About the National Bank of Ukraine", "About banks and banking activity", "About auditor activities" and regulatory legal acts of National Bank and considers the principles of supervision developed by Basel committee concerning banking supervision, and the requirement of the European Commonwealth about statutory audit.

1.3. this Provision is developed for the purpose of settlement of processes of supervision of observance of requirements of the legislation of Ukraine by banks, including regulatory legal acts of National Bank concerning provision of the financial reporting in National Bank and its annual check by auditing firm.

1.4. Requirements of this provision extend to the banks registered in the territory of Ukraine including branches of foreign banks which according to requirements of the legislation of Ukraine shall submit to National Bank the financial reporting which is annually checked by auditing firm according to provisions of article 70 of the Law of Ukraine "About banks and banking activity".

1.5. Object of audit inspection (audit) is the annual financial reporting, consolidated financial statements and other information of rather financial and economic activities which is constituted and moves banks in National Bank according to requirements of regulatory legal acts of National Bank and is subject to promulgation in the procedure established by the legislation of Ukraine.

1.6. The National Bank for the purposes of this provision establishes the differentiated approach to the organization of carrying out audit inspection (audit) of banks.

1.7. Terms and concepts which are used in this Provision are determined in the Laws of Ukraine "About banks and banking activity", "About the National Bank of Ukraine", "About auditor activities" and regulatory legal acts of National Bank.

2. Requirements to banks concerning ensuring provision in National Bank the checked auditing firm of the financial reporting

2.1. The annual financial reporting, consolidated financial statements which moves bank in National Bank and is subject to promulgation shall be checked by auditing firm for the purpose of expression of opinion that the financial reporting of bank displays (or does not display) authentically in all essential aspects its financial condition according to international accounting standards by it.

Audit inspection (audit) of the annual financial reporting, consolidated financial statements and other information about financial and economic activities of bank is performed according to international standards of audit (further - Standards).

2.2. The bank shall give to National Bank audit opinion (report) and other documents by results of audit of bank after its consideration general meeting of participants within 10 calendar days after closing of meeting, but no later than the deadline established in Item 3.2 of Chapter 3 this provision.

2.3. The audit opinion (report) and other documents of auditing firm concerning confirmation (or non-confirmations) reliability, completeness and compliance to the legislation of Ukraine of the annual financial reporting and consolidated financial statements of bank shall be constituted according to requirements of this provision, Standards and are drawn up in the form of "The report of the independent auditor" (further - the report of the auditor).

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