Opening session of the Auditors' Chamber of Ukraine of a new convocation was held. Election of the Chairman of ACU, heads and composition of specialized commissions were the main issues considered there.
The Chairman and composition of the ACU Commission on standards and practices of auditing were elected without any obstacles. It is headed by Oleksandr Kuzub, who has experience in the ACU and well versed in auditing methodology and practice. I think it is a decent and proper choice.
The Chamber Members elected Tetiana Lavrenova - an experienced member of the ACU and true professional as the Chairman of the ACU Commission on legal provision of auditing. You don’t need to worry about this Commission.
I believe the election of Kateryna Rafalska as the Chairman of the ACU Commission on quality control and professional ethics is reasonable. Considering the fact that this person is a representative of the National Commission on Securities and Stock Market and does not have an audit business, she will be really unbiased in her decisions. In addition, Mrs.Kateryna has experience in international audit firms and she is a member of FCCA.
In fact good news ends. The election of the Chairman of the ACU and the Commission leaders on certification and education of auditors caused unhealthy excitement.
Actually the election of the Chairman of the Auditors' Chamber of Ukraine was postponed to the next meeting - March 31, 2017. I am convinced that in order to ensure fair elections, the Chairman of the ACU should be elected by the vast majority of the ACU members. A new Chairman faces serious challenges such as participation in the development of the law on audit, creation of equal conditions for business and ensuring fair competition in the market. The appearance of documents such as the infamous governmental resolution № 390, where preferences are provided certain market participants, is unacceptable. Serious challenges for new head of the ACU also are preservation of self-government in key areas of audit regulation and, of course, information transparency, openness and accountability of the ACU to professional community. Only a person with relevant experience, deep understanding of peculiarities of the regulator activity and the one who aims at the progressive movement forward, who received comprehensive support but not the place under the sun in the “Games of Thrones” can cope with these challenges.
The election of the leader of the commission for certification and education of auditors was the stumbling block at the first meeting of the ACU. Same number of votes gained Tetiana Kamenska and Olena Kharlamova - Doctors of Economics, charismatic lecturers and professional people with the principal position. I believe both candidates are worthy.
Today there are a lot of issues related to certification and education of auditors. So, the election of the head commission should not be delayed. Time to work.
As a former member of the ACU I would like to note that the work in the Audit Chamber takes time, human resources, knowledge, experience, much dedication and team cohesion. But, unfortunately, I did not notice teamwork of new ACU members. It is sad to admit that after the first meeting of the Chamber, there are criticisms about the attempted manipulation, pressure and the use of false information. I see only the struggle of personal ambitions aimed to get a “cushy” place in commissions as well as “convenient” head.
However, I am confident that the independence, conscious professional attitude and common sense prevail, and audit community will get a decent new chairman and heads of relevant committees on March 31, 2017.
Glory to Ukraine!