NSSMC issued clarifications on internal audit in joint stock companies

The NSSMC has approved the Clarification on Application of Certain Provisions of Article 109 of the Law of Ukraine on Joint Stock Companies. The document clarifies the requirements for auditing financial and economic activities of joint stock companies by the internal audit service.

Key points:
– mandatory establishment of an internal audit service or appointment of a responsible internal auditor in joint stock companies subject to the relevant legislation,
– establishing requirements for inspections by the internal audit service (internal auditor), in particular, to assess the reliability of financial statements, violations of the law and the effectiveness of internal control,
– defining the format of reports by the internal audit service (internal auditor), which is part of the issuer’s annual information and must be disclosed in accordance with the law.

The document has already entered into force and can be found here:
https://www.nssmc.gov.ua/document/?id=37438610