Parker Russell UA, an audit firm and a member of the global Parker Russell International network, provides comprehensive audit of financial statements in accordance with International Standards on Auditing (ISA) and Ukrainian legislation.
In today’s dynamic business environment, audited financial statements are a critical tool for:
In accordance with Article 12-1 of the Law of Ukraine “On Accounting and Financial Reporting”, large companies, public interest entities, and IFRS reporters are required to undergo annual independent audit. We ensure full compliance with:
Key audit procedures:
We follow a risk-based approach to audit, aligned with global best practices:
Our audit teams work with ERP data sets, financial models, and complex group structures, delivering a tailored audit that meets the expectations of boards, audit committees, and supervisory bodies.
Parker Russell UA integrates modern digital audit platforms, and full-scope data analysis to detect inconsistencies and enhance audit quality. This forward-thinking approach helps us go beyond compliance and deliver actionable financial insights.
A statutory audit is required for companies that are legally obliged to submit or publish financial statements together with an auditor’s report. In particular, this applies to public-interest entities, large and medium-sized enterprises, financial institutions, certain entities in the extractive industries, and other companies in cases provided for by law.
The category of an enterprise is determined by three indicators: the book value of assets, net sales revenue and the average number of employees. To determine the category, the rule of meeting at least two of the three criteria applies, in accordance with Part 2 of Article 2 of the Law of Ukraine ‘On Accounting and Financial Reporting in Ukraine’.
At the initial consultation stage, we conduct a quick analysis to determine whether the company is subject to the mandatory audit requirement.
The identification of misstatements is a standard part of the audit procedure. Findings are discussed with the client’s finance function, after which adjustment options are proposed and may be implemented prior to the completion of the audit. Where adjustments cannot be made or the client does not agree with them, this is reflected in the auditor’s report in the corresponding form – as a modified opinion accompanied by a description of the basis for modification. Separately, the client receives a management letter containing recommendations for the improvement of the accounting system, internal controls and accounting policies.
An auditor’s report prepared in accordance with International Standards on Auditing (ISA) is recognised by Ukrainian regulators (in particular, the National Bank of Ukraine and the National Securities and Stock Market Commission), banking institutions, international investors and audit committees of parent companies. Parker Russell Ukraine’s membership in the global Parker Russell International network, present in 75 jurisdictions, ensures that our reports are aligned with the requirements of foreign stakeholders. This is particularly important in the preparation of consolidated financial statements of groups of companies and in the context of raising external financing.
The standard scope of information includes the company’s constitutional documents, accounting policies, trial balances, the general ledger, accounting registers, financial statements, contracts with key counterparties, minutes of governing bodies, inventory results, as well as IFRS transformation documentation, where applicable. Primary documents are requested by the auditor as the sample is being formed. A detailed list of requests is provided at the outset of the engagement. The duration of the audit depends on the scale of operations, the use of IFRS-based accounting and the readiness of the documentation, and may range from several weeks to several months for groups of companies with complex corporate structures. A work plan and timeline aligned with the client’s internal reporting deadlines is agreed at the initial stage of the engagement.
Parker Russell auditors comply with the IESBA Code of Ethics for Professional Accountants and with the requirements of professional secrecy. Access to information is limited to the audit team, and data is processed in accordance with internal information security policies and personal data protection legislation. The confidentiality regime, the procedure for the transfer of working papers and restrictions on the use of information are set out in the engagement agreement.
The audit of financial statements and a tax audit have different objectives and a different subject matter. The auditor confirms the reliability of the financial statements in accordance with accounting standards, whereas the controlling authority assesses the correctness of the application of tax legislation to specific transactions. At the same time, in the course of the audit, areas of heightened tax risk may be identified – inconsistencies in accounting records, contestable classifications and weaknesses in documentary support. Should such risks be identified, we offer separate diagnostics within the scope of tax advisory services.
with smart analytics and risk dashboard
with experience across industries
and consolidated group audits
To develop a well-documented, compliant, and future-ready international structure tailored to your business strategy.
