This year marks the twentieth-year anniversary since the establishment of the auditing profession in Ukraine after the adoption of the Law of Ukraine on Auditing Activity in 1993. AUDIT-VID (audit firm) operating out of Zaporozhye (Ukraine) was founded in the summer of 1995, thereby coming into existence in the same time frame as the auditing profession in the country.

 This period of time has seen a wide variety of dramatic changes in the industry. Following the explosive growth of audit practices in the early stages, hard hit by the crises in 1998 and 2008, in recent years the number of business entities focusing on professional audit services has sharply declined. While that being the case, audit requirements for businesses have remained practically unchanged.

There are two basic types of audit procedures— statutory (mandatory) and voluntary (non-mandatory)

Statutory audit: businesses (joint-stock companies, insurance companies, pawnshops, agencies dealing in securities, credit unions, banks, and some other types of ventures) are bound by law to undergo annual audits and publish financial statements in the print media

 Voluntary audit: normally initiated by clients at the business owner’s request or prior to audits by tax authorities.

Whatever the circumstances, from an economic perspective, audit-related expenses are well-justified and offer excellent value for money. Above all else, as a preventive measure, but also as an effective cost management strategy serving in the interest of the business owner.

In any case, the past twenty years have proven that, as an area of activity, audit services are a viable segment in the market with the potential for further growth.

Starting from 2014, there are new regulations in place (adopted by the National Commission for Financial Services, the National Commission for Securities, and the Audit Chamber of Ukraine) regarding audit conclusions and 2013 financial reporting requirements for joint-stock companies, pawnshops, credit societies, dealers in securities, private pension funds, and insurance companies.

Based on these requirements, audit firms that prepare audit conclusions for market actors working in financial services and securities must undergo special training, competency assessments and proficiency tests, as well as have a minimum of three staff auditors with certificates of authorization issued by appropriate boards and commissions.

Three staff auditors of AUDIT-VID (LLC) (Zaporozhye, Ukraine) have received appropriate training from both the Ukrainian Securities and Exchange Commission and the National Commission for Financial Services.

Today, our firm, AUDIT-VID, is a fully authorized market actor that meets all participation and eligibility requirements as a provider of a comprehensive range of services in the areas described above.

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Audit-Vid, firm of auditors based in Zaporozhye, Ukraine
Provider of all types of audit, accounting, and legal services
Our Telephone Numbers: +38(067)614-05-18, +38(061)220-08-40, +38(061)220-99-93
Our Address: city of Zaporozhye (Ukraine), Sobornyi Prospekt, Building 161, Office 10

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