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Compliance Responses and Action Plans

IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

Ukrainian Federation of Professional Accountants and Auditors

 

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

  1. Setting auditing, accounting, ethics, public sector and education standards; and
  2. Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.


Section 3 -- Member Body General Information

1. Country:

    UKRAINE


2. Name of member body:
    Ukrainian Federation of Professional Accountants and Auditors

    Or please specify name:



3. Individual responsible for preparation:
    Valentina Legka


4. Date member body became a member of IFAC:
    Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

    06 / 2000


Questions 5 - 22 are for internal use only


Section 3G -- Affiliations


23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
    ECCAA


Section 4 -- Statutory Framework


Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code


The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:
    a). the Act or the Code: 1.1 Economic Code of Ukraine; 1.2 Civil Code of Ukraine
    b). the Enacting body: 1.1 Supreme Council of Ukraine; 1.2 Supreme Council of Ukraine
    c). date the Act or Code came into force: 01 / 2004


25. How can IFAC obtain a copy of the Act or Code?
    The documents may be obtained by addressing UFPAA (Ukrainian version)


26. Is the Act or Code available in English?
    Yes   No


27. What are the types of entities covered by the Act or the Code?
    Please check all that apply.
    Listed entities   Other (please specify):
    Private companies   Other (please specify):
    Governmental   Other (please specify):
    Not-for-profit   Other (please specify):


28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
    Please check all that apply.
      No Yes (If YES, please describe)
    Listed entities According to the Art.14 Clause 3 of the Law of Ukraine On Accounting and Financial Reporting in Ukraine which defines the following: Open joint-stock companies, enterprises issuers of bonds, banks, trust companies, currency and stock exchanges, investment funds, credit unions, non-state pension funds, insurance companies and other financial institutions shall publicly disclose their annual financial reporting not later than June 1 of the year, following after the reporting year through publications in periodicals or their dissemination in the form of separate publications.
    Private companies According to the Law of Ukraine On securities and stock exchange
    Governmental Article 25. Special Information on the Issuer
    Not-for-profit The Procedure of submission of annual financial reporting for all entities adopted by the Resolution of Cabinet of Ministers of Ukraine #419 dated 28 February 2000 On adoption of the procedure of submission of financial reporting
    Other (please describe)
    Other (please describe)


29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
    Please check all that apply.
      No Yes (If YES, please describe)
    Listed entities The main requirement for the annual statutory audit is the assurance of public reporting. According to the Art.152 Clause.5 of the Civil Code of Ukraine which defines following: joint stock companies, whose shares are publicly traded, shall publicly disclose their annual financial reporting, accounting balance, statements on profits and losses as well as other information required by the Law.
    Private companies
    Governmental
    Not-for-profit
    Other (please describe)
    Other (please describe)


30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
    Yes   No
    If YES, please indicate the term of appointment: Year(s)


31. Who appoints the statutory auditors?
    Please check all that apply.
    Shareholders   Management
    Board of directors   Other (please specify):
    Audit committee   Other (please specify):
    Government agency   Other (please specify):


32. Does the Act or Code require joint auditors for the statutory audit?
    Yes   No
    If yes, please describe the requirement:


33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
    Yes   No
    If yes, please describe the requirement:


Section 4B -- Securities Market Regulations


Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
  1. the major items of Legal authority for such requirements

    1.1 Law of Ukraine On State regulation of the Securities Market in Ukraine
    1.2 Law of Ukraine On Securities and Stock Exchange
    1.3 Resolution of Cabinet of Ministers #25-r, dated 18 January 2003
    1.4 Law of Ukraine On Accounting and Financial Reporting in Ukraine
    1.5 Resolution of Cabinet of Ministers #1046, dated 14.08.2001 About adoption of measurements for implementing primary directions of stock market development for 2001-2005
    1.6 Law of Ukraine # 1629-IV, dated 18.03.2004 On State program of adaptation of legislation of Ukraine to legislation of European Union
    1.7 Draft version of Law of Ukraine On Amendments to the Law of Ukraine On Accounting and Financial Reporting in Ukraine Article 14, Clause 3

  2. the Enacting body(ies)

    1.1 Cabinet of Ministers of Ukraine
    1.2 Cabinet of Ministers of Ukraine
    1.3 Cabinet of Ministers of Ukraine
    1.4 Supreme Council of Ukraine
    1.5 Cabinet of Ministers of Ukraine
    1.6 Supreme Council of Ukraine
    1.7 Cabinet of Ministers of Ukraine

  3. the latest amendment date?

    1.1 November 18, 1997
    1.2 September 18, 1996
    1.3 18 January 2003
    1.4 22 June 2000
    1.5 14 August 2001
    1.6 18 March 2004
    1.7 Initiated on 14 April 2004


35. How can IFAC obtain a copy of the Legal authority?
    1.1, 1.2, 1.4 are appendixes to the Form (Appendix 1, 2 and 3 respectively)
    1.3, 1.5, 1.6, 1.7 may be obtained by addressing to UFPAA (Ukrainian version)


36. Is the Legal authority available in English?
    Yes   No


37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
    Yes   No
    If YES, please describe the requirement:


38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
    Yes   No
    If YES, please describe the requirement:


39. Who appoints the statutory auditors of listed entities?
    Please check all that apply.
    Shareholders   Management
    Board of directors   Other (please specify):
    Audit committee   Other (please specify):
    Government agency   Other (please specify):


40. Are auditors who perform audits of listed entities appointed for a specified period?
    Yes   No
    If YES, please indicate the term of appointment: Year(s)


41. Are joint auditors required for audits of listed entities?
    Yes   No
    If YES, please describe the requirement:


42. Is rotation of the auditor or audit firm for audits of listed entities required?
    Yes   No
    If YES, please describe the requirement:


Section 5 -- Auditing Standards


Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework


43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
    Type of entity Name of
    applicable
    legal
    authority    		 Date of last
    amendment
    (e.g. MM/YYYY 06/2001)    		 Name of body responsible
    for setting audit and
    other assurance standards
    Listed entity 1.1 Decision of the Auditing Chamber of Ukraine (Minutes of the Meeting #122 dated 18.04.2003; 1.2 Law of Ukraine On Auditing activity 18.04.2003; 15.05.2003 Chamber of Auditors
    Other (please describe)
    Other (please describe)
    Other (please describe)

    a. How can IFAC obtain copies of these documents?

    1.1 By addressing Auditing Chamber of Ukraine for the documents
    1.2 Law of Ukraine On Auditing activity

    b. Are the documents available in English?
    Yes   No

Section 5B -- Standard-Setting (Chamber of Auditors)


44. For Chamber of Auditors, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
    a. Nature of body

    Private (public) organization established by the profession

    b. Name of standards

    Law of Ukraine On auditing activity


45. How many voting members does the standard-setting body have?
    20


46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
    Voluntary  
    Employed  
    Both - Please describe:


47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
    The selection of the members for the body is done according to the Law of Ukraine On Auditing Activity Art.15
    The Auditing Chamber of Ukraine shall be organized by means of delegating to it of five representatives of the professional public organization of auditors of Ukraine, one representative of the Finance Ministry of Ukraine, one - the Chief State Taxation Inspectorate of Ukraine, one - the Justice Ministry of Ukraine and specialists of educational, scientific and other organizations. Specialists of educational, scientific and other organizations shall be delegated in accordance with their approval in the professional public organization of auditors of Ukraine of five representatives in number and by one representative proposed by the Finance Ministry of Ukraine, the Chief State Taxation Inspectorate of Ukraine, the National Bank of Ukraine, the Ministry of Statistics of Ukraine and the Justice Ministry of Ukraine.


48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
    The procedure for delegating shall be established at the congress, by the board or other supreme leading body in keeping with provisions of this Law, article 12.
    All decisions of the Auditing Chamber of Ukraine shall be adapted at the meeting by ordinary majority of votes, provided two-third of the members are present, except for decisions stipulated in this Law, article 14. In some cases that are subject to specification in the Statute of the Auditing Chamber of Ukraine, decisions may be adapted by means of written questionnaire. Where number of votes for and against is equal, vote of the Leader of the Auditing Chamber of Ukraine shall be final.


49. What is the term of appointment for members?
    5 Year(s)


50. For how many years has the standard-setting body been in existence?
    11 Year(s)


51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
    Note: Please enter a whole number using commas (e.g., 4,000,000)

    187,617

    Please enter the exchange rate used to calculate this number.

    Note: Please enter a decimal amount (e.g., 4.0027)

    5.33



52. To what entity is the standard-setting body accountable?
    N/A


53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
  1. public exposure of standards

    public exposure of standards by the means of publication of discussed matters in the specialized publications established by Auditing Chamber of Ukraine.

  2. accessibility of meetings (i.e., public or private)

    accessibility of meetings (i.e., public or private)

  3. approval process for final standards (i.e., majority required to approve final standards)

    process for final standards (i.e., majority required to approve final standards)

  4. other relevant due process activities

    other relevant due process activities


54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
    12 Day(s)


Section 6 -- Ethics


Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework


55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
    Type of professional covered Name of
    applicable
    legal
    authority    		 Date of last
    amendment
    (e.g. MM/YYYY 06/2001)    		 Name of body responsible
    for setting ethics standards
    Professional Accountants in Public Practice Audit Law Chamber of Auditors
    Professional Accountants in Business
    Professional Accountants in the Public Sector
    Other (please describe) Members of UFPAA UFPAA adopted the IFAC Code of Ethics for its members 02/27/04

    a. How can IFAC obtain copies of these documents?

    By addressing UFPAA for providing the document

    b. Are the documents available in English?
    Yes   No

Section 6B -- Standard-Setting (Chamber of Auditors)


56. For Chamber of Auditors, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
    a. Nature of body

    See Section 5B.

    b. Name of standards



57. How many voting members does the standard-setting body have?


58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
    Voluntary  
    Employed  
    Both - Please describe:


59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?


60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


61. What is the term of appointment for members?
    Year(s)


62. For how many years has the standard-setting body been in existence?
    Year(s)


63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
    Note: Please enter a whole number using commas (e.g., 4,000,000)

    Please enter the exchange rate used to calculate this number.

    Note: Please enter a decimal amount (e.g., 4.0027)



64. To what entity is the standard-setting body accountable?


65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
  1. public exposure of standards



  2. accessibility of meetings (i.e., public or private)



  3. approval process for final standards (i.e., majority required to approve final standards)



  4. other relevant due process activities



66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
    Day(s)


Section 7 -- Education


Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements


67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
    According to the Law of Ukraine On Education
    Article 29. The structure of education
    The structure of education includes:
    Pre-school education
    Secondary education
    Extracurricular education
    Vocational education
    Higher education
    Further education
    Post-graduate education
    Doctors degree education
    Self-education

    Secondary education is compulsory as part of national education system.


68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
    Yes   No

    If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.



69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
    Academic requirements
    Professional examinations
    Practical experience
    Final qualifying examination
    Other (please describe)


70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
    A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
    A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
    Member body(ies) establishes the education requirements for the accounting profession.
    Other (please describe)


71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

  1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

    The Ministry of Science and Education of Ukraine. The body sets curriculum for the education institutions, sets requirements for the compulsory education, structure of the education institutions, requirements for the qualification assessment, provide accreditation of the education institutions

  2. How many voting members does the relevant body(ies) have

    N/A

  3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
    Voluntary  
    Employed  
    Both - Please describe:

  4. For how many years has the body been in existence?

    Year(s)


72. How would you describe the authority that the education requirements have?
    Requirements are legally-based
    Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
    Requirements are set in member body(ies) policy document(s).
    Other (please describe)

72 a. How can IFAC obtain copies of these documents?

72 b. Are these documents available in English?
    Yes   No


73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
    Same   Different
    If different, please briefly describe the main differences:


74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
    The education program and final examination are delivered by the member body.
    The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
    The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
    Other (please explain)


75. Once qualified as a member of your professional body, can members offer their services directly to the public?
    Yes   No


Section 7B -- Licensing


76. Are there licensing requirements for auditors in your country?
    Yes (continue with Question 77)   No (proceed to Section 8)


77. Who sets the requirements to obtain a license?
    The Auditing Chamber of Ukraine register certified auditors and issues Notices testifying enrolment to the Roster of Auditors, who possess the right to provide auditing services.
    The Roster of Auditors is kept by:
    National bank of Ukraine (Roster of Auditors possessing the right for review of commercial banks)
    State Commission on Regulation of Financial Service Market (Roster of Auditors possessing the right for review of financial entities (except for banks)

    Securities and Stock Market State Commission (reviews compliance of the participants of the market according to Art.15 of the Law of Ukraine On financial services and state regulation of financial services #2664-III dated 12 July 2001).


78. What are the requirements to obtain a license (please select all relevant requirements.)?
    Academic study specific for obtaining a license
    Practical experience
    Licensing examination
    Final qualifying examination
    Other (please describe)
    Certificate of an Auditor


79. Are there ongoing requirements to retain a license?
    Yes   No

    If YES, please select all relevant requirements.
    Continuing professional development
    Re-examination
    Other (please specify):


80. What entity grants the license?
    The Auditing Chamber of Ukraine.


81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
    General Requirements


Section 8 -- Public Sector Accounting Standards


Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework


82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
    Type of entity Name of
    legal
    authority    		 Date of last
    amendment
    (e.g. MM/YYYY 06/2001)    		 Name of body responsible
    for setting public sector
    accounting standards
    Whole of government Decree of Central Board of State Treasury of Ukraine #114, dated 10 December 1999 03/2003 Central Board of State Treasury of Ukraine
    Ministry/department Decree of Central Board of State Treasury of Ukraine #114, dated 10 December 1999 03/2003 Central Board of State Treasury of Ukraine
    Statutory authority/agency Decree of Central Board of State Treasury of Ukraine #114, dated 10 December 1999 03/2003 Central Board of State Treasury of Ukraine
    Profit entity owned by government Decree of Central Board of State Treasury of Ukraine #114, dated 10 December 1999 03/2003 Central Board of State Treasury of Ukraine
    State governments Decree of Central Board of State Treasury of Ukraine #114, dated 10 Decemb 03/2003 Central Board of State Treasury of Ukraine
    Local governments Decree of Central Board of State Treasury of Ukraine #114, dated 10 December 1999 03/2003 Central Board of State Treasury of Ukraine
    Other (please describe) Methodological Board of State o
    Other (please describe)

    a. How can IFAC obtain copies of these documents?

    Law of Ukraine On accounting and financial reporting in Ukraine Appendix 3 to the Form

    Regulation About the Methodological Council in the matters of Accounting under the Ministry of Finance by addressing UFPAA for the document

    Decree of Central Board of State Treasury of Ukraine #114, dated 10 December 1999 by addressing UFPAA for the document

    Provided an appendix

    b. Are the documents available in English?
    Yes   No

Section 8B -- Standard-Setting (Central Board of State Treasury of Ukraine)


83. For Central Board of State Treasury of Ukraine, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
    a. Nature of body

    Finance of Ukraine - Part of Governmental Ministry

    b. Name of standards

    Provisions (Standards) of Accounting


84. How many voting members does the standard-setting body have?
    N/A


85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
    Voluntary  
    Employed  
    Both - Please describe:


86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
    N/A


87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
    State Treasury of the Ukraine


88. What is the term of appointment for members?
    Year(s)


89. For how many years has the standard-setting body been in existence?
    Year(s)


90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
    Note: Please enter a whole number using commas (e.g., 4,000,000)

    N/A

    Please enter the exchange rate used to calculate this number.

    Note: Please enter a decimal amount (e.g., 4.0027)

    N/A



91. To what entity is the standard-setting body accountable?
    State Treasury of Ukraine


92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
  1. public exposure of standards

    N/A

  2. accessibility of meetings (i.e., public or private)

    N/A

  3. approval process for final standards (i.e., majority required to approve final standards)

    N/A

  4. other relevant due process activities

    N/A


93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
    12 Day(s)


Section 8B -- Standard-Setting (Methodological Board of State o)


83. For Methodological Board of State o, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
    a. Nature of body

    Methodological Council under the Ministry of Finance of Ukraine - Part of Governmental Ministry

    b. Name of standards

    Provisions (Standards) of Accounting


84. How many voting members does the standard-setting body have?
    29


85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
    Voluntary  
    Employed  
    Both - Please describe:


86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
    The best person for the job, experience and reputation.


87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
    Ministry of Finance


88. What is the term of appointment for members?
    Year(s)


89. For how many years has the standard-setting body been in existence?
    7 Year(s)


90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
    Note: Please enter a whole number using commas (e.g., 4,000,000)

    N/A

    Please enter the exchange rate used to calculate this number.

    Note: Please enter a decimal amount (e.g., 4.0027)

    N/A



91. To what entity is the standard-setting body accountable?
    Ministry of Finance and Treasury of Ukraine


92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
  1. public exposure of standards

    public exposure of standards Abbriviated gist of the questions discussed and adopted at the meeting are published in periodicals.

  2. accessibility of meetings (i.e., public or private)

    N/A

  3. approval process for final standards (i.e., majority required to approve final standards)

    N/A

  4. other relevant due process activities

    N/A


93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
    12 Day(s)


Section 9 -- Private Sector Accounting Standards


Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework


94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
    Type of entity Name of legal
    authority or
    applicable
    rules    		 Date of last
    amendment
    (e.g. MM/YYYY 06/2001)    		 Name of body responsible
    for setting private sector
    accounting standards
    Listed entity Regulation About the Methodological Council in the matters of Accounting under the Ministry of Finance 10/1997 Methodological Council under the Ministry of Finance of Ukraine
    Other (please describe)
    Other (please describe)
    Other (please describe)
    Other (please describe)

    a. How can IFAC obtain copies of these documents?

    Law of Ukraine On accounting and financial reporting in Ukraine Appendix 3 to the Form

    Regulation About the Methodological Council in the matters of Accounting under the Ministry of Finance By addressing to UFPAA for the document

    b. Are the documents available in English?
    Yes   No

Section 9B -- Standard-Setting (Methodological Council under the Ministry of Finance of Ukraine)


95. For Methodological Council under the Ministry of Finance of Ukraine, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
    a. Nature of body

    Part of Governmental Ministry
    Public organization established by the profession

    b. Name of standards

    Provisions (Standards) of Accounting
    Participated in elaborating of National Accounting Standards


96. How many voting members does the standard-setting body have?
    29


97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
    Voluntary  
    Employed  
    Both - Please describe:


98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
    The best person for the job, experience and reputation.


99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
    Ministry of Finance


100. What is the term of appointment for members?
    Year(s)


101. For how many years has the standard-setting body been in existence?
    7 Year(s)


102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
    Note: Please enter a whole number using commas (e.g., 4,000,000)

    N/A

    Please enter the exchange rate used to calculate this number.

    Note: Please enter a decimal amount (e.g., 4.0027)

    N/A



103. To what entity is the standard-setting body accountable?
    Ministry of Finance of Ukraine


104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
  1. public exposure of standards

    Abbriviated gist of the questions discussed and adopted at the meeting are published in periodicals

  2. accessibility of meetings (i.e., public or private)

    N/A

  3. approval process for final standards (i.e., majority required to approve final standards)

    N/A

  4. other relevant due process activities

    N/A


105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
    12 Day(s)


Section 10 -- Monitoring (Quality Assurance) and Enforcement


Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority


106. Name the authority that regulates the securities market:
    Securities and Stock Market State Commission


107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
    Law of Ukraine On state regulation of securities market of Ukraine


108. Briefly describe the role of the regulatory authority as it relates to the following:
  1. regulation of the audit profession

    sets requirements for auditor's report

  2. accounting and auditing standard-setting

    N/A

  3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

    N/A


Section 10B -- Stock Exchange


109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
    Profit Not
    for
    profit    		 Stock Exchange
    Ukranian Stock Exchange
    Ukranian Interbank Currency Exchange
    Kyiv International Stock Exchange
    Donetsk Stock Exchange


Section 10B -- Stock Exchange
Ukranian Stock Exchange Details


110. For Ukranian Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
    Yes   No

    If YES, please describe the following:

  1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

    The monitoring and enforcement of financial reporting, accounting and auditing comply with the requirements set out for the emitters of securities

  2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

    Article 11, 12, 13 and 14 of the Law of Ukraine On State regulation of Securities Market of Ukraine

  3. How enforcement actions are administered.

    According to the Decision of Securities and Stock Market State Commission


Section 10B -- Stock Exchange
Ukranian Interbank Currency Exchange Details


110. For Ukranian Interbank Currency Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
    Yes   No

    If YES, please describe the following:

  1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

    The monitoring and enforcement of financial reporting, accounting and auditing comply with the requirements set out for the emitters of securities

  2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

    Article 11, 12, 13 and 14 of the Law of Ukraine On State regulation of Securities Market of Ukraine

  3. How enforcement actions are administered.

    According to the Decision of Securities and Stock Market State Commission


Section 10B -- Stock Exchange
Kyiv International Stock Exchange Details


110. For Kyiv International Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
    Yes   No

    If YES, please describe the following:

  1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

    The monitoring and enforcement of financial reporting, accounting and auditing comply with the requirements set out for the emitters of securities

  2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

    Article 11, 12, 13 and 14 of the Law of Ukraine On State regulation of Securities Market of Ukraine

  3. How enforcement actions are administered.

    According to the Decision of Securities and Stock Market State Commission


Section 10B -- Stock Exchange
Donetsk Stock Exchange Details


110. For Donetsk Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
    Yes   No

    If YES, please describe the following:

  1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

    The monitoring and enforcement of financial reporting, accounting and auditing comply with the requirements set out for the emitters of securities

  2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

    Article 11, 12, 13 and 14 of the Law of Ukraine On State regulation of Securities Market of Ukraine

  3. How enforcement actions are administered.

    According to the Decision of Securities and Stock Market State Commission


Section 10C -- Regulatory Oversight of the Accounting Profession


111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
    Yes   No

    If NO, proceed to the next section.

    If YES, please describe :

  1. What are the name and duties of the oversight body?



  2. The number of members on the oversight body



  3. Its powers



  4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations



  5. The sanctions the oversight body may impose in the event of non-compliance



  6. How the oversight body is accountable to any public institution or body


Section 10D -- Banks Regulatory Authority


112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
    Natinal Bank of Ukraine Law of Ukraine "On Banks and Banking Activity" See supporting documentation


113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
    N/A


114. Briefly describe the role of the regulatory authority as it relates to the following:
  1. regulation of the audit profession

    Yes

  2. accounting and auditing standard-setting

    N/A

  3. review of financial statements prepared by listed entities

    Yes

  4. enforcement of accounting, reporting and auditing requirements

    Yes


Section 10E -- Non-Banking Financial Institutions Regulatory Authority


115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
    State Commission on Regulation of Financial Service Market in Ukraine


116. What is the source of Legal authority of the regulatory authority(ies)?
    Law of Ukraine "On Financial Services and State Regulation of Financial Service Market in Ukraine" Article 14 and 15.


117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
  1. regulation of the audit profession

    Yes

  2. accounting and auditing standard-setting

    N/A

  3. review of financial statements prepared by listed entities

    Yes

  4. enforcement of accounting, reporting and auditing requirements

    yes


Section 10F -- Insurance Companies Regulatory Authority


118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
    State Commission on Regulation of Financial Service Market in Ukraine


119. What is the source of Legal authority of the regulatory authority(ies)?
    Law of Ukraine "On Financial Services and State Regulation of Financial Service Market in Ukraine" Article 14 and 15


120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
  1. regulation of the audit profession

    Yes

  2. accounting and auditing standard-setting

    N/A

  3. review of financial statements prepared by listed listed entities

    Yes

  4. enforcement of accounting, reporting and auditing requirements

    Yes


Section 10G -- Other Regulatory Authority


121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
    N/A


122. What is the source of Legal authority of each regulatory authority?


123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
  1. regulation of the audit profession



  2. accounting and auditing standard-setting



  3. review of financial statements prepared by listed listed entities



  4. enforcement of accounting, reporting and auditing requirements



Section 10H -- Quality Assurance


124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
    Yes   No

    If NO, proceed to next Section.

    If YES, briefly describe the monitoring and enforcement mechanism.



125. Under what authority does the organization conduct the program of quality assurance review?
    N/A


126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
    N/A


Section 10 I -- Investigation and Discipline


127. Is there a process for investigating and disciplining the accounting profession in your country?

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
    Government or other agencies are solely responsible for this function.
    Government or other agencies have this responsibility, but the member body or bodies participate in the process.
    Government formally delegates this function to the member body or bodies, to exercise on its behalf.
    Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
    Other (please explain)


129. Please indicate the name of the body or bodies responsible for investigation and discipline.
    N/A


Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?


131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
    Voluntary  
    Employed  
    Both - Please describe:


132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?



133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


134. What is the term of appointment for members?
    Year(s)


135. For how many years has the body been in existence?
    Year(s)


136. Please indicate the budget in US$ of the body for the last fiscal year.
    Note: Please enter a whole number using commas (e.g., 4,000,000)

    Please enter the exchange rate used to calculate this number.

    Note: Please enter a decimal amount (e.g., 4.0027)

    (specify currency)



137. To what entity is the body accountable?



138. Approximately how many days per year does the body meet in full session (including teleconferences)?
    Day(s)


 

 

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* Indicates organizations that qualify to submit SMO Action Plans biennially