Published 23 November 2022. Some rules have changed since; ask us for the current position.
In 2014 the Audit Chamber of Ukraine (Audytorska palata Ukrainy) adopted a decision under which mandatory audits could be carried out only by specialised audit firms that had passed the Chamber’s quality control and were included in its Register of Audit Firms. Only these firms had the right to carry out such audits.
Which organisations are subject to a mandatory audit?
There are many types of business entities today. Those required to publish…
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Sound bookkeeping is the foundation of a lasting, successful business. Everything, including the company’s reputation, depends on how well its affairs are managed. Yet finding a highly qualified specialist to work full time is difficult and often not cost-effective. That is why more and more business owners choose to outsource their accounting.
What do accounting services include?
These services cover a wide range of tasks. The most popular are:
advice on reporting and paying taxes;
performing the accounting function, including preparing and filing mandatory…
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Published 22 February 2022. Some rules have changed since; ask us for the current position.
Many Ukrainian businesses try to keep their payments to the budget as low as the law allows. One legal way to do this is the tax credit. To use it, a business has to be registered as a VAT payer, because the tax credit is made up of the VAT amounts deducted from its tax liabilities.
That is why the tax authorities scrutinise tax invoices closely. Errors or inaccuracies in these documents can lead to a tax invoice being blocked, and being put on the list of risky…
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An in-house accountant and a company lawyer cover a great deal, yet some problems fall outside their remit. An accountant is usually an expert in financial matters, while an in-house lawyer knows employment and corporate law inside out.
Many Ukrainian businesses run into the same ordinary problems: the accountant is on holiday, the lawyer has missed a change in the law, and suddenly the company faces hefty penalties.
What does this mean for the business? Significant financial losses and damage to its reputation. Can it be put right? The answer is simple: the best way to deal with…
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Published 22 February 2022. Some rules have changed since; ask us for the current position.
In 2019 a number of Ukrainian laws and regulations were amended so that medium-sized and large businesses must have their financial statements audited. This audit takes place every year.
Financial audits have also become more popular in recent years as company founders commission them to keep an objective view of the business.
Medium-sized and large companies, by contrast, have an annual audit because the law requires it. Below we look at who must be audited and when to approach…
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