Audit of financial statements

In accordance with the Ukrainian legislation every business organization operating in its territory is obliged to submit financial statements. Some entities are obliged by the law to submit results of audit of such financial statements to the controlling authorities as well (so called “obligatory audit”).

Certainly, for several companies requirements of such type are not stipulated by the laws. But the interested parties, for example, effective or potential investors, may demand to conduct audit of financial statements to receive information on already received and predictable results of company’s activity.

Potential creditors may also be interested in the results of such audit as they have to make a decision on possible granting credits, loans or delivery of goods with payment delay and in order to make sure about solvency and feasibility of liabilities by the company now and in the future.

An audit can also be necessary for a business owner when replacing employees, for example, director or accountant, or with the aim of assessment of competence of such employees. Such kind of audit is often called “initiative audit”.

We offer audit of financial statements prepared in accordance with the local accounting standards and audit of financial statements prepared in accordance with the other (international and others) standards.

Recently, our legislation was making requirements for accounting and preparing financial statements in accordance with the international standards more and more strict. And, respectively, the same is for providing auditor’s reports for such financial statements.

Specialists of our company have extensive experience of conducting both – obligatory and initiative audit of financial statements prepared in accordance with the local and international standards as well.

There is one thing that should be taken into account: only audit company meeting established specific requirements may conduct an obligatory audit whose reports subsequently will be provided to regulatory authorities. One of them is inclusion to the legally established specialized registers.

Our company meets all the requirements established for companies conducting an obligatory audit. We are included to the following registers: Register of audit firms that have right to conduct an audit of securities market professional participants; Register of audit firms and auditors that have right to conduct an audit of financial companies; List of audit firms meeting criteria for conducting obligatory audit.

If to talk about initiative audit there are no established state specific requirements to the companies conducting it. As our company passed examination for meeting requirements for providing an obligatory audit (including external review of the quality control system), this automatically means that we can conduct an initiative audit at the appropriate level as well.

We should separately mention the audit of statements prepared in accordance with the USALI standards. Its aim is independent auditor’s expressing professional opinion on reliability of such financial statements. USALI standards are actively used for drawing annual plans (budgets) of hotels, allocation of incomes and expenditures of hotel between the Owner (hotel’s proprietor) and the Operator (managing company). USALI audit is not only supporting instrument in the process of budget planning but also enables to identify sources of funds saving. Users of such service are management of companies from the hospitality sphere, namely hotels, restaurants, inns.

Our company is one of the few companies in Ukraine having many year constant experience of providing services of conducting audits and confirming correctness of preparing for managerial reports of hotels managed by famous world brands and prepared in accordance with the Uniform System of Accounts for the Lodging Industry (USALI).

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    Kyiv, street Vasylkivska 14,
    BC “STEND”, of. 315

    Audit company “UHY Prostor Ltd”

    Prostor Accounting Services

    Olga Petrukhina’s Law Office

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