Financial Statement Audit in Kyiv, Ukraine

A financial statement audit is an examination of accounting records and reported figures, after which an independent auditor gives an opinion on whether the statements comply with the applicable standards. Key Solutions performs voluntary audits under International Standards on Auditing (ISA) for owners, banks, investors and buyers of a business. For a mandatory audit we run the whole process: a partner audit firm entitled to perform statutory audits carries out the audit and signs the report, while we prepare the books and statements and support you through to publication.

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What a financial statement audit is

Under Art. 1 of the Law "On Audit of Financial Statements and Auditing Activity" (Закон № 2258-VIII), the auditor gives an opinion on whether the statements comply, in all material respects, with national standards (НП(С)БО), IFRS or other requirements. Only firms entered in the Register of Auditors and Audit Entities may provide audit services (Art. 20). A review of taxes alone is a separate service, a tax audit of a company.

When owners and investors order an audit

• a bank or leasing company asks for audited statements for a loan;
• an investor or buyer checks the company before a deal; for a deeper review, see financial and tax due diligence;
• a Prozorro tender requires statements with an auditor's report;
• the chief accountant or CEO leaves, and the owners want the books checked before the handover;
• the owners want an independent assessment of the accounting team's work and primary documents.

What the audit covers

• accounting policy, business structure and the risks of material misstatement;
• balances and turnover tested on a sample basis;
• attendance at the inventory count or alternative procedures under ISA 501;
• confirmation requests to debtors, creditors and banks.

How we work

1. Request and scope We review the statements and a short questionnaire and estimate scope and timing.
2. Contract and audit plan The contract fixes the subject, scope, fee and liability (Part 2, Art. 7 of Law No. 2258-VIII).
3. Documents and inventory count We receive registers and primary documents and agree the count date.
4. Testing accounts and statements We test samples and document evidence and deviations.
5. Discussing corrections Your accounting team posts the adjustments we agree.
6. Auditor's report and letter We issue the report with the auditor's opinion and a management letter.

Timing

In our experience, a single company outside a group takes several weeks after we receive the full document set. Groups, IFRS or a first audited year extend the work. Sign the contract before year-end so the auditor can attend the inventory count.

What affects the cost

The fee is agreed in the audit contract (Part 2, Art. 7 of Law No. 2258-VIII); the state sets no tariffs. The main factors:

• transaction volume and company size;
• first audited year, when opening balances also need testing;
• the number of group entities and intra-group transactions;
• IFRS or national standards;
• the state of the records and the number of warehouses.

What we need from you

• Financial statements for the audited period and the prior year.
• Trial balances and registers from the accounting system.
• Accounting policy, charter and key contracts.
• A contact person in accounting and auditor access to sites on the count date.

Result

• An auditor's report under ISA with an unmodified or modified opinion (ISA 700, ISA 705).
• A management letter listing errors, risks and corrections for the next period.
• An independent opinion you can show to a bank, investor or buyer.

Mandatory audit in Ukraine: who is required and how we help

Under Part 3 of Art. 14 of the Law "On Accounting and Financial Reporting in Ukraine" (Закон № 996-XIV), public-interest entities, public joint-stock companies, natural monopolies, extractive companies, large and medium-sized enterprises and several other groups publish annual statements with an auditor's report. Only an audit firm listed in the relevant section of the Register may be appointed for this audit (Part 1, Art. 29 of Law No. 2258-VIII). Key Solutions checks whether your company falls under the requirement and organises the mandatory audit end to end: a partner audit firm listed in the relevant section of the Register and entitled to perform statutory audits carries out the audit and signs the report, and we prepare the accounting and statements, answer the auditor's queries and support you until the statements are published. See also: mandatory audit in Ukraine: who needs it and how to prepare. To order: mandatory audit of financial statements.

A company belongs to a size category if it meets at least two of three criteria in its annual statements for the previous year (Part 2, Art. 2 of Law No. 996-XIV):

Legal framework

Risks, and why to hand the audit to a team under contract

Errors in financial statements tend to surface when they are expensive to fix: a delayed loan, a revised deal price, additional tax. An audit before such events gives the owners time to correct them. An independent auditor's report builds the trust of clients, investors and counterparties, and the management letter lists corrections that reduce next year's risks. We work under a contract with defined scope, timing and liability.

Why Key Solutions

Turnkey, with no extra hassle

We take the whole task: documents, calculations, reporting and correspondence with the State Tax Service. You make the decisions, provide source documents and sign; we do the rest and contact you only when it matters.

We take on the tax office

Information requests, blocked tax invoices, inspection reports: we prepare explanations, rework documents and appeal until the issue is closed. Where the law is in dispute, we work together with the group's lawyers.

We see it through

Your case stays on track: the specialist running it remains with you, even if an inspection or audit drags on for months. Statutory audits are performed, and the report signed, by a partner audit firm entitled to perform them; we handle preparation and support through publication, so you deal with one team from start to finish.

Boutique-level involvement

A senior specialist runs your project personally (see the Our employees page), backed by 14 years of Innova group practice in 50+ countries. Non-standard tasks are our field: where you hear “it can’t be done”, we look for a lawful way, and group companies cover the rest: legal.ua for legal matters, crystal.tax for crypto-asset taxation.

Your affairs stay yours

Information about your company, turnover, payroll and counterparties reaches neither competitors nor third parties. We disclose only what the law or a procedure requires, and the contract says so.

Faster and right the first time

Full involvement: your specialist learns your books, contracts and business, so documents and reports are ready on time with no rework. The group's 14 years of experience let us get right the first time what takes some firms three attempts.

Frequently asked questions

Related services

• All audit services
• Tax audit of a company
• Financial and tax due diligence
• IFRS transformation of financial statements
• Inventory count