A minimum amount of insured amount of UAH 10 million was established during the first audit of an enterprise of public interest. The size of the franchise can not exceed 1% of the sum insured.

In addition, the insurer can not insure an auditor who carries out a mandatory audit of his or her own.

We remind that the draft of this order was developed for the implementation of part two of Article 43 of the Law of Ukraine "On Audit of Financial Reporting and Audit Activity", which came into force on 07/02/2018, with the purpose of establishing a mandatory model agreement on insurance of civil liability of an audit engagement subject before the third parties.

Please refer to the order and standard contract.

At the same time, the Audit Chamber of Ukraine in a letter dated 02.10.2018 № 01-01-21 / 7 draws attention to the fact that the minimum amount of the insured amount specified by the mouth. 43 of Law No. 2558, is defined only for the subjects of audit activity, which carry out the mandatory audit of financial statements of enterprises of public interest.

For the other auditors who carry out the statutory audit, these requirements are not established. Thus, the typical form of the insurance contract should include the possibility to choose the amount of the insurance amount if the business entity does not carry out a mandatory audit of enterprises of public interest. Accordingly, such amount may be less than 10% of the amount of remuneration received (including less than 10 million UAH).