The new Law on auditing began to apply

The Law “On Auditing” has become invalid.

Law No. 2258-VIII “On the Audit of Financial Reporting and Auditing” defines the legal basis for auditing financial reporting and auditing activities in Ukraine and regulates relations arising from its implementation. Changes to the Code of Administrative Offenses regarding responsibility for violation of the procedure for disclosing financial statements or consolidated financial statements, as well as for the non-submission of information by the auditor to the Public Audit Authority for auditing activities will begin from February 7, 2019.
Auditors whose certificates have not expired before October 1 are deemed to have confirmed qualification suitability for carrying out audit activities and have gained practical experience in the manner prescribed by law. The Audit Chamber of Ukraine is obliged to enter them in the register.
In order to create the Audit Chamber in accordance with the new requirements, a constituent congress of auditors of Ukraine is held no later than six months from the day the Law enters into force. The order of its convocation is determined by law.
Also entered into force:
(a) Provision on the procedure for deviation (removal) by the National Bank of an audit firm chosen by the bank for conducting an external audit
(b) Regulations on the procedure for the provision by the bank to the National Bank of Ukraine of an audit report on the results of the annual audit of financial statements