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Home Page » Audit and related services » Audit of public interest entities
According to the definition of the terms of Law No. 996, public interest entities are:
Division of enterprises into categories – large enterprises, medium enterprises and small enterprises – is carried out by the legally established criteria.
You can determine which category the Company belongs to in the reporting year and whether it is subject to an audit by using the calculator on the Kreston Ukraine website at the link.
According to clause 2 of Article 2 of Law No. 996, large enterprises are those whose indicators, as of the date of preparation of annual financial statements for the year preceding the reporting year, meet at least two of the following criteria:
Suppose an enterprise of one of the categories does not meet the above criteria for two years in a row based on the indicators of annual financial statements. In that case, it belongs to the corresponding category of enterprises. For some instances of category determination, the Ministry of Finance provided relevant clarifications in its letter No. 35210-06-5/8860 dated 23 March 2020.
Public interest entities prepare financial statements according to International Financial Reporting Standards.
the auditor shall ensure that an entity’s financial statements meet all the requirements of IFRS in all material aspects. This includes compliance with the defined standards for classification, evaluation, recognition of assets and liabilities, and their proper presentation in financial statements.
the auditor assesses the risks associated with potential misstatements in financial statements based on the obtained understanding of the company's business, the specifics of its activities, the adopted accounting policies, etc., develop an audit strategy and plans audit procedures in response to identified risks, including fraud risks.
the auditor evaluates the effectiveness of the company's internal control systems and conducts its testing to obtain assurance as to whether the reliability of financial statements is ensured.
One of the particular features of auditing financial statements prepared by IFRS is the careful consideration and verification of estimates provided by the company's management. Auditing these judgments is lengthy due to the significant agreements and discussions involved. It is wise to analyse such qualitative indicators in advance.
the auditor verifies the accuracy and completeness of the data included in the financial statements by applying the procedures of external confirmation, recalculation, inspection, observation, analytical procedures, substantive procedures, etc.
upon completion of the audit, the auditor provides his opinion on the reliability of all material aspects of the financial statements, which may be unmodified (clean, unqualified) or modified (qualified opinion, adverse opinion, disclaimer of opinion).
An IFRS audit is essential for financial transparency and confidence for investors, creditors and other stakeholders.
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While working on our project, the Kreston Ukraine team confirmed a deep understanding of IFRS aspects and a high-quality level of services expected from a company with an international audit network. All procedures were completed in a timely manner, without delays or complications. We recommend Kreston Ukraine as a reliable partner for audit and consulting services.
BRITISH AMERICAN TOBACCO UKRAINE
Kreston Ukraine auditors proved to be professionals in their field - they thoroughly studied the company's statements, found an approach to each employee, promptly responded to our questions and complied with all contractual conditions. Work.ua recommends Kreston Ukraine for providing high quality audit services.
WORK.UA
Poltava Petroleum Company is satisfied with the results of cooperation and recommends Kreston Ukraine as a reliable and stable partner that professionally fulfils its obligations and guarantees high-quality audit services.
POLTAVA PETROLEUM COMPANY
The Kreston Ukraine team has audited financial statements for one of the Red Cross humanitarian programmes in Ukraine. During our cooperation, we made sure that the company's specialists have a deep understanding of the specifics of accounting in non-profit organizations and know the requirements for the proper registration of work results put forward by donors. We can say that Kreston Ukraine is a qualified partner that justifies the title of an international auditor.
UKRAINIAN RED CROSS SOCIETY
Given the successful experience of cooperation, INDUSTRIALBANK can recommend Kreston Ukraine as an expert auditor in the banking sector, in particular, in matters of financial restructuring.
INDUSTRIALBANK
Based on the results of our work with Kreston Ukraine, we note the high level of training, practical experience and professionalism of the company's employees. The specialists fully demonstrated their possession of the specifics of accounting and tax accounting of large industrial enterprises.
LOOSTDORF
In the course of cooperation, we could make sure that Kreston Ukraine specialists possess modern tools and techniques to provide audit services at a high level. The distinction is deserved by the team's ability to quickly work with large amounts of data, carefully process information and at the same time comply with the terms established by the contract. Since all contractual obligations were fulfilled in full, Kyrovohradhaz has no complaints about the work of specialists and recommends Kreston Ukraine as a competent and reliable contractor for audit services.
KYROVOHRADHAZ
Management of Join UP! and SkyUp Companies has no complaints about the work of experts and is completely satisfied with the quality of the services provided. All documentation, prepared at a high professional level, was submitted on time and in full. The specialists quickly responded to all questions, maintained communication, and carefully worked out each stage of the project. It should be noted that the team is able to work efficiently and quickly with large amounts of information.
Join UP!
In the course of cooperation, representatives of the Kreston Ukraine company have confirmed their competence and have established themselves as highly qualified and reliable audit partners. The specialists fulfilled their obligations in full and within the terms established by the contract. The team quickly provided detailed answers to all the questions that arose during the audit procedure. Since we consider our experience of cooperation with Kreston Ukraine positive, Hromadske Television confidently recommends Kreston Ukraine to everyone who is interested in audit and accounting services.
HROMADSKE TV
The specialists have fulfilled their obligations in full and provided the deliverables within the contractual time frame. The quality of services provided by Kreston Ukraine fully meets our high expectations and the level of a representative of the international audit network. Excellent communication deserves distinction, thanks to which our management always received prompt answers to their inquiries about the progress of tasks. Since Highway-South Company convinced of the benefits of cooperation with Kreston Ukraine, we confidently recommend the company to all interested in audit and accounting services.
HIGHWAY-SOUTH COMPANY
Kreston Ukraine employees have proven to be highly skilled professionals with in-depth knowledge and experience in the field of audit and IFRS. The team complied with the provisions of the contract, providing all information and documentation in a clear timeframe and fulfilled all their obligations in full. We were impressed by excellent understanding of the specifics and peculiarities of the industry in which our company operates. We appreciate the productive cooperation and are ready for new joint projects in the future. We recommend Kreston Ukraine to anyone looking for a reliable provider of audit services.
INNOVECS
Kreston Ukraine auditors have proven to be professionals who do not allow late work to be completed, carefully examine the accounts and fulfil their obligations in full. IBMPU confidently recommends Kreston Ukraine as a reliable partner that guarantees high-quality audit services.
IBMPU
During the work on the project, the specialists confirmed their deep competence in internal audit and mastery of leading assessment tools. Based on the results of the work, the specialists provided advice on improving the corporate governance system and introducing effective practices. Taking into account the positive experience of cooperation, Bank Vostok confidently recommends Kreston Ukraine as a reliable business partner, strictly observing the contractual conditions and providing services at a high professional level.
BANK VOSTOK
We are completely satisfied with the work done. The auditors met the contractual deadlines, promptly responded to management questions and provided clear explanations. During their work, the specialists demonstrated impeccably well-functioning communication and a high level of professional knowledge. Dnipro Energy Services recommends Kreston Ukraine as a competent and reliable partner in the field of audit.
DNIPRO ENERGY SERVICES
In the course of work, specialists have proven to be professionals who do not allow failure to meet deadlines and carefully studied the reporting, with which they work. The company has fulfilled all its contractual obligations in full. Excellent internal communication between the team, as well as external communication with the client, deserves distinction. The specialists demonstrated in-depth knowledge of the NAR(S)U issues and understanding of the industry in which our company operates. In view of the positive experience of cooperation, Schlumberger Services Ukraine confidently recommends Kreston Ukraine as a reliable provider of audit and accounting services.
SCHLUMBERGER SERVICES UKRAINE
The experts coped with the task on time, while demonstrating a high level of professionalism. The bank for which the audit was conducted accepted the work. We would like to note the confident competence of the team and deep knowledge of the specifics of the agricultural industry. Agristar is satisfied with the cooperation and recommends Kreston Ukraine as an expert in the field of audit and IFRS.
AGRISTAR
Specialists of the Kreston Ukraine company demonstrated deep knowledge of IFRS, understanding and competence in the field. Auditors have proven themselves as professionals who quickly and thoroughly study the reports they work with. The company fulfilled all contractual obligations in full.
YASNO ENERGY EFFICIENCY