Parliament endorses law on reforming Accounting Chamber

Yaroslav Zheleznyak, an MP from the Holos parliamentary faction, announced this on Telegram, Ukrinform reports.

A total of 240 MPs voted in favor of the law.

The law provides for a significant reform of the Accounting Chamber in accordance with the international INTOSAI standards. In particular, it introduces a competitive selection of members of the Chamber with a predominant right to vote of international experts. It also reduces the number of members from 13 to 11.

The document expands the powers of the Accounting Chamber, giving it the right to conduct audits of local budgets, municipal enterprises, extra-budgetary funds and funds received from international partners. The Chamber will also be able to audit consolidated financial statements of public sector entities and budgets.

The law requires the Accounting Chamber to undergo an external evaluation of its activities every five years and introduces clear parliamentary procedures for reviewing the institution's reports.

The law also ensures the political and financial independence of the Accounting Chamber, and requires the relevant parliamentary committees to review its reports and monitor the implementation of its recommendations.

The adoption of this law was a prerequisite for receiving funding from the International Monetary Fund and the United States in the amount of more than $2 billion.

As reported by Ukrinform, the United States has announced plans to provide $500 million following the first reading of the bill and a further $1 billion upon final adoption.

On September 19, 2024, the Verkhovna Rada of Ukraine supported at first reading the draft law on reforming the Accounting Chamber (No.10044-d).