From October 1, 2018, the National Bank of Ukraine (NBU) introduces the procedure of departure (banishment) of the audit firm from conducting the bank audit, the regulator’s press office reported.
In accordance with the Law of Ukraine on Auditing Financial Statements and Auditing Activities, which entered in force on 07 February 2018 and will be effective from 01 January 2018 (then – Law on Audit).
In particular, the right of the National Bank to maintain the register of auditing firms, conducting the external audit of banks.
Meanwhile, within three years, NBU obtained the right to depart the audit firm, chosen by the bank for conducting the external audit, or ban the audit firm, which conducts the external audit of the bank.
The regulation on banishment, approved by NBU, in particular, determines: the order of bank reporting to the National Bank on the audit firm, chosen for conducting the external audit; grounds for approving the decision on the banishment of the audit firm, chosen by the bank: procedure of reporting by the National Bank to the bank and public oversight authority, which is created in accordance with the law on audit, the decision, approved by the regulator.
New rules will start being effective from October 1, 2018, until 6 February 2021.
