On October 15, the First professional auditors’ forum «European future for the audit services market» took place which had been initiated by the Ministry of Finance of Ukraine jointly with the World Bank.
The Forum was organized as a communication platform for a constructive dialogue and more efficient cooperation between regulators and audit service providers in Ukraine. The Forum was divided into 3 sections with each of them dealing with the practical aspects of the draft law "On the audit of financial reports and audit activity" which had been presented by the Ministry of Finance, elaborated jointly with EU experts and supported by the World Bank and the European Commission.
When opening the Forum, deputy finance minister Olena Makeyeva emphasized the need to implement European audit standards in Ukraine as required in the Association agreement between Ukraine and the EU.
«We are striving to expand the audit services market with fair, transparent and just rules for all participants. The final goal of our reform is to enhance the financial stability of our country, to re-gain public trust to our financial institutions including state-owned ones and to improve the attractiveness of Ukraine for investors – all this shall give a new impulse to the development of the auditor’s trade», Olena Makeyeva said.
More than 600 participants attended the Forum to share their experience and opinion on the improvement of the audit effectiveness. The speakers explained in detail and provided reasons for the relevance of the reform of the audit reform in Ukraine; the auditors attending the Forum received answers to their reservations regarding the implementation of the reform.
In general, the Forum was marked by the active stance of auditors aimed to support the European way of the audit development in Ukraine and their readiness to continue communication for the sake of the development of the domestic audit branch.