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The Ministry of Finance approved the Regulatory Framework for Certification and Continuous Training of Auditors

The Ministry of Finance has approved several regulations on certification and continuous training of auditors, to comply with the requirements of Art. 19 of the Law of Ukraine “On the Audit of Financial Statements and Auditing Activities”, in particular, the Procedure for passing the examination for the certification of auditors, the Procedure for crediting of theoretical knowledge, the Internship Procedure and the Procedure for continuous professional training of auditors.

The documents define:

- the procedure for organizing, conducting and formalizing the results of theoretical and qualification examinations to be taken by candidates during the certification, as well as the procedure for distribution of funds received as a fee for the examination;

- conditions and scope for crediting of theoretical knowledge by the candidates when they obtain the qualification of an auditor;

- the procedure, scope, duration and organization of practical experience gained by the candidates through employment at audit entities;

- forms, types, scope, duration, conditions and procedure for monitoring auditors' continuing professional training.

For reference:

The purpose of the Law of Ukraine “On the Audit of Financial Statements and Auditing Activities” is to bring the norms of national legislation in accordance with the legislation of the European Union.

 International organizations, regulators and representatives of the profession support the new system of regulation of auditing activities like the one that corresponds to the fulfillment of obligations undertaken by Ukraine under the EU - Ukraine Association Agreement.

In particular, positive conclusions were received from the European Commission, the International Forum of Independent Audit Regulators (IFIAR), the UK Financial Reporting Board and the Audit Supervisory Commission of the Federal Republic of Germany.

The leading role in this system belongs to the Audit Public Oversight Body which ensures the supervision of auditing activities.