Ukrainian Federation of Professional Accountants and Auditors

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 that conduct statutory audits of public interest entities are reviewed by the Audit Public Oversight Body of Ukraine, while audit entities that conduct statutory audits of non-public interest entities are reviewed by the Auditors Chamber of Ukraine under the oversight of the Audit Public Oversight Body.

The Ukrainian Federation of Professional Accountants and Auditors (UFPAA) does not have direct responsibility for establishing or conducting mandatory quality assurance reviews. Within the scope of its mandate, UFPAA supports implementation by assisting members and audit firms in understanding the objectives of quality management and maintaining appropriate systems of quality control and quality management. Its support includes workshops, online courses, professional awareness activities, and technical methodology resources on quality assurance and quality management.

UFPAA has also participated with the Ministry of Finance of Ukraine, the Audit Public Oversight Body, the Auditors Chamber of Ukraine, and other stakeholders in World Bank Centre for Financial Reporting Reform initiatives, including the Strengthening Auditing and Reporting in Eastern Partnership Countries program, which supports audit quality, public oversight, and alignment with international good practice.

The quality assurance review system is established and operational for all statutory audits and is aligned with the relevant SMO 1 requirements. Given that UFPAA has no direct responsibility for the statutory quality assurance system and continues to use best endeavors to support implementation and member awareness, UFPAA is assessed as Sustain.

UFPAA is encouraged to continue providing practical quality management guidance, training, and methodology resources to members and to maintain coordination with the Audit Public Oversight Body, the Auditors Chamber of Ukraine, and the Ministry of Finance to support consistent implementation of quality assurance requirements.

Current Status: Sustain

The Ukrainian Federation of Professional Accountants and Auditors (UFPAA) is not directly responsible for establishing initial professional development and continuing professional development requirements for auditors or chief accountants regulated at the state level. Within the scope of its mandate, UFPAA maintains voluntary education, certification, and continuing professional development processes for its members.

UFPAA offers a two-tier voluntary certification program at the Certified Accounting Practitioner and Certified International Professional Accountant levels. The program requires a university diploma in accounting and auditing or a related field, and UFPAA cooperates with universities and training providers to support entry pathways and professional education. UFPAA also provides continuing professional development through its education structures, including conferences, training programs, technical publications, and online learning activities.

UFPAA continues to participate in regional education reform initiatives supported by the World Bank Centre for Financial Reporting Reform, including the Strengthening Auditing and Reporting in Eastern Partnership Countries program, which supports modernization of accounting education and alignment with International Education Standards. UFPAA has reported efforts to review and enhance its certification and continuing professional development programs, including areas such as information and communications technologies, professional skepticism, ethics, and competency-based education.

UFPAA has established processes to support professional education and continuing professional development for its members. However, further action is needed to strengthen UFPAA’s coordination with regulators, universities, and other professional stakeholders to promote broader alignment of education, practical experience, assessment, and continuing professional development requirements with SMO 2.

UFPAA should continue strengthening alignment of its certification and continuing professional development programs with the latest International Education Standards and work more closely with regulators, universities, and other stakeholders to promote broader jurisdiction-level alignment with SMO 2 requirements.

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 Ukrainian Federation of Professional Accountants and Auditors (UFPAA) does not have direct responsibility for adopting auditing standards. Within the scope of its mandate, UFPAA supports implementation through technical assistance, member training, continuing professional development, publications, and responses to member queries on the application of International Standards on Auditing. UFPAA also incorporates auditing standards into its certification and professional development activities.

UFPAA previously supported the translation and implementation process through cooperation with the Auditors Chamber of Ukraine and participation in working groups on International Auditing and Assurance Standards Board pronouncements. It continues to support members by communicating developments in auditing standards and participating in regional reform initiatives, including the World Bank Centre for Financial Reporting Reform’s Strengthening Auditing and Reporting in Eastern Partnership Countries program, which supports audit quality, public oversight, and implementation of international standards.

UFPAA has established mechanisms to support member implementation of auditing standards. However, further action is needed to strengthen timely incorporation of new and revised International Auditing and Assurance Standards Board pronouncements into its technical guidance, publications, and education activities, and to enhance coordination with the Ministry of Finance, the Audit Public Oversight Body of Ukraine, and other stakeholders.

UFPAA should continue strengthening its technical guidance, continuing professional development, and member support on new and revised International Auditing and Assurance Standards Board pronouncements, while working more closely with regulators and other professional stakeholders to support timely and consistent implementation in Ukraine.

Current Status: Review & Improve

The Ukrainian Federation of Professional Accountants and Auditors (UFPAA) has historically played an active role in promoting ethical requirements for the accountancy profession in Ukraine. In the absence of legal ethical requirements for professional accountants other than auditors, UFPAA adopted the International Code of Ethics for Professional Accountants, including International Independence Standards, for application by its members through its Statute in 2007.

The Ministry of Finance of Ukraine has published the Ukrainian translation of the 2022 Code, and the IFAC Translations Database indicates that the translation was completed in 2024. UFPAA continues to require its members to comply with the Code and supports implementation through seminars, training activities, publications, technical guidance, and educational programming. UFPAA has also supported public awareness of ethical requirements, including through online training resources on the Code.

UFPAA has established processes to support implementation of ethical requirements by its members and has taken steps to raise awareness of the Code more broadly. Further action is needed to ensure timely incorporation of new and revised International Ethics Standards Board for Accountants requirements into UFPAA’s member guidance, education, and communications, and to strengthen coordination with regulators, universities, and other professional stakeholders to promote broader alignment with SMO 4.

UFPAA should continue updating its education, training, and technical guidance to reflect new and revised International Ethics Standards Board for Accountants pronouncements and work more closely with regulators, universities, and other professional accountancy organizations to promote broader jurisdiction-level alignment with SMO 4.

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 Ukrainian Federation of Professional Accountants and Auditors (UFPAA) does not have direct responsibility for adopting or implementing public sector accounting standards. Within the scope of its mandate, UFPAA supports public sector accounting reform through advocacy, awareness-raising, knowledge-sharing, and technical input into the modernization of public sector financial reporting.

UFPAA continues to support the Ministry of Finance and other stakeholders through participation in relevant advisory and reform activities, support for translations of international standards, and training, education, and continuing professional development activities conducted with public authorities and other professional accountancy organizations. Given that public sector accounting standard-setting is outside UFPAA’s direct authority and that UFPAA continues to use best endeavors to support awareness and implementation of IPSAS-based reforms, UFPAA is assessed as Sustain.

UFPAA is encouraged to continue engaging with the Ministry of Finance and other public sector stakeholders to support awareness, capacity building, and technical dialogue on IPSAS-based reforms and the modernization of public sector financial reporting.

Current Status: Sustain

The Law of Ukraine "On Audit of Financial Statements and Auditing Activity" establishes the investigation and discipline framework for statutory 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 is responsible for auditors and audit entities that conduct statutory audits of non-public interest entities under the oversight of the Audit Public Oversight Body.

In addition to the statutory framework for auditors, the Ukrainian Federation of Professional Accountants and Auditors (UFPAA) maintains its own investigation and disciplinary system for members through its Disciplinary Committee. The Committee includes accountancy and non-accountancy professionals, requires members to be independent of the matter under review, and may impose sanctions including warnings, reprimands, suspension from membership, and exclusion from membership.

UFPAA communicates information on professional conduct and disciplinary requirements to members through its website, publications, and member communications. It has also conducted a self-assessment of its investigation and disciplinary arrangements against Statement of Membership Obligation 6 and identified areas for improvement, including clearer separation of investigation and disciplinary functions, stronger linkage with quality assurance findings, an independent appeal mechanism, enhanced sanctions, and greater transparency of outcomes.

UFPAA has an established and operational system for its members and has identified actions to strengthen alignment with SMO 6. However, further work is needed to fully implement these improvements and strengthen coordination with the statutory auditor enforcement framework.

UFPAA should continue implementing the findings of its self-assessment by strengthening separation of investigation and disciplinary functions, establishing an independent appeal mechanism, enhancing transparency of disciplinary outcomes, and coordinating with the Audit Public Oversight Body and the Auditors Chamber of Ukraine to support broader jurisdiction-level alignment with SMO 6.

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 Ukrainian Federation of Professional Accountants and Auditors (UFPAA) does not have direct responsibility for adopting IFRS Accounting Standards but has consistently supported the Ministry of Finance and other stakeholders in their adoption, translation, and implementation. UFPAA has historically supported translation activities and continues to support implementation through training programs, seminars, continuing professional development, technical materials, and member communications on IFRS Accounting Standards and related developments.

UFPAA also supports broader corporate reporting reform through technical input, stakeholder engagement, and awareness-raising on the alignment of National Accounting Standards with IFRS Accounting Standards. It provides members with implementation support on the transition from national standards to IFRS Accounting Standards and continues to promote timely awareness of new and revised standards.

Given that adoption of IFRS Accounting Standards is outside UFPAA’s direct authority and that it maintains established and ongoing implementation support processes, UFPAA is assessed as Sustain.

UFPAA is encouraged to continue providing targeted training, guidance, and technical materials on new and revised IFRS Accounting Standards, including IFRS 18 and IFRS 19, and to maintain cooperation with the Ministry of Finance, regulators, universities, and other stakeholders to support consistent implementation.

Current Status: Sustain