The Verkhovna Rada adopted the Law on Auditing Financial Reporting and Audit Activities, which sets out the norms of national legislation in the field of auditing in accordance with EU legislation. For the adoption in general of the relevant bill number 6016-d voted 229 deputies with the minimum required 226, according to the correspondent of Ukrinform. This law determines the legal framework for auditing financial statements, the implementation of audit activities in Ukraine and regulates the relations arising from its management. The deputies established that the auditor acquires the right to conduct audit work after confirming the qualification suitability and acquiring practical experience in the manner determined by this law. The auditor, who acquired the rights to carry out audit activities, is included in the Register. The auditor has the right to carry out auditor activity individually only after its inclusion in the Register as the subject of auditor activity. The auditor carries out auditor activity in structure of auditor firm or as the physical person - the businessman or carries out independent professional activity, provided that such person is not the employee of auditor firm. Auditors are prohibited from directly engaging in other types of entrepreneurial activities that are incompatible with audit activities, which does not exclude their right to receive dividends, income from other corporate rights, income from leasing and alienation of movable and immovable property, passive income. At the same time, auditors can engage in public, educational, teaching and research activities, preparing publications with an appropriate remuneration. According to the law, all auditors and subjects of audit activity are subject to public supervision. It is envisaged that the law will enter into force on January 1, 2018 and will be enacted from October 1, 2018, except for subparagraph 1 of point 9 of section X of the "Final and Transitional Provisions" of this law on amending the Code of Administrative Offenses of Ukraine, which enters in force 12 months after the effective date of this law.

Original article: Auditors will work in a European way - BP passed a law.