The state-owned Ukrainian Sea Ports Authority and its subsidiaries will undergo audits based on the International Financial Reporting Standards.

According to the Ukrainian Sea Ports Authority, the audits will increase the transparency of its finances and help it to attract international capital investments.

"Audit of the Ukrainian Sea Ports Authority for compliance with all the regulatory requirements and the best international practices is not just about following the latest fashion. It is important … in order to identify and address possible shortcomings, provide clarity to international financial institutions and investors, and improve transparency. After all, improvement of reputational characteristics and attraction of investment for development of the industry are our key goals," the Ukrainian Sea Ports Authority’s acting head of Raivis Veckagans said.

The audit is expected to cover all the subdivisions of the Ukrainian Ports Authority. A competition for selection of the company that will audit the Ukrainian Ports Authority’s financial operations will be announced via the ProZorro electronic public procurement system in the near future.