Vira Savchenko <\/strong><\/a>, \u0421\u0415\u041e at BDO in Ukraine<\/strong> and Co-Chair of the Ukraine Recovery Committee at the European Business Association, opened the event by highlighting the critical importance of transparent financial practices. <\/p>\n She stressed: \u201cAudit is the foundation of trust in Ukraine. Transparency and responsible use of donor resources are essential for rebuilding the country. Without these, there can be no progress\u201d.<\/em><\/p>\n The event featured discussions on<\/strong>: <\/strong><\/p>\n The event provided a space for open dialogue between auditors and beneficiaries of donor support and funding. The discussion centered on raising transparency and accountability standards \u2014 critical for earning international partners\u2019 trust and driving Ukraine\u2019s sustainable recovery.<\/p>\n The first speaker, Olexandr Nikolayenko<\/a>, Key Audit Partner at BDO in Ukraine, highlighted a major shift in how international donors like the World Bank and EBRD approach financial reporting and audits since the full-scale invasion began. While formal audit standards remain unchanged, donors now demand far greater detail in reporting \u2014 especially on internal controls, property damage, and how organizations respond to wartime challenges.<\/p>\n He emphasized what donors now require:<\/p>\n \u201cDonors expect maximum transparency: detailed reporting, clear analytical records, and confirmation of every hryvnia spent. The requirements have not become stricter, but they have become significantly deeper<\/em> \u2014<\/em> particularly regarding control over the use of funds and reflecting the impact of the war in financial statements.\u201d \u2014 Olexandr<\/em>noted.<\/em><\/p>\n He also stressed that auditors act as intermediaries between businesses and donors, helping organizations meet these requirements. Special attention should be given to nonprofit organizations, which often face these reporting and audit standards for the first time.<\/p>\n Liliya Chernysh<\/a>, Key Audit Partner, focused on the current requirements of international donors and financial institutions regarding transparency, efficient use of funds, review of grant project reporting<\/a>. She noted that since 2022, the number of new NGOs in Ukraine has grown rapidly (over 6,000 new NGOs were registered by 2022, and grant aid to Ukraine exceeded \u20ac40 billion). At the same time, reporting and internal control requirements have become more demanding.<\/p>\n \u201cInternational donors expect Ukrainian organizations to provide transparent, clear, and publicly accessible reporting. Every transaction must be supported by proper documentation, and expenses should be effectively allocated across projects. Openness and high-quality accounting are the keys to trust and further cooperation.\u201d<\/em> \u2014 Liliya emphasized.<\/p>\n Her presentation highlighted several critical aspects:<\/p>\n Liliya stressed that transparency and adherence to ethical audit standards are the foundation of donor trust:<\/p>\n \u201cOur mission as auditors is to remain uncompromising and strictly follow the ethical principles of our profession. This is our core standard, and it must guide every decision and action we take.\u201d<\/em><\/p>\n Svetlana Mochevinskaya, the expert in international financial reporting standards, highlighted the most frequent mistakes NGOs and grant recipients make. She noted that most issues arise in newly established organizations due to a lack of experience, information, or qualified staff. These shortcomings can lead to auditor remarks that affect further funding and the organization\u2019s reputation.<\/p>\n Among the typical problems, Svetlana highlighted:<\/p>\n Svetlana emphasized that all these mistakes can create reputational risks for organizations.<\/p>\n She urged not to view auditors as controllers seeking punishment, but as partners helping organizations meet donor expectations and implement projects effectively: \u201cThe key is not to fear auditors. Our shared goal is to confirm that the organization uses funds efficiently and that donors can trust the results. An auditor\u2019s role is not to find mistakes, but to verify that everything is done correctly.\u201d<\/p>\n Vitaliy Strukov<\/a>, Corporate Finance Managing Partner, shared his experience cooperating with international financial institutions such as the EBRD, as well as Dutch, Danish, and German banks and others. He emphasized that in recent years, these organizations have significantly increased financing for Ukrainian companies, particularly in the private sector.<\/p>\n Vitaliy stressed that to attract international investments and loans, Ukrainian companies must meet strict requirements for financial reporting. International audit<\/a> and transparency of financial transactions are mandatory conditions for project funding consideration. He pointed out common challenges faced by Ukrainian businesses in this context:<\/p>\n Vitaliy noted that international auditors help companies prepare for investor requirements, conduct asset revaluation, verify counterparties, and ensure compliance with global reporting standards. He also highlighted the growing importance of sustainability reporting (ESG)<\/a>, that is becoming an additional advantage for companies seeking financing.<\/p>\n \u201cInternational audit is not just a formality. It is the key to earning the trust of creditors and investors, and high-quality financial reporting opens access to the best financing terms and new growth opportunities for Ukrainian companies.\u201d <\/em>\u2014 Vitaliy Strukov emphasized.<\/p>\n Sergiy Balchenko<\/a>, Managing Partner at BDO in Ukraine and the auditor with over 35 years of experience, shared insights on transformation of the auditing profession and today\u2019s quality standards for audit services. He emphasized that today an auditor\u2019s role extends beyond the client to society, ensuring the interests of taxpayers and donors are protected.<\/p>\n Sergiy Oleksiyovych pointed out that high-quality auditing requires:<\/p>\n\n
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<\/p>\nWartime audits: how donor expectations have changed in Ukraine<\/strong><\/h4>\n
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Donor expectations and ethical standards for auditing grant projects<\/strong><\/h4>\n
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Common mistakes made by grant recipients: how to avoid risks and building donor trust<\/strong><\/h4>\n
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Financial reporting and international audit: the key to attracting investment for Ukrainian companies<\/strong><\/h4>\n
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Evolution of the auditor\u2019s profession: challenges, responsibilities, and secrets to success<\/strong><\/h4>\n
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