Draft Law “On Auditing” has been submitted to the Verkhovna Rada of Ukraine


Draft Law “On Auditing” (reg. N 2534 from 03.04.2015) (the “Draft Law”) has been submitted to the Verkhovna Rada of Ukraine.

The purpose of the Draft Law is to bring national requirements for the auditing in line with Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts and Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities.

Novelties proposed by the Draft Law:

  • to clarify definitions set out in the Law of Ukraine “On Auditing” and bring them in accordance to the international legal acts regulating audit activity;
  • to set the difference between (1) services provided by auditors only according to International Standards on Auditing (ISA) – audit, financial statements review, other assurance tasks, related services, and (2) other audit-related services, including, tax reports drafting, tax advisory, accounting services, forensic enquiry etc.;
  • to introduce the obligatory period of continuous training for at least three years as an assistant of auditor, controller, accountant, lawyer, financial expert, economist or providing scientific or educational activities regarding audit during the same period for candidate to obtain auditor certificate;
  • to determine the basis for the qualifying exam and the list of disciplines to pass depending on the type and term of activity in which candidate was engaged;
  • to establish unlimited duration for auditor certificate and the obligation for auditors to participate in special educational programs to increase the quality of audit services;
  • to create separate sections in the Register of auditors and audit entities with information about certified auditors, audit firms, auditors, who individually provide audit services, as well as representative offices of foreign audit firms, in order to simplify search process.

Please note, that the Draft Law shall be reviewed and discussed by parliamentary committees prior to its submission to parliamentarians for consideration.

It is too early to evaluate the proposed changes, but, if adopted, new edition of the Law of Ukraine “On Auditing” will unify the foundations and principles of auditing and enshrine International Standards on Auditing in legislation of Ukraine.

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Olena Kravtsova
Senior Associate
+38(044) 537 09 10
Tetyana Zhuk
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