Ukraine’s National Commission on Securities and Stock Market approved a clarification on how certain provisions of Article 109 of the Law of Ukraine "On Joint Stock Companies" should be applied, focusing on audits of joint-stock companies’ financial and economic activities by the internal audit service. The clarification sets out when joint-stock companies must establish an internal audit service or appoint a responsible internal auditor, and specifies audit expectations including assessing the reliability of financial statements, identifying facts of legal violations, and evaluating the effectiveness of internal control. It also defines the internal audit reporting format as part of the issuer’s annual information, which must be made public in accordance with the law, and notes that the clarification has entered into force.
Ukraine National Commission on Securities and Stock Market 2025-02-27
Ukraine National Commission on Securities and Stock Market clarifies internal audit requirements for joint-stock companies
Ukraine’s National Commission on Securities and Stock Market clarified the application of Article 109 of the Law "On Joint Stock Companies," focusing on internal audits. The guidance mandates when companies must establish an internal audit service, outlines audit expectations, and specifies the reporting format for public disclosure. The clarification is now in effect.