All – paperless: how to submit to the NSSMC information about auditors by the professional participants and public interest entities

The NSSMC (National Securities and Stock Market Commission) draws the attention of public interest entities and professional market participants to the aspects of providing data on the auditing entity.

Therefore, prior to the signing of the agreement on the audit of financial statements, the public interest entity informs the NSSMC about the selected auditor by the form approved by the Regulator, and only in electronic form. No paper form of notification is provided.

The notes to the notification must indicate the reporting year for which the statutory audit of the financial statements of the public interest entity will be carried out. In case of replacement of the auditor, the companies submit changes in the notification.

It should be noted that only auditing entities included in Section 4 of the Register of Auditors in accordance with Article 21 of the Law of Ukraine On Audit Of Financial Statements and Auditing may provide services for the statutory audit of financial statements to public interest entities.

It should be reminded that such notifications about the company that will provide financial statement auditing services are sent to the NSSMC only by those entities that, in accordance with the law, submit financial statements to the NSSMC as part of regulated information – that is, the professional capital market participants, which are financial institutions and are licensed by the NSSMC, as well as securities issuers, if they are classified as public interest entities.