Audit of financial statements prepared under the National Accounting Standards

Classical concept of audit is the instrument of confidence building to financial information.

Audit shall not be considered as a method of preparation of financial accounting or minimization of taxation.

Audit shall protect the users of financial accounts (the state authorities, the shareholders, the owners,

the employees, the investors, the clients, the partners etc.) from inadequate information.


It should be mentioned that under Audit Activities Act of Ukraine (article 8) audit is required for:


• confirmation of reliability and completeness of annual financial accounting and consolidated financial accounting

of Opened Joint Stock Companies, the enterprises as the obligors, professional market makers, financial institutions and other economic agents, if their financial accounts under the laws of Ukraine shall be officially published except due institutions and organizations financed in full from the state budget.


• audit of the financial standing of the bank founders, the enterprises with foreign investments, Opened Joint Stock Companies (except the individuals), insurance and holding companies, the institutes of joint investment, trust institutions and other financial intermediaries;


• the issuers to receive the license of professional activities at the securities market


The results of the required audit of financial accounts shall be published and sent by the client to the holders

of shares, creditors, state regulation authorities, including the State Committee of regulation of financial services market.


Audit may be carried out by request of the owners or the directors of the company as the initiative audit.

From time to time and especially within time of crisis and post-crisis, the owners and the directors of the companies need the following:

1) additional control including functional check of accounting and/or tax records system of the company,

actuality of some accounting factors;

2) revision of the management model;

3) cost optimization;

4) determination of new advanced fields of business etc.


By results of audit, you’ll have the confidential audit statement of required form (if required audit) and

the audit statement including due conclusions and recommendations of the auditors (if initiative audit).


To receive more detailed information, please, call by tel: (044) 254-27-91

or by e-mail: office@afrada.com.ua



Financial statement audit under International standards of financial accounting and transformation of financial statements

Notice that under international standards of financial accounting, first of all, audit requires the companies with foreign investments, the companies that intend attracting of foreign investors and / or partners because the National regulations (standards) of bookkeeping accounting differ from International standards of financial accounting.


Further, starting from January 01, 2012, under the legal requirements, bookkeeping accounting and financial statements shall comply with International standards of financial accounting for:


• public joint stock companies;

• banks;

• insurance companies


Compliance with the requirements of International standards of financial accounting may be ensured with two methods:

1) due accounting system under International standards of financial accounting;

2) or transformation of Ukrainian financial statements under the requirements of International standards of financial accounting.


Transformation of financial statements means conversion of financial statements prepared under the national rules of bookkeeping accounting into financial statements under the requirements of International Accounting Standards (IAS). Transformation of financial statements is required for the companies:


• if transfer to international standards of financial accounting;

• if required international audit;

• to attract foreign investments and / or borrowed capital


It is important to note that international audit means confirmation of accounting prepared under the requirements of International standards of financial accounting.


Audit firm «Rada Ltd» services both companies that work under International standards of financial accounting and companies that plan transferring to International standards of financial accounting.


We offer the following services:


• transformation of bookkeeping accounting of Ukrainian companies under the requirements of International standards of financial accounting;

• audit of financial statements under International standards of financial accounting;

• due support in transfer to International standards of financial accounting (development of transformation method);

• preparation of consolidated statements for Group of Companies;

• counseling in practical implementation of International standards of financial accounting;

• training in transformation of financial statements under International standards of financial accounting for

the staff


To receive more detailed information, please, call by tel: (044) 254-27-91

or by e-mail: office@afrada.com.ua

Additional information


Corporate values

Our relations with the clients, the employees and the partners are based on the corporate values

of Audit Firm «Rada Ltd» as our principles and methods of business.


Our values:

• Neutrality and independence in information assessment


• Professional competence and fairness


• Responsibility for result


• Argumentativeness


• Benefit of our services for the client


• Confidentiality


• Maximum independence in work




Audit Firm «Rada Ltd» Team aspires to be

of maximum benefit for our clients.

We always try improving our services and

we are never satisfied with what has already

been achieved.


We use complex approach, give maximum attention to details and individual needs of each client, try to solve quickly evident problems and determine concealed ones.


Our company’s motto is: we aspire to innovatory and advanced solutions!




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