Audit Chamber of Ukraine (ACU), a national independent supervisory and regulatory institution in Ukraine, introduced a special-purpose unit – Commission for Quality and Professional Ethics Control, which has been actively operating recently. The purpose of this division is promoting the high level of quality audit services and compliance with the requirements of the Law of Ukraine “On Auditing Activities”, standards on auditing and ethics. The Commission performs control on how adequately the auditors meet the requirements of all relevant legislations, professional standards, rules and norms; monitors quality of audit and related services engagements. The Commission is also in charge of organization and co-ordination of the work of Committee on Control of Auditors’ Activities, which directly performs external reviews of audit firms and individual auditors.
We are pleased to inform that Kyiv Audit Group has successfully passed the external review of its system of audit services quality control, which was carried out the Committee. Kyiv Audit Group is one of the first and, so far, not many firms in Ukraine that has official compliance confirmation issued by the nationwide supervisory institution in the profession (Resolution of ACU no.211/6 dated 25.02.2010).
The results of external review of quality control system at Kyiv Audit Group confirmed that the firm’s quality control system:
- has been comprehensively implemented and is being upgraded on the constant basis;
- meets the requirements of:
- International Standard on Quality Control 1 “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements”, released by International Audit and Assurance Board (IAASB);
- International Standard on Auditing (ISA) 220 “Quality Control for an Audit of Financial Statements”, released by IAASB;
- Regulation on national practice of audit services controls 1 “Implementation of the system of quality controls by audit firms and auditors”, approved by ACU’s Resolution no.182/4 dated 27.09.2007.
- provides for reasonable assurance that the firm itself and its staff operate in compliance with:
- International Standards Auditing, Assurance, and Ethics Pronouncements
- Code of Ethics for Professional Accountants
- legislative pronouncements regulating audit activities
- conclusions (reports) issued by the firm meet the terms of engagement.
The result of external assessment has once again confirmed that Kyiv Audit Group is a professional and reliable provider of audit services in Ukraine.