According to Article 37 of the Law of Ukraine «On the Audit of Financial Statements and Audit Activity» No. 2258-VIII dated 12.21.2017. and the requirements of Article 40 of the Directive of the European Parliament and of the Council on the mandatory audit of annual and consolidated statements No. 2006/43/EC, LIMITED LIABILITY COMPANY «AUDITORSKA FIRM» TEO-AUDIT» publishes a transparency report compiled based on the results of operations for 2023.
1. Description of the organizational and legal structure and ownership structure of the audit firm
«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.
LLC «TEO-AUDIT» is registered in the Register of Auditors and Subjects of Audit Activity No. 4708.
The owners (founders) of «AF» TEO-AUDIT» LLC, in accordance with the current Statute, are natural persons who are auditors and own the following shares of the authorized capital:
PARFENYUK NATALIYA VASYLIVNA, Amount of contribution to the statutory fund (UAH): 12,000.00 (50%)
PARYPSA OLENA ANATOLIIVNA, amount of contribution to the statutory fund (UAH): 11520.00 (48%);
TRUKHANOVSKA IRYNA OLEKSIIVNA, amount of contribution to the statutory fund (UAH): 480.00 (2%)
TEO-AUDIT LLC is not a member of the network.
2. Description of the audit firm’s management structure
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 to alienate 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 Meeting of Participants, organizes the implementation of their decisions and does not have the right to make decisions that are 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.
3. Description of the internal quality control system and statement of the management body or supervisory body about its effectiveness
3.1. LLC quality management system «AF «TEO-AUDIT» covers eight components:
1) the firm’s risk assessment process;
2) management and leadership;
3) relevant ethical requirements;
4) acceptance and continuation of relations with clients and specific tasks;
5) task performance;
6) resource;
7) information and communication;
8) monitoring and correction process
The policy and procedures of the Company’s quality management system are presented in the form of the «Quality Management Regulations of the Company» and are brought to the attention of its employees. We strive to comply with the requirements of IAS 1 and strive to implement a culture of commitment to quality in our company. our policy is aimed at:
LLC «AF «TEO-AUDIT»» developed and approved «Regulations on quality management of audit services (new edition) (PCIA 1)» and «Regulations on the Quality Management System».
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 a certificate of an auditor of Ukraine and an ACCA diploma in International Financial Reporting (DipIFRM in Russian).
4. Information about the date of the last external inspection of the quality control system
In accordance with the plan-schedule of quality control inspections for 2023, the State Institution «Body of Public Supervision of Audit Inspection» conducted a quality control inspection at the audit firm. According to OSNAD order No. 24-kya of August 1, 2023 «On Passing the Quality Control Inspection», LLC «AF TEO-AUDIT» was recognized as having passed the quality control inspection of audit services with mandatory recommendations.
5. The audit firm provided statutory audit services in the previous year 2023 to enterprises of public interest, that is :
LLC MARVEL TRADING HOUSE,
LLC «TALNIVSKY SHCHEBSAVOD»,
PJSC «CHERKASYOBLENERGO»,
PE «AGRO-EXPRESS-SERVICE»,
«PISKIV GLASSWORK PLANT» LLC.
6. Information on practices for ensuring independence, as well as confirmation of an internal review of compliance with independence.
Prior to the beginning of the tasks of the mandatory audit of financial statements, the audit 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 fees for mandatory audit services, compliance with restrictions on the provision of services that are not related to mandatory audits, and the duration of the period of provision of mandatory audit services an enterprise 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.
7. Information on continuous training of auditors
The professional team is formed and supported by a constant combination of external and internal training of employees at all levels from intern to partner.
We recognize the crucial role of the professional training system of our employees as a service. Such a system covers both new employees and experienced specialists.
Continuous professional training of auditors is carried out 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.
Employees of the audit firm have certificates and diplomas that testify to a high level of knowledge of international financial reporting standards.
Based on the needs of the audit firm, each year the subject of internal professional trainings is determined, participation in which is mandatory for certain categories of personnel. Such trainings are held regularly throughout the year.
Partners and other managers attend periodic courses to improve their management skills and personal development, participate in conferences and round tables. A high level of knowledge in these areas helps to ensure a smooth and efficient audit.
All certified auditors undergo mandatory external improvement of professional knowledge. The minimum duration of such advanced training is at least 120 hours over three consecutive calendar years. Every year, we conduct an analysis of the work of the staff, assessing the efficiency and competence of employees and their needs for professional training. The results of each such evaluation are used to make a decision on promotion or bonus.
For the timeliness of informing the personnel directly involved in the provision of audit services about possible shortcomings in their work, ways to eliminate them, and the timeliness of measures to adjust professional development plans, interim evaluations and evaluations of the employee based on the results of participation in each project are carried out during the year.
During the analysis of competence and requirements for further career growth, technical knowledge, academic and professional qualifications, participation in external and internal seminars, analytical thinking and communication skills, ability to learn and work in a team, build business relationships with clients, as well as personal qualities and professional development requirements. An integral part of such evaluation is the assessment of the quality of the work performed.
8. Information on the principles of remuneration of key partners
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.
The remuneration system of key audit partners is established by employment contracts in accordance with the remuneration system operating in the audit firm.
Partner remuneration consists of two components:
— monthly fixed salary, and
— premiums.
9. Description of the rotation policy of key audit partners and auditors involved in the performance of the statutory audit task
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. Financial information
The net income from the provision of services for 2023 amounted to UAH 5,665.7 thousand, including the mandatory audit of enterprises of public interest amounted to
2070.0 thousand hryvnias
11. Information about related persons of the audit firm
Related persons of the audit firm:
Paripsa O.A. and N.V. Parfenyuk, LLC «ION-AUDIT», LLC «PPP FINANCE», LLC «PPP UKRAINE», LLC «PPP AUDIT», PUBLIC ORGANIZATION «PROFESSIONAL ORGANIZATION OF AUDITORS, ACCOUNTANTS AND TEACHERS OF OKD».
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