Correspondence to the Requirements of Regulatory Bodies
An activity of audit firm LLC KYIVAUDIT , auditors’ quantity and qualification fully correspond:
- the requirements of National Bank of Ukraine (a resolution of bank audit Committee № 13 from 20.07.2009);
- the recommendations of Securities and Stock Market State Committee (SSMSC) (a resolution of SSMSC № 1034 from 30.06.2010);
- the recommendations of the State Committee on Financial Services of Ukraine Market Regulation (SCFSUMR) (an information letter of SCFSUMR from 29.01.2010).
Correspondence to the requirements of National Bank of Ukraine
| The requirements of NBU according to p. 1.1 of resolution of bank audit Committee №13 from 20.07.2009 р. | Correspondence of activity of LLC KYIVAUDIT and auditors’ qualification to the requirements of NBU |
| An audit firm has been carrying out audit activity in Ukraine for not less than 5 years | LLC KYIVAUDIT has been carrying out audit activity in Ukraine for 20 years. |
| An audit firm has been conducting of an audit of banks for not less than 3 years | LLC KYIVAUDIT has been conducting of an audit of banks for 20 years. |
| Not less than 3 employees of an audit firm, including one of the managers/partners of this audit firm, have a certificate of entering into the register of bank auditors of National Bank of Ukraine. | Four employees of LLC KYIVAUDIT, including the director, have bank auditor certificates and certificates of entering into the register of bank auditors. Seven employees LLC KYIVAUDIT, including the director, have auditor certificates series А, which were given by Audit Chamber of Ukraine. |
| Not less than one employee of an audit firm has a certificate, that confirms his knowledge of IAS / IFRS | Four employees of LLC KYIVAUDIT have certificates that confirm their knowledge of IAS / IFRS. |
| Not less than 4 employees of an audit firm have a 3 years experience in audit of banks | Two employees have a 15 years experience in audit of banks, two employees have a 10 years experience, three employees have a 8 years experience, one employee has a 5 years experience. |
| Availability of internal quality control system in an audit firm | LLC KYIVAUDIT has an internal quality control system which was confirmed by the Audit Chamber of Ukraine in January 2010 (a resolution of ACU from 25.02.2010 № 211/6) |
| Absence of remarks to audit reports and opinions about quality of audit from National Bank of Ukraine or Audit chamber of Ukraine. | LLC KYIVAUDIT hasn’t received any remarks to audit reports and opinions about quality of audit from the National Bank of Ukraine and the Audit Chamber of Ukraine. |
Correspondence to the recommendations of Securities and Stock Market State Committee
| Recommendations of SSMSC according to a resolution № 1034 from 30.06.2010. | Correspondence of LLC KYIVAUDIT activity and auditors’ qualification to the recommendations of SSMSC |
| An audit firm has been working on the audit service market for not less than 3 years. | LLC KYIVAUDIT has been carrying out audit activity in Ukraine for 20 years. |
| A quantity of employees, including certificated auditors is not less than 5 (not less than 3 for middle enterprises) | Seven employees of LLC KYIVAUDIT, including the director, have an audit certificates series А, which were given by the Audit Chamber of Ukraine. Four employees of LLC KYIVAUDIT, including the director, have a bank auditor certificates and certificates of entering into the register of bank auditors. |
| Availability of quality control passing certificate (for compulsory audit) | LLC KYIVAUDIT quality control system is confirmed by the Audit Chamber of Ukraine (a resolution of ACU from 25.02.2010 № 211/6) |
| Auditors have certificates of passing different forms of studying in professional organizations or in the other structures. | Three auditors of LLC KYIVAUDIT have the ACCA Diploma in International Financial Reporting. Two auditors have Сеrtified Accounting Practitioner (CAP). One auditor has Сеrtified International Professional Accountant (CIPA). Two auditors have Certificates, which confirm their completion of fundamental level of АССА (the professional scheme). All the auditors of LLC KYIVAUDIT annually pass obligatory qualification trainings which are conducted by the Audit Chamber of Ukraine. |
| Recommendations and clients’ references. | LLC KYIVAUDIT gives recommendations and references to client after agreeing the terms of an audit engagement. |
| Availability of a web-site | LLC KYIVAUDIT web-site address is www.kievaudit.com |
| Auditors’ membership in professional public associations. | Auditors of LLC KYIVAUDIT are members of Professional Accountants and Auditors Federation of Ukraine. |
Correspondence to the recommendations of the State Committee on Financial Services of Ukraine Market Regulation
| Recommendations of SCFSUMR according to an information letter from 29.01.2010. | Correspondence of activity of LLC KYIVAUDIT and auditors’ qualification to recommendations of SCFSUMR |
| Availability of internal quality control system | LLC KYIVAUDIT has an internal quality control system which was confirmed by the Audit Chamber of Ukraine in January 2010 (a resolution of ACU from 25.02.2010 № 211/6) |
| Absence of remarks to audit reports and opinions about quality of audit from SCFSUMR and the Audit Chamber of Ukraine. | LLC KYIVAUDIT hasn’t received any remarks to audit reports and opinions about quality of audit from the National Bank of Ukraine and the Audit Chamber of Ukraine. |
| Auditors have knowledge of IFRS (IAS) | Four employees of LLC KYIVAUDIT have diplomas and certificates, which confirm their knowledge of IFRS (IAS). |
| Conducting of an audit in accordance with International standards on auditing, assurance and ethics (ISA). | LLC KYIVAUDIT perform audits and reviews of financial statements, and other assurance and related services engagements in accordance with ISA requirements, what was confirmed by Audit Chamber of Ukraine (a resolution of ACU from 25.02.2010 № 211/6) |