An assurance engagement is one in which the auditor expresses a conclusion designed to increase the confidence of the intended users of a company's reporting, other than the responsible party.
Assurance engagements include:
assessing (testing) the effectiveness (compliance) of the internal control (internal audit) system;
assessing (testing) the effectiveness (compliance) of the management system;
assessing (testing) the effectiveness (compliance) of staff incentive and pay schemes;
assessing whether the company's activities…
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Published 22 June 2016. Some rules have changed since; ask us for the current position.
The tax authorities have reminded taxpayers that, under the first paragraph of subparagraph 141.4.7 of the Tax Code of Ukraine, the profits of non-residents operating in Ukraine through a permanent establishment are taxed under the general rules. The permanent establishment is treated as a taxpayer operating independently of the non-resident.
The object of corporate income tax is profit sourced in Ukraine and abroad. It is determined by adjusting the pre-tax…
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Published 14 June 2016. Some rules have changed since; ask us for the current position.
The Verkhovna Rada has adopted the Law "On Financial Restructuring" (Про фінансову реструктуризацію; bill No. 3555).
The law is intended to ease the debt burden on Ukrainian companies that are temporarily unable to repay creditors on time. It also simplifies rescheduling of debt, changes to interest rates, partial debt write-offs, new financing and similar arrangements.
The…
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Published 1 June 2016. Some rules have changed since; ask us for the current position.
Based on its 2015 results, a company fell under the controlled transactions rules: its total income exceeded UAH 50 million, and it bought goods from non-resident suppliers registered in an offshore jurisdiction (the Marshall Islands). The company filed its controlled transactions report by 1 May. In its 2015 corporate income tax return, it increased the financial result by 30% of the cost of the goods bought from offshore suppliers. Can the company file an amended return…
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Published 31 May 2016. Some rules have changed since; ask us for the current position.
When opening accounts for clients whose place of residence or registered office is at an address affected by a decision to renumber buildings or rename streets (avenues, boulevards, squares, lanes, blocks, etc.), settlements or administrative units, or by changes to the administrative and territorial structure, banks must add to the account file the relevant decisions of the Verkhovna Rada of Ukraine or local self-government bodies.
As the regulator,…
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