PwC Ukraine and АССА delivered a practical workshop Improving Efficiency and Profitability of State-Owned Enterprises by Ensuring Their Transparency

The speakers:

• Aivaras Abromavičius, Ukraine’s Minister of Economy and Trade;
• Adomas Audickas, senior advisor to Ukraine's Minister of Economy and Trade;
• Natalie Vovchuk, Head of ACCA Ukraine, Baltic and Caucasus States;
• Oleg Tymkiv, Managing Partner of PwC Ukraine;
• Olena Volkova, PwC Ukraine Partner;
• Konstantin Romansky, PwC Ukraine Director, who presented PwC to workshop participants in Kharkiv.

Aivaras Abromavičius and Adomas Audickas shared their views on SOE reform strategies and initiatives to improve SOEs’ transparency and corporate governance. They gave examples of successful SOE reforms in other countries and analysed ways to push forward with reforms in Ukraine.

PwC Ukraine and ACCA stand ready to contribute to those initiatives. Specifically, Oleg Tymkiv highlighted importance of independent audits in improving transparency and performance of SOEs. Olena Volkova talked about advantages of transition to International Financial Reporting Standards (IFRSs) and independent audit; she also provided an in-depth insight into audit procedures.

In-depth presentations and extensive discussions helped the participants to gain better understanding of audit process, its role and advantages for management. The workshop also highlighted needs of SOE management teams and public officials in professional development and competency building to improve efficiency and ensure sustainability of state-owned enterprises. PwC Ukraine and ACCA also announced a free-of-charge training course in IFRSs and Diploma in Accounting and Business for SOEs’ finance functions.