Accounting Chamber audited ARMA: what violations were found
30 December 2024 19:32
The Accounting Chamber has conducted an audit of the management of assets derived from corruption and other crimes in Ukraine. The audit revealed problems related to the lack of a sufficient legal framework, unregulated relations between the authorities and inefficient management of confiscated assets, "Komersant Ukrainian" reports, citing information on the website of the Accounting Chamber.
In particular, in the first half of 2024, ARMA’s performance indicators increased compared to previous years. During 2022-2023 and the first half of 2024, the Agency received UAH 0.4 billion in revenues from asset management, UAH 0.6 billion in cash management, and UAH 1.6 billion in asset sales.
They also found imperfections in the existing mechanisms for selecting managers and appraisers of confiscated assets and shortcomings in internal regulations for effective monitoring and control.
The auditors also noted that the management of seized assets was carried out in the context of unresolved relations between ARMA and the prosecutor’s office and pre-trial investigation authorities at the stage of transfer and acceptance of assets. There is also a lack of tools for effective work to preserve/increase the economic value of assets.
Despite these problems, the Agency received significant revenues and improved its performance.
In addition, the audit revealed problems with the selection of managers and appraisers, internal regulation, and the lack of tools to preserve the value of assets.
Please note that the audit report, in addition to the list of identified problems, also contains recommendations for improvement. These include the development of strategic documents, regulation of ARMA’s relations with the authorities, and implementation of an automated management system.
