AUDIT SERVICES

An audit is an examination of accounting data and the financial statements of a business entity, performed by an auditor in order to form an independent opinion on the validity of the information presented in all material respects, and its compliance with the requirements of Ukrainian legislation, accounting principles (standards) or other rules (internal regulations of a business entity) according to user requirements.

In accordance with the Law of Ukraine “On Auditing” the audit of financial statements is obligatory for the following business entities:

• public joint-stock companies – bond issuers, professional participants of the securities market, financial institutions and other business entities whose financial statements in accordance with the Ukrainian legislation are to be officially published (except budget organizations and institutions)

• companies, who are the founders of banks, foreign invested enterprises, public joint-stock companies, insurance and holding companies, collective investment institutions, trust companies and other financial intermediaries

• issuers of securities and derivatives; companies that obtain licenses for professional activity on the securities market

The conduct of an audit is also obligatory in other cases stipulated by the legislation of Ukraine.