The resolution of the Cabinet of Ministers of Ukraine dd. June 4, 2015, under No.390, came into force on 19.06.2015.
Users of hidden mineral resources that should adjust financial reports to be compliant with the international standards are divided into two groups:
Audit firms that meet the following criteria can perform audit of financial statements or consolidated financial statements of the first group business entities provided that they meet the following criteria:
- they are included in the register of audit firms and auditors;
- an audit firm (or a member of the network of audit firms, including those outside Ukraine) has provided audit expertise services to businesses in the field, having performed at least two audit engagements or provided other audit services to business entities over the past three years;
- an audit firm should have at least 100 full-time employees contracting and directly involved in providing auditing services.
In addition, no less than five employees should have a certificate that proves their qualification suitable to provide audit services in Ukraine, and at least 15 employees should have at least one document to confirm passing the certification program, issued by one of the members of the International Federation of Accountants (IFAC), namely the Association of Chartered Certified Accountants (ACCA), the American Institute of Certified Public Accountants (AICPA), the Institute of Chartered Accountants in England and Wales (ICAEW);
- annual income of the audit firm for the past three years is to be not less than UAH 30 mln;
- availability of the insurance agreement with third parties (compensation for possible losses due to professional activities amounting to not less than UAH 50 mln). The insurance agreement should be valid during the entire period of providing audit services.
The audit firms that meet the following criteria can audit financial statements or the consolidated financial statements of the second group businesses:
- an audit firm is included in the register of audit firms and auditors;
- an audit firm (or a member of the network of audit firms, including those outside Ukraine) has provided audit expertise services to businesses in the field, including at least two audit engagements performed or other audit services provided to business entities over the past three years;
- an audit firm should have at least 10 full-time employees contracting and directly involved in providing auditing services.
In addition, no less than three employees should have a certificate that proves their qualification suitable to provide audit services in Ukraine;
- annual income of the audit firm for the past three years is to be not less than UAH 3 mln;
- availability of the insurance agreement with third parties (compensation for possible losses due to professional activities amounting to not less than UAH 10 mln). The insurance agreement should be valid during the entire period of providing audit services.
