Financial sector news

The Cabinet of Ministers has approved the Procedure for conducting state financial audits of Ukraine's international agreements, according to the Ministry of Finance. The document was developed by the Ministry of Finance in conjunction with the State Audit Service and harmonized with international auditing standards to ensure adequate protection of the financial interests of the state and the European Union.

The new Procedure establishes clear requirements, mechanisms, and procedures for auditing funds received by Ukraine under the Ukraine Facility mechanism and other international agreements. The audit will cover the following issues:

• the legality of the use of financial resources;
  
  
• their effectiveness, efficiency, and proper preservation;
  
  
• the correctness of accounting and the reliability of financial reporting;
  
  
• the functioning of internal control systems.

Audits will be conducted in accordance with international standards and based on the state financial control action plan, which is published on the official website of the State Audit Service.
The Ministry of Finance reminded that the Framework Agreement with the EU provides for the creation of an effective system of management, monitoring, and control over the use of international financial assistance in Ukraine. The State Audit Service is a key element of this system.