Monitoring of implementation of recommendations from the financial audit of the IBRD COVID-19 project has been completed
Within the framework of the implementation of the recommendations of the Accounting Chamber, provided based on the results of the financial audit of the "Additional Financing of the Project "COVID-19 Emergency Response and Vaccination in Ukraine", supported by a loan from the International Bank for Reconstruction and Development (IBRD),the Regulation on Accounting Policy has been improved, the organization and implementation of internal control in the system of the Ministry of Health of Ukraine has been improved, and updated guidance documents on project management have been agreed with the IBRD. However, some recommendations remained unfulfilled.
Previously, the Accounting Chamber analyzed the financial statements of the special purpose Project for 2021-2022 regarding its sources and use of funds for its implementation. The amount of project funds is 150 million US dollars.
The auditors established: the reporting in all material aspects generally reliably reflects the financial status of the Project implementation, but contains certain risks of distortions. For the effective implementation of the Project, the Accounting Chamber provided the Ministry of Health with a number of recommendations.
Currently, the Ministry has fully implemented six of them, in particular, improved the accounting policy and regulations on the organization of accounting, taking into account the specifics of the implementation of IBRD projects, and also ensured the automation of accounting for transactions with IBRD funds and improved the process of preparing reports for such funds. The issue of informing management about the risk assessment conducted for making decisions on control measures has been resolved, the frequency of reviewing identified and assessed risks, and the procedure for documenting risk management have been established.
In November 2024, the Ministry of Health Working Group was established on the organization of internal control in the Ministry. As a result of its work, risks in the activities of the Ministry of Health system were identified and assessed, and methods of responding to them were determined.
Also, updated guidance documents on the management of the aforementioned and other IBRD projects were agreed with the IBRD, which improved certain requirements for the preparation of financial statements.
The implementation of the Project was completed on March 31, 2025, respectively, the control over the implementation of the recommendations by the Accounting Chamber was completed. However, four recommendations related to the implementation of the Project remained unfulfilled and lost their relevance.
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