The Chamber of Auditors of Ukraine is established in accordance with the Law of Ukraine 'On Auditing' and functions as an independent body. The Chamber of Auditors of Ukraine is formed on a parity basis by auditors and representatives of state bodies. The total number of members is twenty.
According to the Law of Ukraine 'On Auditing', the representatives are delegated by the Ministry of Finances of Ukraine, the Ministry of Justice of Ukraine, the Ministry of Economic Development and Trade of Ukraine, the State Tax Service of Ukraine, the National Bank of Ukraine, the State Statistics Service of Ukraine, the National Commission for Securities and Stock Market, the National Commission for State Regulation of Financial Services Markets, the Accounting Chamber of Ukraine and the State Financial Inspection.
The General Congress of auditors delegates to the Chamber of Auditors of Ukraine ten highly qualified auditors with a continuous experience in auditing of not less than five years, and also representatives of professional educational institutions and research organizations.
Members of the Chamber of Auditors of Ukraine (except the Chairman) perform their duties on a voluntary basis.
The Chamber of Auditors of Ukraine carries out:
1) certification of persons intending to engage in auditing;
2) approval of the audit standards;
3) approval the training programs for the auditors and, in agreement with the National Bank of Ukraine, the program of training for the auditors that will carry out the audit of banks;
4) maintenance of the register of audit firms and auditors;
5) supervision of the compliance of auditing firms and auditors with the requirements of the Law of Ukraine 'On Auditing', auditing standards, norms of professional ethics;
6) measures to ensure the independence of auditors during their audits and organization of control over the quality of audit services;
7) regulation of the relationship between auditors (audit firms) in the course of audits and, if necessary, applies penalties to them;
8) exercise other powers stipulated by the Law of Ukraine 'On Auditing' and its Statute.
According to the Law of Ukraine 'On Auditing', the approval of audit standards is the exclusive right of the Chamber of Auditors of Ukraine. The standards on auditing approved are mandatory for compliance for auditors, audit firms and business entities. The Chamber of Auditors of Ukraine, in agreement with the International Federation of Accountants, annually translates and publishes the International Standards on Auditing in the Ukrainian language. International Standards on Auditing are adopted in Ukraine by the Chamber of Auditors of Ukraine as National Auditing Standards.
The Chamber of Auditors of Ukraine approves the programs for continuous professional knowledge improvement for auditors and introduces international experience into the process of certification of auditors.