• Financial Statements Audit

Financial Statements Audit


A team of qualified experts of BDO in Ukraine performs an independent audit of financial statements that comprehensively and effectively makes the company's management confident and financial statements trustworthy to the stakeholders.

Audit of financial statements is an audit of the financial statements of a company, the results of which generate an audit report that confirms the accuracy of the presentation of the company's financial statements.

Audit from BDO Ukraine is performed under the International Standards on Auditing (ISA). ISA are strict professional requirements. We also greatly assist in identifying potential business risks, and areas to boost your business.


For whom audit of financial statements is obligatory

The Verkhovna Rada of Ukraine amended the Law No. 2164-VIII "On Accounting and Financial Reporting in Ukraine" on October 5, 2017, under which preparation of the IFRS statements is statutory and submission of the statements together with the independent auditor's report by Ukrainian companies that meet the following criteria:

 Public interest entities:

  • issuers whose securities are admitted to trading on the stock exchanges or on whose securities the public offer was made
  • banks
  • insurers
  • non-state pension funds
  • other financial entities (except for other financial entities and non-state pension funds related to micro-and small entities)
  • large entities

Large entities are entities (which do not meet the criteria for medium-sized entities) whose indicators, as of the date of preparation of the annual financial statements for the year preceding the reporting year, meet at least two of the following criteria:

  • book value of assets is more than 20 million euros
  • net sale revenues (goods, works, services) is more than 40 million euros
  • the average number of employees is more than 250 people

 Public joint-stock companies

 Entities operating in the extractive industries

 Entities performing economic activities by types listed by the Cabinet of Ministers of Ukraine


Audit report is an integral part of tax reporting

The Law of Ukraine No. 466-ix “On amendments to the Tax Code of Ukraine regarding improvement of tax administration, elimination of technical and logical inconsistencies in tax legislation” has amended the section of income tax reporting in paragraph 46.2 of Art. 46 of the TCU on January 16, 2020. The amendments made mean that income tax payers under the law "On accounting and financial reporting in Ukraine", together with tax return must submit annual financial statements to the State Tax Service with an audit report.

Please note that financial statements are an integral part of the income tax return. An income tax return is "not in compliance with requirements" without an audit report, an important attachment.

We also remind you that except for the existing requirements of subparagraph 39.4.6. paragraph 39.4 of Art. 39 of TCU to the meaning of TP documentation (transfer pricing), — a taxpayer also must submit an auditor's report on a taxpayer's accounting (financial) reporting for reporting period(-s), for which TP documentation is submitted (when it is obligatory for a taxpayer).


Audit services from BDO in Ukraine are:

  • Stable staff of the audit team, flexible to requests
  • Reliable advisors who are always ready to answer your questions
  • Direct involvement of the project partner at all stages of the works
  • Own global audit methodology that ensures audit quality including the risk factors
  • Strict schedule and deadlines compliance



Our commitment to clients, the profession, ethical principles and transparent and sustainable way of doing business has been fulfilled into mission of BDO in Ukraine — the provision of audit services of exceptional quality.

After all, we tend:

  • To be the market leader in the quality of audit services. Private and public clients are audited; it focuses on the most influential aspects of financial reporting. What they get is understanding and value beyond the auditor's report; and they consider our specialists as excellent audit experts.
  • Auditors become professionals in our company. Recruitment and retention of top experts, offering them great career opportunities in BDO Ukraine are our key priorities.
  • We want to be the example referred to by regulators when describing consistently high-quality audits of the audit company. BDO is recognized for leadership, commitment to excellence in audit, and for continuous improvement of audit quality.
  • We are chosen by public and private clients for auditing, and also by bankers / lenders and other investors. Market participants consider BDO to be the provider of high-quality audit and advisory services; and they believe in our ability to respond quickly and meet their needs.

Impact of COVID-19 pandemic on financial reporting

It is quite obvious that the measures, taken by the state to restrain the spread of coronavirus in Ukraine, have led to additional difficulties in doing business and significantly increased economic uncertainty. All of these factors influenced the financial statements.

Related Topic: BDO Releases IFRB 2020/14 — Effects of Climate-Related Matters on Financial Statements

In the current situation, BDO in Ukraine offers the services of experts-methodologists team to develop recommendations on how properly record COVID-19 pandemic impact in audit reports.


If you need more information or want to order an Audit of financial statements from BDO Ukraine — contact us, the consultation is free.