Service 01

Audit & Reporting

Independent financial statement audit under International Standards on Auditing and IFRS reporting preparation. Services are provided separately and are not combined for the same client.

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About LUCAS Accounting Firm

LUCAS is an accounting firm in Ukraine working with medium and large businesses, public interest entities, Ukrainian subsidiaries of international groups, and companies where audit requires expertise in IFRS, consolidation, group reporting requirements and complex accounting data structures. Core services — financial statement audit, statutory audit, ISA-based audit, IFRS financial statement audit, group audit, review engagements and agreed-upon procedures.

Who we are	LUCAS — Ukrainian accounting company
What we do	Financial statement audit, statutory audit, ISA-based audit, group audit, review engagements
Who we work with	Large enterprises, medium enterprises, PIEs, groups of companies, Ukrainian subsidiaries of foreign companies
What sets us apart	Core team from Big 4, specialisation in auditing large companies and complex consolidations
Result	Auditor's report or other auditor's report depending on the engagement type
Registration	Register of Auditors and Audit Entities — Section 'Audit entities authorised to conduct statutory audit of financial statements of public interest entities'

Financial statement audit trusted by banks, investors and owners

LUCAS conducts mandatory and voluntary financial statement audits for Ukrainian companies, business groups and international structures — with focus on quality, independence and practical value of the auditor's report.

Statutory Audit · ISA

Audit for Large, Medium Companies and PIEs

Mandatory audit is conducted for enterprises defined by Ukrainian legislation: including public interest entities, large and medium-sized enterprises, and certain special categories of companies. The audit is performed under International Standards on Auditing with an auditor's report issued in accordance with applicable ISA requirements.

The LUCAS auditor's report is not a formality for the regulator — it is an instrument of trust for owners, banks, investors, and counterparties. We are responsible for audit quality in accordance with Ukrainian law, International Standards on Auditing, and the terms of the specific engagement.

Audit for public interest entities (PIEs)
Audit of large and medium-sized enterprises
Evaluation of internal control elements within the financial statement audit

Group Audit · Consolidation

Audit of Consolidated and Combined Financial Statements

Auditing the consolidated financial statements of holdings and groups of companies requires coordinating the work of component auditors, reviewing elimination adjustments and intergroup transactions. In relevant engagements, LUCAS can act as group auditor: preparing instructions for component auditors, coordinating their work, and forming the auditor's report on consolidated financial statements in accordance with applicable ISA requirements.

We work with groups where the parent company requires reporting in a specified format — we help prepare financial statements and audit procedures to comply with both local requirements and group requirements within the agreed engagement.

Audit of consolidated financial statements
Group instructions for component auditors
Review of eliminations and intergroup transactions
Coordination with parent company auditors

Non-Audit Engagements · ISRE 2400 / ISRS 4400

Review, Agreed-Upon Procedures and Comfort Letters

Not every situation requires a full audit. A review of financial statements under ISRE 2400, agreed-upon procedures under ISRS 4400, and auditor letters/reports may be appropriate for banks, investors, M&A, or specific management purposes. The level of assurance and form of report depend on the type of engagement.

These services are in demand when attracting financing, verifying specific indicators for banks or investors, due diligence, and transaction preparation.

Review of financial statements under ISRE 2400
Agreed-upon procedures under ISRS 4400
Auditor letters/reports for banks, investors or other users
Audit for M&A and due diligence purposes

IFRS Reporting

IFRS Financial Statement Package Preparation

Preparation of financial statements under International Financial Reporting Standards — for financing purposes, parent company requirements, or internal management. Includes the full package: statement of financial position, statement of profit or loss, statement of cash flows, statement of changes in equity, and notes.

This service is provided to clients whose audit LUCAS does not perform — in accordance with independence requirements.

Full IFRS financial statement package
Disclosures and notes to financial statements
Reporting for parent company
Reporting for financing purposes

IFRS 1 · First-time Adoption

First IFRS Report and National Standards Transformation

First-time adoption of IFRS is governed by a dedicated standard — IFRS 1. It defines how to prepare the first set of financial statements under international standards: selecting accounting policies, retrospective application, exceptions and exemptions.

LUCAS can help your organization fully transition to IFRS or perform a transformation of existing financial statements prepared under national standards into IFRS format — with documentation of all adjustments and methodology.

Preparation of first IFRS financial statements under IFRS 1
Selection and documentation of accounting policies
National standards → IFRS transformation
Documentation of transformation adjustments

Consolidation Package

Consolidation Package for Group Reporting

Participants of international and national groups often prepare a reporting package for the parent company in specified formats and timelines. For clients whose audit LUCAS does not perform, we prepare a consolidation package with elimination adjustments, intergroup transaction disclosures, and intergroup balance reconciliation.

Reporting package in parent company format
Elimination adjustments
Intergroup transaction disclosures
Intergroup balance reconciliation

FAQ

What you should know.

Yes. Financial statement audit in Ukraine is performed in accordance with International Standards on Auditing and the requirements of the Law of Ukraine "On Audit of Financial Statements and Auditing Activities." For banks, investors, parent companies, and international users this format is the standard.

The cost depends on the company scale, complexity of operations, and timing. For a medium-sized enterprise — from several hundred thousand hryvnias. Key factors: number of legal entities, presence of foreign operations, state of internal controls. An exact estimate can be provided after an initial discussion.

Evaluate the firm's inclusion in the relevant section of the Register of Auditors and Audit Entities, experience in your industry, team composition, quality management system, and independence from your consultants.

A qualified opinion means the auditor identified material but not pervasive issues. This is a serious signal for banks and investors. Unlike a disclaimer of opinion, a qualification isolates the problem rather than calling the entire financial statements into question.

Most major Ukrainian banks and all international financial institutions require an ISA audit report for the last 1–3 years. Some banks also require interim financial statements or a comfort letter.

A group audit is an audit of the consolidated financial statements of a holding or group of companies. In relevant engagements, LUCAS can act as group auditor: coordinating the work of component auditors, reviewing elimination adjustments, and forming the consolidated auditor's report.

For a single legal entity with standard operations — 4–8 weeks of active work. Timing is affected by the quality of internal documents, timely responses to auditor requests, and complexity of accounting issues.

An audit verifies the overall reliability of financial statements under ISA. Due diligence is a targeted review of specific business aspects for a transaction. Audit is recurring; due diligence is a one-time exercise for a specific purpose.

For attracting investment, an audit is typically an expected requirement of funds, banks, or strategic investors. For IPO or pre-IPO processes, audited IFRS financial statements for several prior periods are usually required, but specific requirements depend on the exchange, jurisdiction, and offering structure.

This is a letter or auditor's report for a bank, investor, or other party within a specifically agreed engagement. If the work is performed as agreed-upon procedures under ISRS 4400, the auditor describes the procedures performed and factual findings, but does not provide an audit opinion or assurance conclusion.

Need an audit or financial statement preparation?

Tell us about your task — we will clarify the scope, timeline and propose terms of engagement.

Submit a request