Ukraine has several strengths, such as an educated workforce, strong bookkeeping skills, and commitment to reforms, and a long-term vision of joining the European Union. In order to strengthen existing public financial accountability, Ukraine will need to build on its strength by undertaking several measures. Experience in many other countries shows that several required changes entail reaching political consensus, reforming existing institutions, or creating new institutions. This suggests that a realistic timetable for improvement in public financial accountability will have to stretch over several years and will depend on strong leadership from the top. The most important areas for action are: bringing revenues under the scope of independent external auditors
introducing the concept of internal audit
strengthening the capacity of the Accounting Chamber to conduct financial statement audits
strengthening the accountability of state owned enterprises
introducing international accounting standards for selected enterprises
adopting international best practices for licensing of audit professionals
and strengthening the disciplinary committee of the Chamber of Auditors to provide effective oversight. Other measures needed are to: train deparmtnetal staff in implementing program budgeting
fully implementing the Budget Code
expediting the implementing of the Treasury modernization project
and implementing standardized automated accounting and reporting systems.