Rada annuls registration of auditors linked to Russia

MOSCOW. May 31 (Interfax) - The Ukrainian Verkhovna Rada has passed bill 7374 annulling the registration of auditors linked to Russia, including Russian citizens and auditors put on relevant Russian registers.

Ukrainian media reported citing Yaroslav Zheleznyak, deputy head of the parliamentary Committee on Finances, Tax, and Customs Policy, that the bill was supported at the second reading by 316 parliamentarians, while the minimum number of votes for the bill to be adopted was 226.

The government bill also reduces the financial burden as concerns audit fees to the Audit Public Oversight Body and the Audit Chamber of Ukraine and cancels liability for an incomplete and late submission of reports on an auditor or an auditing entity for publication in the register and for a late submission of reports and relevant information.

The bill also suspends inspections to control the quality of audit services and simplifies procedures for certifying auditors and their continuous professional training.