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Audit Committee

The Audit Committee, which began its work in November 2016, is Cadvisory body of the NBU Council. It was established in line with the Ukrainian law and takes managerial decisions on the basis of the collegiality principle (NBU Council Decision No.2.3 dated 24 November 2016 (in the wording of NBU Council Decision No.25 dated 26 June 2019).

The main purpose of the Audit Committee's activities is assessing the reliability and effectiveness of the NBU’s internal controls, and the completeness and authenticity of the NBU’s annual financial reporting.

Composition

According to the law, the Audit Committee cannot have more than five members. Currently, the Audit Committee includes:

  • Vasyl Horbal, Head of the Audit Committee
  • Anatolii Barsukov, Mykola Kalenskyi, and Olena Scherbakova, members of the Audit Committee 

Vira Rychakivska, an independent expert, is also a member of the Audit Committee (in line with Article 131 of the Law of Ukraine On the National Bank of Ukraine).

Committee members prepare and submit to the NBU Council draft decisions, opinions, recommendations, and suggestions on the issues that fall within their competence.

Meetings of the Audit Committee are held at least four times a year.

The powers of the Audit Committee members are determined by the relevant Regulation.