Accommodating the Ukrainian Audit to the EU Requirements (Tacito consensu)

Abstract

Once the EU-Ukrainian Association Agreement was signed, the Ukraine faced the challenge of implementing a series of EU regulatory acts in the national legal framework. It is also the case of audit, as the domestic practices of audit meet the European standards and IFA requirements from merely theoretical point.

The article focuses on the specifics of requirements to organization of auditor’s activities, fixed in the EU Directives No 34 and No 56 and the Regulations No 537. Main directions of change in the Ukrainian audit, to be made in keeping with the requirements of the above documents, are outlined.

Of the tasks to be addressed by Ukrainian auditors, the need for change in the organizing principles of the auditor’s activities, for control and quality enhancement of audit services, for implementation of the EU requirements to the domestic audit of public interest entities is emphasized.

The conclusion is made on the necessity of elaborating the new national regulations on the domestic audit.

The analysis demonstrates the uneven distribution of consumption of goods and services across Ukraine.