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INTERNATIONAL AUDITORS CONFIRM: THE SFYH IS EFFCTIVE IN ITS WORK

In accordance with the national legislation of Ukraine and the requirements of international cooperation, two independent audit companies conducted audits at the SFYH.

The audits confirmed the effectiveness of the use of funds during the implementation of the Housing for Internally Displaced Persons programme, which is funded by the German Government through KfW Bank. The audit also confirmed the reliability of the financial statements of the SFYH, which are submitted to the National Bank of Ukraine in accordance with the requirements of the current legislation and comply with International Financial Reporting Standards.

In particular, pursuant to clause 2.1.1. of section (v) of the Separate Agreement to the Grant and Project Agreement dated 09.02.2021 concluded between the German Development Bank KfW and the SFYH, an independent audit of the SFYH was conducted. The purpose of the audit is to provide reasonable assurance on the funds spent in accordance with the Disposition Fund Procedures under the Housing for Internally Displaced Persons Project.

The audit was conducted by the International Audit Company RSM UKRAINE LLC in accordance with the Audit Services Agreement.

The Independent Auditor's Report provides a reasonable assurance that:

- Disbursements from the Disposition Fund were made in accordance with the terms of the relevant agreements;

- the funds of the Disposition Fund were held in accordance with the provisions of the relevant agreements;

- the expenditures of the SFYH presented in the Financial Report of the project "Housing for Internally Displaced Persons" are supported by relevant and sufficient evidence;

- the expenditures of the SFYH included in the Financial Report of the "Shelter for Internally Displaced Persons" project can be relied upon to support the respective requests for disbursement. There is a clear link between the Expenditure Report and disbursement requests submitted to KfW and the accounting records of the SFYH;

- the procurement of goods and services was carried out by SFYH in accordance with the relevant agreements.

Also in March 2023, the Independent Auditor, the International Audit Company DE VISU LLC, audited the consolidated financial statements of the State Specialized Financial Institution State Fund for Support of Youth Housing Construction in accordance with International Financial Reporting Standards.

In the auditor's opinion, the consolidated financial statements present fairly, in all tangible respects, the financial position of the SFYH as at 31 December 2022, its financial performance and its cash flows for 2022.

The audit report is available on the official website of the SFYH.

 

The findings of the leading international audit companies confirm the effectiveness of the SFYH as a financial tool for implementing the state housing policy in Ukraine.