Legal entities receiving international aid will report on such aid to the Ministry of Finance

The Cabinet of Ministers registered in the Parliament a government draft law "On Amendments to Certain Laws of Ukraine on Reporting in the Framework of Attracting International Assistance" ( No. 10339 of December 13, 2023). It was developed to ensure that companies report on the use of financial assistance received from international financial institutions to support the recovery and reconstruction process in Ukraine.

The draft law proposes to amend the Law of Ukraine "On Protection of Interests of Subjects of Submission of Reports and Other Documents during Martial Law or State of War", in particular, to establish that

• legal entities that directly or indirectly have at their disposal, receive and use international assistance funds shall submit financial statements, audit reports and any other documents to the Ministry of Finance;
• to ensure the acceptance of such reports and other documents on the use of these funds from these legal entities, the Ministry of Finance creates an automated information system;
• the criteria for audit entities entitled to provide audit services for the mandatory audit of the financial statements of legal entities that directly or indirectly hold, receive and use international assistance funds, and to perform other mandatory tasks to verify the use of these funds, are established by the Ministry of Finance of Ukraine.

In addition, the Law stipulates that for the purposes of this Law, international assistance means assistance provided by international financial organizations, foreign states and foreign donors in the form of funds. It also stipulates that this Law does not apply to international assistance provided in the form of international technical and humanitarian aid.

The draft law also proposes to amend the Law of Ukraine "On the Audit of Financial Statements and Auditing Activities", namely to establish that:

►audit entities that are authorized by law to provide audit services to legal entities that directly or indirectly have, receive and use international assistance funds, audit services for the mandatory audit of financial statements and/or other mandatory tasks to verify the use of these funds, shall submit information on the provision of such services to the Public Oversight Body for Auditing Activities;

► for the period of martial law, as well as for six months after its termination or cancellation, the right to conduct mandatory audit of financial statements of large enterprises, banks, insurers, issuers of securities whose securities are admitted to trading on stock exchanges or whose securities are publicly offered, state-owned enterprises (except for those that meet the criteria of small enterprises and microenterprises), legal entities that directly or indirectly hold, receive and use international