In pursuance of Article 12 of Law of Ukraine No. 3125-XII of April 22, 1993 “On Auditing Activity”, aiming at exercising powers on establishing control over the quality of audit services, the Audit Chamber of Ukraine has approved the Regulation on external audits of audit services quality control systems created by audit firms and auditors in compliance with professional standards, legislative and regulatory requirements.
This Regulation is aimed at providing control over audit services quality in Ukraine by introducing external audits of quality control systems created by audit firms and auditors acting as private entrepreneurs in compliance with the International Quality Control Standard 1 and Regulation 1 about National Practice of Quality Control “Organization of the Audit Services Quality Control System by Audit Firms and Auditors”. The Regulation is obligatory for all entities of auditing activity in Ukraine; it outlines main requirements for external audit organization, as well as activities and procedures thereof.
The Regulation becomes effective beginning on May 01, 2009.
In pursuance of Article 12 of Law of Ukraine No. 3125-XII of April 22, 1993 “On Auditing Activity”, aiming at exercising powers on establishing control over the quality of audit services, the Audit Chamber of Ukraine has approved the Regulation on external audits of audit services quality control systems created by audit firms and auditors in compliance with professional standards, legislative and regulatory requirements.
This Regulation is aimed at providing control over audit services quality in Ukraine by introducing external audits of quality control systems created by audit firms and auditors acting as private entrepreneurs in compliance with the International Quality Control Standard 1 and Regulation 1 about National Practice of Quality Control “Organization of the Audit Services Quality Control System by Audit Firms and Auditors”. The Regulation is obligatory for all entities of auditing activity in Ukraine; it outlines main requirements for external audit organization, as well as activities and procedures thereof.
The Regulation becomes effective beginning on May 01, 2009.