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The requirements for the provision of an auditor’s conclusion based on the findings of the audit of the statements of a resident of Diia City set out in its initial and annual Compliance Report are given in Article 13 of Law of Ukraine No. 1667-IX dated 15 July 2021 On Stimulating the Development of the Digital Economy in Ukraine.
The procedure for submission and review of the Diia City resident’s compliance report and independent opinion is approved by the CMU Resolution No. 1492 dated 30 December 2022.
Thus, IT companies who are residents of Diia City shall submit an independent auditor’s conclusion to the Ministry of Digital Affairs annually by June 1 and once for the three full calendar months following the month in which the Diia City resident status was acquired.
Residents of Diia City are given freedom in choosing an audit company. However, it should be noted that according to Article 14 of the CMU Resolution No. 1492, improper selection of an auditor’s incomplete or poorly prepared auditor’s report may be grounds for leaving the Compliance Report of the Diia City resident without consideration.
Kreston Ukraine experts have experience in cooperating with residents of Diia City, conducting an audit of the initial Compliance Report and the annual Compliance Report, and forming a conclusion based on your request.
Assurance engagement regarding Diia City Resident’s Compliance Report is performed by the auditor by International Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information approved by the International Auditing and Assurance Standards Board (abbreviated – IAASB 3000).
The criteria applied to the engagement and are necessary for sufficiently consistent assessment of the subject matter of the engagement in the context of professional judgment are established by clauses 2-4 of the first part of Article 5 of Law 1667-IX.
Monthly compliance with the criterion of the length of the average monthly remuneration of the involved employees and GIG specialists in the amount of not less than the equivalent of EUR 1,200 at the official exchange rate of the hryvnia against the euro, established by the NBU as at the first day of the corresponding calendar month, is audited.
compliance with the criterion of the average number of employees and GIG specialists of a legal entity in the amount of at least nine persons per month is audited.
monthly compliance with the criterion of the amount of qualified income of a legal entity in the amount of at least 90 per cent of the amount of its total income for such period is audited.
After completing the audit, the auditor provides a practitioner's opinion, which is drawn up by IAASB 3000 and considers the requirements of CMU Resolution No. 1492. The conclusion contains an argument on the compliance of the statements of a resident of Diia City with the criteria established in clauses 2-4 of the first part of Article 5 of Law 1667-IX in the context of the applicable criteria and requirements of Article 9 of Law of Ukraine On Accounting and Financial Reporting in Ukraine dated 16 July 1999 No. 996-XIV in the context of the requirements for the registration of primary documents.
Importance of auditing Diia City Resident’s Compliance Report:
The audit helps the residents of Diia City ensure compliance with the rules and conditions governing their activities.
compliance with the regulator's rules is critical to avoiding the application of sanctions and offences that may affect a resident's reputation and status. Loss of Diia City resident status impacts a company's income taxation.
the audit contributes to ensuring the protection of investors and other stakeholders who are interested in the activities of the Diia City residents.
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