This Law defines the legal basis for the audit of financial statements, the conduct of audit activities in Ukraine and regulates the relations that arise in its implementation. The main provisions of the law we defined here - The audit activity is reformed .

In particular, it has been established that the auditor assumes the right to conduct an audit activity after confirmation of qualification and acquisition of practical experience in accordance with the procedure established by this law

It should be noted that auditors, audit firms or auditors-enterpreuners, whose certificate validity period didn't expire before October 1, are considered to have confirmed the qualification of the audit activity and obtained practical experience in accordance with the procedure established by the Law. The Audit Chamber of Ukraine is obliged to enter them in the register. The information to be published in the register must be submitted to the Audit Chamber of Ukraine by October 31.

Determination of the period for passing the audit of the quality control system in accordance with the requirements of the new Law is carried out taking into account the results of the inspections conducted by the Audit Chamber of Ukraine prior to the effective date of the law (that is, until February 7, 2018).

It should be noted that the amendments to the CUAO on the responsibility for violation of the disclosure of financial statements or consolidated financial statements, as well as the failure of the auditor to provide information to the Public oversight body for auditing activities will begin to operate only on February 7, 2019.

In addition, we remind that on October 1 the Regulations on the procedure for the NBU's rejection (suspension) of the audit firm selected by the bank for external audit, as well as the Provision on the procedure for providing the bank with the NBU an audit report on the results of the annual audit of financial statements, entered into force.