TRANSPARENCY REPORT
LIMITED LIABILITY COMPANY
«AUDITING FIRM» TEO-AUDIT»
for 2019
«TEO-AUDIT AUDITING FIRM» LIMITED LIABILITY COMPANY (hereinafter referred to as «TEO-AUDIT» LLC, or the auditing firm), identification code 41458007, date and number of entry in the Unified State Register of State Registration of a Legal Entity: 13.07.2017, 1 070 102 0000 069566, registered by the Pechersk District State Administration in the city of Kyiv.
«TEO-AUDIT» LLC carries out audit activities in accordance with the Certificate of inclusion in the Register of Audit Firms and Auditors No. 4708, issued in accordance with the decision of the Audit Chamber of Ukraine dated July 27, 2017 No. 348/2.
The owners (founders) of «AF» TEO-AUDIT» LLC, in accordance with the current Statute, are natural persons who are auditors and own 50% of the authorized capital:
PARIPSA OLENA ANATOLIIVNA, address of the founder: 02550, Vinnytsia region, Lypovetskyi district, Lypovets city, str. Lenina, building 86, apartment 2. Amount of contribution to the statutory fund (UAH): 12,000.00 (50%);
PARFENYUK NATALIYA VASYLIVNA, address of the founder: 02096, Kyiv, Darnytskyi district, str. Zaslonova, building 2, apartment 86. Amount of contribution to the statutory fund (UAH): 12,000.00 (50%).
TEO-AUDIT LLC is not a member of the network.
The executive body of «TEO-AUDIT» LLC, which manages its current activities, is the Director — Nataliya Vasylivna Parfenyuk. Control over the activities of the executive body is carried out in accordance with the procedure established by the Statute and legislation of Ukraine.
The highest body of the Society is the general meeting of its Members.
Participants have the number of votes proportional to the size of their share in the authorized capital.
The exclusive competence of the general meeting of Participants includes:
1) determination of the main areas of activity of the Company, approval of its plans and reports on their implementation;
2) making changes to the Company’s charter, changing the amount of its authorized capital;
3) appointment (election) and dismissal (revocation) of the Director of the Company and granting permission to the Director of the Company to transfer part of his powers to manage the Company to deputy directors of the Company;
4) determination of the forms of control over the activities of the Director;
5) approval of annual reports and balance sheets, distribution of profits and losses of the Company;
6) resolution of the issue of acquisition of the Participant’s share by the Company;
7) resolution of questions about the acceptance or exclusion of the Participants of the Society;
8) making a decision on the alienation of the Company’s property in the amount of fifty percent or more of the Company’s property;
9) adoption of a decision on the termination of the Company, appointment of the liquidation commission, approval of the liquidation balance sheet.
Issues referred to the exclusive competence of the general meeting of the Company’s Participants cannot be submitted by them to the executive body of the Company for decision.
The general meeting of the members of the Company has the right to make decisions on all issues of the Company’s activities, including those transferred by the general meeting to the competence of the executive body.
Decisions are made by a simple majority vote.
The executive body of the Company is the Director, who is elected (appointed) by the general meeting of the Participants. The director, with the permission of the general meeting of the members of the Company, can transfer part of his authority to manage the company to the deputy directors of the Company. The Director resolves all issues of the Society’s activities, except for those that are within the competence of the meetings of participants, and carries out current management of the Society’s activities.
The director is accountable to the meetings of the Participants, organizes the implementation of their decisions and has no right to make decisions binding on the members of the Society.
The Director has the right to act on behalf of the Company without a mandate, represents its interests in state authorities and local self-government bodies, other organizations, in relations with legal entities and citizens, forms the Company’s administration and resolves issues of the Company’s activities within the limits and in the manner determined by the Charter.
Control over the activities of the Director is carried out by the general meeting of participants.
«TEO-AUDIT» LLC developed and approved the «Regulations for ensuring the system of internal quality control of professional audit services» and «Policy and procedures for ensuring independence and internal control over the quality of services provided by the audit firm».
The responsibility for the development, implementation, maintenance and effective functioning of the quality control system at the company is borne by the director of TEO-AUDIT LLC, Parfenyuk Nataliya Vasilievna.
The director N.V. Parfenyuk is responsible for the performance of the functions of maintaining the effective functioning of the quality control system at the company, who has sufficient and relevant experience and abilities that make it possible to identify and understand quality control issues and develop relevant policies and procedures, and has all the necessary authority to implement and implement such procedures.
Nataliya Vasylivna Parfenyuk has an auditor’s certificate of Ukraine, series No. 006916, decision of the APU dated April 26, 2012 No. 249/3, valid until April 26, 2017; extended by the decision of the APU dated 31.03.2017 No. 342/3, valid until 26.04.2022, and ACCA diploma in International Financial Reporting (DipIFR in Russian) certificate number 1838184.
«TEO-AUDIT» LLC successfully passed the external audit of the auditing services quality control system, which was created at the firm in accordance with the International Auditing Standards, norms of professional ethics of auditors and legislative and regulatory requirements governing auditing activities in Ukraine. The auditing firm was issued a CERTIFICATE of compliance with the quality control system according to decision No. 1594 of the APU dated July 12, 2018, No. 363/5, valid until December 31, 2023.
The audit firm provided statutory audit services in the previous year 2019 to enterprises of public interest, namely:
PRIVATE ENTERPRISE «AGRO-EXPRESS-SERVICE» and «SPEYR INSURANCE COMPANY» LIMITED LIABILITY COMPANY.
Prior to the beginning of the tasks of the mandatory audit of financial statements, the auditing firm, the key audit partner and the auditors who will directly or indirectly perform the tasks of the mandatory audit of the financial statements of the legal entity conduct an assessment of threats to independence, namely to assess and document:
1) compliance with the independence requirements defined by Law No. 2258-VIII;
2) threats to independence and precautionary measures taken to reduce the risks of their occurrence;
3) the sufficiency of the number of auditors and other personnel, time and resources necessary for the implementation of a full set of procedures to perform the task of mandatory audit of financial statements;
4) compliance of the key audit partner and auditors who will be involved in the performance of the mandatory audit task with the requirements of Law No. 2258-VIII.
When providing services for a mandatory audit of financial statements to a public interest enterprise, the audit firm, the key audit partner, the auditors who will be involved in the performance of the task, in addition to the requirements specified above, must evaluate and document information about:
1) fulfillment of the requirements defined by Law No. 2258-VIII regarding the establishment of remuneration for mandatory audit services, compliance with the
conditions for the provision of services that are not related to a mandatory audit, and the duration of the period of provision of services from a mandatory audit to an enterprise that is of public interest;
2) honesty and decency of officials of the management and supervisory bodies of the enterprise, which is of public interest, the financial statements of which are audited.
The company has developed and approved an internal company standard «Regulations on ensuring the independence of the auditor of TEO-AUDIT LLC AF», which makes it possible to assess threats to independence, assess and document the conduct of an internal review of compliance with independence. Developed procedures enable key audit partners or auditors to identify threats to independence in time to eliminate them.
The most important element that ensures the quality of professional services is continuous education and professional development of all employees.
Continuous professional training of auditors can be conducted by:
1) legal entities that meet the requirements established by the certification commission;
2) audit firms that have developed their own continuous professional training programs, which are recognized by professional organizations — members of the International Federation of Accountants;
3) professional organizations of auditors and/or accountants.
In order to maintain the necessary knowledge and competence at the appropriate level, our employees receive continuous professional education:
Information on the availability of certificates (diplomas) of employees of the subject of audit activity, which testify to a high level of knowledge of international standards of financial reporting
Information on auditors of LLC «AF TEO-AUDIT» for 2019
Other specialists of the audit firm
A key audit partner is an auditor who: is appointed by the auditing firm to be responsible for conducting an audit of financial statements on behalf of the auditing firm, in the case of a group audit — an auditor appointed by the auditing firm to be responsible for conducting an audit of the consolidated financial statements of the group, and an auditor appointed to be responsible for conducting the audit financial statements of subsidiaries; signs the audit report.
During 2019, the key partner in the audit, the signatory of the audit reports was the director N.V. Parfenyuk, who is the founder, wages were paid according to the staff list, dividends were not paid, since the Company suffered a loss according to the results of the financial year.
Key audit partners responsible for the mandatory audit of financial statements shall cease their participation in the mandatory audit of the financial statements of the public interest enterprise no later than seven years from the date of their appointment. They do not have the right to participate in the performance of the task of mandatory audit of this enterprise during the next three years.
The audit firm ensures the rotation of auditors involved in the performance of the task of mandatory audit of financial statements. The mechanism of gradual rotation is applied in stages to specific individuals, and not to the entire group performing the task.
The duration of the task of mandatory audit of financial statements is calculated from the first financial year in accordance with the audit contract, according to which the subject of audit activity is appointed for the first time to perform the task of mandatory audit of the same enterprise that is of public interest.
10. Information about related persons of the audit firm
Related persons are: legal entities, provided that one of them exercises control over the other or both are under the control of a third person;
family members of a physical person — husband (wife), as well as parents (adoptive parents), guardians (guardians), brothers, sisters, children and their husbands (wives);
an individual and members of his family and a legal entity, if such an individual and/or members of his family exercise control over the legal entity;
legal entities that directly or indirectly own each other’s share of the authorized capital, which is 10 percent or more of the authorized capital of such a legal entity.
Related persons of the audit firm: Paripsa O.A. and Parfeniuk N.V.
The report was prepared by the auditor of Parips O.A. and signed by the Director
LLC «AF «TEO-AUDIT» /N.V. Parfenyuk/
04/22/2020
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