Новини
Positive PwC Audit Opinion confirms transparency in MHP–Gromadi donations usage
20 november 2023
The MHP-Gromadi Charitable Foundation, which has been actively involved in restoring and developing Ukrainian communities since 2015, has received an audit opinion issued by PwC, an international auditing company operating in Ukraine. The Foundation’s financial statement, prepared as of December 31, 2022, in compliance with International Financial Reporting Standards (IFRS), was audited in line with the International Standards on Auditing (ISA).
An audit is a mandatory requirement applicable to charitable foundations as it allows ensuring transparency of financial reporting and demonstrating responsibility to donors and society, and also serves as a confirmation of compliance with high standards of financial management and law. This is not a formal procedure, but rather a demonstration of openness to enhance donors’ confidence and promote the efficient use of donations.
“This year, we took an important step towards increasing the financial transparency of our Foundation by undergoing an audit by one of the leading auditing companies, whose opinions are trusted by the international community. After all, we are accountable to donors from all over the world for the transparent and efficient use of every donation we get,” says Tetiana Volochai, Director of the MHP-Gromadi Charitable Foundation.
An international audit is an important tool that promotes financial discipline and encourages compliance with all documentation standards, which could be a daunting task in the times of war as financial transactions require prompt action.
“When examining financial processes, a financial auditor may find weaknesses in the resource management, thus giving the Foundation an opportunity to revamp its internal processes. This contributes to increased efficiency and helps optimize the use of resources. Moreover, auditors can discover new areas for development and improvement of our financial operations,” notes Tetiana Volochai, Director of the MHP-Gromadi Charitable Foundation.
From January 1, 2023, to the date when the financial statements were approved by PwC (i.e., November 2, 2023), the MHP-Gromadi Foundation received UAH 417 million worth of financial contributions that came from various sources and were used to finance its activities. This is UAH 100 million more than the year before, when the Foundation had the total budget of UAH 295.4 million. This is yet another confirmation that MHP–Gromadi has been constantly growing and developing, raising funds donated by both Ukrainian and foreign donors and remaining a powerful and influential player among charitable organizations operating in Ukraine.
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MHP-Gromadiis a Ukrainian charitable foundation that has been actively involved in restoring and developing Ukrainian communities since 2015. The Foundation helps residents of small towns and villages build partnerships with public authorities and businesses. The Foundation operates in 13 Oblasts of Ukraine and has a presence in over 700 cities and towns. Since the beginning of the full-scale war, it has been providing regular aid to those who need it most: defenders, rescuers, IDPs, children, and the elderly. The Foundation supports small businesses and implements joint development, educational, medical, infrastructure, and cultural projects in cooperation with international and Ukrainian donors.
PwC network of firms operates in 155 countries and, with over 327 thousand professionals, provides top-quality audit, consulting, and tax services. The firm has operated in Ukraine since 1993. It has offices in Kyiv, Dnipro, and Lviv, and employs over 800 experts.
