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Rome, 9-10 May 2012, EFAA Conference Exploring Business and Professional Ethics for SMP’s and SME’s Professional Ethics in Ukraine: implementation and.

Published byCamilla Williams Modified over 9 years ago

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Presentation on theme: "Rome, 9-10 May 2012, EFAA Conference Exploring Business and Professional Ethics for SMP’s and SME’s Professional Ethics in Ukraine: implementation and."— Presentation transcript:

1 Rome, 9-10 May 2012, EFAA Conference Exploring Business and Professional Ethics for SMP’s and SME’s Professional Ethics in Ukraine: implementation and practical challenges

2 OLENA MAKEIEVA Certified auditor, Tax adviser Vice President International professional organisation Council of Independent Accountants and Auditors www.rnba.com.ua Managing Partner Audit Company «Aksonova & Associates» Member of Geneva Group International www.ap-center.com

3 Code of Ethics for Professional Accountants – a continuous process with 4 components Official approvalImplementation Follow-up actions Applying sanctions and penalties

4 Code of Ethics for Professional Accountants National peculiarity

5 Official approval For certified auditors  In 2003 The Code of Ethics for Professional Accountants has been officially applied by the Audit Chamber of Ukraine for all certified auditors For professional accountants  The Code of Ethics for Professional Accountants has not been officially applied as a part of legislation  Some professional organisations in Ukraine have applied The Code of Ethics for Professional Accountants for their members

6 Implementation For certified auditors  The Code of Ethics for Professional Accountants was implemented trough external quality control by Audit Chamber of Ukraine as an obligatory procedure for all certified auditors and audit practices For professional accountants  The Code of Ethics for Professional Accountants was implemented only on the formal base in Professional organisations as their members formally agree to follow the Code

7 Follow-up actions Applying sanctions and penalties For certified auditors and professional accountants There is no official statistics of the contempt of the ethic rules neither in Audit Chamber of Ukraine nor in Professional organisations. No practice = No oversight = No sanctions

8 Practical challenges in Ukraine

9 Practical challenges Increasing the role and image of the accountant profession Increasing the role of professional organizations Make the Code of Ethics obligatory for all accountants Practical application of the Code of Ethics Giving professional organizations power to investigate and to apply sanctions Studying the experience applying the Code of Ethics in European countries

10 If ethics are poor at the top, that behavior is copied down through the organization Robert Noyce, inventor of the silicon chip

11 Thank you for your attention !

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