The National Bank of Ukraine (NBU) has set additional requirements for the inclusion of audit firms entitled to inspect banks in the corresponding state register, according to the NBU website, referring to Resolution No. 110.
The document, among other requirements, stipulates an increase to 2 years of the minimum period of an audit firm’s contractual relations with the bank, an increase in the minimum number of auditor holders of bank certificates up to three people, as well as enhanced training of staff. In addition, the regulator will require that the audit firms have technical conditions and premises for auditing operations, as well as check their inclusion in the register of the Audit Chamber of Ukraine with a list of firms that meet the criteria for conducting mandatory audits.
The NBU also expanded the list of grounds to reject registration appeals of auditing companies. (UNIAN/Business World Magazine)