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EBA Odesa Financial and Tax Committee: “Results of the audit 2020. Preparing for the audit 2021”

16/ 07/ 2021
  The last 2020 year, is de facto, the second year of mandatory audit in Ukraine. Thus, the statutory audit is an inspection required by applicable law. And a number of organizations must conduct a similar procedure annually. The purpose of the mandatory audit is to confirm the accuracy of the financial statements of the firm. On July 15, 2021, at the EBA Odesa Financial and Tax Committee together with the experts of AC Crowe Ukraine, we considered what companies should take into account when preparing for the audit in the 2021 reporting year. In particular, we talked about the legislation on financial reporting and audit of financial statements, the work of the appraiser during the preparation of financial statements, the results of financial reporting and audit for 2020 and their extrapolation to 2021. Olena Potopalska, Deputy General Manager of AC Crowe Ukraine, Partner, told the participants about the legislation on financial reporting and auditing financial statements, whether you should undergo a statutory audit and the risks of not having an audit report, market review and how to choose an auditor. In turn, Oleksandr Zozulya, a partner of Crowe AVR, Ukraine, shared with the participants the main criteria for a quality appraisers report and acceptance of the appraisers work by an external auditor. Finally, Vitaliy Havrysh, partner of AC Crowe Ukraine, highlighted the results of financial reporting and auditing for 2020 and their extrapolation in 2021, the main criteria of a quality evaluators report and effective cooperation with the external auditor, typical reporting errors and solutions. We see that the statutory audit of the company allows not only to confirm the results of financial statements, but also to increase the level of confidence of creditors, investors, customers and more. If your company is prepared for a mandatory audit, it indicates a reliable reputation and the proper regulation of your financial accounting.

The last 2020 year, is de facto, the second year of mandatory audit in Ukraine. Thus, the statutory audit is an inspection required by applicable law. And a number of organizations must conduct a similar procedure annually. The purpose of the mandatory audit is to confirm the accuracy of the financial statements of the firm.

On July 15, 2021, at the EBA Odesa Financial and Tax Committee together with the experts of AC Crowe Ukraine, we considered what companies should take into account when preparing for the audit in the 2021 reporting year. In particular, we talked about the legislation on financial reporting and audit of financial statements, the work of the appraiser during the preparation of financial statements, the results of financial reporting and audit for 2020 and their extrapolation to 2021.

Olena Potopalska, Deputy General Manager of AC Crowe Ukraine, Partner, told the participants about the legislation on financial reporting and auditing financial statements, whether you should undergo a statutory audit and the risks of not having an audit report, market review and how to choose an auditor. In turn, Oleksandr Zozulya, a partner of Crowe AVR, Ukraine, shared with the participants the main criteria for a quality appraiser’s report and acceptance of the appraiser’s work by an external auditor. Finally, Vitaliy Havrysh, partner of AC Crowe Ukraine, highlighted the results of financial reporting and auditing for 2020 and their extrapolation in 2021, the main criteria of a quality evaluator’s report and effective cooperation with the external auditor, typical reporting errors and solutions.

We see that the statutory audit of the company allows not only to confirm the results of financial statements, but also to increase the level of confidence of creditors, investors, customers and more. If your company is prepared for a mandatory audit, it indicates a reliable reputation and the proper regulation of your financial accounting.

Speakers

1 / 3
Olena Potopalska
AC Crowe Ukraine Deputy General Director, Partner, Consulting and Risk
Vitalii Havrysh
AC Crowe Ukraine, Partner, Audit
Oleksandr Zozulia
Crowe AVR, Ukraine, Partner, Assessment
Olena Potopalska
Vitalii Havrysh
Oleksandr Zozulia

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