FINANCIAL MONITORING AND AUDIT IN CORPORATE GOVERNANCE
Abstract
The article is devoted to an in-depth and comprehensive study of the role, structure, and practical significance of the financial monitoring and audit system in ensuring effective, transparent, and sustainable corporate governance in Ukraine. Particular attention is paid to the current regulatory and legal framework governing financial monitoring and auditing, including the provisions of the Law of Ukraine “On Financial Monitoring” (2020), the Law “On Auditing of Financial Statements and Auditors’ Activities”, and the standards established by the National Bank of Ukraine, the National Agency on Corruption Prevention, and the Ministry of Finance of Ukraine. The article examines how these regulations interact and complement each other to form an integrated institutional mechanism for preventing money laundering, combating corruption, ensuring ethical conduct, and improving the reliability, comparability, and credibility of financial reporting within modern corporations. The paper also reviews recent scientific research, analytical reports, and international best practices that demonstrate the gradual convergence of Ukrainian financial monitoring procedures with European Union directives, FATF recommendations, and OECD corporate governance principles. Emphasis is placed on identifying the most pressing challenges faced by corporations, including the need to enhance compliance culture, strengthen internal control systems, adapt to global digitalization, cybersecurity risks, sanctions pressure, and geopolitical instability. The results of the study underline the growing importance of incorporating financial monitoring and audit tools into the corporate governance framework as a strategic component of risk management, accountability, and long-term resilience. It is concluded that systematic application of the risk-based approach, combined with transparent internal and external audit mechanisms, helps increase investor confidence, corporate reputation, and alignment with international standards of financial integrity and responsible management.
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