Auditors' Chamber of Ukraine

The Law of Ukraine "On Audit of Financial Statements and Auditing Activity" establishes a mandatory quality assurance review system for all statutory audits in Ukraine. Audit entities conducting statutory audits of public interest entities are reviewed by the Quality Assurance Inspection of the Audit Public Oversight Body of Ukraine at least every three years, while audit entities conducting statutory audits of non-public interest entities are reviewed by the Auditors Chamber of Ukraine (AChU) under the oversight of the Audit Public Oversight Body.

AChU performs delegated quality assurance responsibilities through its quality control structures and continues to publish quality review plans, methodologies, and procedural guidance for audit entities. The chamber supports implementation through continuing professional development activities, seminars and conferences on audit quality, dissemination of inspection findings and common deficiencies, practical guidance on quality management requirements, and ongoing communication with members regarding regulatory developments and quality assurance expectations. AChU also maintains publicly available information on quality assurance activities and inspection outcomes to support transparency and continuous improvement.

AChU continues to cooperate with the Audit Public Oversight Body, the Ministry of Finance of Ukraine, the Ukrainian Federation of Professional Accountants and Auditors, and international development partners on initiatives aimed at strengthening audit quality and promoting alignment with international good practices, including quality management reforms.

AChU is encouraged to continue monitoring quality assurance findings, providing targeted implementation support to audit entities, and coordinating with the Audit Public Oversight Body to ensure that inspection practices remain aligned with evolving quality management requirements and international good practice.

Current Status: Sustain

The Law of Ukraine "On Audit of Financial Statements and Auditing Activity" establishes initial professional development and continuing professional development requirements for auditors. Auditor certification is overseen by the Attestation Commission, with related regulations approved by the Audit Public Oversight Body of Ukraine and the Ministry of Finance of Ukraine.

The Auditors Chamber of Ukraine (AChU) no longer has direct responsibility for setting auditor certification requirements but remains actively involved in supporting implementation. AChU provides continuing professional development to auditors, monitors members’ compliance with continuing professional development obligations, and supports members through training, professional events, technical updates, and guidance on regulatory and professional requirements.

AChU also cooperates with universities, the Audit Public Oversight Body, the Ministry of Finance, and development partners to strengthen auditor education and professional development. Recent World Bank Centre for Financial Reporting Reform activities continued to support Ukraine’s auditor certification and education reforms, including alignment with European Union requirements and International Education Standards.

AChU has established and maintained processes to support education and continuing professional development for its members. However, further work is needed at the jurisdiction level to demonstrate full alignment of initial professional development, assessment, practical experience, ethics, professional skills, and continuing professional development requirements with the latest International Education Standards across the profession.

AChU should continue working with the Audit Public Oversight Body, the Ministry of Finance, the Attestation Commission, universities, and continuing professional development providers to address remaining gaps identified in education reform initiatives and further align auditor education and professional development requirements with the latest International Education Standards.

Current Status: Review & Improve

The Law of Ukraine "On Audit of Financial Statements and Auditing Activity" requires application of International Standards on Auditing and other pronouncements issued by the International Auditing and Assurance Standards Board, as translated into Ukrainian and published by the Ministry of Finance of Ukraine.

The Auditors Chamber of Ukraine (AChU) no longer has direct responsibility for adopting auditing standards but continues to support implementation through continuing professional development, webinars, conferences, technical updates, and practical guidance for auditors and audit firms. AChU also uses findings from quality assurance reviews, including analysis of common deficiencies, to inform targeted training and support improved application of International Standards on Auditing in practice.

Recent developments indicate continued efforts to update the Ukrainian auditing framework, including completion of the Ukrainian translation of International Standard on Auditing 600 (Revised) by the Ministry of Finance in 2025. AChU also continues to communicate developments in auditing and quality management standards to members and to cooperate with the Ministry of Finance, the Audit Public Oversight Body of Ukraine, higher education institutions, and other professional stakeholders to promote consistent implementation.

AChU has established processes to support member implementation of International Standards on Auditing and related pronouncements. However, because the full suite of International Auditing and Assurance Standards Board pronouncements currently in effect has not yet been demonstrably translated, adopted, and made effective in Ukraine, further implementation support and coordination remain necessary.

AChU should continue working with the Ministry of Finance and the Audit Public Oversight Body to support timely translation, adoption, and implementation of new and revised International Auditing and Assurance Standards Board pronouncements, including targeted guidance and continuing professional development on areas identified through quality assurance review findings.

Current Status: Review & Improve

The Law of Ukraine "On Audit of Financial Statements and Auditing Activity" requires auditors and audit firms to comply with the International Code of Ethics for Professional Accountants, including International Independence Standards, as translated into Ukrainian and published by the Ministry of Finance of Ukraine. The Ministry has published the Ukrainian translation of the 2022 Code.

The Auditors Chamber of Ukraine (AChU) does not have direct responsibility for adopting the Code but supports its implementation among auditors and audit firms through continuing professional development, ethics-focused training, technical updates, member communications, and disciplinary processes. Failure to comply with ethical and independence requirements may result in disciplinary action under the audit regulatory framework.

AChU continues to promote awareness of ethical requirements through cooperation with the Audit Public Oversight Body of Ukraine, the Ministry of Finance, higher education institutions, and other stakeholders. Its activities include support for professional education, communication of developments in International Ethics Standards Board for Accountants pronouncements, and integration of ethics-related topics into member training and professional events.

AChU has established processes to support implementation of ethical requirements for auditors. However, because the Code is not evidenced as applying to all professional accountants in the jurisdiction and the latest Code has not yet been adopted, continued coordination is needed to support timely implementation of new and revised ethical requirements.

AChU should continue working with the Ministry of Finance, the Audit Public Oversight Body, universities, and other professional accountancy organizations to support timely adoption and implementation of the latest International Ethics Standards Board for Accountants pronouncements and to promote broader application of ethical requirements across the profession.

Current Status: Review & Improve

The Ministry of Finance of Ukraine is responsible for establishing public sector accounting standards. Ukraine applies accrual-basis National Public Sector Accounting Standards for public sector financial reporting, while budget execution reporting continues to be prepared on a cash basis. The national standards are based on International Public Sector Accounting Standards and continue to be modernized as part of Ukraine’s public financial management reform agenda.

The Auditors Chamber of Ukraine (AChU) does not have direct responsibility for the adoption or implementation of public sector accounting standards. Within the scope of its authority, AChU promotes awareness of IPSAS and broader public sector accounting reform through engagement with the Ministry of Finance, the State Audit Service, and other relevant stakeholders.

AChU continues to monitor developments in public sector accounting reform and explore opportunities to support awareness and capacity building where relevant to its members and stakeholders. Given that this area falls outside AChU’s direct mandate and that it continues to use best endeavors to support awareness and stakeholder engagement, AChU is assessed as Sustain.

AChU is encouraged to continue monitoring public sector accounting reform developments and engaging with the Ministry of Finance, the State Audit Service, and other stakeholders to support awareness of IPSAS-based reforms where relevant to the audit profession.

Current Status: Sustain

The Law of Ukraine "On Audit of Financial Statements and Auditing Activity" establishes the investigation and discipline framework for auditors and audit entities. The Audit Public Oversight Body of Ukraine is responsible for disciplinary proceedings involving auditors and audit entities that conduct statutory audits of public interest entities, while the Auditors Chamber of Ukraine (AChU), under the oversight of the Audit Public Oversight Body, is responsible for auditors and audit entities that conduct statutory audits of non-public interest entities.

AChU maintains operational investigation and disciplinary processes, including procedures linked to complaints, quality assurance review findings, and other indications of professional misconduct. Disciplinary measures may include warnings, suspension of audit rights, removal from the Register of Auditors and Audit Entities, and other sanctions established by law. AChU and the Audit Public Oversight Body publish disciplinary information, supporting transparency and public confidence in the audit profession.

AChU also supports members through awareness activities on professional responsibilities, ethical requirements, audit quality expectations, and the consequences of non-compliance. However, the system is not yet fully aligned with all SMO 6 best practices, including public interest representation and independence considerations within disciplinary arrangements.

AChU should continue working with the Audit Public Oversight Body and other stakeholders to strengthen the independence, transparency, and public interest representation of its investigative and disciplinary processes and pursue any necessary legislative or procedural changes to further align the system with SMO 6 requirements.

Current Status: Review & Improve

The Law of Ukraine "On Accounting and Financial Reporting in Ukraine" No. 996-XIV of 16 July 1999 authorizes the Ministry of Finance of Ukraine to establish accounting and financial reporting requirements and requires IFRS Accounting Standards for specified entities. The Ministry translates and publishes IFRS Accounting Standards in Ukrainian and has published 2025 translations, including IFRS 18 and IFRS 19.

The Auditors Chamber of Ukraine (AChU) does not have direct responsibility for adopting IFRS Accounting Standards but supports implementation through continuing professional development, technical updates, seminars, conferences, and member communications on new and revised standards and common application issues. AChU also supports awareness of digital reporting developments, including eXtensible Business Reporting Language and the IFRS Accounting Taxonomy, and engages with relevant regulators and stakeholders on implementation matters.

AChU maintains established processes to support members and relevant stakeholders in applying IFRS Accounting Standards and continues to monitor developments in corporate reporting. Given that adoption of IFRS Accounting Standards falls outside AChU’s direct mandate and that it continues to use best endeavors to support implementation, AChU is assessed as Sustain.

AChU is encouraged to continue providing targeted guidance and training on new and revised IFRS Accounting Standards, digital reporting requirements, and common application issues, and to maintain cooperation with the Ministry of Finance, regulators, universities, and other stakeholders to promote consistent implementation.

Current Status: Sustain