The partners of the “De Visu” Group participated in the large-scale conference “Corporate governance reform. Role and functions of audit committee” related to discussion of pertinent issues of corporate governance reform, and the establishment and effective operation of audit committees.
The event was held on November 27, 2019 at the InterContinental Kyiv Hotel with the support of the EU project in Ukraine “Technical assistance in the priority areas of the financial sector of Ukraine” (EU-FINSTAR), the Public Audit Oversight Body and the Board of the Council of Independent Accountants and Auditors.
The conference program included three sections and a podium discussion. The following issues were discussed:
- corporate governance reforms: challenges and prospects;
- the role of independent auditing in building effective corporate governance;
- the roles and functions of the audit committee;
- the challenges and benefits of corporate governance reform.
Expansion of the range of companies that are required by the law to set up audit committees has aroused business and other stakeholders growing interest in these issues.
The conference is driven by the need to implement the provisions of the Law of Ukraine "On Audit of Financial Reporting and Auditing" in order to create the organizational and legal basis for the activity of audit committees of public interest enterprises, as well as to establish effective communication between them and the auditors. The audit committees play a leading role in building effective corporate governance, as they must ensure that owners are impartially and objectively informed of the status and performance of companies.
Representatives of public authorities, regulators, top managers of large companies, heads of audit committees and auditors were invited to exchange experience and opinions on corporate governance reform.
“It is difficult to overestimate the importance of such events in Ukraine. First of all, they help to summarize the best practices in the world and give an opportunity to consider further steps that market participants and the state should take to ensure the effective implementation of legislation and the effective operation of public and private companies. Therefore, the opportunity to exchange the experience and opinions of experts in corporate governance and the functioning of audit committees is a splendid chance for all market participants to contribute to the reform of the audit and to ensure transparency of business”, President of “De Visu” Group Oleksandr Boiko.
