Industry: port infrastructure and logistics
Following updates to the regional criteria for determining critical enterprises, one of the key requirements became documented confirmation of investments in port infrastructure exceeding UAH 10 million during the previous calendar year, verified by an independent audit firm.
The company had made substantial capital investments in the development of infrastructure facilities. However, to demonstrate compliance with the new criterion, it needed an independent report confirming the actual amount of such investments based on appropriate documentary evidence.
The Kreston Ukraine team performed an agreed-upon procedures engagement in accordance with ISRS 4400 (Revised), focusing exclusively on the verification of investments in port infrastructure.
Scope of work:
The engagement included:
– reviewing the investment calculation for the reporting period;
– verifying the mathematical accuracy and completeness of the data;
– examining supply agreements, construction contracts, completion certificates, delivery notes and other supporting documentation;
– performing sample-based reconciliation of amounts, dates and transaction details against source documents;
– obtaining explanations regarding the relationship between incurred expenditures and the development of port infrastructure facilities;
– confirming the existence of adequate documentary support for investment projects.
Based on the procedures performed, a report of factual findings was prepared regarding information on the investments made. The results enabled the client to use the report as one of the supporting documents required to demonstrate compliance with the relevant criterion.
Client outcome:
The company obtained an independent report presenting the factual findings of the procedures performed, which was used during the process of confirming compliance with one of the applicable criteria.
Business value:
By applying a targeted verification approach, Kreston Ukraine delivered a practical solution that met regulatory requirements and enabled the client to substantiate significant investments in the development of port infrastructure.
Do you need independent verification of specific financial indicators, investments, or business activities?
The specialists at Kreston Ukraine can perform agreed-upon procedures engagements in accordance with international standards and prepare independent reports for business owners, banks, investors, regulators, and other stakeholders.
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This project is presented solely as an example of the professional experience of Kreston Ukraine. The engagement was performed in accordance with ISRS 4400 (Revised) – Agreed-Upon Procedures Engagements. Such engagements do not result in an audit opinion or assurance conclusion. The practitioner reports only the factual findings arising from the procedures performed.
