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The results of the European Union Technical Assistance Project “Strengthening Capacities in External Audit in line with International Standards” (EU4ACU) were discussed at the meeting of the Project Steering Committee on May 23.
Among other things, changes in the Accounting Chamber’s activities during the past six months and progress of implementing the International Standards for Supreme Audit Institutions were discussed. Olha Pishchanska, Chairwoman of the Accounting Chamber, Henrik Huitfeid, Head of the Section on State Finances, Business Support, and Social Policy of the EU Delegation to Ukraine, Jenny Lundmark, Sector Manager Public Finance Management, Budget Support, and Statistics of the EU Delegation to Ukraine, Inguna Sudraba, Team Leader of the project experts, and others took part in the event.
Henrik Huitfeid noted such progressive steps of the Accounting Chamber as updating the composition of the institution, its work regulations, approval of the new organizational structure, availability of the operational plan for the current year. The expert emphasized the importance of the independence and professionalism of the Accounting Chamber, whose role in the wartime and post-war recovery period is significant. Therefore, the EU4ACU project makes considerable efforts to assist the institution in developing necessary methodologies and improving approaches.
Olha Pishchanska, the Chairwoman of the Accounting Chamber, expressed gratitude to the EU Delegation to Ukraine, the EU4ACU Project, and its experts for their professionalism and systematic approach to providing support. She also discussed the achievements of the institution over the past six months, including the adoption of necessary methodologies and standards, which are actively being implemented, the development of internal documents and IT tools.
“The practical support provided by the experts demonstrates high efficiency. We hope that this tool will be used in the future. We feel comprehensive support of the Accounting Chamber and are grateful for it. And of course, we acknowledge the high standards for our work”, - Olha Pishchanska noted.
The Chairwoman of the Accounting Chamber mentioned that cooperation with EU4ACU experts is a significant impetus for reforming the institution. Among the recent important achievements, Olha Pishchanska noted the series of compliance audit training sessions supported by EU4ACU, as well as ensuring cooperation with Project experts in the process of conducting audits and forming relevant audit documentation.
During the meeting, participants listened to and accepted the report on the Project implementation for the last 6 months that was presented by Inguna Sudraba. The expert informed about the methodological assistance, that was provided to the Accounting Chamber, in preparing the first audit of the consolidated financial statements, the specifics of auditor training, the development of communication systems within the institution, and successes in establishing cooperation between internal and external auditors. In addition, Inguna Sudraba noted that until the end of the Project (in September 2024), EU4ACU experts plan to provide assistance to the Accounting Chamber in improving the quality management system, developing a new institutional development strategy, and providing further support in conducting audits.
Jenny Lundmark also noted that since the Accounting Chamber is currently only beginning to conduct all audits in accordance with international standards, the institution will need methodological and practical help and support in the future as well.
