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The Ministry of Finance takes EBA’s proposals into account in the draft law on auditing activities

08/ 04/ 2025
  The Ministry of Finance of Ukraine has published a report on the results of the public discussion and electronic consultations regarding the draft Law of Ukraine “On Amendments to the Law of Ukraine On the Audit of Financial Statements and Auditing Activities and Certain Other Laws of Ukraine Aimed at Improving Audit Legislation.” The European Business Association took part in the discussion and submitted its proposals. In particular, the EBA emphasised the need to remove provisions relating to the regulation of internal audit. According to industry experts, such provisions are not aligned with EU legislation and its implementation practices, and are also inconsistent with existing Ukrainian legal acts. Furthermore, the proposed regulations could create a risk of overlapping functions with other regulators, including the National Bank of Ukraine. The EBA also stressed that oversight of internal audit in banks and financial institutions — including qualification requirements for professionals — should remain under the exclusive competence of the NBU. According to the published report, the Ministry of Finance has taken into account the EBA’s proposals and removed all provisions relating to internal audit from the draft law. The European Business Association sincerely thanks the Ministry of Finance of Ukraine for its open dialogue and constructive cooperation. The business community hopes that this version of the draft law will be preserved during further consideration and adoption.

The Ministry of Finance of Ukraine has published a report on the results of the public discussion and electronic consultations regarding the draft Law of Ukraine “On Amendments to the Law of Ukraine ‘On the Audit of Financial Statements and Auditing Activities’ and Certain Other Laws of Ukraine Aimed at Improving Audit Legislation.” The European Business Association took part in the discussion and submitted its proposals.

In particular, the EBA emphasised the need to remove provisions relating to the regulation of internal audit. According to industry experts, such provisions are not aligned with EU legislation and its implementation practices, and are also inconsistent with existing Ukrainian legal acts. Furthermore, the proposed regulations could create a risk of overlapping functions with other regulators, including the National Bank of Ukraine.

The EBA also stressed that oversight of internal audit in banks and financial institutions — including qualification requirements for professionals — should remain under the exclusive competence of the NBU.

According to the published report, the Ministry of Finance has taken into account the EBA’s proposals and removed all provisions relating to internal audit from the draft law.

The European Business Association sincerely thanks the Ministry of Finance of Ukraine for its open dialogue and constructive cooperation. The business community hopes that this version of the draft law will be preserved during further consideration and adoption.

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