Article 29. Obligations of an audit organization

An audit organization is obliged to:

comply with the requirements of this Law, standards of auditing and the Code of ethics for professional accountants;

comply with the requirements of the legislation on combating the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;

ensure that the share of auditors (auditor) in authorized fund (authorized capital) is not less than fifty one percent (except for cases of creation of an audit organization — a branch or subsidiary of a foreign audit organization);

ensure the presence in its staff of at least four auditors for whom the audit organization is the main place of work;

ensure that auditors complete professional development courses once a year;

carry out audit activities only if there is a liability insurance policy of the audit organization;

ensure independence in the provision of audit services;

present, at the request of the customer of audit services, the certificate of the auditor (auditors), the policy of liability insurance of the audit organization;

provide, at the request of an economic entity, information on the requirements of international auditing standards for the conduct of an audit, the norms of legislative acts on which the auditor's opinion is based;

ensure the confidentiality of information obtained during the provision of audit services;

draw up the results of the audit in accordance with the standards of auditing and keep copies of audit reports in the auditing organization for at least five years;

post on its official website or the official websites of national public associations of auditors information on the mandatory audits carried out, indicating the identifying data of the economic entity and the audit report;

provide information for the ranking of audit organizations;

inform in writing the management of an economic entity and the persons responsible for corporate governance, as well as audit committee of any violations of accounting legislation or facts that clearly indicate corruption offenses;

establish and comply with a system of internal quality control of auditors' work;

not to interfere with the external quality control of the audit organization;

notify the authorized state body in writing or electronically within five days of any changes in its postal and e-mail address, a change of the head of an audit organization and (or) a change in the composition of auditors;