UAH 6.7 million for an audit: how much does an audit cost in state-owned companies?

The average annual cost of an audit contract for the top ten state-owned companies in Ukraine by net income in 2024 was UAH 16.7 million. This is evidenced by data from a study by a visual communications agency Top Lead.

How it was counted

State-owned companies: we took the top twenty by revenue and calculated the average annual contract value separately for the top ten and for places 11–20.

Audit firms: analyzed transparency reports, which indicate revenues from auditing public interest entities (PIEs), and divided them by the number of clients.

Comparison with other countries: similar methodology – data on top auditors, divided by the number of PSI clients.

How much does an audit cost at the largest companies?

The cost of auditing a single public interest entity varies among the largest audit firms in Ukraine. KPMG Ukraine ranks first, with the audit of one entity costing UAH 4 million. Next are Ernst & Young at UAH 3.7 million and Deloitte with the same cost.

What is the cost of an audit in other countries?

Auditing in Ukraine is significantly cheaper than in other EU countries. While the average cost in Ukraine is UAH 1.2 million, in Germany it is UAH 40.3 million. Even in Poland, which is our neighbor, the cost of an audit is also higher – UAH 7.6 million.

What is an audit and why is it needed?

An audit is an independent review of a company's financial statements conducted by licensed specialists. It confirms the reliability of the data, helps identify errors or risks, and increases the trust of investors, creditors, and the state. For public interest entities, an audit is mandatory.

Public interest entities (PIEs) are companies whose finances are important to the economy and citizens: banks, insurance and pension funds, public joint-stock companies, and large state-owned enterprises. For them, an audit is mandatory, as it guarantees transparency of reporting and protects the interests of depositors, investors, and the state.