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Service quality assurance

The primary objective of LLC KYIVAUDIT activities is provision of high quality services. To reach these goals our company has developed and implemented the internal quality control system.

From the date of an acceptance of client till the date of the auditors’ opinion we exercise continuous control in order to have reasonable assurance that our personnel acts in compliance with the professional standards, regulatory and legislative requirements, and our reports are relevant to the circumstances.

For efficient operation of the quality control system, the management of LLC KYIVAUDIT has set up a relevant control environment, including:

formalized corporate structure with clear segregation of duties and internal communication system;
stringent control over compliance with professional ethics standards;
approved audit methodology and control over its application;
severe requirements to competence and qualification of the company’s employees.

The audit methodology is based on the Internal Standards on Auditing developed by LLC KYIVAUDIT.

The control policies and procedures are stated in the Internal Standards on Auditing and applied during the audit engagements, other assurance engagements and other auditing services.

List of LLC KYIVAUDIT Internal Standards (IS)

No	IS No	Name of Internal Standard
1	1	*Code of ethics for the auditors (employees) of LLC KYIVAUDIT*
2	2	*Policies and procedures for provision of independence and internal quality control of services rendered by LLC KYIVAUDIT*
3	3	*Monitoring procedures for compliance with the Internal qualityc ontrol system and its documentation*
4	4	*HR policy in LLC KYIVAUDIT*
5	5	*Job description for Deputy Director on quality control for audit services rendered by LLC KYIVAUDIT*
6	6	*Job descriptions for Auditor and Specialist of LLC KYIVAUDIT*
7	7	*Regulations on the procedures of audit process documentation and records maintenance in LLC KYIVAUDIT*
8	8	*Subordination corporate structure and information flows in LLC KYIVAUDIT*
9	9	*Price policy in LLC KYIVAUDIT*
10	11	*Procedures for acceptance of new client and procedure for recurrent reappraisal of the existing client in order to determine possibility on continuing an engagement*
11	12	*Principles, rules and stages of audit*
12	21	*Obtaining prior information on the client, understanding of the entity and its environment and assessment of risks of material misstatements*
13	22	*Examination and assessment of the client’s accounting system*
14	23	*Determination of the number of audit units*
15	31	*Examination and assessment of the client’s internal controls and risk of its inefficiency. Reporting on the internal controls deficiencies to key managers*
16	32	*Materiality level determination*
17	33	*Prior analytical review*
18	34	*Determination of the areas of accounting that are important for the audit*
19	35	*Audit risk, its assessment and audit procedures in response to risks identified*
20	36	*Risk profile*
21	37	*Audit sampling*
22	38	*Regulations on planning of audit services provision in LLC KYIVAUDIT and their documentation*
23	41	*Analytical procedures*
24	42	*Audit evidences*
25	44	*Audit of accountings estimates, including fair value accounting estimates*
26	45	*Audit of related parties transactions*
27	46	*Subsequent events*
28	47	*Diagnostics of going-concern*
29	48	*Consideration of laws and regulations in financial statements auditing*
30	49	*Audit of financial statements of group*
31	51	*Regulations on auditor’s opinion*
32	52	*Audit efficiency review*
33	53	*Supervision and control procedures during engagement performance and their documentation*
34	70	*Audits of financial statements prepared in accordance with special purpose framework*
35	71	*Review engagements*
36	72	*Related services*
37	*1-mа*	*Audit methodology*
38	*1-m*	*Industrial companies audit methodology*
39	*2-m*	*Bank audit methodology*
40	*3-m*	*Financial institution audit methodology, including insurance companies*
41	*4-m*	*Building companies audit methodology*
42	*5-m*	*Due diligence methodology*
43	*6-m*	*Tax accounting inspection methodology*

As an independent confirmation of our quality control system conformity with the professional standards, legislative and regulatory requirements shall be the fact, that in January 2010 LLC KYIVAUDIT has successfully passed inspection of the professional services quality control system conducted by the Audit Chamber of Ukraine (ACU decision No. 211/6 dated February 25, 2010).