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The Ukrainian Defense Ministry will receive support from one of the so-called Big Four accounting firms to improve its risk management and compliance system, the ministry said in a press release on Monday, without naming the firm.
The Big Four are the largest global accounting networks: Deloitte, EY, KPMG, and PwC.
The ministry has launched a project with the support of the UK Special Adviser on Defense Program and funded by the UK government to demonstrate the "effectiveness of our three layers of protection in risk management," Deputy Defense Minister Stanislav Haider said.
"The internal audit service of the Ministry of Defence, which acts as the third layer of protection, has already been examined by the firm from the Big Four," Haider stated. "We are now progressing to the second phase, where our primary aim is to boost the effectiveness of the first two protective layers."
The accounting firm will analyze the system for managing risks and ensuring compliance and whether risk management meets the requirements of international standards.
The ministry stated the recommendations will help address the weak spots by implementing international best practices, among others.
