The State Enterprise “Forests of Ukraine” Underwent an Independent Audit: Here Are the Results
14 June 10:12
Independent auditors have confirmed the accuracy of the key financial indicators of the State Enterprise “Forests of Ukraine” for the years 2022–2025. This was reported by "Komersant Ukrainian", citing a statement from the company’s press service.
A year ago, in late May 2025, the supervisory board of the State Enterprise “Forests of Ukraine” initiated independent audits of the company’s annual financial statements and approved the criteria for selecting an auditor.
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The board members justified their decision by stating that “the public must be convinced that the company’s performance results correspond to the reported data.” Additionally, conducting an independent audit is part of the process of corporatizing the State Enterprise “Forests of Ukraine.”
The audits have now been completed, and the reports have been published on the company’s website.
The financial statements for 2022–2024, prepared in accordance with national accounting regulations (standards) — NAS, were reviewed by Grant Thornton Legis, which is part of the international Grant Thornton network—one of the world’s leading firms in the fields of audit, tax, and business consulting.
The auditor confirmed that the financial statements are prepared in all material respects in accordance with the requirements of the Law of Ukraine “On Accounting and Financial Reporting in Ukraine.”
The independent audit of the 2025 financial statements was conducted by Crowe Erfolg Ukraine, a member of Crowe Global—the eighth-largest international network in the field of accounting, auditing, and consulting. Since January 1, 2025, the State Enterprise “Forests of Ukraine” has adopted International Financial Reporting Standards (IFRS), and the audit for this period was conducted in accordance with IFRS requirements.
The report states that “the financial statements of the State Enterprise ‘Forests of Ukraine’ present fairly, in all material respects, the financial position of the enterprise, its financial performance, and its cash flows.”
The auditors also provided specific comments related, in particular, to the limited information regarding the historical cost of assets. Some of the assets transferred to the enterprise from state forestry enterprises were acquired during the Soviet era, and the original documentation has been lost in some cases.
However, this did not prevent the State Enterprise “Forests of Ukraine” from successfully passing an independent audit of its financial statements for all four years of operation.
In particular, the independent audit confirmed the company’s revenue growth from UAH 22.7 billion in 2023 and UAH 23 billion in 2024 (under NAS) to a record UAH 29.9 billion in 2025 (under IFRS). The audit also confirmed an increase in net profit from UAH 3 billion in 2023 and UAH 2.8 billion in 2024 to UAH 6.9 billion in 2025.
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