The European Union urged Ukraine to accelerate the reform of auditing activities

The European Union (EU) has called for the fastest possible entry into force of Draft Law No. 6016-d “On the Auditing of Financial Reporting and Auditing Acitivity”, as hampering this process delays the implementation of the Association Agreement. This is stated in the statement on the webpage of the EU Delegation in Ukraine.

“We are saddened to note that the reform of auditing activity, which is being implemented in Ukraine with a significant delay, continues to meet resistance in the process of implementation,” the statement reads.

It is noted that over the past two years the European Union has assisted the Government of Ukraine and the Verkhovna Rada of Ukraine Committee on Tax and Customs Policy in the process of drafting new legislation on accounting, financial reporting, auditing of financial statements and auditing activity.

“Implementation of European and international standards in the field of auditing and supervision of the auditing profession is part of Ukraine’s obligations in the context of the Association Agreement between Ukraine and the EU. Indeed, the implementation of the Agreement provides for the introduction of new rules, practices and institutions in Ukraine that will differ from the established procedures. The necessary changes should be taken openly and positively”, the EU representative office added.

It is noted that the reform of auditing activity is critical for Ukraine not only in the context of the implementation of the Association Agreement.

“First of all, this is necessary to restore the good reputation of the profession, to establish confidence in the financial statements of economic entities and, as a consequence, to promote investment and international trade. We hope that Draft Law No. 6016-e “On the Auditing of Financial Statements and Auditing Activity “will come into force soon and that the new regulatory system for auditing activity will be implemented as soon as possible”, the EU representative office in Kyiv stated.