The paper aims to define the strategic goals of the Accounting Chamber of Ukraine’s institutional reform. Securing the social confidence towards a public audit institution is the fundamental of its effective implementation. As a result of the proposed strategy realization the transforming the control system according to world standards and good governance requirements must take place focused on economic development maintenance and Sustainable Development Goals achievement.The analysis is based both on directives of the United Nations, INTOSAI and OSCE ruling documents in regard to state audit development and on empirical data obtained under the questionnaire survey among the Accounting Chamber experts and independent accountants in Ukraine.
The paper aims to analyze the methodological issues that exist in the field of public finance audit, and find ways to solve them on the example of Ukraine. The methodological basis of the study is the analysis of scientific publications, regulations, standards; best practices analysis; retrospective analysis of ACU’s performance indicators; content analysis of reports on the results of audits; method of logical generalization and systematization in formulating conclusions and recommendations. The study found that an important role in maintaining the functions of the SAI in society is played not only by the fact of auditing public finances, but also its methodology, including compliance with INTOSAI standards and building confidence in its results. The recommendations concern the need to: conduct financial audits of all major administrators of budget funds in accordance with the requirements of INTOSAI standards; ensure the timeliness of financial audits, the results of which should be published together with the financial statements; assessment of the skills of the ACU’s specialists performing financial audits to plan staff training; revise approaches to the interaction of the ACU’s auditors with internal audit departments to support the development of the internal audit function in the public sector; establish a quality control system according to the requirements of ISSAI 140; revise the approaches to the implementation of public finance reform on the transition to the application of the principle of accrual in accounting. Implementation of the recommendations will strengthen the role of the Accounting Chamber in society by increasing the credibility of its audits and their importance for improving the efficiency of public administration.
The paper aims to analyze the approaches to capital formation of Ukrainian utility enterprises, identify their impact on the financial results of entities and formulate recommendations to ensure the efficiency of utility enterprises. The methodological basis of the study is comparative analysis, theoretical studies, statistical information, analytical data prepared by governmental and non-governmental bodies, the best practices. In the course of the research were collected and processed empirical data of 30 utility enterprises from 11 regions of Ukraine with different economic, demographic, climatic and administrative conditions. The conducted research confirms that the capital invested in the municipal enterprises does not increase their efficiency. Funding from a municipal budget without disclosure of the criteria for providing such resources does not enlarge the profitability of utility enterprises and often used to cover their losses, which lead to capital disruption. In order to increase the efficiency of utility enterprises and the fair distribution of municipal budget funds it was proposed to introduce the disclosure of additional information about capital formation; to strengthen the managers’ responsibility for the quality of publishing information with the introduction of special KPIs; and to conduct financial and performance audit, including in terms of capital formation.
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