On the issue of reviewing, quality control, and protection of auditors' rights

The FAU has a Committee for Review, Quality Control, and Protection of Auditors' Rights, the provisions of which were approved by Minutes № 2/18 of the General Meeting of the Public Union "Federation of Auditors of Ukraine" on May 24, 2018.

The FAU established the Committee to:

Implementation of the provisions of Law № 2258-VII for objective and impartial review of independent auditors' reports, compliance with the quality of audit services in accordance with International Standards on Auditing, regulations and requirements of Regulators (National Securities and Stock Market Commission, National Agency for Prevention of Corruption, National Bank of Ukraine, etc.);

compliance with professional auditing standards, professional ethics and organization of internal quality control of audit services;

identifying the extent of the impact of the content of the independent auditors' report on users of financial statements;

verification of the objectivity of the grounds and judgments of the auditors, which led to the expression of a particular opinion on the financial statements of the Customers.

In its work the Committee is guided by:

Law № 2258-VII On audit of financial statements and auditing activities

Interpretations by prestigious experts from the International Federation of Accountants

Editions of Big-4 ("Big Four Audit Firms")

Internal auditing guidelines for large network auditing firms

Sets of working papers approved by companies that meet international standards and International Standards on Auditing, GAAP (Generally Accepted Accounting Principles)

Other administrative, accounting policies of Customers, instructions of internal auditors, decisions of audit committees, regulations related to audit, financial monitoring, anti-corruption and antitrust law, laws on valuation, banks, etc., which are relevant to the audit, including standards and decisions of the РСАОВ (Public Company Accounting Oversight Board).