Statutory audit

PETTERSON & BENNETT provides a number of related services, including a statutory audit of financial statements in Kyiv. Qualified specialists issue an opinion on the situation with the financial statements of a business entity based on the assessment results. Such a document not only increases the confidence of the company's managers — potential counterparties analyze the audit report before signing large contracts, and banks assess it at the stage of considering loan applications. For this reason, a statutory audit of financial statements is an essential attribute for an objective assessment of the real standing of the company and the establishment of reliable partner status.

Which companies require a statutory audit?

Under the current legislation of Ukraine, a statutory audit is carried out on a range of business entities.

Here is a list of those who fall into this category:

• enterprises of public interest, except for securities issuers;
• public joint-stock companies (PAO);
• natural monopoly entities;
• large, medium and small businesses;
• companies whose activities are related to the extractive industries.

Please note! Only those auditing entities that are included in the Register have the right to conduct a statutory audit of the accounts and records of enterprises of public interest. You can get acquainted with the list on the website of the Audit Chamber of Ukraine.

Stages of a statutory audit of financial statements

Before the specialists of our company begin to work, they first discuss with the customer several important details — the audit strategy, research methods, and the list of the inspectors. After agreeing on the terms and conditions between PETTERSON & BENNETT and the client, a formal contract is concluded indicating the timeframe, scope of work and its cost.

For our purpose, the process of conducting a statutory audit of financial statements can be divided into three stages:

• Data preparation and collection — experts examine financial reporting data, evaluate personnel policies and check the documentation for compliance with legal requirements.
• Conducting an audit — competent specialists conclude the work and financial standing of the company, taking into account its industry, and consolidating acquired information.
• Preparation of an audit report — such a report contains an expert assessment of the reliability of documents, including valuable recommendations for reducing risks and conclusions about the company's activities for the period under review.

Terms and cost of statutory audit in Ukraine 2022

These parameters are fundamental for many entrepreneurs when they are choosing an audit company, but it is worth noting that it is not always advisable to rely on fixed prices. The cost of a statutory audit in Ukraine 2022 cannot be fixed — it depends on several characteristics:

• time of evaluation;
• the cost of an auditor's hour of work;
• the scale of the company's activities;
• completeness of the provided documentation.

Preliminary preparation of documents by the company can significantly reduce the examination time. The audit will require the following list:

• organizational and executive documentation;
• source documents;
• accounting and tax ledgers;
• credit and debit slips;
• correcting entries;
• previous audit reports (if available).

Where to order a statutory audit of financial statements in Kyiv?

If you need to order a statutory audit of financial statements in Kyiv, please contact PETTERSON & BENNETT.

1. The high professionalism of our specialists, knowledge of the law and the peculiarities of accounting and tax accounting in various areas of business will allow us to carry out an audit in a short time.
2. As a result of cooperation, you will receive a well-prepared report that will allow you to conclude profitable contracts, comply with legal requirements and get financing from the country's leading banks.
3. Price for a statutory audit is one of the main advantages of PETTERSON & BENNETT!