On the 14th December 2015 the Management Board of the National Bank adopted the resolution №884 “On Introduction of Amendments to Certain Regulatory Legal Acts of the National Bank of Ukraine on the Audit of Banks”, the NBU press-service reports.
The said resolution approves the amendments to the Regulation on the procedures of maintenance of register of auditing firms, authorized to conduct audits of the bank. In particular, amendments stipulate the mandatory provision of copies of certificates, confirming qualification in the sphere of international standards of financial reporting (IFRS) of employees of auditing firm, carrying out the audit of the bank, for inclusion into the specified register.
In addition, the grounds for adoption of the decision on exclusion of the auditing firm from the register by the National Bank have been expanded, in particular:
- incompliance with requirement of the Regulation, including the qualification of employees of auditing firms and absence of the minimum number of auditors of banks (not less than two on regular basis);
- absence of conducted audits of the banks within last two years;
- obtaining information from the Audit Chamber of Ukraine and state power bodies on violation of the auditing firm of requirements of Ukrainian legislation.
- non-fulfilment by the auditing firm of requirements on independence (on the audit of the bank).
The additional obligation of provision of the auditor’s report by the bank to the regulator in case of conducting the audit of the bank has also been established, for example in case of audit:
progress (quarter) reporting of the bank;
- certain issues of the operation of the bank;
- bank as per request of international organizations, institutions and investors;
- bank as per other accounting and reporting standards and so on.
The approval of corresponding amendments to regulatory legal acts of the National Bank of Ukraine on external audit is carried out with the purpose to ensure raising the quality of provision of auditing services of banks and proper responsibility of auditing firms for provision of such services