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The parliament has approved a bill to reform the Audit Chamber.

The bill is a prerequisite for securing over $2 billion in funding from the IMF and the United States.
The parliament has approved a bill to reform the Audit Chamber.

The Verkhovna Rada has adopted the draft law on the reform of the Accounting Chamber in the second reading and as a whole, reported People's Deputy Olexiy Honcharenko. A total of 240 deputies voted in favor of document No. 10044-d.

The law provides for:

  • reducing the composition of the Accounting Chamber from 13 to 11 members;
  • conducting competitions for new positions with the preferential voting rights of international experts;
  • expanding the powers of the Chamber to conduct audits of local budget funds, communal enterprises, off-budget funds, as well as funds from international partners and consolidated financial reporting of state entities;
  • mandatory external evaluation of activities every five years;
  • establishing parliamentary oversight, under which the relevant committees of the Rada are required to review reports from the Accounting Chamber and monitor the implementation of its recommendations.

As previously written by “ Judicial and Legal Newspaper,” the adoption of the reform of the Accounting Chamber is a condition for receiving funding from the USA, specifically $1 billion for just the second reading, and $1.5 billion in total.