In the next five years, Ernst & Young Audit Services LLC will perform independent audits of the annual financial statements produced by the National Bank of Ukraine (NBU) in compliance with the international standards. This company was chosen as the independent auditor through a procurement procedure in accordance with the Law of Ukraine On Public Procurement and approved by the decision of the NBU Council last week.
External auditing is one of the controls over the NBU’s activities, and annual financial reporting ensures transparency and accountability of the NBU as a public institution.
Ernst & Young Audit Services LLC is part of the Ernst & Young global network. The companies of this network provide assurance services to nearly 20 central banks world-wide. Ernst & Young is one of the Big Four accounting firms – the four biggest providers of audit and consulting services in the world.
The NBU has worked with Ernst & Young Audit Services LLC before. This audit firm ensured assurance of the NBU’s financial statements of 2011–2013, in the period when the regulator fully converted to the international financial reporting standards (in 2012).
Please be reminded that, in the last five years, audits of the NBU’s annual financial statements were performed by Deloitte & Touche USC PrJSC. According to the Law of Ukraine On the National Bank of Ukraine, one audit firm is not allowed to perform such audits for more than five consecutive years.
For reference.
According to the Law of Ukraine On the National Bank of Ukraine, audits of NBU annual financial statements, which have been produced according to the international financial reporting standards, must be carried out at least once a year by an audit firm that has experience in delivering central bank audits.