Audit services for the mid-sized enterprises of the Agrarian Union of Ukraine

In the framework of the Memorandum of Cooperation with the Agrarian Union of Ukraine (AUU), Managing Partner of the International Institute of Audit DFK Valery Zhuk told members of the AUU about changes in the Ukrainian legislation regarding the mandatory audit of financial statements of medium-sized enterprises since 2019.

It was noted that medium-sized enterprises members of AUU are those who carry out socially responsible activities in rural areas, form the budgets of the united territorial communities. Such important for Ukraine mission of medium-sized enterprises of the AUU should be reflected in their new management report (a kind of analogue of integrated reporting) for 2018. Audit companies of Ukraine should take into account this important circumstance when auditing financial statements.

Also talked about the problems of choosing an audit company. Today, half of all registered in Ukraine audit firms are located in Kyiv. How to attract them to work in the countryside? Are they ready to reflect in the audit report important information for the public, investors, and creditors on the compliance of the requirements of sustainable development by the enterprises of the AUU.

Examples of web pages of medium-sized enterprises were presented, in which, along with the financial statements, the results of the audit should be posted. It was considered how important it is for a socially responsible enterprise to have as a partner a well-known audit firm. Participants discussed how to turn a mandatory audit from costs into a good investment.

It is common ground that such an investment has both short-term and long-term benefits for AUU enterprises.

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