The National Bank of Ukraine (NBU) plans to toughen requirements on audit firms and their employees authorized to audit banks, in particular, the central bank wants not to allow auditors who earlier took part in audits of banks as part of audit firms removed from the NBU register.
The draft amendments to the rules of keeping the register of audit firms authorized to conduct audit of banks have been posted on the NBU’s website on August 17.
According to the amendments, the number of requirements to the document submitted for placing the audit firms to the register was increased from 11 to 16.
The applicant, in particular, will have to provide a staffing table of the audit firm; information on the qualifications of the head, auditors of the audit firm and experience in providing audit services to banks; certificates from international organizations confirming the qualification in the field of IFRS for at least two employees; as well as confirmation of the annual training of auditors in the program of the Audit Chamber of Ukraine.
In addition, the National Bank wants to know the information on the provision of audit services to banks with filing the copies of the contracts for the period of the past two years.
Another change is the increase in the smallest number of auditors who have bank auditor certificates, from two to five, and the additional filing of qualification documents in the field of accounting and auditing, for at least five other full-time employees of the audit firm involved in performing audit tasks.
The draft also provides for the submission of a document confirming the right of ownership or the right to lease the premises to be used for auditing activities for a period of no less than one year and information about the lessor.
Another new requirement in the document is information on the availability of computer equipment, software, communication tools and other technical conditions that ensure high-quality audit of banks.
