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NBU Updated Procedure for Submitting Audit Reports by Banks

6 August 2018

 

 

The National Bank of Ukraine (NBU) has approved the new Regulation On the Procedure for Submitting Audit Report on the Findings of the Annual Audit of Financial Statements (the Regulation on the Submission of Audit Reports).

 

The Regulation on the Submission of Audit Reports, which comes into effect on 1 October 2018, is updated in order to bring in line the NBU’s regulation on the submission of audit reports by banks with the requirements of the Law of Ukraine On the Audit of Financial Statements and Audit Activity (the Audit Law).

 

In particular, the Regulation on the Submission of Audit Reports provides for the following:

procedure for submitting an agreement on the audit of financial statements and an audit report or additional report, which are drafted by an audit firm

the audit firm ensures rotation of auditors that are engaged to audit the financial statements of a bank

the list of information to be audited and included in the audit report in line with the requirements of the Audit Law, the NBU, and International Standards on Auditing

procedure for informing the NBU by the audit firm of the violations and deficiencies identified in the course of auditing of a bank or other legal entities closely linked to the bank

procedure for submission, upon the NBU’s demand, of working papers and explanatory notes on issues concerning the auditing process.

 

Due to the adoption of the Regulation on the Submission of Audit Report, which is approved by NBU Board Resolution No. 90 dated 2 August 2018 (Resolution No. 90), the Resolution On the Procedure for Submitting an Audit Report on the Findings of the Annual Audit of Financial Statements, approved by NBU Board Resolution No. 389 dated 9 September 2018 and registered (as amended) with the Ministry of Justice of Ukraine under No. 871/8192 on 29 September 2003, will be deemed null and void from 1 October 2018.

 

For the purpose of ensuring the compliance with the Audit Law, Resolution No. 90 postpones the deadline to and including 15 December 2018 for banks to submit to the NBU an agreement on the audit of financial statements for 2018. 

 

As a side note, Law of Ukraine On the Audit of Financial Statements and Audit Activity took effect on 7 February 2018 and will be put in force on 1 October 2018.

 


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Last modification   06.08.2018