New Rules For Audits By Governmental Agencies Are In Effect

On 1 January 2017, the Law of Ukraine "On Amendments to the Law of Ukraine "On Fundamental Principles of State Supervision (Control) in the Sphere of Commercial Activity" regarding Liberalization of State Supervision (Control) of Commercial Activity" as of 3 November 2016 No. 1726-VIII came into effect. Upon these legislative changes, audits are scheduled and carried out pursuant to the following new rules:

1. The scope of the major legislative act setting the framework for audits by governmental agencies, the Law of Ukraine "On Fundamental Principles of State Supervision (Control) in the Sphere of Commercial Activity", has been extended to cover more agencies, including the State Fiscal Service (except for issues relating to the border customs control), agency for state architecture and construction control, agency for state supervision and control over compliance with labor and employment law.