The Ministry of economic development and trade are concerned about the recommendations of the Antimonopoly Committee of Ukraine on the revision of the criteria by which the audit firm engaged to audit the accounts of SOEs. About it reports a press-service of the Ministry of economic development.

We will remind, earlier Antimonopoly Committee considered that these criteria are subjective and diskriminerad participants of the market of audit services.

In particular, the auditing company, which claims to be the verification of large state-owned enterprises, should have at least 100 employees in the state (including at least 15 auditors with international certificate ACCA, IFAC, AICPA, ICAEW with at least 5 auditors with the Ukrainian certificate), a valid contract of insurance of professional responsibility and annual revenue of not less than 30 million UAH over the last three years.

The Ministry noted that the most stringent criteria apply only to auditors 46 critical state-owned enterprises and this decision is an integral part of management reform of state-owned companies.

The Ministry considers that changing the existing approach to the selection of auditors could jeopardize the achievements of the reform, because 2/3 of especially important state-owned enterprises have already completed or audited by a third party.

“The Ministry of economic development with respect for all the players of the audit market, but understand that only certain criteria can choose an auditor who will be financially independent of the client company and can provide unbiased and quality audit”, – stated in the Ministry.

Previously, the Ministry published a list of companies that are sabotaging the conduct of the audit.

The Ministry does not consider high requirements to the auditors of state-owned enterprises 27.04.2017

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