CHAPTER I. GENERAL PROVISIONS

Article 1. Status of the Chamber of Accounting of the Verkhovna Rada of Ukraine

The Chamber of Accounting of the Verkhovna Rada of Ukraine (hereinafter referred to as Chamber of Accounting) shall be a permanently functioning highest body of public financial and economic oversight to be established by the Verkhovna Rada of Ukraine and to be subordinate and accountable to it. The Chamber of Accounting shall carry out its activities on its own, independently of any other bodies of the State.

The Chamber of Accounting shall be a legal entity; it shall have its own seal with its name and imprint of the National emblem of Ukraine. The city of Kyiv shall be the seat of the Chamber of Accounting.

Article 2. Objectives of the Chamber of Accounting

The objectives of the Chamber of Accounting shall include:

organization and exercise of oversight over timely movement of revenues and expenditures of the State Budget of Ukraine, spending of budget resources, including those from the State purpose-oriented funds, as to their size, structure and purposes;

exercise of oversight over expenditures with a view to service the internal and external debts of Ukraine, determination of efficiency and expediency of expenditures from the State funds, currency and credit and financial resources;

oversight over financing State programs of economic, scientific, technical, social, national, cultural development, environmental protection programs, over the use of ownership objects not subject to privatization;

oversight over observance of legality with regard to granting and rendering by Ukraine of loans and economic and other kinds of assistance to foreign States, international organizations, as well as to entering into State loan and credit agreements, exercise of oversight over the use of loans and credits received by Ukraine from foreign States, banks and international financial organizations, and loans not provided for by the State Budget of Ukraine;

oversight over lawfulness and timeliness of movement of resources of the State Budget of Ukraine and resources of off-budget funds within the institutions of the National Bank of Ukraine and the authorized banks;

exercise of oversight over currency issue, use of gold and foreign currency reserves, precious metals, stones, granting credits and performing operations related to the investment of gold and foreign currency reserves;

analysis of the set deviations from the figures of the State budget of Ukraine and preparation of proposals aimed at their elimination, as well as at improvement of the budget process as a whole;

regular presentation of information to the Verkhovna Rada of Ukraine, its Committees about how the State budget of Ukraine is being implemented and what the situation is with repayment of the internal and external debts of Ukraine, as well as about the results of performing other oversight functions;

performance of other assignments set for the Chamber of Accounting by current legislation of Ukraine.

Article 3. Principles of Exercising Oversight

The Chamber of Accounting shall exercise public financial and economic oversight on the basis of principles of lawfulness, planned character, objectivity, independence and openness.

Article 4. Scope of the Law

The scope of this Law shall include relations which appear in connection with oversight functions of the Chamber of Accounting.

Article 5. Legislation on the Chamber of Accounting

The legal basis of organization and activities of the Chamber of Accounting shall be defined by the Constitution of Ukraine, this Law, other acts of legislation of Ukraine which are not at variance with the provisions of this Law.

CHAPTER II. FUNCTIONS AND POWERS OF THE CHAMBER OF ACCOUNTING

Article 6. Functions of the Chamber of Accounting

The Chamber of Accounting, in accordance with the objectives provided for by Article 2 of this Law, shall:

1) exercise oversight over compliance with the laws of Ukraine and resolutions adopted by the Verkhovna Rada of Ukraine, over execution of the State budget of Ukraine, over financing the national programs, preservation and use of objects of State ownership by public executive bodies and officials elected, appointed or confirmed by the Verkhovna Rada;

2) on behalf of the Verkhovna Rada of Ukraine, exercise oversight over timely and complete return of revenues to the State budget of Ukraine, implementation of the State budget of Ukraine and quarterly distribution of revenues and expenditures in accordance with the figures of this budget, including expenditures intended for service of the internal and external debts of Ukraine, spending resources of the purpose-oriented funds;

3) on behalf of Committees of the Verkhovna Rada of Ukraine, check the purpose-oriented use by public executive bodies of resources from the State purpose-oriented funds and of resources from the off-budget finds, and submit conclusions on the check results to the Verkhovna Rada of Ukraine as to possibilities to reduce expenditures in each particular fund and the expediency to earmark the withdrawn resources for financing other expenditures of the State budget of Ukraine;

4) supervise the efficiency of managing funds of the State budget of Ukraine by the State Treasury of Ukraine, lawfulness and timeliness of movement of resources of the State budget of Ukraine, including the resources of the State purpose-oriented funds within the National Bank of Ukraine, authorized banks and credit institutions of Ukraine;

5) provide expert opinions to the bodies and officials to be elected, confirmed or appointed by the Verkhovna Rada of Ukraine on matters related to spending of the resources of the State budget. In the course of carrying out checks and analysis of the state of economy, work out measures aimed at finding possibilities and new sources of attracting additional revenues to the State budget of Ukraine and submit appropriate proposals to the Ministry of Finance of Ukraine;

6) on behalf of the Verkhovna Rada of Ukraine, Committees of the Verkhovna Rada of Ukraine, exercise oversight functions with regard to financing the national programs of economic, social and national and cultural development, of environmental protection and others to be approved by the Verkhovna Rada of Ukraine;

7) supervise investment activities of the public executive bodies, check lawfulness and efficiency of using financial resources allocated from the State budget of Ukraine for execution of the State programs;

8) carry out a preliminary analysis, before consideration at sittings of the Standing Committees and the Verkhovna Rada of Ukraine, of the reports presented by the Antimonopoly Committee of Ukraine as for exercising by it oversight over observance of the antimonopoly legislation, as well as of the reports of the State Property Fund of Ukraine and officials to be elected, appointed or confirmed by the Verkhovna Rada concerning an efficient management of the property which constitutes the main national wealth, ownership of the Ukrainian people;

9) exercise oversight over entering into agreements on granting by Ukraine, on behalf of the Verkhovna Rada, loans and other kinds of economic assistance to foreign States, as well as over entering into agreements on State loans and credits, and over the use of loans and credits, received by Ukraine from foreign States, the use of gratuitous assistance to Ukraine received from foreign States, over issue of currency, the use of credit and foreign currency resources by public executive bodies and their officials, over granting credits and carrying out operations related to investment of the gold and foreign currency reserves, as well as over credit operations, cash execution of the State budget of Ukraine by the National Bank of Ukraine and authorized banks.

10) on behalf of the Verkhovna Rada of Ukraine, check, in accordance with its status, the estimate of expenses connected to activities of the Verkhovna Rada of Ukraine and its staff, supporting bodies and offices of the President of Ukraine and the staff of the Cabinet of Ministers of Ukraine, as well as spending of resources by public institutions and organizations acting abroad and financed from the State budget;

11) prepare and provide conclusions and responses to requests of executive bodies, prosecuting authorities and courts on matters under its jurisdiction;

13) maintain relations with oversight bodies of foreign countries and appropriate international organizations, enter with them in agreements on cooperation.

Article 7. Powers of the Chamber of Accounting

The Chamber of Accounting shall have powers to:

1) perform auditing, expert, analytical, information and other kinds of activities which ensure the whole system of oversight over implementation of the State budget of Ukraine, including the use of resources of the State purpose-oriented funds, resources of the off-budget funds, purpose-oriented use of credit, financial, and foreign currency resources during execution of the national programs, as well as over preservation and use of the objects of State ownership not subject to privatization;

2) carry out financial checks, audits within the apparatus of the Verkhovna Rada, public executive bodies, the National Bank of Ukraine, the State Property Fund of Ukraine, other bodies subordinate to the Verkhovna Rada of Ukraine, as well as at enterprises and organizations irrespective of ownership forms within the limits determined by Article 16 of this Law;

3) check within the bodies and entities indicated in Paragraph 2 of this Article money documents, account books, reports, plans, estimates of expenditures and other documents concerning financial and economic activities, as well as effect checks of cash and securities operations, material values, their accounting, preservation and spending;

4) obtain from heads of organizations and institutions subject to scrutiny, the presentation of all necessary documents and other information on the financial and economic activities;

5) obtain from the National Bank of Ukraine, authorized banks and other credit institutions necessary data on operations and the state of accounts of organizations and institutions subject to scrutiny, and from other enterprises and organizations -- certificates, copies of documents concerning operations and accounts of these institutions and organizations;

6) organize and exercise out expeditious oversight over implementation of the State budget of Ukraine for an accounting period;

7) carry out comprehensive audits and subject-matter checks on separate sections and items of the State budget, including the budgets of the State purpose-oriented funds;

8) carry out expert examination of the draft State budgets of Ukraine, as well as the laws and other standard acts, non-signed international treaties of Ukraine, national programs and other documents concerning the State budget and finances of Ukraine;

9) carry out analysis and study of infringements and deviations in the budget process, preparation and submission to the Verkhovna Rada of Ukraine of proposals with respect to their elimination, as well as improvement of the budgetary legislation as a whole;

10) prepare and submit to the Verkhovna Rada of Ukraine and its Committees conclusions on implementation of the State budget of Ukraine, including budgets of the State purpose-oriented funds, and on financing of State national for an accounting year;

11) send materials of checks, audits and inspections to the Cabinet of Ministers of Ukraine, appropriate public executive bodies, the National Bank of Ukraine, the State Property Fund of Ukraine, other State funds, enterprises, institutions and organizations for consideration and taking appropriate measures;

12) submit to the Verkhovna Rada of Ukraine, the President of Ukraine, as well as to public executive bodies petitions on making answerable those officials guilty of infringing requirements of current legislation of Ukraine, resulting in material damage to the State;

13) involve in checks, audits and inspections, on a contractual basis, qualified specialists and experts from other institutions and organizations, as well as officers of other public oversight, tax and law enforcement bodies with remuneration of their labor, if necessary, at the expense of the internal funds;

14) transfer materials of checks, audits and inspections to law enforcement bodies, informing the Verkhovna Rada of Ukraine about these materials, in the event that during checks, audits and inspections evidence of misappropriation of money and material values, and of other misuses are found;

CHAPTER III. COMPOSITION AND STRUCTURE OF THE CHAMBER OF ACCOUNTING

Article 8. Composition of the Chamber of Accounting

The Chamber of Accounting shall be composed of the Chairman and Members of the Chamber of Accounting: First Deputy and Deputy Chairman, Chief Comptrollers and Secretary of the Chamber of Accounting. In order to carry out its activities, the Chamber of Accounting shall have its staff.

The structure and manning table of the Chamber of Accounting’s staff shall be approved by the Board of the Chamber of Accounting upon the proposal of the Chairman of the Chamber of Accounting within the limits of budget funds envisaged for its administrative expenses.

Article 9. Directing Bodies and Officials of the Chamber of Accounting

In order to consider issues of planning and organization of the work of the Chamber of Accounting, methodology of check and auditing activities, adopt collegial decisions and prepare conclusions based on materials of checks, audits and inspections and conducted expert examinations, reports and informational communications, there shall be created the Board of the Chamber of Accounting.

The Board of the Chamber of Accounting shall consist of the Chairman of the Chamber of Accounting, First Deputy and Deputy Chairman, as well as of Chief Inspectors -- heads of departments of the Chamber of Accounting ex officio, Secretary of the Chamber of Accounting.

Article 10. Chairman of the Chamber of Accounting, First Deputy and Deputy Chairmen, Chief Comptrollers and Secretary of the Chamber of Accounting

The Chairman of the Chamber of Accounting shall be appointed to office by the Verkhovna Rada of Ukraine, upon submission of the Chairman of the Verkhovna Rada of Ukraine for the term of 7 years with the right to be appointed for the second tenure. The appointment of the Chairman of the Chamber of Accounting shall be conducted by secret ballot through casting voting papers. The candidate for the office of Chairman of the Chamber of Accounting shall be deemed appointed, if, as a result of the secret ballot, he/she has obtained more than a half of votes of the total membership of the Deputies whose powers are acknowledged by the Verkhovna Rada of Ukraine.

Any citizen of Ukraine may be entitled to occupy the office of the Chairman of the Chamber of Accounting, if he/she has higher economic or legal education, experience of professional activities in the field of public administration, State control, economics, finances, law, as well as has confirmed his/her professional knowledges during debate on his/her candidacy following a special procedure established by an appropriate Committee of the Verkhovna Rada of Ukraine in conformity with current legislation of Ukraine.

The Chairman of the Chamber of Accounting shall:

-- carry out management of activities of the Chamber of Accounting and organize its work in accordance with the Rules of the Chamber of Accounting of Ukraine;

-- submit to the Verkhovna Rada of Ukraine reports on the work of the Chamber of Accounting;

-- represent the Chamber of Accounting in the Verkhovna Rada of Ukraine and public executive bodies and abroad.

In his/her activities, the Chairman of the Chamber of Accounting shall be guided by the Constitution of Ukraine, this Law, other legislative acts of Ukraine and, within the limits of his/her competency, shall independently settle all matters related to exercising oversight, conducting checks, audits and inspections, appointment of officials of the Chamber of Accounting staff; ensure manning of the Chamber of Accounting staff with competent specialists in appropriate areas. In accordance with duties vested in him/her, the Chairman of the Chamber of Accounting shall issue orders and instructions, shall be entitled to participate in sittings of the Verkhovna Rada of Ukraine, its Standing and Provisional Committees during consideration of issues related to activities of the Chamber of Accounting.

The Chairman of the Chamber of Accounting may not be a People’s Deputy of Ukraine, member of the Government of Ukraine, be engaged in any other remunerated activity, except for teaching, research and other creative activity.

The First Deputy Chairman and Deputy Chairman, Chief Comptrollers and the Secretary of the Chamber of Accounting shall be appointed to office by the Verkhovna Rada of Ukraine by secret ballot, upon submission of the Chairman of the Chamber of Accounting, for the term of 7 years in conformity with the procedure established for appointment of the Chairman of the Verkhovna Rada, on the basis of an appropriate list. The above offices shall be completed by citizens of Ukraine having higher education and experience of professional activity in the field of public administration, state control, economics, finances, law.

The First Deputy Chairman of the Chamber of Accounting shall perform official duties in conformity with the Rules of the Chamber of Accounting. In case of absence of the Chairman of the Chamber of Accounting, he/she shall perform his/her functions; on behalf of the Chairman of Chamber of Accounting, shall represent the Chamber of Accounting in the Verkhovna Rada of Ukraine, its Committees, in central public executive bodies and abroad.

The Deputy Chairman of the Chamber of Accounting, Chief Comptrollers – Heads of Departments of the Chamber of Accounting and the Secretary of the Chamber of Accounting may not be People’s Deputies of Ukraine, members of the Government of Ukraine, be engaged in any other remunerated activities, except for teaching, research and other creative activity.

Article 11. Chief Comptrollers – Heads of Departments of the Chamber of Accounting

Chief Comptrollers – Heads of Departments of the Chamber of Accounting shall be officials who exercise management of particular areas of the Chamber of Accounting activities in conformity with the functions of the Chamber of Accounting determined by Article 6 of this Law.

Specific areas of activities of the Chamber of Accounting Departments shall be established by the Board of the Chamber of Accounting.

Chief Comptrollers – Heads of Departments of the Chamber of Accounting, within the limits of their competency, determined by the Rules of the Chamber of Accounting, shall independently settle all matters relating to organization of activities under directions assigned to their Departments, and shall bear full responsibility for the results of their work.

Chief Comptrollers – Heads of Departments of the Chamber of Accounting may be dismissed before the end of their term, except for resignation or dismissal in conformity with their own wish, in case of unsatisfactory performance of their official duties, infringement of legislation or misfeasance in office upon the submission of the Board of the Chamber of Accounting, if such decision is taken by a majority vote of the total constitutional membership of the People’s Deputies of Ukraine.

Chief Comptrollers – Heads of Departments of the Chamber of Accounting shall be entitled to attend sittings of the Committees of the Verkhovna Rada of Ukraine, boards of central public executive bodies and other public bodies, as well as of local governments.

Chief Comptrollers – Heads of Departments of the Chamber of Accounting may not be engaged in any other remunerated activities, except for teaching, research and other creative activity.

Article 12. Secretary of the Chamber of Accounting, Staff of the Chamber of Accounting

Organizational, informational, referential and other work related to servicing the Chamber of Accounting shall be performed by the staff of the Chamber of Accounting under the guidance of the Secretary of the Chamber of Accounting.

Officials who are employed as staffers of the Chamber of Accounting shall directly perform oversight activity within the limits of competency of the Chamber of Accounting. Officials of the staff of the Chamber of Accounting, performing their official duties, shall be entitled to:

1) study all documents concerning economic and financial activity of the entity subject to a scrutiny, audit or inspection;

2) demand and obtain from chiefs of entities subject to oversight, necessary information, statistical data and financial accounts, oral and written explanations with respect to matters related to scrutinies and audits;

3) freely enter premises of public bodies, enterprises, organizations, archives, depositories, industrial premises and secondary rooms of banks, financial and credit institutions and other entities, unless otherwise is provided for by law of Ukraine;

4) seal up cash and office premises, depositories and archives, and in case of discovering forgeries, falsifications, misappropriations and misuses -- withdraw necessary documents leaving in files an act confirming withdrawal and copies or a description of withdrawn documents.

Article 13. Binding Character of Meeting Demands of the Chamber of Accounting Staff Officials

Demands of the Chamber of Accounting leadership and officials related to performance by them of their official duties shall be binding for all public bodies, enterprises, institutions and organizations irrespective of their subordination and form of ownership.

Leadership and other officials of entities subject to scrutiny shall be required to create normal conditions for the work of the Chamber of Accounting officials who are engaged in scrutinies or audits, to ensure their technical support and satisfaction of demands to present necessary documents.

Article 14. Liability for Infringement of the Legislation on State and Other Secrets

The Chamber of Accounting Staff officials and other persons involved by it in the process of performing its functions and powers shall be held answerable, in conformity with the legislation of Ukraine, for any infringement of the legislation on State and other secrets, disclosure of State and other secrets protected by law, as well as for inauthenticity of the results of checks and audits conducted by them to be submitted to public bodies or promulgated.