Ukroboronprom International Audit: Transparent, Meets International Standards; OECD
Ukroboronprom International Audit: Transparent, Meets International Standards; OECD
(Source: UkrOboronProm; issued May 16, 2018)
The Tender Committee of the SC "UkrOboronProm"(UOP) – attended by UOP management, the Chairman of the UOP Supervisory Board Mykhailo Zghurovskyi, NAKO Secretariat Secretary General Olena Tregub, as well as representatives of the US Embassy in Ukraine – improved the mechanism for conducting international audit, which will be held at the State Concern. An independent audit will be conducted in accordance with international standards, including public reporting and auditors’ access to all necessary information.

Due to the changes made in the tender documentation, qualification requirements for potential participants of public procurements were improved. The results of the provision of services will be publicly available. At the same time, activities of the Supervisory Board, Ukrainian and international partners will be publicly available. To ensure audit effectiveness, the question on auditors’ access to all necessary information was regulated.

As a result of audit, management of the UOP enterprises will be reformed according to the principles, developed by the International Organisation for Economic Co-operation and Development (OECD).

The principles of management of public enterprises, developed by the OECD, include provision of effective legal regulation of activities of the state-owned enterprises, transparency of activities, clear division of responsibilities between management and supervisory boards, and structuring of the interaction between state-owned enterprises and public authorities, private companies.

Due to these changes, the strategy of corporate and industrial UOP restructuring will be brought to international management standards. Besides, audit will contribute to restructured assets, formed into several joint-stock holding companies, each of which will specialize in a certain defense industry sector and will have the opportunity to enter the capital markets.

Currently, due to the appropriate changes to the tender documentation, the completion of the first stage of bidding is expected in June 2018.

-ends-







prev next

Official reports See all