Ukraine joined the discussion of global practices of public debt auditing within the framework of INTOSAI

The peculiarities of Ukraine's public debt administration in wartime and the role of the Audit Chamber's audit in ensuring the country's debt sustainability were highlighted by the acting Secretary of the Audit Chamber, Vasyl Nevyadovyi, during the annual meeting of the INTOSAI Working Group on Public Debt (WGPD)*.

The event on the topic of "Global Trends in Public Debt Management Practice and the Role of SAIs" will take place from June 17 to 20, 2025 in Bucharest (Romania) and will bring together representatives of supreme audit institutions from 39 countries around the world. The meeting was also attended by the Deputy Director of the Department of Control (Audit) in the field of budget revenues, financial institutions and debt, Larysa Aleksenko, from the Accounting Chamber.

The participants discussed challenges and innovations in the field of public debt auditing and exchanged experience in conducting audits in conditions of significant debt burden, growing macroeconomic risks and the need to ensure fiscal sustainability.

In his speech,Vasyl Nevydomy informed his colleagues that the Accounting Chamber is currently conducting a compliance audit on the topic of «Public Debt Management» for the first time. The purpose of the audit is to assess the compliance of the current debt management system with European requirements and best international practices.

He emphasized that the full-scale Russian invasion led to a rapid increase in defense spending and a significant state budget deficit, which is mainly covered by state borrowing. As a result, the volume of state debt already exceeds the established thresholds. At the same time, in conditions of martial law, fiscal rules for limiting the debt burden do not apply, and long-term budget planning is temporarily suspended.

«War creates excessive uncertainty. Therefore, we should adapt our approach to the audit taking into account these conditions, as well as monitor the restoration of the aforementioned fiscal rules in the future. Based on the results of the audit, the Accounting Chamber will provide recommendations that will help build a modern, effective debt management system for Ukraine», – noted Vasyl Nevidomy.

During the event, participants also discussed new approaches to assessing debt management, increasing the role of SAIs in developing recommendations on public debt policy, as well as the practice of implementing international standards and INTOSAI guidelines into national audit procedures. Particular attention was paid to the implementation of new WGPD documents, including recommendations on the role of SAIs in ensuring the sustainability of public debt and tools for assessing internal control in this area.

*The INTOSAI Working Group on Public Debt (WGPD),which operates within the framework of INTOSAI's Strategic Objective 3 - "Knowledge Sharing", was established in 1991. Its main tasks are to develop recommendations, methodological documents and standards for SAIs on public debt auditing, conduct research, exchange experiences and build the capacity of national authorities in this area. The WGPD is currently chaired by the Commission on Audit of the Republic of the Philippines.

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