Audit and Accounting

The “Kyiv Audit Service” Audit Firm provides a full range of audit services on the basis of the Register of the Audit Chamber No. 2128. By the Decision of the National Securities and Stock Market Commission (Certificate No. 0116), the Company was granted the right to carry out the audit of financial institutions. CAP (Certified Accounting Practitioner) Certificate No. 0003174 gives us the opportunity to draw up financial statements of enterprises in accordance with the international accounting standards in four foreign languages. By the Decision No. 271/8, the Audit Chamber of Ukraine confirmed the passage of quality control by the Company. Professional risks of the “Kyiv Audit Service” Audit Firm are insured by the “Alfa Insurance” Insurance Company.

We conduct a mandatory audit for the annual confirmation of financial statements of such enterprises:

– public joint-stock companies;

– financial non-banking institutions (professional participants in the stock market; credit unions, pawnshops, insurance companies, etc.);

– issuers of securities (stocks, bonds, certificates, etc.);

– enterprises of public interest.

These market participants must publish annual financial statements together with the audit report no later than on April 30 of each year.

Our company conducts a thematic initiative audit on a wide range.

Its main objects are completeness and reliability of tax reporting, completeness of reflection and reliability of business transactions, cost structure of an enterprise, receivables and payables, foreign exchange transactions, payroll, correct accounting.

Such an audit is carried out at the initiative of the owners (shareholders), the management of enterprises in order to detect errors in accounting and reporting. As a result of the audit, the client will understand the state of affairs at the enterprise, which will make it possible to identify and eliminate shortcomings in a timely manner and create reserves to improve the efficient operation of the enterprise.

In addition to the classical audit, we provide related audit services:

Transformation of Financial Statements

Our auditors transform financial statements prepared in accordance with national accounting standards into financial statements prepared in accordance with international IFRS (IFRS, GGAP). Such reporting, including that in English, may be submitted to the client.

Transfer Pricing Control

Enterprises whose annual income exceeds UAH 150 million and whose volume of controlled transactions exceeds UAH 10 million (for each counterparty), in case the counterparties are related parties or come from jurisdictions with a low-tax burden, must annually prepare a report on controlled transactions for the results of the year and submit it to the State Fiscal Service of Ukraine until May 1 of each year. We offer cooperation in preparing the following documents and services by our auditors:

– a report on controlled transactions for the previous year, its annexes (information about the person participating in controlled transactions, information about controlled transactions, information about related parties).

– a package of relevant documentation for the pricing control.

– consulting and explanatory works with company employees in order to pre-empt the inclusion of business operations under the pricing control.

– adjustment of a previously submitted report, its defense in the court.

– an auditor’s report on the absence of the need for drafting and filing.

Audit and Tax Advocacy

Since 2019, a monopoly of lawyers on representation in the courts of all instances has been practically introduced, including participation in judicial proceedings related to an appeal against the actions of tax authorities. Lawyers do not always have the necessary training in taxation and accounting. The advantage of our company is that we engage a working group consisting of an auditor and a lawyer in such proceedings (primarily in court hearings). Such a group a priori has an advantage over the representative of the tax authority. The auditor can not only express their professional opinion on issues that relate to the subject of the claim of the tax authorities, but also prepare audit reports at the request of the defendant – their client. By decision of the court, such reports may be attached to the case as evidence. If necessary, we can also involve our expert in the field of forensic economic expertise.

Accounting and Outsourcing

Organization of Accounting

Setting (organization) of accounting at the enterprise by our specialists includes:

– a detailed study of the specifics of the enterprise at the time of organization (accountant’s consultation), analysis of taxes payable, their quantitative assessment;

– development of basic principles and methods of tax accounting, accounting support reflected in the accounting policies of the enterprise for the purposes of accounting and tax accounting;

– development of proposals for optimizing the structure of the accounting service at the enterprise, development of regulations for the activities of employees of the accounting service;

– development of the final instruction for documenting all areas of accounting and tax accounting in accordance with the legislation.

Accounting Consultations

Professional advice on accounting by our auditors allows us to quickly solve many problems and answer many questions from clients (mainly from their accountants) in the process of financial and economic activities. As a rule, they are connected to the correctness of the reflection of business transactions in accounting. The provision of these services can be carried out on a permanent (subscription) basis or on a one-time basis.

Accounting and Reporting Restoration

The purpose of the full or partial (by areas) restoration of accounting is to organize all the documents of the enterprise in accordance with the requirements of the legislation. To minimize undesirable financial consequences associated with violation of legislation in the past, the procedure for restoring accounting and tax accounting may be accompanied by the submission of revised tax return and revised forms of financial statements. As a rule, such work is carried out by our accountants or auditors together with the accountant of the client’s enterprise on the territory of the enterprise.

Accounting Outsourcing

Outsourcing of business processes is one of the means of accounting for the activities of an enterprise, which provides for the transfer of functions related to the organization and maintenance of accounting at the enterprise outside the company, transferring them to a professional accountant for execution. The benefits of accounting outsourcing for the client:

– first of all, it is guaranteed reliability of work with an experienced audit firm and insured risks, as well as the ability to use a staff of highly qualified accounting outsourcing employees on an ongoing basis online;

– savings on expenses in general and absence of a need to maintain a staff of accountants, which helps to save on their salaries and taxes, together with office space;

– if necessary, it is possible to involve not only accountants of the audit firm, but also its other employees: auditors, lawyers, attorneys, expert appraisers, translators.