EU complains that Ukraine auditing law has yet to take effect

The EU Representative to Ukraine issued a statement on
its Facebook page this morning complaining that the law on the audit of
financial statements, approved by Ukraine’s parliament on Dec. 21, has yet to
take effect, implying that the president has yet to sign it. “We regret to
observe that the long overdue reform of auditing activities is continuing being
challenged,” the EU statement said. The law is important not only in
implementing the Ukraine-EU Association Agreement, the statement said, but also
in restoring the profession’s reputation in Ukraine, as well as trust in the
financial statements, which would enhance investment and trade in Ukraine.

Zenon Zawada: Unfortunately, among the trademarks of the Poroshenko administration
is its consistent and persistent resistance to Western-required reforms. This
has harmed Ukraine’s reputation in the EU, where the public is growing
impatient with Russia-related sanctions and is increasingly questioning whether
they are worth the lost trade.