In­ter­na­tional au­di­tors study state-owned com­pa­nies

Kyiv Post Legal Quarterly - - Contents - BY OLENA SAVCHUK SAVCHUK@KYIVPOST.COM

In the ac­count books of Ukraine’s big­gest gov­ern­ment-owned en­ter­prises, in­ter­na­tional au­di­tors found all vices of state man­age­ment: sweet­heart deals, po­lit­i­cal pop­ulism, in­ef­fi­ciency, ob­so­lete as­sets.

A gov­ern­ment de­cree forced the big­gest Ukraine's state-owned en­ter­prises to un- dergo an in­ter­na­tional au­dit, a nov­elty for many of them.

In June 2015, the gov­ern­ment ap­proved new cri­te­ria for firms which can au­dit the 150 big­gest state-owned en­ter­prises. The new re­quire­ments al­low only the big­gest in­ter­na­tional au­dit­ing firms to take part in ten­ders.

The Odesa Port­side Plant, one of Ukraine's largest nitro­gen fer­til­izer pro­duc­ers, will go on sale this sum­mer. (Ukrafoto)

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